THESA: 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.
THESA
Largest movements
- Cash -€36,787
down €36,787 (-45.1%), from €81,586 to €44,799
mainly Net result for the year (-€16,238) and Receivables within one year (-€9,487)
- Receivables within one year +€9,487
up €9,487 (+593%), from €1,600 to €11,087
of which Other amounts receivable: +€9,039
- Profit (loss) carried forward -€16,238
down €16,238 (-34.5%), from €47,120 to €30,881
- Contributions -€5,000
down €5,000 (-20.0%), from €25,000 to €20,000
- Other debts -€3,908
no longer reported in 2025 (was €3,908)
- Tax, wage and social debts -€2,864
no longer reported in 2025 (was €2,864)
- Gross operating margin +€7,767
up €7,767 (+30.6%), from -€25,364 to -€17,597
- Financial income +€2,837
up €2,837 (+10,294%), from €28 to €2,865
- Other operating charges -€320
down €320 (-19.3%), from €1,661 to €1,341
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 | €83,186 | €55,886 | -€27,300 | -32.8% |
| Current assets | 29/58 | €83,186 | €55,886 | -€27,300 | -32.8% |
| Amounts receivable within one year | 40/41 | €1,600 | €11,087 | +€9,487 | +593% |
| Trade receivables | 40 | €61 | €508 | +€448 | +740% |
| Other amounts receivable | 41 | €1,540 | €10,579 | +€9,039 | +587% |
| Cash at bank and in hand | 54/58 | €81,586 | €44,799 | -€36,787 | -45.1% |
| Total equity and liabilities | 10/49 | €83,186 | €55,886 | -€27,300 | -32.8% |
| Equity | 10/15 | €74,620 | €53,381 | -€21,238 | -28.5% |
| Contributions | 10/11 | €25,000 | €20,000 | -€5,000 | -20.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,120 | €30,881 | -€16,238 | -34.5% |
| Amounts payable | 17/49 | €8,567 | €2,504 | -€6,062 | -70.8% |
| Amounts payable within one year | 42/48 | €8,567 | €2,504 | -€6,062 | -70.8% |
| Trade debts | 44 | €1,795 | €2,504 | +€710 | +39.5% |
| Suppliers | 440/4 | €1,795 | €2,504 | +€710 | +39.5% |
| Taxes, remuneration and social security | 45 | €2,864 | - | -€2,864 | |
| Taxes | 450/3 | €2,864 | - | -€2,864 | |
| Other amounts payable | 47/48 | €3,908 | - | -€3,908 | |
| Other operating charges | 640/8 | €1,661 | €1,341 | -€320 | -19.3% |
| Gross operating margin | 9900 | -€25,364 | -€17,597 | +€7,767 | +30.6% |
| Operating profit (loss) | 9901 | -€27,025 | -€18,938 | +€8,087 | +29.9% |
| Financial income | 75/76B | €28 | €2,865 | +€2,837 | +10,294% |
| Recurring financial income | 75 | €28 | €2,865 | +€2,837 | +10,294% |
| Financial charges | 65/66B | €96 | €165 | +€69 | +72.3% |
| Recurring financial charges | 65 | €96 | €165 | +€69 | +72.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,093 | -€16,238 | +€10,855 | +40.1% |
| Profit (loss) for the period | 9904 | -€27,093 | -€16,238 | +€10,855 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,093 | -€16,238 | +€10,855 | +40.1% |
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 15 October 2026 via checked.be.