Theseus: 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.
Theseus
Largest movements
- Receivables after one year -€133,935
down €133,935 (-79.0%), from €169,508 to €35,573
- Tangible fixed assets +€72,664
up €72,664 (+107%), from €68,079 to €140,743
of which Furniture and vehicles: +€74,271
- Receivables within one year +€66,731
up €66,731 (+43.1%), from €154,845 to €221,576
of which Trade receivables: +€56,683
- Cash -€45,933
down €45,933 (-13.0%), from €353,599 to €307,666
mainly Contributions, distributions and other (-€177,900) and Investment in fixed assets (net) (-€91,450)
- Deferred charges and accrued income +€7,611
up €7,611 (+82.3%), from €9,250 to €16,861
- Reserves -€47,489
down €47,489 (-7.0%), from €678,716 to €631,227
- Tax, wage and social debts +€21,347
up €21,347 (+40.0%), from €53,338 to €74,685
of which Taxes: +€25,347
- Depreciation +€15,786
up €15,786 (+526%), from €3,001 to €18,787
- Taxes -€5,448
down €5,448 (-8.6%), from €63,441 to €57,993
- Financial income -€2,829
down €2,829 (-30.5%), from €9,267 to €6,438
- Gross operating margin -€2,532
down €2,532 (-1.2%), from €204,281 to €201,750
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 | €755,281 | €722,419 | -€32,862 | -4.4% |
| Fixed assets | 21/28 | €68,079 | €140,743 | +€72,664 | +107% |
| Tangible fixed assets | 22/27 | €68,079 | €140,743 | +€72,664 | +107% |
| Land and buildings | 22 | €52,000 | €52,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €10,186 | €8,578 | -€1,607 | -15.8% |
| Furniture and vehicles | 24 | €5,894 | €80,165 | +€74,271 | +1,260% |
| Current assets | 29/58 | €687,202 | €581,676 | -€105,526 | -15.4% |
| Amounts receivable after more than one year | 29 | €169,508 | €35,573 | -€133,935 | -79.0% |
| Other amounts receivable | 291 | €169,508 | €35,573 | -€133,935 | -79.0% |
| Amounts receivable within one year | 40/41 | €154,845 | €221,576 | +€66,731 | +43.1% |
| Trade receivables | 40 | €143,681 | €200,364 | +€56,683 | +39.5% |
| Other amounts receivable | 41 | €11,163 | €21,211 | +€10,048 | +90.0% |
| Cash at bank and in hand | 54/58 | €353,599 | €307,666 | -€45,933 | -13.0% |
| Deferred charges and accrued income | 490/1 | €9,250 | €16,861 | +€7,611 | +82.3% |
| Total equity and liabilities | 10/49 | €755,281 | €722,419 | -€32,862 | -4.4% |
| Equity | 10/15 | €688,716 | €641,227 | -€47,489 | -6.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €678,716 | €631,227 | -€47,489 | -7.0% |
| Distributable reserves | 133 | €678,716 | €631,227 | -€47,489 | -7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,565 | €81,192 | +€14,627 | +22.0% |
| Amounts payable within one year | 42/48 | €63,145 | €80,624 | +€17,478 | +27.7% |
| Trade debts | 44 | €9,217 | €5,939 | -€3,279 | -35.6% |
| Suppliers | 440/4 | €9,217 | €5,939 | -€3,279 | -35.6% |
| Taxes, remuneration and social security | 45 | €53,338 | €74,685 | +€21,347 | +40.0% |
| Taxes | 450/3 | €45,038 | €70,385 | +€25,347 | +56.3% |
| Remuneration and social security | 454/9 | €8,300 | €4,300 | -€4,000 | -48.2% |
| Other amounts payable | 47/48 | €590 | €0 | -€590 | -100% |
| Accrued charges and deferred income | 492/3 | €3,420 | €568 | -€2,851 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,001 | €18,787 | +€15,786 | +526% |
| Other operating charges | 640/8 | €141 | €551 | +€410 | +292% |
| Gross operating margin | 9900 | €204,281 | €201,750 | -€2,532 | -1.2% |
| Operating profit (loss) | 9901 | €201,140 | €182,412 | -€18,728 | -9.3% |
| Financial income | 75/76B | €9,267 | €6,438 | -€2,829 | -30.5% |
| Recurring financial income | 75 | €9,267 | €6,438 | -€2,829 | -30.5% |
| Financial charges | 65/66B | €927 | €446 | -€481 | -51.9% |
| Recurring financial charges | 65 | €927 | €446 | -€481 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €209,480 | €188,404 | -€21,076 | -10.1% |
| Income taxes | 67/77 | €63,441 | €57,993 | -€5,448 | -8.6% |
| Profit (loss) for the period | 9904 | €146,039 | €130,411 | -€15,628 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €146,039 | €130,411 | -€15,628 | -10.7% |
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 14 October 2026 via checked.be.