THEODORUS IV: 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.
THEODORUS IV
Largest movements
- Financial fixed assets -€1.8m
down €1.8m (-16.3%), from €10.8m to €9.1m
- Cash +€657,511
up €657,511 (+203%), from €323,713 to €981,224
mainly Contributions, distributions and other (+€2.7m) and Investment in fixed assets (net) (+€1.8m)
- Current investments +€259,789
new in 2025: €259,789
- Receivables within one year -€155,015
down €155,015 (-18.5%), from €837,148 to €682,133
- Profit (loss) carried forward -€3.7m
down €3.7m (-44.6%), from -€8.2m to -€11.9m
- Contributions +€2.7m
up €2.7m (+13.3%), from €20.2m to €22.9m
- Financial income -€964,053
down €964,053 (-88.7%), from €1.1m to €122,439
of which Non-recurring financial income: -€1.0m
- Financial charges +€429,366
up €429,366 (+15.5%), from €2.8m to €3.2m
of which Non-recurring financial charges: +€347,997
- Gross operating margin +€144,389
up €144,389 (+20.1%), from -€717,536 to -€573,147
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 | €12,088,484 | €11,174,383 | -€914,101 | -7.6% |
| Formation expenses | 20 | €1,004 | €0 | -€1,004 | -100% |
| Fixed assets | 21/28 | €10,836,016 | €9,074,204 | -€1.8m | -16.3% |
| Financial fixed assets | 28 | €10,836,016 | €9,074,204 | -€1.8m | -16.3% |
| Current assets | 29/58 | €1,251,464 | €2,100,179 | +€848,714 | +67.8% |
| Amounts receivable within one year | 40/41 | €837,148 | €682,133 | -€155,015 | -18.5% |
| Other amounts receivable | 41 | €837,148 | €682,133 | -€155,015 | -18.5% |
| Current investments | 50/53 | - | €259,789 | +€259,789 | |
| Cash at bank and in hand | 54/58 | €323,713 | €981,224 | +€657,511 | +203% |
| Deferred charges and accrued income | 490/1 | €90,604 | €177,033 | +€86,429 | +95.4% |
| Total equity and liabilities | 10/49 | €12,088,484 | €11,174,383 | -€914,101 | -7.6% |
| Equity | 10/15 | €12,026,945 | €11,072,183 | -€954,762 | -7.9% |
| Contributions | 10/11 | €20,225,149 | €22,925,149 | +€2.7m | +13.3% |
| Capital | 10 | €20,225,149 | €22,925,149 | +€2.7m | +13.3% |
| Issued capital | 100 | €32,875,000 | €32,875,000 | = | 0.0% |
| Uncalled capital | 101 | €12,649,851 | €9,949,851 | -€2.7m | -21.3% |
| Profit (loss) carried forward | 14 | -€8,198,204 | -€11,852,966 | -€3.7m | -44.6% |
| Amounts payable | 17/49 | €61,539 | €102,200 | +€40,661 | +66.1% |
| Amounts payable within one year | 42/48 | €61,539 | €102,200 | +€40,661 | +66.1% |
| Trade debts | 44 | €8,016 | €1,001 | -€7,014 | -87.5% |
| Suppliers | 440/4 | €8,016 | €1,001 | -€7,014 | -87.5% |
| Other amounts payable | 47/48 | €53,523 | €101,198 | +€47,675 | +89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,351 | €1,004 | -€3,348 | -76.9% |
| Other operating charges | 640/8 | €125 | €982 | +€856 | +683% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | -€717,536 | -€573,147 | +€144,389 | +20.1% |
| Operating profit (loss) | 9901 | -€722,013 | -€575,132 | +€146,881 | +20.3% |
| Financial income | 75/76B | €1,086,492 | €122,439 | -€964,053 | -88.7% |
| Recurring financial income | 75 | €59,618 | €109,776 | +€50,158 | +84.1% |
| Non-recurring financial income | 76B | €1,026,874 | €12,663 | -€1.0m | -98.8% |
| Financial charges | 65/66B | €2,772,702 | €3,202,068 | +€429,366 | +15.5% |
| Recurring financial charges | 65 | €2,873 | €84,242 | +€81,369 | +2,832% |
| Non-recurring financial charges | 66B | €2,769,829 | €3,117,826 | +€347,997 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,408,224 | -€3,654,762 | -€1.2m | -51.8% |
| Profit (loss) for the period | 9904 | -€2,408,224 | -€3,654,762 | -€1.2m | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,408,224 | -€3,654,762 | -€1.2m | -51.8% |
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 25 October 2026 via checked.be.