THESEUM: 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.
THESEUM
Largest movements
- Receivables within one year -€767,924
down €767,924 (-70.4%), from €1.1m to €322,936
- Tangible fixed assets -€693,894
down €693,894 (-5.6%), from €12.3m to €11.6m
of which Land and buildings: -€523,589
- Trade debts -€1.0m
down €1.0m (-93.5%), from €1.1m to €70,917
- Debts after one year -€379,761
down €379,761 (-3.4%), from €11.1m to €10.7m
of which Financial debts: -€379,761
- Gross operating margin +€59,721
up €59,721 (+3.8%), from €1.6m to €1.6m
- Other operating charges +€49,325
up €49,325 (+11.9%), from €413,012 to €462,337
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 | €14,449,934 | €13,053,097 | -€1.4m | -9.7% |
| Fixed assets | 21/28 | €12,403,354 | €11,715,429 | -€687,925 | -5.5% |
| Tangible fixed assets | 22/27 | €12,314,730 | €11,620,836 | -€693,894 | -5.6% |
| Land and buildings | 22 | €11,638,653 | €11,115,065 | -€523,589 | -4.5% |
| Plant, machinery and equipment | 23 | €602,772 | €454,474 | -€148,299 | -24.6% |
| Furniture and vehicles | 24 | €73,304 | €51,297 | -€22,007 | -30.0% |
| Financial fixed assets | 28 | €88,624 | €94,593 | +€5,970 | +6.7% |
| Current assets | 29/58 | €2,046,580 | €1,337,668 | -€708,911 | -34.6% |
| Amounts receivable within one year | 40/41 | €1,090,860 | €322,936 | -€767,924 | -70.4% |
| Trade receivables | 40 | €1,090,860 | €322,936 | -€767,924 | -70.4% |
| Cash at bank and in hand | 54/58 | €951,654 | €1,003,922 | +€52,268 | +5.5% |
| Deferred charges and accrued income | 490/1 | €4,066 | €10,810 | +€6,744 | +165.9% |
| Total equity and liabilities | 10/49 | €14,449,934 | €13,053,097 | -€1.4m | -9.7% |
| Equity | 10/15 | €1,596,531 | €1,614,739 | +€18,208 | +1.1% |
| Contributions | 10/11 | €4,250,000 | €4,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,653,469 | -€2,635,261 | +€18,208 | +0.7% |
| Amounts payable | 17/49 | €12,853,403 | €11,438,358 | -€1.4m | -11.0% |
| Amounts payable after more than one year | 17 | €11,063,575 | €10,683,814 | -€379,761 | -3.4% |
| Financial debts | 170/4 | €11,052,578 | €10,672,817 | -€379,761 | -3.4% |
| Other amounts payable | 178/9 | €10,998 | €10,998 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,534,717 | €494,960 | -€1.0m | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €373,872 | €379,761 | +€5,889 | +1.6% |
| Trade debts | 44 | €1,093,287 | €70,917 | -€1.0m | -93.5% |
| Suppliers | 440/4 | €1,093,287 | €70,917 | -€1.0m | -93.5% |
| Taxes, remuneration and social security | 45 | €67,558 | €44,283 | -€23,276 | -34.5% |
| Taxes | 450/3 | €67,558 | €44,283 | -€23,276 | -34.5% |
| Accrued charges and deferred income | 492/3 | €255,110 | €259,584 | +€4,473 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €731,204 | €734,215 | +€3,011 | +0.4% |
| Other operating charges | 640/8 | €413,012 | €462,337 | +€49,325 | +11.9% |
| Gross operating margin | 9900 | €1,561,064 | €1,620,785 | +€59,721 | +3.8% |
| Operating profit (loss) | 9901 | €416,848 | €424,232 | +€7,384 | +1.8% |
| Financial charges | 65/66B | €417,117 | €406,024 | -€11,093 | -2.7% |
| Recurring financial charges | 65 | €416,993 | €406,024 | -€10,969 | -2.6% |
| Non-recurring financial charges | 66B | €124 | - | -€124 | |
| Profit (loss) for the period before taxes | 9903 | -€269 | €18,208 | +€18,478 | |
| Profit (loss) for the period | 9904 | -€269 | €18,208 | +€18,478 | |
| Profit (loss) for the period to be appropriated | 9905 | -€269 | €18,208 | +€18,478 |
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 8 October 2026 via checked.be.