THERAL: 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.
THERAL
Largest movements
- Cash +€147,374
up €147,374 (+33.3%), from €442,683 to €590,057
mainly Net result for the year (+€67,684) and Receivables within one year (+€59,881)
- Receivables within one year -€59,881
down €59,881 (-30.1%), from €199,011 to €139,130
of which Trade receivables: -€49,551
- Stocks and contracts -€28,951
down €28,951 (-11.2%), from €258,394 to €229,443
- Tangible fixed assets -€19,751
down €19,751 (-6.4%), from €310,539 to €290,788
of which Furniture and vehicles: -€10,097
- Reserves +€54,000
up €54,000 (+31.0%), from €174,400 to €228,400
of which Distributable reserves: +€54,000
- Other debts -€14,706
down €14,706 (-9.0%), from €164,225 to €149,519
- Gross operating margin -€31,475
down €31,475 (-22.0%), from €143,006 to €111,531
- Write-downs -€21,208
down €21,208, from €10,604 to -€10,604
- Financial income -€9,304
down €9,304 (-45.0%), from €20,662 to €11,358
- Other operating charges +€7,771
up €7,771 (+150.2%), from €5,173 to €12,944
- Taxes -€5,214
down €5,214 (-19.7%), from €26,407 to €21,193
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 | €1,211,532 | €1,250,616 | +€39,084 | +3.2% |
| Fixed assets | 21/28 | €310,571 | €290,820 | -€19,751 | -6.4% |
| Tangible fixed assets | 22/27 | €310,539 | €290,788 | -€19,751 | -6.4% |
| Land and buildings | 22 | €275,139 | €265,485 | -€9,654 | -3.5% |
| Furniture and vehicles | 24 | €35,400 | €25,303 | -€10,097 | -28.5% |
| Financial fixed assets | 28 | €32 | €32 | = | 0.0% |
| Current assets | 29/58 | €900,961 | €959,796 | +€58,835 | +6.5% |
| Stocks and contracts in progress | 3 | €258,394 | €229,443 | -€28,951 | -11.2% |
| Stocks | 30/36 | €258,394 | €229,443 | -€28,951 | -11.2% |
| Amounts receivable within one year | 40/41 | €199,011 | €139,130 | -€59,881 | -30.1% |
| Trade receivables | 40 | €186,000 | €136,449 | -€49,551 | -26.6% |
| Other amounts receivable | 41 | €13,011 | €2,681 | -€10,330 | -79.4% |
| Cash at bank and in hand | 54/58 | €442,683 | €590,057 | +€147,374 | +33.3% |
| Deferred charges and accrued income | 490/1 | €873 | €1,166 | +€293 | +33.6% |
| Total equity and liabilities | 10/49 | €1,211,532 | €1,250,616 | +€39,084 | +3.2% |
| Equity | 10/15 | €969,170 | €1,023,521 | +€54,351 | +5.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €174,400 | €228,400 | +€54,000 | +31.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €172,500 | €226,500 | +€54,000 | +31.3% |
| Profit (loss) carried forward | 14 | €775,770 | €776,121 | +€351 | 0.0% |
| Amounts payable | 17/49 | €242,362 | €227,095 | -€15,267 | -6.3% |
| Amounts payable within one year | 42/48 | €242,362 | €227,095 | -€15,267 | -6.3% |
| Trade debts | 44 | €63,742 | €69,900 | +€6,158 | +9.7% |
| Suppliers | 440/4 | €63,742 | €69,900 | +€6,158 | +9.7% |
| Advances received on contracts in progress | 46 | €1,625 | €1,625 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €12,770 | €6,051 | -€6,719 | -52.6% |
| Taxes | 450/3 | €7,170 | €401 | -€6,769 | -94.4% |
| Remuneration and social security | 454/9 | €5,600 | €5,650 | +€50 | +0.9% |
| Other amounts payable | 47/48 | €164,225 | €149,519 | -€14,706 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,769 | €19,751 | -€18 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,604 | -€10,604 | -€21,208 | |
| Other operating charges | 640/8 | €5,173 | €12,944 | +€7,771 | +150.2% |
| Gross operating margin | 9900 | €143,006 | €111,531 | -€31,475 | -22.0% |
| Operating profit (loss) | 9901 | €107,460 | €89,440 | -€18,020 | -16.8% |
| Financial income | 75/76B | €20,662 | €11,358 | -€9,304 | -45.0% |
| Recurring financial income | 75 | €20,662 | €11,358 | -€9,304 | -45.0% |
| Financial charges | 65/66B | €12,109 | €11,921 | -€188 | -1.6% |
| Recurring financial charges | 65 | €12,109 | €11,921 | -€188 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €116,013 | €88,877 | -€27,136 | -23.4% |
| Income taxes | 67/77 | €26,407 | €21,193 | -€5,214 | -19.7% |
| Profit (loss) for the period | 9904 | €89,606 | €67,684 | -€21,922 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,606 | €67,684 | -€21,922 | -24.5% |
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 7 October 2026 via checked.be.