THEODORE: 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.
THEODORE
Largest movements
- Cash +€358,417
up €358,417 (+112.4%), from €318,899 to €677,316
mainly Current investments (+€306,000) and Depreciation (+€203,458)
- Current investments -€306,000
down €306,000 (-100.0%), from €306,000 to €0
- Tangible fixed assets -€147,891
down €147,891 (-5.3%), from €2.8m to €2.6m
of which Land and buildings: -€119,230
- Receivables within one year -€90,361
down €90,361 (-31.0%), from €291,693 to €201,332
of which Trade receivables: -€92,483
- Debts after one year -€84,863
down €84,863 (-8.7%), from €978,583 to €893,720
- Advances received +€71,366
up €71,366 (+33.7%), from €211,744 to €283,110
- Investment grants -€56,278
down €56,278 (-12.5%), from €449,085 to €392,807
- Tax, wage and social debts -€53,136
down €53,136 (-27.5%), from €193,038 to €139,902
of which Remuneration and social security: -€34,336
- Profit (loss) carried forward -€51,707
down €51,707 (-7.3%), from €705,646 to €653,938
- Provisions +€107,500
up €107,500, from -€107,500 to €0
- Staff costs -€39,465
down €39,465 (-3.6%), from €1.1m to €1.0m
- Gross operating margin +€20,321
up €20,321 (+1.7%), from €1.2m to €1.2m
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 | €3,755,017 | €3,567,132 | -€187,885 | -5.0% |
| Fixed assets | 21/28 | €2,804,566 | €2,653,761 | -€150,805 | -5.4% |
| Intangible fixed assets | 21 | €21,348 | €15,934 | -€5,414 | -25.4% |
| Tangible fixed assets | 22/27 | €2,778,364 | €2,630,473 | -€147,891 | -5.3% |
| Land and buildings | 22 | €2,673,855 | €2,554,625 | -€119,230 | -4.5% |
| Plant, machinery and equipment | 23 | €78,567 | €60,643 | -€17,925 | -22.8% |
| Furniture and vehicles | 24 | €25,941 | €15,206 | -€10,736 | -41.4% |
| Financial fixed assets | 28 | €4,854 | €7,354 | +€2,500 | +51.5% |
| Current assets | 29/58 | €950,451 | €913,372 | -€37,080 | -3.9% |
| Stocks and contracts in progress | 3 | €25,965 | €25,404 | -€562 | -2.2% |
| Stocks | 30/36 | €25,965 | €25,404 | -€562 | -2.2% |
| Amounts receivable within one year | 40/41 | €291,693 | €201,332 | -€90,361 | -31.0% |
| Trade receivables | 40 | €287,349 | €194,866 | -€92,483 | -32.2% |
| Other amounts receivable | 41 | €4,343 | €6,466 | +€2,122 | +48.9% |
| Current investments | 50/53 | €306,000 | €0 | -€306,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €318,899 | €677,316 | +€358,417 | +112.4% |
| Deferred charges and accrued income | 490/1 | €7,895 | €9,320 | +€1,425 | +18.1% |
| Total equity and liabilities | 10/49 | €3,755,017 | €3,567,132 | -€187,885 | -5.0% |
| Equity | 10/15 | €2,168,529 | €2,038,233 | -€130,295 | -6.0% |
| Contributions | 10/11 | €1,011,344 | €989,034 | -€22,310 | -2.2% |
| Reserves | 13 | €2,454 | €2,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,454 | €2,454 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,454 | €2,454 | = | 0.0% |
| Profit (loss) carried forward | 14 | €705,646 | €653,938 | -€51,707 | -7.3% |
| Investment grants | 15 | €449,085 | €392,807 | -€56,278 | -12.5% |
| Amounts payable | 17/49 | €1,586,488 | €1,528,899 | -€57,589 | -3.6% |
| Amounts payable after more than one year | 17 | €978,583 | €893,720 | -€84,863 | -8.7% |
| Financial debts | 170/4 | €978,583 | €893,720 | -€84,863 | -8.7% |
| Amounts payable within one year | 42/48 | €607,906 | €635,179 | +€27,274 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €82,186 | €84,863 | +€2,677 | +3.3% |
| Financial debts | 43 | €564 | €0 | -€564 | -100.0% |
| Credit institutions | 430/8 | €564 | €0 | -€564 | -100.0% |
| Trade debts | 44 | €118,402 | €125,332 | +€6,930 | +5.9% |
| Suppliers | 440/4 | €118,402 | €125,332 | +€6,930 | +5.9% |
| Advances received on contracts in progress | 46 | €211,744 | €283,110 | +€71,366 | +33.7% |
| Taxes, remuneration and social security | 45 | €193,038 | €139,902 | -€53,136 | -27.5% |
| Taxes | 450/3 | €42,239 | €23,439 | -€18,800 | -44.5% |
| Remuneration and social security | 454/9 | €150,799 | €116,463 | -€34,336 | -22.8% |
| Other amounts payable | 47/48 | €1,972 | €1,972 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,086,520 | €1,047,055 | -€39,465 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,194 | €203,458 | +€11,264 | +5.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€107,500 | €0 | +€107,500 | |
| Other operating charges | 640/8 | €13,214 | €15,063 | +€1,849 | +14.0% |
| Gross operating margin | 9900 | €1,164,828 | €1,185,148 | +€20,321 | +1.7% |
| Operating profit (loss) | 9901 | -€19,601 | -€80,428 | -€60,827 | -310.3% |
| Financial income | 75/76B | €58,167 | €60,497 | +€2,330 | +4.0% |
| Recurring financial income | 75 | €58,167 | €60,497 | +€2,330 | +4.0% |
| Financial charges | 65/66B | €31,971 | €31,662 | -€309 | -1.0% |
| Recurring financial charges | 65 | €31,971 | €31,662 | -€309 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €6,595 | -€51,593 | -€58,189 | |
| Income taxes | 67/77 | - | €114 | +€114 | |
| Profit (loss) for the period | 9904 | €6,595 | -€51,707 | -€58,303 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,595 | -€51,707 | -€58,303 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.