THEODOR TEAM: 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 TEAM
Largest movements
- Cash +€69,299
up €69,299 (+298%), from €23,221 to €92,520
mainly Net result for the year (+€50,974) and Depreciation (+€13,561)
- Financial fixed assets -€3,600
down €3,600 (-19.9%), from €18,095 to €14,495
- Tangible fixed assets -€3,083
down €3,083 (-5.6%), from €54,844 to €51,761
of which Plant, machinery and equipment: -€2,259
- Receivables within one year +€2,844
up €2,844 (+8.8%), from €32,427 to €35,271
of which Trade receivables: +€9,576
- Deferred charges and accrued income -€2,190
down €2,190 (-75.9%), from €2,886 to €696
- Profit (loss) carried forward +€50,974
up €50,974 (+221%), from €23,028 to €74,002
- Tax, wage and social debts +€12,339
up €12,339 (+98.4%), from €12,542 to €24,881
of which Taxes: +€9,427
- Other debts -€8,618
down €8,618 (-13.7%), from €62,851 to €54,233
- Trade debts +€6,447
up €6,447 (+23.6%), from €27,266 to €33,713
- Current portion of long-term debt +€2,000
new in 2025: €2,000
- Gross operating margin +€177,651
up €177,651 (+237%), from €74,981 to €252,632
- Staff costs +€120,387
up €120,387 (+401%), from €29,998 to €150,385
- Taxes +€17,597
up €17,597 (+743%), from €2,367 to €19,964
- Other operating charges +€5,527
up €5,527 (+86.4%), from €6,395 to €11,922
- Financial charges -€4,964
down €4,964 (-60.0%), from €8,273 to €3,309
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 | €136,847 | €199,989 | +€63,142 | +46.1% |
| Fixed assets | 21/28 | €72,939 | €66,256 | -€6,683 | -9.2% |
| Tangible fixed assets | 22/27 | €54,844 | €51,761 | -€3,083 | -5.6% |
| Plant, machinery and equipment | 23 | €49,597 | €47,338 | -€2,259 | -4.6% |
| Furniture and vehicles | 24 | €5,247 | €4,423 | -€824 | -15.7% |
| Financial fixed assets | 28 | €18,095 | €14,495 | -€3,600 | -19.9% |
| Current assets | 29/58 | €63,908 | €133,733 | +€69,825 | +109% |
| Stocks and contracts in progress | 3 | €5,374 | €5,246 | -€128 | -2.4% |
| Stocks | 30/36 | €5,374 | €5,246 | -€128 | -2.4% |
| Amounts receivable within one year | 40/41 | €32,427 | €35,271 | +€2,844 | +8.8% |
| Trade receivables | 40 | €5,995 | €15,571 | +€9,576 | +160% |
| Other amounts receivable | 41 | €26,432 | €19,700 | -€6,732 | -25.5% |
| Cash at bank and in hand | 54/58 | €23,221 | €92,520 | +€69,299 | +298% |
| Deferred charges and accrued income | 490/1 | €2,886 | €696 | -€2,190 | -75.9% |
| Total equity and liabilities | 10/49 | €136,847 | €199,989 | +€63,142 | +46.1% |
| Equity | 10/15 | €34,188 | €85,162 | +€50,974 | +149% |
| Contributions | 10/11 | €11,160 | €11,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,028 | €74,002 | +€50,974 | +221% |
| Amounts payable | 17/49 | €102,659 | €114,827 | +€12,168 | +11.9% |
| Amounts payable within one year | 42/48 | €102,659 | €114,827 | +€12,168 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | - | €2,000 | +€2,000 | |
| Trade debts | 44 | €27,266 | €33,713 | +€6,447 | +23.6% |
| Suppliers | 440/4 | €27,266 | €33,713 | +€6,447 | +23.6% |
| Taxes, remuneration and social security | 45 | €12,542 | €24,881 | +€12,339 | +98.4% |
| Taxes | 450/3 | €9,561 | €18,988 | +€9,427 | +98.6% |
| Remuneration and social security | 454/9 | €2,981 | €5,893 | +€2,912 | +97.7% |
| Other amounts payable | 47/48 | €62,851 | €54,233 | -€8,618 | -13.7% |
| Remuneration, social security and pensions | 62 | €29,998 | €150,385 | +€120,387 | +401% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,069 | €13,561 | -€2,508 | -15.6% |
| Other operating charges | 640/8 | €6,395 | €11,922 | +€5,527 | +86.4% |
| Non-recurring operating charges | 66A | €3,151 | €2,517 | -€634 | -20.1% |
| Gross operating margin | 9900 | €74,981 | €252,632 | +€177,651 | +237% |
| Operating profit (loss) | 9901 | €19,368 | €74,247 | +€54,879 | +283% |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €8,273 | €3,309 | -€4,964 | -60.0% |
| Recurring financial charges | 65 | €8,273 | €3,309 | -€4,964 | -60.0% |
| Profit (loss) for the period before taxes | 9903 | €11,129 | €70,938 | +€59,809 | +537% |
| Income taxes | 67/77 | €2,367 | €19,964 | +€17,597 | +743% |
| Profit (loss) for the period | 9904 | €8,762 | €50,974 | +€42,212 | +482% |
| Profit (loss) for the period to be appropriated | 9905 | €8,762 | €50,974 | +€42,212 | +482% |
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 29 October 2026 via checked.be.