THERAtRAME: 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.
THERAtRAME
Largest movements
- Cash +€440,750
up €440,750 (+39.2%), from €1.1m to €1.6m
mainly Contributions, distributions and other (+€3.1m) and Depreciation (+€1.0m)
- Receivables within one year +€146,032
up €146,032 (+33.9%), from €430,649 to €576,681
of which Other amounts receivable: +€122,457
- Intangible fixed assets -€98,415
down €98,415 (-38.9%), from €253,151 to €154,736
- Tangible fixed assets -€50,453
down €50,453 (-25.3%), from €199,130 to €148,677
of which Leasing and similar rights: -€47,430
- Receivables after one year +€29,939
up €29,939 (+18.7%), from €160,459 to €190,398
- Profit (loss) carried forward +€1.5m
up €1.5m (+67.1%), from -€2.2m to -€723,093
- Contributions -€493,475
down €493,475 (-16.6%), from €3.0m to €2.5m
- Short-term financial debts -€400,000
down €400,000 (-100%), from €400,000 to €0
- Debts after one year -€362,859
down €362,859 (-55.6%), from €652,587 to €289,728
of which Other amounts payable: -€307,794
- Trade debts +€189,465
up €189,465 (+70.1%), from €270,420 to €459,885
- Gross operating margin -€876,598
down €876,598, from €7,310 to -€869,288
- Depreciation -€518,180
down €518,180 (-34.1%), from €1.5m to €1.0m
- Financial income -€291,798
down €291,798 (-32.9%), from €886,876 to €595,078
- Staff costs +€258,340
up €258,340 (+52.3%), from €493,775 to €752,116
- Financial charges +€109,456
up €109,456 (+959%), from €11,414 to €120,870
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 | €2,216,437 | €2,666,502 | +€450,065 | +20.3% |
| Fixed assets | 21/28 | €452,280 | €303,413 | -€148,868 | -32.9% |
| Intangible fixed assets | 21 | €253,151 | €154,736 | -€98,415 | -38.9% |
| Tangible fixed assets | 22/27 | €199,130 | €148,677 | -€50,453 | -25.3% |
| Plant, machinery and equipment | 23 | €47,820 | €48,771 | +€951 | +2.0% |
| Furniture and vehicles | 24 | €10,573 | €6,599 | -€3,974 | -37.6% |
| Leasing and similar rights | 25 | €140,736 | €93,306 | -€47,430 | -33.7% |
| Current assets | 29/58 | €1,764,156 | €2,363,089 | +€598,933 | +34.0% |
| Amounts receivable after more than one year | 29 | €160,459 | €190,398 | +€29,939 | +18.7% |
| Other amounts receivable | 291 | €160,459 | €190,398 | +€29,939 | +18.7% |
| Amounts receivable within one year | 40/41 | €430,649 | €576,681 | +€146,032 | +33.9% |
| Trade receivables | 40 | €17,401 | €40,976 | +€23,575 | +135% |
| Other amounts receivable | 41 | €413,248 | €535,705 | +€122,457 | +29.6% |
| Cash at bank and in hand | 54/58 | €1,123,148 | €1,563,898 | +€440,750 | +39.2% |
| Deferred charges and accrued income | 490/1 | €49,900 | €32,111 | -€17,789 | -35.6% |
| Total equity and liabilities | 10/49 | €2,216,437 | €2,666,502 | +€450,065 | +20.3% |
| Equity | 10/15 | €774,844 | €1,753,432 | +€978,588 | +126% |
| Contributions | 10/11 | €2,970,000 | €2,476,525 | -€493,475 | -16.6% |
| Capital | 10 | €2,970,000 | €2,476,525 | -€493,475 | -16.6% |
| Issued capital | 100 | €2,970,000 | €2,476,525 | -€493,475 | -16.6% |
| Profit (loss) carried forward | 14 | -€2,195,156 | -€723,093 | +€1.5m | +67.1% |
| Amounts payable | 17/49 | €1,441,593 | €913,069 | -€528,523 | -36.7% |
| Amounts payable after more than one year | 17 | €652,587 | €289,728 | -€362,859 | -55.6% |
| Financial debts | 170/4 | €93,091 | €38,026 | -€55,064 | -59.2% |
| Other amounts payable | 178/9 | €559,496 | €251,702 | -€307,794 | -55.0% |
| Amounts payable within one year | 42/48 | €776,152 | €598,816 | -€177,335 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €45,500 | €55,064 | +€9,565 | +21.0% |
| Financial debts | 43 | €400,000 | €0 | -€400,000 | -100% |
| Credit institutions | 430/8 | €400,000 | €0 | -€400,000 | -100% |
| Trade debts | 44 | €270,420 | €459,885 | +€189,465 | +70.1% |
| Suppliers | 440/4 | €270,420 | €459,885 | +€189,465 | +70.1% |
| Taxes, remuneration and social security | 45 | €60,232 | €83,867 | +€23,634 | +39.2% |
| Remuneration and social security | 454/9 | €60,232 | €83,867 | +€23,634 | +39.2% |
| Accrued charges and deferred income | 492/3 | €12,854 | €24,525 | +€11,671 | +90.8% |
| Remuneration, social security and pensions | 62 | €493,775 | €752,116 | +€258,340 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,519,123 | €1,000,943 | -€518,180 | -34.1% |
| Other operating charges | 640/8 | €1,216 | €988 | -€228 | -18.7% |
| Gross operating margin | 9900 | €7,310 | -€869,288 | -€876,598 | |
| Operating profit (loss) | 9901 | -€2,006,804 | -€2,623,335 | -€616,530 | -30.7% |
| Financial income | 75/76B | €886,876 | €595,078 | -€291,798 | -32.9% |
| Recurring financial income | 75 | €886,876 | €595,078 | -€291,798 | -32.9% |
| Financial charges | 65/66B | €11,414 | €120,870 | +€109,456 | +959% |
| Recurring financial charges | 65 | €11,414 | €120,870 | +€109,456 | +959% |
| Profit (loss) for the period before taxes | 9903 | -€1,131,343 | -€2,149,127 | -€1.0m | -90.0% |
| Income taxes | 67/77 | -€58,811 | -€29,939 | +€28,872 | +49.1% |
| Profit (loss) for the period | 9904 | -€1,072,532 | -€2,119,188 | -€1.0m | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,072,532 | -€2,119,188 | -€1.0m | -97.6% |
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 14 October 2026 via checked.be.