THERSA: 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.
THERSA
Largest movements
- Cash -€21,149
down €21,149 (-99.0%), from €21,358 to €209
mainly Other debts (-€243,618) and Receivables within one year (-€19,509)
- Receivables within one year +€19,509
up €19,509 (+4.5%), from €429,076 to €448,585
- Other debts -€243,618
no longer reported in 2025 (was €243,618)
- Accrued charges and deferred income +€230,622
new in 2025: €230,622
- Profit (loss) carried forward +€13,265
up €13,265 (+4.8%), from -€277,758 to -€264,493
- Staff costs -€34,089
down €34,089 (-95.2%), from €35,820 to €1,730
- Gross operating margin +€9,987
up €9,987 (+166.0%), from €6,018 to €16,005
- Other operating charges -€6,646
down €6,646 (-83.1%), from €7,996 to €1,350
- Financial charges -€5,967
down €5,967 (-99.1%), from €6,022 to €55
- Depreciation -€3,460
no longer reported in 2025 (was €3,460)
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 | €450,919 | €448,896 | -€2,023 | -0.4% |
| Current assets | 29/58 | €450,919 | €448,896 | -€2,023 | -0.4% |
| Amounts receivable within one year | 40/41 | €429,076 | €448,585 | +€19,509 | +4.5% |
| Other amounts receivable | 41 | €429,076 | €448,585 | +€19,509 | +4.5% |
| Cash at bank and in hand | 54/58 | €21,358 | €209 | -€21,149 | -99.0% |
| Deferred charges and accrued income | 490/1 | €484 | €101 | -€383 | -79.1% |
| Total equity and liabilities | 10/49 | €450,919 | €448,896 | -€2,023 | -0.4% |
| Equity | 10/15 | €205,009 | €218,273 | +€13,265 | +6.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €420,793 | €420,793 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,860 | €41,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €41,860 | €41,860 | = | 0.0% |
| Distributable reserves | 133 | €378,933 | €378,933 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€277,758 | -€264,493 | +€13,265 | +4.8% |
| Amounts payable | 17/49 | €245,910 | €230,622 | -€15,288 | -6.2% |
| Amounts payable within one year | 42/48 | €245,910 | - | -€245,910 | |
| Trade debts | 44 | €2,131 | - | -€2,131 | |
| Suppliers | 440/4 | €2,131 | - | -€2,131 | |
| Taxes, remuneration and social security | 45 | €161 | - | -€161 | |
| Taxes | 450/3 | €161 | - | -€161 | |
| Other amounts payable | 47/48 | €243,618 | - | -€243,618 | |
| Accrued charges and deferred income | 492/3 | - | €230,622 | +€230,622 | |
| Remuneration, social security and pensions | 62 | €35,820 | €1,730 | -€34,089 | -95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,460 | - | -€3,460 | |
| Other operating charges | 640/8 | €7,996 | €1,350 | -€6,646 | -83.1% |
| Non-recurring operating charges | 66A | €75,237 | - | -€75,237 | |
| Gross operating margin | 9900 | €6,018 | €16,005 | +€9,987 | +166.0% |
| Operating profit (loss) | 9901 | -€116,495 | €12,925 | +€129,420 | |
| Financial income | 75/76B | €3 | €395 | +€391 | +11616.6% |
| Recurring financial income | 75 | €3 | €395 | +€391 | +11616.6% |
| Financial charges | 65/66B | €6,022 | €55 | -€5,967 | -99.1% |
| Recurring financial charges | 65 | €6,022 | €55 | -€5,967 | -99.1% |
| Profit (loss) for the period before taxes | 9903 | -€122,514 | €13,265 | +€135,779 | |
| Income taxes | 67/77 | €120 | - | -€120 | |
| Profit (loss) for the period | 9904 | -€122,634 | €13,265 | +€135,899 | |
| Profit (loss) for the period to be appropriated | 9905 | -€122,634 | €13,265 | +€135,899 |
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 6 October 2026 via checked.be.