THEMIS-BELUX: 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.
THEMIS-BELUX
Largest movements
- Receivables within one year +€559,661
up €559,661 (+143%), from €392,581 to €952,242
of which Other amounts receivable: +€410,243
- Cash -€528,480
down €528,480 (-80.5%), from €656,581 to €128,101
mainly Receivables within one year (-€559,661) and Contributions, distributions and other (-€183,240)
- Intangible fixed assets -€51,159
down €51,159 (-29.1%), from €175,625 to €124,467
- Stocks and contracts +€42,846
new in 2025: €42,846
- Deferred charges and accrued income -€39,101
down €39,101 (-76.0%), from €51,436 to €12,335
- Other debts +€176,086
up €176,086 (+1,868%), from €9,426 to €185,512
- Trade debts -€165,534
down €165,534 (-42.9%), from €385,667 to €220,133
- Debts after one year -€22,009
down €22,009 (-51.9%), from €42,437 to €20,428
- Provisions -€306,266
no longer reported in 2025 (was €306,266)
- Gross operating margin -€180,593
down €180,593 (-23.5%), from €769,600 to €589,007
- Taxes +€61,535
up €61,535 (+1,843%), from €3,338 to €64,873
- Staff costs -€60,953
down €60,953 (-17.5%), from €347,624 to €286,671
- Other operating charges -€31,029
down €31,029 (-95.6%), from €32,460 to €1,431
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 | €1,283,870 | €1,266,915 | -€16,955 | -1.3% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €183,271 | €131,391 | -€51,880 | -28.3% |
| Intangible fixed assets | 21 | €175,625 | €124,467 | -€51,159 | -29.1% |
| Tangible fixed assets | 22/27 | €1,562 | €840 | -€721 | -46.2% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €763 | €242 | -€522 | -68.3% |
| Other tangible fixed assets | 26 | €798 | €599 | -€200 | -25.0% |
| Financial fixed assets | 28 | €6,084 | €6,084 | = | 0.0% |
| Current assets | 29/58 | €1,100,599 | €1,135,524 | +€34,926 | +3.2% |
| Stocks and contracts in progress | 3 | - | €42,846 | +€42,846 | |
| Contracts in progress | 37 | - | €42,846 | +€42,846 | |
| Amounts receivable within one year | 40/41 | €392,581 | €952,242 | +€559,661 | +143% |
| Trade receivables | 40 | €337,649 | €487,068 | +€149,418 | +44.3% |
| Other amounts receivable | 41 | €54,932 | €465,175 | +€410,243 | +747% |
| Cash at bank and in hand | 54/58 | €656,581 | €128,101 | -€528,480 | -80.5% |
| Deferred charges and accrued income | 490/1 | €51,436 | €12,335 | -€39,101 | -76.0% |
| Total equity and liabilities | 10/49 | €1,283,870 | €1,266,915 | -€16,955 | -1.3% |
| Equity | 10/15 | €441,998 | €441,998 | = | 0.0% |
| Contributions | 10/11 | €235,945 | €235,945 | = | 0.0% |
| Capital | 10 | €117,730 | €117,730 | = | 0.0% |
| Issued capital | 100 | €117,730 | €117,730 | = | 0.0% |
| Contributions outside capital | 11 | €118,215 | €118,215 | = | 0.0% |
| Share premium | 1100/10 | €118,215 | €118,215 | = | 0.0% |
| Reserves | 13 | €11,773 | €11,773 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,773 | €11,773 | = | 0.0% |
| Legal reserve | 130 | €11,773 | €11,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,280 | €194,280 | = | 0.0% |
| Provisions and deferred taxes | 16 | €306,266 | €306,266 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €306,266 | €306,266 | = | 0.0% |
| Environmental obligations | 163 | €306,266 | €306,266 | = | 0.0% |
| Amounts payable | 17/49 | €535,606 | €518,652 | -€16,955 | -3.2% |
| Amounts payable after more than one year | 17 | €42,437 | €20,428 | -€22,009 | -51.9% |
| Financial debts | 170/4 | €42,437 | €20,428 | -€22,009 | -51.9% |
| Amounts payable within one year | 42/48 | €492,987 | €498,224 | +€5,237 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €23,523 | €23,830 | +€308 | +1.3% |
| Trade debts | 44 | €385,667 | €220,133 | -€165,534 | -42.9% |
| Suppliers | 440/4 | €385,667 | €220,133 | -€165,534 | -42.9% |
| Taxes, remuneration and social security | 45 | €74,371 | €68,748 | -€5,622 | -7.6% |
| Taxes | 450/3 | €41,485 | €34,606 | -€6,878 | -16.6% |
| Remuneration and social security | 454/9 | €32,886 | €34,142 | +€1,256 | +3.8% |
| Other amounts payable | 47/48 | €9,426 | €185,512 | +€176,086 | +1,868% |
| Accrued charges and deferred income | 492/3 | €183 | - | -€183 | |
| Remuneration, social security and pensions | 62 | €347,624 | €286,671 | -€60,953 | -17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,337 | €52,200 | -€6,137 | -10.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €306,266 | - | -€306,266 | |
| Other operating charges | 640/8 | €32,460 | €1,431 | -€31,029 | -95.6% |
| Gross operating margin | 9900 | €769,600 | €589,007 | -€180,593 | -23.5% |
| Operating profit (loss) | 9901 | €24,914 | €248,705 | +€223,792 | +898% |
| Financial income | 75/76B | €322 | €1,158 | +€836 | +259% |
| Recurring financial income | 75 | €322 | €1,158 | +€836 | +259% |
| Financial charges | 65/66B | €2,972 | €1,750 | -€1,222 | -41.1% |
| Recurring financial charges | 65 | €2,972 | €1,750 | -€1,222 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €22,264 | €248,113 | +€225,849 | +1,014% |
| Income taxes | 67/77 | €3,338 | €64,873 | +€61,535 | +1,843% |
| Profit (loss) for the period | 9904 | €18,926 | €183,240 | +€164,314 | +868% |
| Profit (loss) for the period to be appropriated | 9905 | €18,926 | €183,240 | +€164,314 | +868% |
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 15 October 2026 via checked.be.