THEMAR: 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.
THEMAR
Largest movements
- Cash +€104,320
up €104,320 (+24.1%), from €433,401 to €537,721
mainly Net result for the year (+€124,948) and Depreciation (+€66,526)
- Tangible fixed assets -€55,178
down €55,178 (-6.4%), from €856,559 to €801,380
of which Land and buildings: -€48,846
- Reserves +€124,948
up €124,948 (+16.3%), from €765,576 to €890,524
of which Distributable reserves: +€124,948
- Debts after one year -€33,333
down €33,333 (-52.2%), from €63,889 to €30,555
- Other debts -€22,348
down €22,348 (-8.3%), from €269,846 to €247,499
- Current portion of long-term debt -€17,500
down €17,500 (-34.4%), from €50,833 to €33,333
- Gross operating margin +€12,866
up €12,866 (+4.9%), from €261,927 to €274,793
- Taxes +€5,709
up €5,709 (+10.5%), from €54,558 to €60,267
- Financial charges -€3,169
down €3,169 (-13.6%), from €23,265 to €20,096
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 | €1,329,135 | €1,388,966 | +€59,831 | +4.5% |
| Fixed assets | 21/28 | €856,559 | €801,380 | -€55,178 | -6.4% |
| Tangible fixed assets | 22/27 | €856,559 | €801,380 | -€55,178 | -6.4% |
| Land and buildings | 22 | €814,307 | €765,461 | -€48,846 | -6.0% |
| Furniture and vehicles | 24 | €42,252 | €35,919 | -€6,333 | -15.0% |
| Current assets | 29/58 | €472,576 | €587,586 | +€115,009 | +24.3% |
| Amounts receivable within one year | 40/41 | €36,696 | €47,337 | +€10,641 | +29.0% |
| Trade receivables | 40 | €21,797 | €21,780 | -€17 | -0.1% |
| Other amounts receivable | 41 | €14,899 | €25,557 | +€10,658 | +71.5% |
| Cash at bank and in hand | 54/58 | €433,401 | €537,721 | +€104,320 | +24.1% |
| Deferred charges and accrued income | 490/1 | €2,480 | €2,528 | +€48 | +1.9% |
| Total equity and liabilities | 10/49 | €1,329,135 | €1,388,966 | +€59,831 | +4.5% |
| Equity | 10/15 | €899,174 | €1,024,123 | +€124,948 | +13.9% |
| Contributions | 10/11 | €132,600 | €132,600 | = | 0.0% |
| Reserves | 13 | €765,576 | €890,524 | +€124,948 | +16.3% |
| Tax-exempt reserves | 132 | €3,910 | €3,910 | = | 0.0% |
| Distributable reserves | 133 | €761,666 | €886,614 | +€124,948 | +16.4% |
| Profit (loss) carried forward | 14 | €998 | €998 | = | 0.0% |
| Amounts payable | 17/49 | €429,961 | €364,844 | -€65,117 | -15.1% |
| Amounts payable after more than one year | 17 | €63,889 | €30,555 | -€33,333 | -52.2% |
| Financial debts | 170/4 | €63,889 | €30,555 | -€33,333 | -52.2% |
| Amounts payable within one year | 42/48 | €366,072 | €334,288 | -€31,784 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €50,833 | €33,333 | -€17,500 | -34.4% |
| Trade debts | 44 | €3,872 | €3,812 | -€61 | -1.6% |
| Suppliers | 440/4 | €3,872 | €3,812 | -€61 | -1.6% |
| Taxes, remuneration and social security | 45 | €41,521 | €49,645 | +€8,124 | +19.6% |
| Taxes | 450/3 | €41,521 | €49,645 | +€8,124 | +19.6% |
| Other amounts payable | 47/48 | €269,846 | €247,499 | -€22,348 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,913 | €66,526 | +€612 | +0.9% |
| Other operating charges | 640/8 | €6,424 | €6,194 | -€230 | -3.6% |
| Gross operating margin | 9900 | €261,927 | €274,793 | +€12,866 | +4.9% |
| Operating profit (loss) | 9901 | €189,590 | €202,074 | +€12,484 | +6.6% |
| Financial income | 75/76B | €1,453 | €3,238 | +€1,785 | +123% |
| Recurring financial income | 75 | €1,453 | €3,238 | +€1,785 | +123% |
| Financial charges | 65/66B | €23,265 | €20,096 | -€3,169 | -13.6% |
| Recurring financial charges | 65 | €23,265 | €20,096 | -€3,169 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €167,778 | €185,215 | +€17,437 | +10.4% |
| Income taxes | 67/77 | €54,558 | €60,267 | +€5,709 | +10.5% |
| Profit (loss) for the period | 9904 | €113,220 | €124,948 | +€11,728 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €113,220 | €124,948 | +€11,728 | +10.4% |
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 16 October 2026 via checked.be.