THEO'S: 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'S
Largest movements
- Cash +€18,228
up €18,228 (+46.6%), from €39,120 to €57,348
mainly Net result for the year (+€37,884) and Depreciation (+€5,464)
- Receivables within one year +€9,224
up €9,224 (+164%), from €5,624 to €14,848
of which Trade receivables: +€10,275
- Tangible fixed assets -€5,464
down €5,464 (-19.1%), from €28,683 to €23,219
of which Furniture and vehicles: -€5,464
- Profit (loss) carried forward +€37,884
up €37,884, from -€22,482 to €15,402
- Other debts -€18,817
down €18,817 (-35.9%), from €52,395 to €33,577
- Trade debts +€2,786
up €2,786 (+252%), from €1,104 to €3,890
- Gross operating margin -€21,000
down €21,000 (-29.2%), from €71,887 to €50,888
- Taxes +€6,569
up €6,569 (+1,921%), from €342 to €6,911
- Other operating charges -€1,386
down €1,386 (-82.0%), from €1,690 to €304
- Depreciation +€1,362
up €1,362 (+33.2%), from €4,102 to €5,464
From the 28-02-2025 result to the 31-12-2025 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 28-02-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 28-02-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,467 | €95,455 | +€21,988 | +29.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €28,723 | €23,259 | -€5,464 | -19.0% |
| Tangible fixed assets | 22/27 | €28,683 | €23,219 | -€5,464 | -19.1% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €28,683 | €23,219 | -€5,464 | -19.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €44,744 | €72,196 | +€27,452 | +61.4% |
| Amounts receivable within one year | 40/41 | €5,624 | €14,848 | +€9,224 | +164% |
| Trade receivables | 40 | €4,315 | €14,590 | +€10,275 | +238% |
| Other amounts receivable | 41 | €1,309 | €258 | -€1,051 | -80.3% |
| Cash at bank and in hand | 54/58 | €39,120 | €57,348 | +€18,228 | +46.6% |
| Total equity and liabilities | 10/49 | €73,467 | €95,455 | +€21,988 | +29.9% |
| Equity | 10/15 | €4,573 | €42,457 | +€37,884 | +829% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €8,463 | €8,463 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,604 | €6,604 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,482 | €15,402 | +€37,884 | |
| Amounts payable | 17/49 | €68,894 | €52,998 | -€15,896 | -23.1% |
| Amounts payable within one year | 42/48 | €68,894 | €52,998 | -€15,896 | -23.1% |
| Trade debts | 44 | €1,104 | €3,890 | +€2,786 | +252% |
| Suppliers | 440/4 | €1,104 | €3,890 | +€2,786 | +252% |
| Taxes, remuneration and social security | 45 | €15,395 | €15,531 | +€135 | +0.9% |
| Taxes | 450/3 | €15,395 | €15,531 | +€135 | +0.9% |
| Other amounts payable | 47/48 | €52,395 | €33,577 | -€18,817 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,102 | €5,464 | +€1,362 | +33.2% |
| Other operating charges | 640/8 | €1,690 | €304 | -€1,386 | -82.0% |
| Gross operating margin | 9900 | €71,887 | €50,888 | -€21,000 | -29.2% |
| Operating profit (loss) | 9901 | €66,095 | €45,119 | -€20,976 | -31.7% |
| Financial charges | 65/66B | €114 | €324 | +€210 | +183% |
| Recurring financial charges | 65 | €114 | €324 | +€210 | +183% |
| Profit (loss) for the period before taxes | 9903 | €65,980 | €44,795 | -€21,185 | -32.1% |
| Income taxes | 67/77 | €342 | €6,911 | +€6,569 | +1,921% |
| Profit (loss) for the period | 9904 | €65,638 | €37,884 | -€27,754 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €65,638 | €37,884 | -€27,754 | -42.3% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.