THEMIDA: 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.
THEMIDA
Largest movements
- Deferred charges and accrued income -€10,949
down €10,949 (-97.9%), from €11,180 to €231
- Cash -€6,162
down €6,162 (-9.4%), from €65,568 to €59,407
mainly Contributions, distributions and other (-€25,000) and Tax, wage and social debts (-€2,175)
- Receivables within one year -€3,865
down €3,865 (-50.4%), from €7,672 to €3,807
of which Other amounts receivable: -€4,154
- Reserves -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Other debts +€8,767
up €8,767 (+53.1%), from €16,500 to €25,267
- Tax, wage and social debts -€2,175
down €2,175 (-42.6%), from €5,103 to €2,928
of which Taxes: -€2,175
- Trade debts -€1,982
down €1,982 (-78.2%), from €2,535 to €553
- Gross operating margin -€22,164
down €22,164 (-77.2%), from €28,696 to €6,532
- Taxes -€2,745
down €2,745 (-70.4%), from €3,902 to €1,156
- Other operating charges -€758
down €758 (-40.9%), from €1,852 to €1,094
- Financial charges +€595
up €595 (+19.6%), from €3,036 to €3,631
- Depreciation +€419
up €419 (+61.6%), from €680 to €1,099
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 | €85,229 | €64,415 | -€20,815 | -24.4% |
| Fixed assets | 21/28 | €809 | €970 | +€161 | +19.9% |
| Tangible fixed assets | 22/27 | €809 | €970 | +€161 | +19.9% |
| Plant, machinery and equipment | 23 | €809 | €129 | -€680 | -84.1% |
| Furniture and vehicles | 24 | - | €841 | +€841 | |
| Current assets | 29/58 | €84,421 | €63,445 | -€20,976 | -24.8% |
| Amounts receivable within one year | 40/41 | €7,672 | €3,807 | -€3,865 | -50.4% |
| Trade receivables | 40 | €0 | €289 | +€289 | |
| Other amounts receivable | 41 | €7,672 | €3,519 | -€4,154 | -54.1% |
| Cash at bank and in hand | 54/58 | €65,568 | €59,407 | -€6,162 | -9.4% |
| Deferred charges and accrued income | 490/1 | €11,180 | €231 | -€10,949 | -97.9% |
| Total equity and liabilities | 10/49 | €85,229 | €64,415 | -€20,815 | -24.4% |
| Equity | 10/15 | €59,916 | €34,469 | -€25,447 | -42.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €0 | -€25,000 | -100.0% |
| Distributable reserves | 133 | €25,000 | €0 | -€25,000 | -100.0% |
| Profit (loss) carried forward | 14 | €29,916 | €29,469 | -€447 | -1.5% |
| Amounts payable | 17/49 | €25,313 | €29,946 | +€4,632 | +18.3% |
| Amounts payable within one year | 42/48 | €24,926 | €29,546 | +€4,620 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €788 | €0 | -€788 | -100.0% |
| Financial debts | 43 | - | €798 | +€798 | |
| Credit institutions | 430/8 | - | €798 | +€798 | |
| Trade debts | 44 | €2,535 | €553 | -€1,982 | -78.2% |
| Suppliers | 440/4 | €2,535 | €553 | -€1,982 | -78.2% |
| Taxes, remuneration and social security | 45 | €5,103 | €2,928 | -€2,175 | -42.6% |
| Taxes | 450/3 | €5,103 | €2,928 | -€2,175 | -42.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €16,500 | €25,267 | +€8,767 | +53.1% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €680 | €1,099 | +€419 | +61.6% |
| Other operating charges | 640/8 | €1,852 | €1,094 | -€758 | -40.9% |
| Gross operating margin | 9900 | €28,696 | €6,532 | -€22,164 | -77.2% |
| Operating profit (loss) | 9901 | €26,165 | €4,340 | -€21,825 | -83.4% |
| Financial income | 75/76B | €323 | €0 | -€323 | -100.0% |
| Recurring financial income | 75 | €323 | €0 | -€323 | -100.0% |
| Financial charges | 65/66B | €3,036 | €3,631 | +€595 | +19.6% |
| Recurring financial charges | 65 | €3,036 | €3,631 | +€595 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €23,451 | €709 | -€22,742 | -97.0% |
| Income taxes | 67/77 | €3,902 | €1,156 | -€2,745 | -70.4% |
| Profit (loss) for the period | 9904 | €19,550 | -€447 | -€19,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,550 | -€447 | -€19,997 |
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 30 September 2026 via checked.be.