THERY: 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.
THERY
Largest movements
- Tangible fixed assets -€57,662
down €57,662 (-12.8%), from €448,773 to €391,111
of which Land and buildings: -€48,006
- Stocks and contracts -€11,572
down €11,572 (-5.2%), from €220,992 to €209,421
of which Stocks: -€16,768
- Short-term financial debts -€60,000
down €60,000 (-50.0%), from €120,000 to €60,000
- Debts after one year -€53,942
down €53,942 (-12.5%), from €432,742 to €378,799
- Reserves +€34,991
up €34,991 (+14.8%), from €236,566 to €271,557
- Gross operating margin +€10,617
up €10,617 (+5.4%), from €196,664 to €207,281
- Financial charges -€6,454
down €6,454 (-18.2%), from €35,366 to €28,912
- Staff costs +€4,379
up €4,379 (+7.0%), from €62,649 to €67,028
- Taxes +€4,067
up €4,067 (+38.0%), from €10,712 to €14,779
- Financial income -€2,164
down €2,164 (-32.0%), from €6,766 to €4,602
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 | €1,007,336 | €933,738 | -€73,598 | -7.3% |
| Fixed assets | 21/28 | €448,773 | €391,111 | -€57,662 | -12.8% |
| Tangible fixed assets | 22/27 | €448,773 | €391,111 | -€57,662 | -12.8% |
| Land and buildings | 22 | €418,571 | €370,565 | -€48,006 | -11.5% |
| Furniture and vehicles | 24 | €30,202 | €20,545 | -€9,657 | -32.0% |
| Current assets | 29/58 | €558,564 | €542,627 | -€15,936 | -2.9% |
| Stocks and contracts in progress | 3 | €220,992 | €209,421 | -€11,572 | -5.2% |
| Stocks | 30/36 | €189,126 | €172,358 | -€16,768 | -8.9% |
| Contracts in progress | 37 | €31,866 | €37,062 | +€5,196 | +16.3% |
| Amounts receivable within one year | 40/41 | €216,669 | €211,786 | -€4,884 | -2.3% |
| Trade receivables | 40 | €198,732 | €196,969 | -€1,763 | -0.9% |
| Other amounts receivable | 41 | €17,938 | €14,817 | -€3,121 | -17.4% |
| Cash at bank and in hand | 54/58 | €120,809 | €118,578 | -€2,231 | -1.8% |
| Deferred charges and accrued income | 490/1 | €93 | €2,843 | +€2,750 | +2966.0% |
| Total equity and liabilities | 10/49 | €1,007,336 | €933,738 | -€73,598 | -7.3% |
| Equity | 10/15 | €242,766 | €277,757 | +€34,991 | +14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €236,566 | €271,557 | +€34,991 | +14.8% |
| Distributable reserves | 133 | €236,566 | €271,557 | +€34,991 | +14.8% |
| Amounts payable | 17/49 | €764,570 | €655,981 | -€108,589 | -14.2% |
| Amounts payable after more than one year | 17 | €432,742 | €378,799 | -€53,942 | -12.5% |
| Financial debts | 170/4 | €432,742 | €378,799 | -€53,942 | -12.5% |
| Amounts payable within one year | 42/48 | €331,828 | €274,547 | -€57,281 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €63,846 | €65,671 | +€1,825 | +2.9% |
| Financial debts | 43 | €120,000 | €60,000 | -€60,000 | -50.0% |
| Credit institutions | 430/8 | €120,000 | €60,000 | -€60,000 | -50.0% |
| Trade debts | 44 | €83,416 | €88,629 | +€5,212 | +6.2% |
| Suppliers | 440/4 | €83,416 | €88,629 | +€5,212 | +6.2% |
| Taxes, remuneration and social security | 45 | €7,736 | €6,411 | -€1,325 | -17.1% |
| Taxes | 450/3 | €1,622 | €1,687 | +€65 | +4.0% |
| Remuneration and social security | 454/9 | €6,114 | €4,724 | -€1,391 | -22.7% |
| Other amounts payable | 47/48 | €56,830 | €53,836 | -€2,994 | -5.3% |
| Accrued charges and deferred income | 492/3 | - | €2,635 | +€2,635 | |
| Remuneration, social security and pensions | 62 | €62,649 | €67,028 | +€4,379 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,662 | €57,662 | = | 0.0% |
| Other operating charges | 640/8 | €10,202 | €8,512 | -€1,690 | -16.6% |
| Gross operating margin | 9900 | €196,664 | €207,281 | +€10,617 | +5.4% |
| Operating profit (loss) | 9901 | €66,152 | €74,079 | +€7,927 | +12.0% |
| Financial income | 75/76B | €6,766 | €4,602 | -€2,164 | -32.0% |
| Recurring financial income | 75 | €6,766 | €4,602 | -€2,164 | -32.0% |
| Financial charges | 65/66B | €35,366 | €28,912 | -€6,454 | -18.2% |
| Recurring financial charges | 65 | €35,366 | €28,912 | -€6,454 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €37,552 | €49,770 | +€12,217 | +32.5% |
| Income taxes | 67/77 | €10,712 | €14,779 | +€4,067 | +38.0% |
| Profit (loss) for the period | 9904 | €26,840 | €34,991 | +€8,150 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,840 | €34,991 | +€8,150 | +30.4% |
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.