THEOREMA: 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.
What changed
THEOREMA
NACE 46.160, Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€160,293
2024 · €188,742-€28,450
Equity
€1.5m
2024 · €1.4m+€42,624
Cash
€1.1m
2024 · €1.1m-€13,119
Balance sheet total
€1.5m
2024 · €1.5m+€47,228
Largest movements
Assets
- Receivables within one year +€35,115
up €35,115 (+54.0%), from €65,073 to €100,189
of which Trade receivables: +€50,220
- Tangible fixed assets +€21,552
up €21,552 (+9.5%), from €227,476 to €249,028
of which Furniture and vehicles: +€19,187
Equity and liabilities
- Reserves +€42,624
up €42,624 (+3.0%), from €1.4m to €1.5m
Income statement
- Gross operating margin -€26,242
down €26,242 (-8.9%), from €295,937 to €269,695
- Financial income -€11,443
down €11,443 (-74.4%), from €15,373 to €3,930
- Taxes -€11,049
down €11,049 (-13.4%), from €82,281 to €71,232
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.
Result 2024
€188,742
Gross operating margin
-€26,242
Staff costs
-€1,221
Depreciation
-€939
Other operating charges
+€1,510
Financial income
-€11,443
Financial charges
-€1,164
Taxes
+€11,049
Result 2025
€160,293
raises the resultlowers the result
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.
From operations
+€136,048
Investment
-€32,933
Financing
-€116,234
Cash 2024
€1.1m
From operations (derived)
+€136,048
Net result for the year
+€160,293
Depreciation
+€11,381
Receivables within one year
-€35,115
Deferred charges and accrued income
-€3,679
Trade debts
-€497
Tax, wage and social debts
-€4,682
Other debts
+€8,349
Investment (derived)
-€32,933
Investment in fixed assets (net)
-€32,933
Financing
-€116,234
Short-term financial debts
+€1,434
Contributions, distributions and other
-€117,668
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,463,115 | €1,510,343 | +€47,228 | +3.2% |
| Fixed assets | 21/28 | €227,624 | €249,176 | +€21,552 | +9.5% |
| Tangible fixed assets | 22/27 | €227,476 | €249,028 | +€21,552 | +9.5% |
| Furniture and vehicles | 24 | €217,929 | €237,116 | +€19,187 | +8.8% |
| Other tangible fixed assets | 26 | €9,547 | €11,912 | +€2,365 | +24.8% |
| Financial fixed assets | 28 | €148 | €148 | = | 0.0% |
| Current assets | 29/58 | €1,235,491 | €1,261,167 | +€25,676 | +2.1% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €65,073 | €100,189 | +€35,115 | +54.0% |
| Trade receivables | 40 | €41,145 | €91,365 | +€50,220 | +122% |
| Other amounts receivable | 41 | €23,928 | €8,823 | -€15,105 | -63.1% |
| Cash at bank and in hand | 54/58 | €1,069,631 | €1,056,512 | -€13,119 | -1.2% |
| Deferred charges and accrued income | 490/1 | €787 | €4,466 | +€3,679 | +468% |
| Total equity and liabilities | 10/49 | €1,463,115 | €1,510,343 | +€47,228 | +3.2% |
| Equity | 10/15 | €1,439,592 | €1,482,216 | +€42,624 | +3.0% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €1,433,342 | €1,475,966 | +€42,624 | +3.0% |
| Distributable reserves | 133 | €1,433,342 | €1,475,966 | +€42,624 | +3.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,523 | €28,127 | +€4,604 | +19.6% |
| Amounts payable within one year | 42/48 | €23,523 | €28,127 | +€4,604 | +19.6% |
| Financial debts | 43 | - | €1,434 | +€1,434 | |
| Credit institutions | 430/8 | - | €1,434 | +€1,434 | |
| Trade debts | 44 | €1,761 | €1,264 | -€497 | -28.2% |
| Suppliers | 440/4 | €1,761 | €1,264 | -€497 | -28.2% |
| Taxes, remuneration and social security | 45 | €21,763 | €17,080 | -€4,682 | -21.5% |
| Taxes | 450/3 | €11,346 | €9,894 | -€1,453 | -12.8% |
| Remuneration and social security | 454/9 | €10,416 | €7,186 | -€3,230 | -31.0% |
| Other amounts payable | 47/48 | - | €8,349 | +€8,349 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €26,460 | €27,681 | +€1,221 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,441 | €11,381 | +€939 | +9.0% |
| Other operating charges | 640/8 | €3,121 | €1,611 | -€1,510 | -48.4% |
| Gross operating margin | 9900 | €295,937 | €269,695 | -€26,242 | -8.9% |
| Operating profit (loss) | 9901 | €255,915 | €229,023 | -€26,892 | -10.5% |
| Financial income | 75/76B | €15,373 | €3,930 | -€11,443 | -74.4% |
| Recurring financial income | 75 | €15,373 | €3,930 | -€11,443 | -74.4% |
| Financial charges | 65/66B | €264 | €1,428 | +€1,164 | +440% |
| Recurring financial charges | 65 | €264 | €1,428 | +€1,164 | +440% |
| Profit (loss) for the period before taxes | 9903 | €271,023 | €231,524 | -€39,499 | -14.6% |
| Income taxes | 67/77 | €82,281 | €71,232 | -€11,049 | -13.4% |
| Profit (loss) for the period | 9904 | €188,742 | €160,293 | -€28,450 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €188,742 | €160,293 | -€28,450 | -15.1% |
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 26 October 2026 via checked.be.