THERRY: what changed
THERRY
Largest movements
- Tangible fixed assets +€137,114
up €137,114 (+758%), from €18,093 to €155,208
of which Land and buildings: +€155,208
- Cash -€93,920
down €93,920 (-99.2%), from €94,629 to €710
mainly Investment in fixed assets (net) (-€137,296) and Net result for the year (-€18,511)
- Receivables within one year -€6,582
down €6,582 (-20.0%), from €32,959 to €26,377
of which Other amounts receivable: -€6,469
- Debts after one year +€55,278
new in 2025: €55,278
of which Other amounts payable: +€55,278
- Profit (loss) carried forward -€18,422
down €18,422, from €16,511 to -€1,912
- Other operating charges +€15,330
up €15,330 (+3,157%), from €486 to €15,815
- Depreciation -€7,008
down €7,008 (-97.5%), from €7,190 to €182
- Gross operating margin +€2,368
up €2,368 (+50.4%), from -€4,699 to -€2,331
- Financial charges -€740
down €740 (-77.7%), from €952 to €212
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €145,682 | €182,295 | +€36,612 | +25.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €18,093 | €155,208 | +€137,114 | +758% |
| Tangible fixed assets | 22/27 | €18,093 | €155,208 | +€137,114 | +758% |
| Land and buildings | 22 | - | €155,208 | +€155,208 | |
| Furniture and vehicles | 24 | €18,093 | €0 | -€18,093 | -100% |
| Current assets | 29/58 | €127,589 | €27,087 | -€100,502 | -78.8% |
| Amounts receivable within one year | 40/41 | €32,959 | €26,377 | -€6,582 | -20.0% |
| Trade receivables | 40 | €114 | €0 | -€114 | -100% |
| Other amounts receivable | 41 | €32,846 | €26,377 | -€6,469 | -19.7% |
| Cash at bank and in hand | 54/58 | €94,629 | €710 | -€93,920 | -99.2% |
| Total equity and liabilities | 10/49 | €145,682 | €182,295 | +€36,612 | +25.1% |
| Equity | 10/15 | €124,183 | €105,672 | -€18,511 | -14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €89,073 | €88,984 | -€89 | -0.1% |
| Tax-exempt reserves | 132 | €64,073 | €63,984 | -€89 | -0.1% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,511 | -€1,912 | -€18,422 | |
| Provisions and deferred taxes | 16 | €21,374 | €21,345 | -€30 | -0.1% |
| Deferred taxes | 168 | €21,374 | €21,345 | -€30 | -0.1% |
| Amounts payable | 17/49 | €125 | €55,278 | +€55,153 | +44,214% |
| Amounts payable after more than one year | 17 | - | €55,278 | +€55,278 | |
| Financial debts | 170/4 | - | €0 | = | |
| Other amounts payable | 178/9 | - | €55,278 | +€55,278 | |
| Amounts payable within one year | 42/48 | €125 | €0 | -€125 | -100% |
| Trade debts | 44 | €0 | €0 | = | |
| Suppliers | 440/4 | - | €0 | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €125 | €0 | -€125 | -100% |
| Taxes | 450/3 | €125 | €0 | -€125 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,190 | €182 | -€7,008 | -97.5% |
| Other operating charges | 640/8 | €486 | €15,815 | +€15,330 | +3,157% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | -€4,699 | -€2,331 | +€2,368 | +50.4% |
| Operating profit (loss) | 9901 | -€12,375 | -€18,328 | -€5,953 | -48.1% |
| Financial charges | 65/66B | €952 | €212 | -€740 | -77.7% |
| Recurring financial charges | 65 | €952 | €212 | -€740 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,328 | -€18,541 | -€5,213 | -39.1% |
| Transfer from deferred taxes | 780 | €1,217 | €30 | -€1,187 | -97.6% |
| Profit (loss) for the period | 9904 | -€12,111 | -€18,511 | -€6,401 | -52.9% |
| Transfer from tax-exempt reserves | 789 | €3,651 | €89 | -€3,562 | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,460 | -€18,422 | -€9,963 | -118% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.