THEODOR BOOK: 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.
THEODOR BOOK
Largest movements
- Cash +€6,412
up €6,412 (+67.0%), from €9,573 to €15,985
mainly Net result for the year (+€34,592) and Tax, wage and social debts (+€8,059)
- Stocks and contracts -€1,500
down €1,500 (-9.6%), from €15,550 to €14,050
- Receivables within one year +€1,140
up €1,140 (+64.8%), from €1,759 to €2,899
of which Other amounts receivable: +€1,918
- Formation expenses -€1,000
down €1,000 (-66.7%), from €1,500 to €500
- Profit (loss) carried forward +€34,592
up €34,592, from -€14,274 to €20,317
- Other debts -€33,823
down €33,823 (-97.4%), from €34,723 to €900
- Tax, wage and social debts +€8,059
up €8,059 (+445%), from €1,810 to €9,869
- Trade debts -€3,042
down €3,042 (-24.6%), from €12,375 to €9,332
- Accrued charges and deferred income -€1,166
no longer reported in 2025 (was €1,166)
- Gross operating margin +€73,966
up €73,966, from -€871 to €73,095
- Staff costs +€17,939
up €17,939 (+141%), from €12,722 to €30,660
- Taxes +€5,650
new in 2025: €5,650
- Depreciation +€820
up €820 (+134%), from €612 to €1,433
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 | €40,800 | €45,419 | +€4,619 | +11.3% |
| Formation expenses | 20 | €1,500 | €500 | -€1,000 | -66.7% |
| Fixed assets | 21/28 | €12,418 | €11,986 | -€433 | -3.5% |
| Tangible fixed assets | 22/27 | €1,618 | €1,186 | -€433 | -26.7% |
| Furniture and vehicles | 24 | €1,618 | €1,186 | -€433 | -26.7% |
| Financial fixed assets | 28 | €10,800 | €10,800 | = | 0.0% |
| Current assets | 29/58 | €26,882 | €32,934 | +€6,052 | +22.5% |
| Stocks and contracts in progress | 3 | €15,550 | €14,050 | -€1,500 | -9.6% |
| Stocks | 30/36 | €15,550 | €14,050 | -€1,500 | -9.6% |
| Amounts receivable within one year | 40/41 | €1,759 | €2,899 | +€1,140 | +64.8% |
| Trade receivables | 40 | €778 | - | -€778 | |
| Other amounts receivable | 41 | €980 | €2,899 | +€1,918 | +196% |
| Cash at bank and in hand | 54/58 | €9,573 | €15,985 | +€6,412 | +67.0% |
| Total equity and liabilities | 10/49 | €40,800 | €45,419 | +€4,619 | +11.3% |
| Equity | 10/15 | -€9,274 | €25,317 | +€34,592 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,274 | €20,317 | +€34,592 | |
| Amounts payable | 17/49 | €50,074 | €20,102 | -€29,972 | -59.9% |
| Amounts payable within one year | 42/48 | €48,908 | €20,102 | -€28,806 | -58.9% |
| Trade debts | 44 | €12,375 | €9,332 | -€3,042 | -24.6% |
| Suppliers | 440/4 | €12,375 | €9,332 | -€3,042 | -24.6% |
| Taxes, remuneration and social security | 45 | €1,810 | €9,869 | +€8,059 | +445% |
| Remuneration and social security | 454/9 | €1,810 | €9,869 | +€8,059 | +445% |
| Other amounts payable | 47/48 | €34,723 | €900 | -€33,823 | -97.4% |
| Accrued charges and deferred income | 492/3 | €1,166 | - | -€1,166 | |
| Remuneration, social security and pensions | 62 | €12,722 | €30,660 | +€17,939 | +141% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €612 | €1,433 | +€820 | +134% |
| Other operating charges | 640/8 | - | €573 | +€573 | |
| Gross operating margin | 9900 | -€871 | €73,095 | +€73,966 | |
| Operating profit (loss) | 9901 | -€14,205 | €40,429 | +€54,633 | |
| Financial charges | 65/66B | €69 | €187 | +€117 | +169% |
| Recurring financial charges | 65 | €69 | €187 | +€117 | +169% |
| Profit (loss) for the period before taxes | 9903 | -€14,274 | €40,242 | +€54,516 | |
| Income taxes | 67/77 | - | €5,650 | +€5,650 | |
| Profit (loss) for the period | 9904 | -€14,274 | €34,592 | +€48,866 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,274 | €34,592 | +€48,866 |
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 16 October 2026 via checked.be.