THESY: 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.
THESY
Largest movements
- Cash -€14,952
down €14,952 (-18.3%), from €81,767 to €66,815
mainly Investment in fixed assets (net) (-€22,023) and Net result for the year (-€18,462)
- Tangible fixed assets -€10,230
down €10,230 (-3.5%), from €291,607 to €281,377
of which Furniture and vehicles: -€14,103
- Stocks and contracts +€6,959
up €6,959 (+45.9%), from €15,147 to €22,106
- Profit (loss) carried forward -€18,462
down €18,462 (-148%), from -€12,451 to -€30,913
- Tax, wage and social debts +€14,772
up €14,772 (+50.9%), from €29,010 to €43,782
of which Remuneration and social security: +€12,864
- Trade debts -€10,541
down €10,541 (-51.2%), from €20,596 to €10,055
- Other debts -€5,406
down €5,406 (-1.5%), from €350,295 to €344,889
- Gross operating margin -€27,875
down €27,875 (-24.1%), from €115,866 to €87,992
- Staff costs +€8,248
up €8,248 (+13.2%), from €62,602 to €70,850
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 | €397,451 | €377,813 | -€19,638 | -4.9% |
| Fixed assets | 21/28 | €291,607 | €281,377 | -€10,230 | -3.5% |
| Tangible fixed assets | 22/27 | €291,607 | €281,377 | -€10,230 | -3.5% |
| Land and buildings | 22 | €199,500 | €199,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €52,085 | €55,957 | +€3,872 | +7.4% |
| Furniture and vehicles | 24 | €40,022 | €25,920 | -€14,103 | -35.2% |
| Current assets | 29/58 | €105,844 | €96,437 | -€9,408 | -8.9% |
| Stocks and contracts in progress | 3 | €15,147 | €22,106 | +€6,959 | +45.9% |
| Stocks | 30/36 | €15,147 | €22,106 | +€6,959 | +45.9% |
| Amounts receivable within one year | 40/41 | €6,167 | €4,057 | -€2,110 | -34.2% |
| Trade receivables | 40 | €3,038 | €1,742 | -€1,296 | -42.7% |
| Other amounts receivable | 41 | €3,129 | €2,315 | -€814 | -26.0% |
| Cash at bank and in hand | 54/58 | €81,767 | €66,815 | -€14,952 | -18.3% |
| Deferred charges and accrued income | 490/1 | €2,763 | €3,459 | +€695 | +25.2% |
| Total equity and liabilities | 10/49 | €397,451 | €377,813 | -€19,638 | -4.9% |
| Equity | 10/15 | -€2,451 | -€20,913 | -€18,462 | -753% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,451 | -€30,913 | -€18,462 | -148% |
| Amounts payable | 17/49 | €399,902 | €398,726 | -€1,176 | -0.3% |
| Amounts payable within one year | 42/48 | €399,902 | €398,726 | -€1,176 | -0.3% |
| Trade debts | 44 | €20,596 | €10,055 | -€10,541 | -51.2% |
| Suppliers | 440/4 | €20,596 | €10,055 | -€10,541 | -51.2% |
| Taxes, remuneration and social security | 45 | €29,010 | €43,782 | +€14,772 | +50.9% |
| Taxes | 450/3 | €14,431 | €16,339 | +€1,908 | +13.2% |
| Remuneration and social security | 454/9 | €14,580 | €27,443 | +€12,864 | +88.2% |
| Other amounts payable | 47/48 | €350,295 | €344,889 | -€5,406 | -1.5% |
| Remuneration, social security and pensions | 62 | €62,602 | €70,850 | +€8,248 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,217 | €32,253 | -€964 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,038 | - | -€1,038 | |
| Other operating charges | 640/8 | €2,169 | €2,082 | -€87 | -4.0% |
| Gross operating margin | 9900 | €115,866 | €87,992 | -€27,875 | -24.1% |
| Operating profit (loss) | 9901 | €16,840 | -€17,193 | -€34,034 | |
| Financial income | 75/76B | €311 | €439 | +€128 | +41.2% |
| Recurring financial income | 75 | €311 | €439 | +€128 | +41.2% |
| Financial charges | 65/66B | €568 | €1,466 | +€898 | +158% |
| Recurring financial charges | 65 | €568 | €1,466 | +€898 | +158% |
| Profit (loss) for the period before taxes | 9903 | €16,583 | -€18,221 | -€34,804 | |
| Income taxes | 67/77 | €834 | €241 | -€593 | -71.1% |
| Profit (loss) for the period | 9904 | €15,749 | -€18,462 | -€34,211 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,749 | -€18,462 | -€34,211 |
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.