THEMABEL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THEMABEL
Largest movements
- Receivables within one year -€13,648
down €13,648 (-38.8%), from €35,168 to €21,520
of which Trade receivables: -€23,428
- Cash -€10,883
down €10,883 (-41.4%), from €26,296 to €15,412
mainly Current portion of long-term debt (-€12,139) and Debts after one year (-€11,492)
- Tangible fixed assets -€8,501
down €8,501 (-4.6%), from €184,595 to €176,093
of which Land and buildings: -€7,037
- Current portion of long-term debt -€12,139
down €12,139 (-45.0%), from €26,994 to €14,856
- Debts after one year -€11,492
down €11,492 (-61.1%), from €18,807 to €7,315
- Tax, wage and social debts -€6,964
down €6,964 (-97.2%), from €7,162 to €198
- Trade debts -€2,809
down €2,809 (-17.1%), from €16,433 to €13,624
- Gross operating margin -€60,989
down €60,989 (-65.1%), from €93,755 to €32,765
- Taxes +€2,727
up €2,727 (+22.7%), from €12,007 to €14,735
- Financial charges -€1,879
down €1,879 (-44.2%), from €4,254 to €2,376
- Staff costs +€1,507
up €1,507 (+63.1%), from €2,389 to €3,895
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €246,058 | €214,196 | -€31,862 | -12.9% |
| Fixed assets | 21/28 | €184,595 | €176,093 | -€8,501 | -4.6% |
| Tangible fixed assets | 22/27 | €184,595 | €176,093 | -€8,501 | -4.6% |
| Land and buildings | 22 | €181,322 | €174,285 | -€7,037 | -3.9% |
| Plant, machinery and equipment | 23 | €297 | - | -€297 | |
| Furniture and vehicles | 24 | €2,975 | €1,808 | -€1,167 | -39.2% |
| Current assets | 29/58 | €61,463 | €38,103 | -€23,361 | -38.0% |
| Amounts receivable within one year | 40/41 | €35,168 | €21,520 | -€13,648 | -38.8% |
| Trade receivables | 40 | €29,330 | €5,902 | -€23,428 | -79.9% |
| Other amounts receivable | 41 | €5,838 | €15,618 | +€9,780 | +167.5% |
| Cash at bank and in hand | 54/58 | €26,296 | €15,412 | -€10,883 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €1,171 | +€1,171 | |
| Total equity and liabilities | 10/49 | €246,058 | €214,196 | -€31,862 | -12.9% |
| Equity | 10/15 | €176,661 | €178,203 | +€1,542 | +0.9% |
| Contributions | 10/11 | €24,825 | €24,825 | = | 0.0% |
| Outside capital | 11 | €24,825 | €24,825 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €6,225 | €6,225 | = | 0.0% |
| Reserves | 13 | €151,836 | €153,378 | +€1,542 | +1.0% |
| Distributable reserves | 133 | €151,836 | €153,378 | +€1,542 | +1.0% |
| Amounts payable | 17/49 | €69,397 | €35,993 | -€33,404 | -48.1% |
| Amounts payable after more than one year | 17 | €18,807 | €7,315 | -€11,492 | -61.1% |
| Financial debts | 170/4 | €18,807 | €7,315 | -€11,492 | -61.1% |
| Amounts payable within one year | 42/48 | €50,590 | €28,678 | -€21,912 | -43.3% |
| Current portion of amounts payable after more than one year | 42 | €26,994 | €14,856 | -€12,139 | -45.0% |
| Trade debts | 44 | €16,433 | €13,624 | -€2,809 | -17.1% |
| Suppliers | 440/4 | €16,433 | €13,624 | -€2,809 | -17.1% |
| Taxes, remuneration and social security | 45 | €7,162 | €198 | -€6,964 | -97.2% |
| Taxes | 450/3 | €7,162 | €198 | -€6,964 | -97.2% |
| Remuneration, social security and pensions | 62 | €2,389 | €3,895 | +€1,507 | +63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,641 | €8,501 | -€140 | -1.6% |
| Other operating charges | 640/8 | €2,404 | €1,957 | -€447 | -18.6% |
| Non-recurring operating charges | 66A | €4,661 | - | -€4,661 | |
| Gross operating margin | 9900 | €93,755 | €32,765 | -€60,989 | -65.1% |
| Operating profit (loss) | 9901 | €75,659 | €18,412 | -€57,248 | -75.7% |
| Financial income | 75/76B | €142 | €241 | +€99 | +69.3% |
| Recurring financial income | 75 | €32 | €241 | +€208 | +647.5% |
| Non-recurring financial income | 76B | €110 | - | -€110 | |
| Financial charges | 65/66B | €4,254 | €2,376 | -€1,879 | -44.2% |
| Recurring financial charges | 65 | €4,254 | €2,376 | -€1,879 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €71,547 | €16,277 | -€55,271 | -77.3% |
| Income taxes | 67/77 | €12,007 | €14,735 | +€2,727 | +22.7% |
| Profit (loss) for the period | 9904 | €59,540 | €1,542 | -€57,998 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,540 | €1,542 | -€57,998 | -97.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.