Themelio: 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.
What changed
Themelio
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€126,567
2024 · €904,619-€1.0m
Equity
€3.8m
2024 · €4.0m-€126,567
Cash
€37,695
2024 · €79,474-€41,779
Balance sheet total
€11.5m
2024 · €10.4m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.3m
up €1.3m (+1,054%), from €125,741 to €1.5m
of which Land and buildings: +€1.3m
- Receivables within one year -€145,401
down €145,401 (-84.8%), from €171,519 to €26,118
of which Trade receivables: -€117,321
Equity and liabilities
- Other debts +€932,742
up €932,742 (+194%), from €481,000 to €1.4m
- Debts after one year +€345,926
up €345,926 (+6.8%), from €5.1m to €5.4m
- Profit (loss) carried forward -€126,567
down €126,567 (-3.5%), from €3.6m to €3.5m
Income statement
- Financial income -€800,000
down €800,000 (-100.0%), from €800,000 to €0
- Depreciation +€178,084
up €178,084, from €0 to €178,084
- Gross operating margin -€45,933
down €45,933 (-13.8%), from €333,207 to €287,274
- Financial charges +€10,461
up €10,461 (+5.0%), from €210,696 to €221,157
- Taxes -€5,808
down €5,808 (-100%), from €5,808 to €0
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.
Result 2024
€904,619
Gross operating margin
-€45,933
Depreciation
-€178,084
Provisions
-€476
Other operating charges
-€2,039
Financial income
-€800,000
Financial charges
-€10,461
Taxes
+€5,808
Result 2025
-€126,567
raises the resultlowers the result
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.
From operations
+€1.1m
Investment
-€1.5m
Financing
+€369,077
Cash 2024
€79,474
From operations (derived)
+€1.1m
Net result for the year
-€126,567
Depreciation
+€178,084
Receivables within one year
+€145,401
Deferred charges and accrued income
+€1,988
Trade debts
-€69,261
Tax, wage and social debts
+€10,572
Other debts
+€932,742
Accrued charges and deferred income
+€20,150
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€369,077
Debts after one year
+€345,926
Current portion of long-term debt
+€23,151
Cash 2025
€37,695
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,409,768 | €11,546,480 | +€1.1m | +10.9% |
| Fixed assets | 21/28 | €10,156,786 | €11,482,666 | +€1.3m | +13.1% |
| Tangible fixed assets | 22/27 | €125,741 | €1,450,578 | +€1.3m | +1,054% |
| Land and buildings | 22 | €125,741 | €1,448,201 | +€1.3m | +1,052% |
| Plant, machinery and equipment | 23 | - | €2,378 | +€2,378 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €10,031,046 | €10,032,088 | +€1,042 | 0.0% |
| Current assets | 29/58 | €252,981 | €63,814 | -€189,168 | -74.8% |
| Amounts receivable within one year | 40/41 | €171,519 | €26,118 | -€145,401 | -84.8% |
| Trade receivables | 40 | €132,246 | €14,925 | -€117,321 | -88.7% |
| Other amounts receivable | 41 | €39,273 | €11,193 | -€28,080 | -71.5% |
| Cash at bank and in hand | 54/58 | €79,474 | €37,695 | -€41,779 | -52.6% |
| Deferred charges and accrued income | 490/1 | €1,988 | €0 | -€1,988 | -100% |
| Total equity and liabilities | 10/49 | €10,409,768 | €11,546,480 | +€1.1m | +10.9% |
| Equity | 10/15 | €3,963,573 | €3,837,006 | -€126,567 | -3.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €245,432 | €245,432 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,133 | €28,133 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Other | 1319 | €654 | €654 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,827 | €33,827 | = | 0.0% |
| Distributable reserves | 133 | €183,472 | €183,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,618,141 | €3,491,574 | -€126,567 | -3.5% |
| Amounts payable | 17/49 | €6,446,194 | €7,709,473 | +€1.3m | +19.6% |
| Amounts payable after more than one year | 17 | €5,081,151 | €5,427,077 | +€345,926 | +6.8% |
| Financial debts | 170/4 | €5,081,151 | €5,427,077 | +€345,926 | +6.8% |
| Amounts payable within one year | 42/48 | €1,365,043 | €2,262,246 | +€897,203 | +65.7% |
| Current portion of amounts payable after more than one year | 42 | €717,265 | €740,416 | +€23,151 | +3.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €157,164 | €87,903 | -€69,261 | -44.1% |
| Suppliers | 440/4 | €157,164 | €87,903 | -€69,261 | -44.1% |
| Taxes, remuneration and social security | 45 | €9,614 | €20,186 | +€10,572 | +110% |
| Taxes | 450/3 | €9,614 | €20,186 | +€10,572 | +110% |
| Other amounts payable | 47/48 | €481,000 | €1,413,742 | +€932,742 | +194% |
| Accrued charges and deferred income | 492/3 | €0 | €20,150 | +€20,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €178,084 | +€178,084 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €476 | +€476 | |
| Other operating charges | 640/8 | €12,084 | €14,123 | +€2,039 | +16.9% |
| Gross operating margin | 9900 | €333,207 | €287,274 | -€45,933 | -13.8% |
| Operating profit (loss) | 9901 | €321,123 | €94,590 | -€226,533 | -70.5% |
| Financial income | 75/76B | €800,000 | €0 | -€800,000 | -100.0% |
| Recurring financial income | 75 | €800,000 | €0 | -€800,000 | -100.0% |
| Financial charges | 65/66B | €210,696 | €221,157 | +€10,461 | +5.0% |
| Recurring financial charges | 65 | €210,696 | €221,157 | +€10,461 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €910,427 | -€126,567 | -€1.0m | |
| Income taxes | 67/77 | €5,808 | €0 | -€5,808 | -100% |
| Profit (loss) for the period | 9904 | €904,619 | -€126,567 | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €904,619 | -€126,567 | -€1.0m |
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 18 October 2026 via checked.be.