THEO: 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
THEO
NACE 32.500, Manufacture of medical and dental instruments and supplies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.3m
2024 · €2.4m-€75,639
Equity
€17.9m
2024 · €18.6m-€651,726
Cash
€8.3m
2024 · €12.8m-€4.4m
Balance sheet total
€19.5m
2024 · €21.0m-€1.6m
Largest movements
Assets
- Cash -€4.4m
down €4.4m (-34.8%), from €12.8m to €8.3m
mainly Contributions, distributions and other (-€3.0m) and Stocks and contracts (-€2.5m)
- Stocks and contracts +€2.5m
up €2.5m (+157.4%), from €1.6m to €4.0m
- Tangible fixed assets +€304,293
up €304,293 (+53.4%), from €569,827 to €874,120
of which Plant, machinery and equipment: +€182,162
Equity and liabilities
- Other debts -€1.2m
no longer reported in 2025 (was €1.2m)
- Profit (loss) carried forward -€651,726
down €651,726 (-3.5%), from €18.5m to €17.9m
- Accrued charges and deferred income +€242,524
up €242,524 (+4370.4%), from €5,549 to €248,074
Income statement
- Turnover +€847,984
up €847,984 (+4.2%), from €20.0m to €20.8m
- Financial charges +€363,907
up €363,907 (+90.8%), from €400,578 to €764,485
- Goods and materials +€359,604
up €359,604 (+4.5%), from €7.9m to €8.3m
of which Purchases: +€2.5m
- Services and other goods +€339,577
up €339,577 (+4.5%), from €7.5m to €7.8m
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
€2.4m
Turnover
+€847,984
Other operating income
+€96,898
Goods and materials
-€359,604
Services and other goods
-€339,577
Staff costs
+€31,904
Depreciation
-€73,245
Other operating charges
-€6,811
Other operating items
-€90
Financial income
-€5,195
Financial charges
-€363,907
Taxes
+€96,003
Result 2025
€2.3m
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.
From operations
-€909,101
Investment
-€530,798
Financing
-€3.0m
Cash 2024
€12.8m
From operations (derived)
-€909,101
Net result for the year
+€2.3m
Depreciation
+€214,329
Stocks and contracts
-€2.5m
Receivables within one year
-€131,032
Deferred charges and accrued income
+€38,262
Trade debts
+€18,008
Tax, wage and social debts
-€10,099
Advances received
+€37,319
Other debts
-€1.2m
Accrued charges and deferred income
+€242,524
Investment (derived)
-€530,798
Investment in fixed assets (net)
-€531,337
Current investments
+€539
Financing
-€3.0m
Contributions, distributions and other
-€3.0m
Cash 2025
€8.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,027,351 | €19,466,375 | -€1.6m | -7.4% |
| Fixed assets | 21/28 | €603,704 | €920,712 | +€317,008 | +52.5% |
| Intangible fixed assets | 21 | €33,877 | €46,592 | +€12,715 | +37.5% |
| Tangible fixed assets | 22/27 | €569,827 | €874,120 | +€304,293 | +53.4% |
| Plant, machinery and equipment | 23 | €174,365 | €356,527 | +€182,162 | +104.5% |
| Furniture and vehicles | 24 | €59,826 | €128,436 | +€68,610 | +114.7% |
| Other tangible fixed assets | 26 | €335,636 | €389,157 | +€53,521 | +15.9% |
| Current assets | 29/58 | €20,423,647 | €18,545,663 | -€1.9m | -9.2% |
| Stocks and contracts in progress | 3 | €1,569,527 | €4,039,211 | +€2.5m | +157.4% |
| Stocks | 30/36 | €1,569,527 | €4,039,211 | +€2.5m | +157.4% |
| Goods purchased for resale | 34 | €1,569,527 | €2,393,418 | +€823,891 | +52.5% |
| Advance payments | 36 | - | €1,645,793 | +€1.6m | |
| Amounts receivable within one year | 40/41 | €3,232,049 | €3,363,081 | +€131,032 | +4.1% |
| Trade receivables | 40 | €2,558,531 | €2,953,763 | +€395,232 | +15.4% |
| Other amounts receivable | 41 | €673,518 | €409,318 | -€264,200 | -39.2% |
| Current investments | 50/53 | €2,727,429 | €2,726,890 | -€539 | 0.0% |
| Other investments | 51/53 | €2,727,429 | €2,726,890 | -€539 | 0.0% |
| Cash at bank and in hand | 54/58 | €12,761,571 | €8,321,672 | -€4.4m | -34.8% |
| Deferred charges and accrued income | 490/1 | €133,071 | €94,808 | -€38,262 | -28.8% |
| Total equity and liabilities | 10/49 | €21,027,351 | €19,466,375 | -€1.6m | -7.4% |
| Equity | 10/15 | €18,583,690 | €17,931,964 | -€651,726 | -3.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €14,175 | €14,175 | = | 0.0% |
| Distributable reserves | 133 | €14,175 | €14,175 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,507,542 | €17,855,816 | -€651,726 | -3.5% |
| Amounts payable | 17/49 | €2,443,661 | €1,534,411 | -€909,250 | -37.2% |
| Amounts payable within one year | 42/48 | €2,438,111 | €1,286,337 | -€1.2m | -47.2% |
| Trade debts | 44 | €1,038,297 | €1,056,305 | +€18,008 | +1.7% |
| Suppliers | 440/4 | €1,038,297 | €1,056,305 | +€18,008 | +1.7% |
| Advances received on contracts in progress | 46 | - | €37,319 | +€37,319 | |
| Taxes, remuneration and social security | 45 | €202,813 | €192,714 | -€10,099 | -5.0% |
| Taxes | 450/3 | €9,891 | - | -€9,891 | |
| Remuneration and social security | 454/9 | €192,922 | €192,714 | -€208 | -0.1% |
| Other amounts payable | 47/48 | €1,197,002 | - | -€1.2m | |
| Accrued charges and deferred income | 492/3 | €5,549 | €248,074 | +€242,524 | +4370.4% |
| Operating income | 70/76A | €20,132,345 | €21,077,228 | +€944,882 | +4.7% |
| Turnover | 70 | €19,970,445 | €20,818,429 | +€847,984 | +4.2% |
| Other operating income | 74 | €161,900 | €258,799 | +€96,898 | +59.9% |
| Operating charges | 60/66A | €16,807,088 | €17,554,511 | +€747,423 | +4.4% |
| Goods for resale, raw materials and consumables | 60 | €7,936,977 | €8,296,580 | +€359,604 | +4.5% |
| Purchases | 600/8 | €6,651,739 | €9,120,471 | +€2.5m | +37.1% |
| Change in stocks: decrease (increase) | 609 | €1,285,238 | -€823,891 | -€2.1m | |
| Services and other goods | 61 | €7,473,220 | €7,812,797 | +€339,577 | +4.5% |
| Remuneration, social security and pensions | 62 | €1,222,753 | €1,190,849 | -€31,904 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,084 | €214,329 | +€73,245 | +51.9% |
| Other operating charges | 640/8 | €33,054 | €39,865 | +€6,811 | +20.6% |
| Non-recurring operating charges | 66A | - | €90 | +€90 | |
| Operating profit (loss) | 9901 | €3,325,257 | €3,522,716 | +€197,459 | +5.9% |
| Financial income | 75/76B | €363,660 | €358,465 | -€5,195 | -1.4% |
| Recurring financial income | 75 | €363,660 | €358,465 | -€5,195 | -1.4% |
| Income from current assets | 751 | €112,931 | €66,658 | -€46,272 | -41.0% |
| Other financial income | 752/9 | €250,730 | €291,807 | +€41,077 | +16.4% |
| Financial charges | 65/66B | €400,578 | €764,485 | +€363,907 | +90.8% |
| Recurring financial charges | 65 | €400,578 | €764,485 | +€363,907 | +90.8% |
| Debt charges | 650 | €56,036 | - | -€56,036 | |
| Other financial charges | 652/9 | €344,542 | €764,485 | +€419,943 | +121.9% |
| Profit (loss) for the period before taxes | 9903 | €3,288,339 | €3,116,696 | -€171,643 | -5.2% |
| Income taxes | 67/77 | €864,426 | €768,423 | -€96,003 | -11.1% |
| Taxes | 670/3 | €870,823 | €800,264 | -€70,559 | -8.1% |
| Tax adjustments and reversals of tax provisions | 77 | €6,397 | €31,842 | +€25,445 | +397.7% |
| Profit (loss) for the period | 9904 | €2,423,913 | €2,348,274 | -€75,639 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,423,913 | €2,348,274 | -€75,639 | -3.1% |
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 11 October 2026 via checked.be.