THERET VINCENT: 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.
THERET VINCENT
Largest movements
- Tangible fixed assets -€26,424
down €26,424 (-15.2%), from €174,218 to €147,793
of which Plant, machinery and equipment: -€22,349
- Deferred charges and accrued income -€8,963
down €8,963 (-64.4%), from €13,922 to €4,959
- Receivables within one year +€3,200
up €3,200 (+14.4%), from €22,264 to €25,464
of which Trade receivables: +€2,246
- Cash +€2,429
up €2,429 (+13.3%), from €18,317 to €20,746
mainly Depreciation (+€36,813) and Deferred charges and accrued income (+€8,963)
- Tax, wage and social debts -€12,463
down €12,463 (-87.1%), from €14,316 to €1,853
- Trade debts -€11,249
down €11,249 (-84.1%), from €13,374 to €2,125
- Profit (loss) carried forward -€6,776
down €6,776 (-7.3%), from €92,974 to €86,199
- Turnover +€171,684
new in 2025: €171,684
- Purchases and services +€137,212
new in 2025: €137,212
- Depreciation -€5,464
down €5,464 (-12.9%), from €42,277 to €36,813
- Gross operating margin +€4,063
up €4,063 (+9.9%), from €40,910 to €44,973
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 | €229,866 | €199,897 | -€29,968 | -13.0% |
| Fixed assets | 21/28 | €175,362 | €148,728 | -€26,633 | -15.2% |
| Intangible fixed assets | 21 | €344 | €0 | -€344 | -100% |
| Tangible fixed assets | 22/27 | €174,218 | €147,793 | -€26,424 | -15.2% |
| Land and buildings | 22 | €17,828 | €14,601 | -€3,227 | -18.1% |
| Plant, machinery and equipment | 23 | €135,213 | €112,864 | -€22,349 | -16.5% |
| Furniture and vehicles | 24 | €21,176 | €20,328 | -€848 | -4.0% |
| Financial fixed assets | 28 | €800 | €935 | +€135 | +16.9% |
| Current assets | 29/58 | €54,504 | €51,169 | -€3,335 | -6.1% |
| Amounts receivable within one year | 40/41 | €22,264 | €25,464 | +€3,200 | +14.4% |
| Trade receivables | 40 | €9,488 | €11,735 | +€2,246 | +23.7% |
| Other amounts receivable | 41 | €12,776 | €13,729 | +€953 | +7.5% |
| Cash at bank and in hand | 54/58 | €18,317 | €20,746 | +€2,429 | +13.3% |
| Deferred charges and accrued income | 490/1 | €13,922 | €4,959 | -€8,963 | -64.4% |
| Total equity and liabilities | 10/49 | €229,866 | €199,897 | -€29,968 | -13.0% |
| Equity | 10/15 | €154,060 | €147,284 | -€6,776 | -4.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €30,099 | €30,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €27,000 | €27,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,974 | €86,199 | -€6,776 | -7.3% |
| Amounts payable | 17/49 | €75,806 | €52,613 | -€23,193 | -30.6% |
| Amounts payable after more than one year | 17 | €31,325 | €31,907 | +€583 | +1.9% |
| Financial debts | 170/4 | €31,325 | €31,907 | +€583 | +1.9% |
| Amounts payable within one year | 42/48 | €44,481 | €20,706 | -€23,775 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €16,792 | €16,728 | -€64 | -0.4% |
| Trade debts | 44 | €13,374 | €2,125 | -€11,249 | -84.1% |
| Suppliers | 440/4 | €13,374 | €2,125 | -€11,249 | -84.1% |
| Taxes, remuneration and social security | 45 | €14,316 | €1,853 | -€12,463 | -87.1% |
| Taxes | 450/3 | €14,316 | €1,853 | -€12,463 | -87.1% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Turnover | 70 | - | €171,684 | +€171,684 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €137,212 | +€137,212 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,277 | €36,813 | -€5,464 | -12.9% |
| Other operating charges | 640/8 | €9,249 | €10,494 | +€1,245 | +13.5% |
| Gross operating margin | 9900 | €40,910 | €44,973 | +€4,063 | +9.9% |
| Operating profit (loss) | 9901 | -€10,615 | -€2,334 | +€8,281 | +78.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.0% |
| Financial charges | 65/66B | €4,619 | €4,441 | -€178 | -3.8% |
| Recurring financial charges | 65 | €4,619 | €4,441 | -€178 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,234 | -€6,776 | +€8,459 | +55.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€15,234 | -€6,776 | +€8,459 | +55.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,234 | -€6,776 | +€8,459 | +55.5% |
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.