THEOM: 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.
THEOM
Largest movements
- Cash +€186,495
up €186,495 (+1725.2%), from €10,810 to €197,305
mainly Debts after one year (+€564,556) and Depreciation (+€165,322)
- Receivables within one year +€138,909
up €138,909 (+2519.6%), from €5,513 to €144,422
of which Trade receivables: +€143,872
- Tangible fixed assets +€68,638
up €68,638 (+1.6%), from €4.3m to €4.4m
- Debts after one year +€564,556
up €564,556 (+174.4%), from €323,792 to €888,348
- Reserves -€92,483
down €92,483 (-3.5%), from €2.7m to €2.6m
of which Tax-exempt reserves: -€92,483
- Other debts -€91,043
down €91,043 (-10.3%), from €885,003 to €793,960
- Trade debts -€70,448
down €70,448 (-31.8%), from €221,517 to €151,069
- Current portion of long-term debt +€47,606
up €47,606 (+259.8%), from €18,326 to €65,933
- Gross operating margin +€75,556
up €75,556 (+120.0%), from €62,977 to €138,533
- Depreciation +€34,202
up €34,202 (+26.1%), from €131,119 to €165,322
- Financial charges +€18,913
up €18,913 (+380.6%), from €4,969 to €23,882
- Taxes +€13,628
up €13,628 (+459.3%), from €2,967 to €16,595
- Other operating charges +€3,543
up €3,543 (+51.0%), from €6,944 to €10,488
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 | €4,329,839 | €4,723,740 | +€393,901 | +9.1% |
| Fixed assets | 21/28 | €4,312,748 | €4,381,386 | +€68,638 | +1.6% |
| Tangible fixed assets | 22/27 | €4,302,100 | €4,370,738 | +€68,638 | +1.6% |
| Land and buildings | 22 | €4,302,100 | €4,370,738 | +€68,638 | +1.6% |
| Financial fixed assets | 28 | €10,648 | €10,648 | = | 0.0% |
| Current assets | 29/58 | €17,092 | €342,354 | +€325,263 | +1903.0% |
| Amounts receivable within one year | 40/41 | €5,513 | €144,422 | +€138,909 | +2519.6% |
| Trade receivables | 40 | €550 | €144,422 | +€143,872 | +26148.6% |
| Other amounts receivable | 41 | €4,963 | €0 | -€4,963 | -100.0% |
| Cash at bank and in hand | 54/58 | €10,810 | €197,305 | +€186,495 | +1725.2% |
| Deferred charges and accrued income | 490/1 | €769 | €628 | -€141 | -18.4% |
| Total equity and liabilities | 10/49 | €4,329,839 | €4,723,740 | +€393,901 | +9.1% |
| Equity | 10/15 | €2,113,330 | €2,066,404 | -€46,926 | -2.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €2,678,811 | €2,586,327 | -€92,483 | -3.5% |
| Non-distributable reserves | 130/1 | €23,425 | €23,425 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,425 | €23,425 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,335,068 | €2,242,585 | -€92,483 | -4.0% |
| Distributable reserves | 133 | €320,318 | €320,318 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€640,481 | -€594,923 | +€45,557 | +7.1% |
| Provisions and deferred taxes | 16 | €764,246 | €733,418 | -€30,828 | -4.0% |
| Deferred taxes | 168 | €764,246 | €733,418 | -€30,828 | -4.0% |
| Amounts payable | 17/49 | €1,452,264 | €1,923,919 | +€471,655 | +32.5% |
| Amounts payable after more than one year | 17 | €323,792 | €888,348 | +€564,556 | +174.4% |
| Financial debts | 170/4 | €323,792 | €888,348 | +€564,556 | +174.4% |
| Amounts payable within one year | 42/48 | €1,127,686 | €1,032,361 | -€95,325 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €18,326 | €65,933 | +€47,606 | +259.8% |
| Trade debts | 44 | €221,517 | €151,069 | -€70,448 | -31.8% |
| Suppliers | 440/4 | €221,517 | €151,069 | -€70,448 | -31.8% |
| Taxes, remuneration and social security | 45 | €2,839 | €21,399 | +€18,560 | +653.8% |
| Taxes | 450/3 | €2,839 | €21,399 | +€18,560 | +653.8% |
| Other amounts payable | 47/48 | €885,003 | €793,960 | -€91,043 | -10.3% |
| Accrued charges and deferred income | 492/3 | €785 | €3,210 | +€2,425 | +308.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,119 | €165,322 | +€34,202 | +26.1% |
| Other operating charges | 640/8 | €6,944 | €10,488 | +€3,543 | +51.0% |
| Gross operating margin | 9900 | €62,977 | €138,533 | +€75,556 | +120.0% |
| Operating profit (loss) | 9901 | -€75,087 | -€37,277 | +€37,810 | +50.4% |
| Financial income | 75/76B | €429 | €0 | -€429 | -100.0% |
| Recurring financial income | 75 | €429 | €0 | -€429 | -100.0% |
| Financial charges | 65/66B | €4,969 | €23,882 | +€18,913 | +380.6% |
| Recurring financial charges | 65 | €4,969 | €23,882 | +€18,913 | +380.6% |
| Profit (loss) for the period before taxes | 9903 | -€79,627 | -€61,159 | +€18,468 | +23.2% |
| Transfer from deferred taxes | 780 | €30,828 | €30,828 | = | 0.0% |
| Income taxes | 67/77 | €2,967 | €16,595 | +€13,628 | +459.3% |
| Profit (loss) for the period | 9904 | -€51,766 | -€46,926 | +€4,840 | +9.3% |
| Transfer from tax-exempt reserves | 789 | €92,483 | €92,483 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,717 | €45,557 | +€4,840 | +11.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.