THEMS: 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.
THEMS
Largest movements
- Cash -€69,941
down €69,941 (-66.1%), from €105,841 to €35,899
mainly Other debts (-€77,759) and Net result for the year (-€20,387)
- Tangible fixed assets -€49,273
down €49,273 (-14.8%), from €334,052 to €284,778
of which Furniture and vehicles: -€43,039
- Other debts -€77,759
down €77,759 (-55.3%), from €140,610 to €62,850
- Financial income -€30,059
down €30,059 (-50.0%), from €60,072 to €30,013
- Depreciation -€14,489
down €14,489 (-45.7%), from €31,712 to €17,222
- Financial charges -€8,141
down €8,141 (-44.5%), from €18,300 to €10,159
- Gross operating margin +€2,869
up €2,869 (+16.8%), from -€17,112 to -€14,243
- Other operating charges +€2,514
up €2,514 (+39.6%), from €6,341 to €8,855
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 | €2,214,698 | €2,108,780 | -€105,918 | -4.8% |
| Fixed assets | 21/28 | €1,119,234 | €1,069,961 | -€49,273 | -4.4% |
| Tangible fixed assets | 22/27 | €334,052 | €284,778 | -€49,273 | -14.8% |
| Land and buildings | 22 | €286,262 | €281,290 | -€4,972 | -1.7% |
| Plant, machinery and equipment | 23 | €2,879 | €1,617 | -€1,262 | -43.8% |
| Furniture and vehicles | 24 | €44,911 | €1,872 | -€43,039 | -95.8% |
| Financial fixed assets | 28 | €785,183 | €785,183 | = | 0.0% |
| Current assets | 29/58 | €1,095,464 | €1,038,819 | -€56,645 | -5.2% |
| Amounts receivable within one year | 40/41 | €83,453 | €97,573 | +€14,120 | +16.9% |
| Other amounts receivable | 41 | €83,453 | €97,573 | +€14,120 | +16.9% |
| Current investments | 50/53 | €904,316 | €890,585 | -€13,731 | -1.5% |
| Cash at bank and in hand | 54/58 | €105,841 | €35,899 | -€69,941 | -66.1% |
| Deferred charges and accrued income | 490/1 | €1,854 | €14,761 | +€12,907 | +696.3% |
| Total equity and liabilities | 10/49 | €2,214,698 | €2,108,780 | -€105,918 | -4.8% |
| Equity | 10/15 | €2,043,373 | €2,022,986 | -€20,387 | -1.0% |
| Contributions | 10/11 | €455,000 | €455,000 | = | 0.0% |
| Reserves | 13 | €1,588,373 | €1,567,986 | -€20,387 | -1.3% |
| Distributable reserves | 133 | €1,588,373 | €1,567,986 | -€20,387 | -1.3% |
| Amounts payable | 17/49 | €171,325 | €85,794 | -€85,531 | -49.9% |
| Amounts payable within one year | 42/48 | €159,845 | €81,344 | -€78,501 | -49.1% |
| Trade debts | 44 | €19,235 | €18,494 | -€742 | -3.9% |
| Suppliers | 440/4 | €19,235 | €18,494 | -€742 | -3.9% |
| Other amounts payable | 47/48 | €140,610 | €62,850 | -€77,759 | -55.3% |
| Accrued charges and deferred income | 492/3 | €11,480 | €4,450 | -€7,030 | -61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,712 | €17,222 | -€14,489 | -45.7% |
| Other operating charges | 640/8 | €6,341 | €8,855 | +€2,514 | +39.6% |
| Gross operating margin | 9900 | -€17,112 | -€14,243 | +€2,869 | +16.8% |
| Operating profit (loss) | 9901 | -€55,165 | -€40,321 | +€14,844 | +26.9% |
| Financial income | 75/76B | €60,072 | €30,013 | -€30,059 | -50.0% |
| Recurring financial income | 75 | €60,072 | €30,013 | -€30,059 | -50.0% |
| Financial charges | 65/66B | €18,300 | €10,159 | -€8,141 | -44.5% |
| Recurring financial charges | 65 | €18,300 | €10,159 | -€8,141 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,392 | -€20,467 | -€7,074 | -52.8% |
| Income taxes | 67/77 | €198 | -€80 | -€278 | |
| Profit (loss) for the period | 9904 | -€13,590 | -€20,387 | -€6,797 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,590 | -€20,387 | -€6,797 | -50.0% |
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 12 October 2026 via checked.be.