THEO: 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.
THEO
Largest movements
- Tangible fixed assets -€4,076
down €4,076 (-26.8%), from €15,214 to €11,138
of which Land and buildings: -€3,550
- Receivables within one year -€1,028
down €1,028 (-64.5%), from €1,593 to €565
of which Other amounts receivable: -€789
- Deferred charges and accrued income +€993
up €993 (+567.2%), from €175 to €1,169
- Other debts -€2,004
down €2,004 (-16.6%), from €12,077 to €10,073
- Tax, wage and social debts -€1,695
down €1,695 (-17.8%), from €9,521 to €7,826
of which Taxes: -€4,386
- Trade debts -€637
down €637 (-6.3%), from €10,141 to €9,504
- Profit (loss) carried forward +€435
up €435 (+6.9%), from -€6,310 to -€5,875
- Gross operating margin -€14,505
down €14,505 (-23.3%), from €62,309 to €47,804
- Staff costs -€12,182
down €12,182 (-25.6%), from €47,602 to €35,420
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 | €34,297 | €30,328 | -€3,969 | -11.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €15,214 | €11,138 | -€4,076 | -26.8% |
| Tangible fixed assets | 22/27 | €15,214 | €11,138 | -€4,076 | -26.8% |
| Land and buildings | 22 | €10,734 | €7,183 | -€3,550 | -33.1% |
| Plant, machinery and equipment | 23 | €1,885 | €943 | -€943 | -50.0% |
| Furniture and vehicles | 24 | €2,595 | €3,012 | +€417 | +16.1% |
| Current assets | 29/58 | €19,083 | €19,191 | +€107 | +0.6% |
| Stocks and contracts in progress | 3 | €16,312 | €16,291 | -€21 | -0.1% |
| Stocks | 30/36 | €16,312 | €16,291 | -€21 | -0.1% |
| Amounts receivable within one year | 40/41 | €1,593 | €565 | -€1,028 | -64.5% |
| Trade receivables | 40 | €804 | €565 | -€239 | -29.7% |
| Other amounts receivable | 41 | €789 | €0 | -€789 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,003 | €1,166 | +€163 | +16.3% |
| Deferred charges and accrued income | 490/1 | €175 | €1,169 | +€993 | +567.2% |
| Total equity and liabilities | 10/49 | €34,297 | €30,328 | -€3,969 | -11.6% |
| Equity | 10/15 | -€110 | €325 | +€435 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€6,310 | -€5,875 | +€435 | +6.9% |
| Amounts payable | 17/49 | €34,407 | €30,003 | -€4,404 | -12.8% |
| Amounts payable within one year | 42/48 | €34,407 | €30,003 | -€4,404 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €2,668 | €2,599 | -€68 | -2.6% |
| Credit institutions | 430/8 | €2,668 | €2,599 | -€68 | -2.6% |
| Trade debts | 44 | €10,141 | €9,504 | -€637 | -6.3% |
| Suppliers | 440/4 | €10,141 | €9,504 | -€637 | -6.3% |
| Taxes, remuneration and social security | 45 | €9,521 | €7,826 | -€1,695 | -17.8% |
| Taxes | 450/3 | €7,782 | €3,396 | -€4,386 | -56.4% |
| Remuneration and social security | 454/9 | €1,739 | €4,430 | +€2,691 | +154.7% |
| Other amounts payable | 47/48 | €12,077 | €10,073 | -€2,004 | -16.6% |
| Non-recurring operating income | 76A | €9,968 | €0 | -€9,968 | -100.0% |
| Remuneration, social security and pensions | 62 | €47,602 | €35,420 | -€12,182 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,355 | €5,120 | -€235 | -4.4% |
| Other operating charges | 640/8 | €1,138 | €1,119 | -€19 | -1.7% |
| Gross operating margin | 9900 | €62,309 | €47,804 | -€14,505 | -23.3% |
| Operating profit (loss) | 9901 | €8,214 | €6,145 | -€2,069 | -25.2% |
| Financial income | 75/76B | €8 | €103 | +€95 | +1235.2% |
| Recurring financial income | 75 | €8 | €103 | +€95 | +1235.2% |
| Financial charges | 65/66B | €3,495 | €3,466 | -€29 | -0.8% |
| Recurring financial charges | 65 | €3,495 | €3,466 | -€29 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €4,726 | €2,781 | -€1,945 | -41.1% |
| Income taxes | 67/77 | €2,211 | €2,346 | +€136 | +6.1% |
| Profit (loss) for the period | 9904 | €2,515 | €435 | -€2,080 | -82.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,515 | €435 | -€2,080 | -82.7% |
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 4 October 2026 via checked.be.