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
- Receivables within one year -€276,391
down €276,391 (-33.0%), from €836,567 to €560,175
- Other debts -€300,000
down €300,000 (-10.7%), from €2.8m to €2.5m
- Financial income -€46,760
down €46,760 (-32.1%), from €145,792 to €99,033
- Taxes -€11,716
down €11,716 (-32.9%), from €35,580 to €23,864
- Gross operating margin -€100
down €100 (-6.1%), from -€1,631 to -€1,731
- Financial charges +€45
up €45 (+7.6%), from €594 to €639
- Other operating charges +€31
up €31 (+2.6%), from €1,177 to €1,207
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 | €18,813,699 | €18,582,670 | -€231,028 | -1.2% |
| Fixed assets | 21/28 | €14,877,949 | €14,877,949 | = | 0.0% |
| Financial fixed assets | 28 | €14,877,949 | €14,877,949 | = | 0.0% |
| Current assets | 29/58 | €3,935,750 | €3,704,721 | -€231,028 | -5.9% |
| Amounts receivable within one year | 40/41 | €836,567 | €560,175 | -€276,391 | -33.0% |
| Other amounts receivable | 41 | €836,567 | €560,175 | -€276,391 | -33.0% |
| Current investments | 50/53 | €3,000,000 | €3,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €82,744 | €132,002 | +€49,258 | +59.5% |
| Deferred charges and accrued income | 490/1 | €16,439 | €12,544 | -€3,895 | -23.7% |
| Total equity and liabilities | 10/49 | €18,813,699 | €18,582,670 | -€231,028 | -1.2% |
| Equity | 10/15 | €16,013,571 | €16,085,163 | +€71,592 | +0.4% |
| Contributions | 10/11 | €15,000,000 | €15,000,000 | = | 0.0% |
| Capital | 10 | €15,000,000 | €15,000,000 | = | 0.0% |
| Issued capital | 100 | €15,000,000 | €15,000,000 | = | 0.0% |
| Reserves | 13 | €1,013,571 | €1,085,163 | +€71,592 | +7.1% |
| Non-distributable reserves | 130/1 | €143,301 | €146,881 | +€3,580 | +2.5% |
| Legal reserve | 130 | €143,301 | €146,881 | +€3,580 | +2.5% |
| Distributable reserves | 133 | €870,270 | €938,282 | +€68,012 | +7.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,800,128 | €2,497,508 | -€302,620 | -10.8% |
| Amounts payable within one year | 42/48 | €2,795,196 | €2,493,745 | -€301,451 | -10.8% |
| Financial debts | 43 | €61 | €61 | = | 0.0% |
| Credit institutions | 430/8 | €61 | €61 | = | 0.0% |
| Trade debts | 44 | €1,517 | €66 | -€1,451 | -95.7% |
| Suppliers | 440/4 | €1,517 | €66 | -€1,451 | -95.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,793,618 | €2,493,618 | -€300,000 | -10.7% |
| Accrued charges and deferred income | 492/3 | €4,932 | €3,763 | -€1,168 | -23.7% |
| Other operating charges | 640/8 | €1,177 | €1,207 | +€31 | +2.6% |
| Gross operating margin | 9900 | -€1,631 | -€1,731 | -€100 | -6.1% |
| Operating profit (loss) | 9901 | -€2,807 | -€2,938 | -€131 | -4.7% |
| Financial income | 75/76B | €145,792 | €99,033 | -€46,760 | -32.1% |
| Recurring financial income | 75 | €145,792 | €99,033 | -€46,760 | -32.1% |
| Financial charges | 65/66B | €594 | €639 | +€45 | +7.6% |
| Recurring financial charges | 65 | €594 | €639 | +€45 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €142,391 | €95,455 | -€46,936 | -33.0% |
| Income taxes | 67/77 | €35,580 | €23,864 | -€11,716 | -32.9% |
| Profit (loss) for the period | 9904 | €106,811 | €71,592 | -€35,220 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,811 | €71,592 | -€35,220 | -33.0% |
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 5 October 2026 via checked.be.