THEO AVIATION: 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.
THEO AVIATION
Largest movements
- Receivables within one year +€2,961
up €2,961 (+103%), from €2,862 to €5,824
of which Other amounts receivable: +€1,585
- Deferred charges and accrued income +€985
up €985 (+51.0%), from €1,931 to €2,916
- Tangible fixed assets +€855
up €855 (+288%), from €297 to €1,152
- Other debts +€4,996
up €4,996 (+298%), from €1,674 to €6,670
- Accrued charges and deferred income +€2,368
new in 2025: €2,368
- Tax, wage and social debts -€1,961
down €1,961 (-88.7%), from €2,211 to €250
of which Remuneration and social security: -€1,538
- Trade debts -€740
down €740 (-42.4%), from €1,747 to €1,007
- Gross operating margin -€13,544
down €13,544 (-85.4%), from €15,860 to €2,315
- Taxes -€3,582
down €3,582 (-93.0%), from €3,850 to €268
- Depreciation +€264
up €264 (+55.7%), from €475 to €739
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 | €16,777 | €21,610 | +€4,833 | +28.8% |
| Fixed assets | 21/28 | €297 | €1,152 | +€855 | +288% |
| Tangible fixed assets | 22/27 | €297 | €1,152 | +€855 | +288% |
| Furniture and vehicles | 24 | €297 | €1,152 | +€855 | +288% |
| Current assets | 29/58 | €16,480 | €20,459 | +€3,979 | +24.1% |
| Amounts receivable within one year | 40/41 | €2,862 | €5,824 | +€2,961 | +103% |
| Trade receivables | 40 | - | €1,376 | +€1,376 | |
| Other amounts receivable | 41 | €2,862 | €4,448 | +€1,585 | +55.4% |
| Cash at bank and in hand | 54/58 | €11,687 | €11,719 | +€32 | +0.3% |
| Deferred charges and accrued income | 490/1 | €1,931 | €2,916 | +€985 | +51.0% |
| Total equity and liabilities | 10/49 | €16,777 | €21,610 | +€4,833 | +28.8% |
| Equity | 10/15 | €11,145 | €11,315 | +€170 | +1.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €8,645 | €8,645 | = | 0.0% |
| Distributable reserves | 133 | €8,645 | €8,645 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €170 | +€170 | |
| Amounts payable | 17/49 | €5,632 | €10,295 | +€4,663 | +82.8% |
| Amounts payable within one year | 42/48 | €5,632 | €7,927 | +€2,295 | +40.8% |
| Trade debts | 44 | €1,747 | €1,007 | -€740 | -42.4% |
| Suppliers | 440/4 | €1,747 | €1,007 | -€740 | -42.4% |
| Taxes, remuneration and social security | 45 | €2,211 | €250 | -€1,961 | -88.7% |
| Taxes | 450/3 | €673 | €250 | -€423 | -62.9% |
| Remuneration and social security | 454/9 | €1,538 | - | -€1,538 | |
| Other amounts payable | 47/48 | €1,674 | €6,670 | +€4,996 | +298% |
| Accrued charges and deferred income | 492/3 | - | €2,368 | +€2,368 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €475 | €739 | +€264 | +55.7% |
| Other operating charges | 640/8 | €248 | €189 | -€58 | -23.5% |
| Gross operating margin | 9900 | €15,860 | €2,315 | -€13,544 | -85.4% |
| Operating profit (loss) | 9901 | €15,137 | €1,387 | -€13,751 | -90.8% |
| Financial income | 75/76B | €9 | €2 | -€7 | -77.9% |
| Recurring financial income | 75 | €9 | €2 | -€7 | -77.9% |
| Financial charges | 65/66B | €135 | €118 | -€17 | -12.6% |
| Recurring financial charges | 65 | €135 | €118 | -€17 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €15,012 | €1,271 | -€13,741 | -91.5% |
| Income taxes | 67/77 | €3,850 | €268 | -€3,582 | -93.0% |
| Profit (loss) for the period | 9904 | €11,162 | €1,003 | -€10,159 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,162 | €1,003 | -€10,159 | -91.0% |
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 31 October 2026 via checked.be.