Therama: 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.
Therama
Largest movements
- Cash +€22,767
up €22,767 (+81.4%), from €27,962 to €50,729
mainly Net result for the year (+€17,788) and Depreciation (+€6,245)
- Tangible fixed assets -€6,245
down €6,245 (-47.5%), from €13,153 to €6,908
of which Leasing and similar rights: -€5,354
- Reserves +€17,788
up €17,788 (+63.5%), from €28,032 to €45,820
- Debts after one year -€4,296
no longer reported in 2025 (was €4,296)
- Tax, wage and social debts +€3,860
up €3,860 (+347%), from €1,111 to €4,971
- Gross operating margin +€11,271
up €11,271 (+48.8%), from €23,078 to €34,349
- Taxes +€3,777
up €3,777 (+73.8%), from €5,120 to €8,897
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 | €47,183 | €63,757 | +€16,574 | +35.1% |
| Fixed assets | 21/28 | €13,153 | €6,908 | -€6,245 | -47.5% |
| Tangible fixed assets | 22/27 | €13,153 | €6,908 | -€6,245 | -47.5% |
| Plant, machinery and equipment | 23 | €185 | - | -€185 | |
| Furniture and vehicles | 24 | €2,259 | €1,553 | -€706 | -31.2% |
| Leasing and similar rights | 25 | €10,709 | €5,355 | -€5,354 | -50.0% |
| Current assets | 29/58 | €34,030 | €56,848 | +€22,819 | +67.1% |
| Amounts receivable within one year | 40/41 | €5,305 | €5,812 | +€507 | +9.6% |
| Trade receivables | 40 | €1,340 | €1,515 | +€175 | +13.1% |
| Other amounts receivable | 41 | €3,965 | €4,297 | +€332 | +8.4% |
| Cash at bank and in hand | 54/58 | €27,962 | €50,729 | +€22,767 | +81.4% |
| Deferred charges and accrued income | 490/1 | €762 | €308 | -€455 | -59.6% |
| Total equity and liabilities | 10/49 | €47,183 | €63,757 | +€16,574 | +35.1% |
| Equity | 10/15 | €36,702 | €54,490 | +€17,788 | +48.5% |
| Contributions | 10/11 | €8,670 | €8,670 | = | 0.0% |
| Reserves | 13 | €28,032 | €45,820 | +€17,788 | +63.5% |
| Distributable reserves | 133 | €28,032 | €45,820 | +€17,788 | +63.5% |
| Amounts payable | 17/49 | €10,481 | €9,267 | -€1,214 | -11.6% |
| Amounts payable after more than one year | 17 | €4,296 | - | -€4,296 | |
| Financial debts | 170/4 | €4,296 | - | -€4,296 | |
| Amounts payable within one year | 42/48 | €5,632 | €9,267 | +€3,635 | +64.6% |
| Current portion of amounts payable after more than one year | 42 | €4,261 | €4,296 | +€35 | +0.8% |
| Trade debts | 44 | €260 | - | -€260 | |
| Suppliers | 440/4 | €260 | - | -€260 | |
| Taxes, remuneration and social security | 45 | €1,111 | €4,971 | +€3,860 | +347% |
| Taxes | 450/3 | €1,111 | €4,971 | +€3,860 | +347% |
| Accrued charges and deferred income | 492/3 | €553 | - | -€553 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,424 | €6,245 | -€179 | -2.8% |
| Other operating charges | 640/8 | €1,446 | €1,395 | -€51 | -3.5% |
| Non-recurring operating charges | 66A | - | €245 | +€245 | |
| Gross operating margin | 9900 | €23,078 | €34,349 | +€11,271 | +48.8% |
| Operating profit (loss) | 9901 | €15,209 | €26,463 | +€11,255 | +74.0% |
| Financial income | 75/76B | €346 | €348 | +€2 | +0.7% |
| Recurring financial income | 75 | €346 | €348 | +€2 | +0.7% |
| Financial charges | 65/66B | €205 | €127 | -€78 | -38.2% |
| Recurring financial charges | 65 | €205 | €127 | -€78 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | €15,350 | €26,685 | +€11,335 | +73.8% |
| Income taxes | 67/77 | €5,120 | €8,897 | +€3,777 | +73.8% |
| Profit (loss) for the period | 9904 | €10,230 | €17,788 | +€7,558 | +73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,230 | €17,788 | +€7,558 | +73.9% |
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 15 October 2026 via checked.be.