THEORIA: 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.
THEORIA
Largest movements
- Receivables within one year -€89,901
down €89,901 (-71.4%), from €125,966 to €36,065
of which Other amounts receivable: -€77,914
- Tangible fixed assets +€32,558
up €32,558 (+22.7%), from €143,724 to €176,283
of which Furniture and vehicles: +€48,033
- Cash +€16,542
up €16,542 (+5.2%), from €315,825 to €332,367
mainly Debts after one year (+€173,358) and Receivables within one year (+€89,901)
- Reserves -€271,678
down €271,678 (-84.7%), from €320,719 to €49,041
of which Distributable reserves: -€271,678
- Debts after one year +€173,358
up €173,358 (+102%), from €170,448 to €343,806
- Profit (loss) carried forward +€111,040
up €111,040, from -€111,040 to €0
- Other debts -€29,336
down €29,336 (-39.4%), from €74,393 to €45,058
- Current portion of long-term debt -€10,150
down €10,150 (-23.2%), from €43,674 to €33,524
- Gross operating margin -€26,750
down €26,750 (-46.9%), from €57,025 to €30,276
- Financial charges -€9,658
down €9,658 (-29.1%), from €33,226 to €23,568
- Staff costs -€6,980
down €6,980 (-6.6%), from €105,466 to €98,486
- Taxes -€2,192
down €2,192 (-92.0%), from €2,382 to €190
- Other operating charges -€2,127
down €2,127 (-17.5%), from €12,182 to €10,054
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 | €989,667 | €945,551 | -€44,116 | -4.5% |
| Fixed assets | 21/28 | €145,956 | €177,721 | +€31,766 | +21.8% |
| Intangible fixed assets | 21 | €1,887 | €1,214 | -€673 | -35.7% |
| Tangible fixed assets | 22/27 | €143,724 | €176,283 | +€32,558 | +22.7% |
| Plant, machinery and equipment | 23 | €2,402 | €1,801 | -€601 | -25.0% |
| Furniture and vehicles | 24 | €591 | €48,624 | +€48,033 | +8,128% |
| Leasing and similar rights | 25 | €1,785 | €0 | -€1,785 | -100% |
| Other tangible fixed assets | 26 | €138,947 | €125,858 | -€13,089 | -9.4% |
| Financial fixed assets | 28 | €345 | €225 | -€120 | -34.8% |
| Current assets | 29/58 | €843,711 | €767,829 | -€75,882 | -9.0% |
| Stocks and contracts in progress | 3 | €400,536 | €396,576 | -€3,960 | -1.0% |
| Stocks | 30/36 | €400,536 | €396,576 | -€3,960 | -1.0% |
| Amounts receivable within one year | 40/41 | €125,966 | €36,065 | -€89,901 | -71.4% |
| Trade receivables | 40 | €20,284 | €8,297 | -€11,987 | -59.1% |
| Other amounts receivable | 41 | €105,682 | €27,768 | -€77,914 | -73.7% |
| Cash at bank and in hand | 54/58 | €315,825 | €332,367 | +€16,542 | +5.2% |
| Deferred charges and accrued income | 490/1 | €1,384 | €2,820 | +€1,437 | +104% |
| Total equity and liabilities | 10/49 | €989,667 | €945,551 | -€44,116 | -4.5% |
| Equity | 10/15 | €271,679 | €111,041 | -€160,638 | -59.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €320,719 | €49,041 | -€271,678 | -84.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,647 | €4,647 | = | 0.0% |
| Distributable reserves | 133 | €309,872 | €38,194 | -€271,678 | -87.7% |
| Profit (loss) carried forward | 14 | -€111,040 | €0 | +€111,040 | |
| Amounts payable | 17/49 | €717,988 | €834,509 | +€116,522 | +16.2% |
| Amounts payable after more than one year | 17 | €170,448 | €343,806 | +€173,358 | +102% |
| Financial debts | 170/4 | €170,448 | €343,806 | +€173,358 | +102% |
| Amounts payable within one year | 42/48 | €536,797 | €489,320 | -€47,477 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €43,674 | €33,524 | -€10,150 | -23.2% |
| Financial debts | 43 | €225,000 | €230,000 | +€5,000 | +2.2% |
| Credit institutions | 430/8 | €225,000 | €230,000 | +€5,000 | +2.2% |
| Trade debts | 44 | €161,834 | €156,750 | -€5,085 | -3.1% |
| Suppliers | 440/4 | €161,834 | €156,750 | -€5,085 | -3.1% |
| Taxes, remuneration and social security | 45 | €31,895 | €23,989 | -€7,906 | -24.8% |
| Taxes | 450/3 | €14,282 | €4,071 | -€10,210 | -71.5% |
| Remuneration and social security | 454/9 | €17,613 | €19,917 | +€2,304 | +13.1% |
| Other amounts payable | 47/48 | €74,393 | €45,058 | -€29,336 | -39.4% |
| Accrued charges and deferred income | 492/3 | €10,742 | €1,384 | -€9,359 | -87.1% |
| Remuneration, social security and pensions | 62 | €105,466 | €98,486 | -€6,980 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,903 | €18,722 | +€819 | +4.6% |
| Other operating charges | 640/8 | €12,182 | €10,054 | -€2,127 | -17.5% |
| Non-recurring operating charges | 66A | - | €44,531 | +€44,531 | |
| Gross operating margin | 9900 | €57,025 | €30,276 | -€26,750 | -46.9% |
| Operating profit (loss) | 9901 | -€78,526 | -€141,519 | -€62,993 | -80.2% |
| Financial income | 75/76B | €3,094 | €4,639 | +€1,545 | +49.9% |
| Recurring financial income | 75 | €3,094 | €4,639 | +€1,545 | +49.9% |
| Financial charges | 65/66B | €33,226 | €23,568 | -€9,658 | -29.1% |
| Recurring financial charges | 65 | €33,226 | €23,568 | -€9,658 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | -€108,658 | -€160,448 | -€51,790 | -47.7% |
| Income taxes | 67/77 | €2,382 | €190 | -€2,192 | -92.0% |
| Profit (loss) for the period | 9904 | -€111,040 | -€160,638 | -€49,598 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,040 | -€160,638 | -€49,598 | -44.7% |
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 20 October 2026 via checked.be.