THEMABOUW: what changed
Two financial 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.
THEMABOUW
Largest movements
- Cash -€203,418
down €203,418 (-47.8%), from €425,334 to €221,916
mainly Stocks and contracts (-€124,204) and Tax, wage and social debts (-€95,877)
- Stocks and contracts +€124,204
up €124,204 (+41.7%), from €298,173 to €422,377
- Receivables within one year +€24,781
up €24,781 (+8.0%), from €311,194 to €335,975
of which Other amounts receivable: +€25,141
- Tax, wage and social debts -€95,877
down €95,877 (-72.8%), from €131,765 to €35,888
of which Taxes: -€95,751
- Other debts +€34,801
up €34,801 (+85.9%), from €40,537 to €75,339
- Trade debts -€14,915
down €14,915 (-35.1%), from €42,553 to €27,638
- Reserves +€12,143
up €12,143 (+4.0%), from €299,905 to €312,048
- Gross operating margin -€224,515
down €224,515 (-75.8%), from €296,127 to €71,612
- Staff costs -€48,918
down €48,918 (-100%), from €48,918 to €0
- Taxes -€39,444
down €39,444 (-70.6%), from €55,901 to €16,457
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.
Derived cash bridge
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 | €1,065,919 | €1,002,071 | -€63,848 | -6.0% |
| Fixed assets | 21/28 | €31,219 | €21,804 | -€9,415 | -30.2% |
| Tangible fixed assets | 22/27 | €31,219 | €21,804 | -€9,415 | -30.2% |
| Plant, machinery and equipment | 23 | €16,159 | €13,425 | -€2,734 | -16.9% |
| Furniture and vehicles | 24 | €15,060 | €8,379 | -€6,682 | -44.4% |
| Current assets | 29/58 | €1,034,700 | €980,267 | -€54,433 | -5.3% |
| Stocks and contracts in progress | 3 | €298,173 | €422,377 | +€124,204 | +41.7% |
| Stocks | 30/36 | €298,173 | €422,377 | +€124,204 | +41.7% |
| Amounts receivable within one year | 40/41 | €311,194 | €335,975 | +€24,781 | +8.0% |
| Trade receivables | 40 | €8,523 | €8,163 | -€360 | -4.2% |
| Other amounts receivable | 41 | €302,670 | €327,812 | +€25,141 | +8.3% |
| Cash at bank and in hand | 54/58 | €425,334 | €221,916 | -€203,418 | -47.8% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €1,065,919 | €1,002,071 | -€63,848 | -6.0% |
| Equity | 10/15 | €851,064 | €863,207 | +€12,143 | +1.4% |
| Contributions | 10/11 | €83,060 | €83,060 | = | 0.0% |
| Reserves | 13 | €299,905 | €312,048 | +€12,143 | +4.0% |
| Distributable reserves | 133 | €299,905 | €312,048 | +€12,143 | +4.0% |
| Profit (loss) carried forward | 14 | €468,099 | €468,099 | = | 0.0% |
| Amounts payable | 17/49 | €214,855 | €138,864 | -€75,991 | -35.4% |
| Amounts payable within one year | 42/48 | €214,855 | €138,864 | -€75,991 | -35.4% |
| Trade debts | 44 | €42,553 | €27,638 | -€14,915 | -35.1% |
| Suppliers | 440/4 | €42,553 | €27,638 | -€14,915 | -35.1% |
| Taxes, remuneration and social security | 45 | €131,765 | €35,888 | -€95,877 | -72.8% |
| Taxes | 450/3 | €131,039 | €35,288 | -€95,751 | -73.1% |
| Remuneration and social security | 454/9 | €727 | €600 | -€127 | -17.4% |
| Other amounts payable | 47/48 | €40,537 | €75,339 | +€34,801 | +85.9% |
| Non-recurring operating income | 76A | €149,667 | - | -€149,667 | |
| Remuneration, social security and pensions | 62 | €48,918 | €0 | -€48,918 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,478 | €12,381 | -€97 | -0.8% |
| Other operating charges | 640/8 | €2,037 | €1,638 | -€399 | -19.6% |
| Non-recurring operating charges | 66A | €35,314 | - | -€35,314 | |
| Gross operating margin | 9900 | €296,127 | €71,612 | -€224,515 | -75.8% |
| Operating profit (loss) | 9901 | €197,380 | €57,592 | -€139,788 | -70.8% |
| Financial income | 75/76B | €1,154 | €2,908 | +€1,753 | +152% |
| Recurring financial income | 75 | €1,154 | €2,908 | +€1,753 | +152% |
| Financial charges | 65/66B | €481 | €154 | -€326 | -67.9% |
| Recurring financial charges | 65 | €481 | €154 | -€326 | -67.9% |
| Profit (loss) for the period before taxes | 9903 | €198,053 | €60,346 | -€137,708 | -69.5% |
| Income taxes | 67/77 | €55,901 | €16,457 | -€39,444 | -70.6% |
| Profit (loss) for the period | 9904 | €142,152 | €43,889 | -€98,263 | -69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €142,152 | €43,889 | -€98,263 | -69.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.