THESYS: 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.
THESYS
Largest movements
- Cash +€31,311
up €31,311 (+147%), from €21,272 to €52,583
mainly Other debts (+€32,931) and Net result for the year (+€18,561)
- Receivables within one year +€26,219
up €26,219 (+161%), from €16,307 to €42,527
- Tangible fixed assets +€2,069
up €2,069 (+37.9%), from €5,464 to €7,534
of which Plant, machinery and equipment: +€2,045
- Other debts +€32,931
up €32,931 (+2,524%), from €1,305 to €34,236
- Reserves +€10,500
new in 2025: €10,500
- Accrued charges and deferred income +€9,706
new in 2025: €9,706
- Profit (loss) carried forward +€8,061
up €8,061, from -€7,644 to €417
- Tax, wage and social debts +€4,982
up €4,982 (+27.9%), from €17,850 to €22,831
of which Remuneration and social security: +€2,647
- Gross operating margin +€28,566
up €28,566 (+46.0%), from €62,128 to €90,695
- Staff costs +€14,295
up €14,295 (+28.3%), from €50,595 to €64,890
- Financial charges -€2,406
down €2,406 (-58.9%), from €4,088 to €1,682
- Depreciation -€1,340
down €1,340 (-31.9%), from €4,202 to €2,862
- Taxes +€1,064
up €1,064 (+150%), from €708 to €1,772
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 | €43,389 | €103,288 | +€59,899 | +138% |
| Fixed assets | 21/28 | €5,521 | €7,591 | +€2,069 | +37.5% |
| Tangible fixed assets | 22/27 | €5,464 | €7,534 | +€2,069 | +37.9% |
| Plant, machinery and equipment | 23 | €3,742 | €5,787 | +€2,045 | +54.6% |
| Furniture and vehicles | 24 | €1,723 | €1,747 | +€25 | +1.4% |
| Financial fixed assets | 28 | €57 | €57 | = | 0.0% |
| Current assets | 29/58 | €37,868 | €95,697 | +€57,830 | +153% |
| Amounts receivable within one year | 40/41 | €16,307 | €42,527 | +€26,219 | +161% |
| Trade receivables | 40 | €16,307 | €42,527 | +€26,219 | +161% |
| Cash at bank and in hand | 54/58 | €21,272 | €52,583 | +€31,311 | +147% |
| Deferred charges and accrued income | 490/1 | €288 | €587 | +€299 | +104% |
| Total equity and liabilities | 10/49 | €43,389 | €103,288 | +€59,899 | +138% |
| Equity | 10/15 | €2,456 | €21,017 | +€18,561 | +756% |
| Contributions | 10/11 | €10,100 | €10,100 | = | 0.0% |
| Reserves | 13 | - | €10,500 | +€10,500 | |
| Distributable reserves | 133 | - | €10,500 | +€10,500 | |
| Profit (loss) carried forward | 14 | -€7,644 | €417 | +€8,061 | |
| Amounts payable | 17/49 | €40,932 | €82,271 | +€41,338 | +101% |
| Amounts payable after more than one year | 17 | €4,756 | - | -€4,756 | |
| Financial debts | 170/4 | €4,756 | - | -€4,756 | |
| Amounts payable within one year | 42/48 | €36,177 | €72,565 | +€36,388 | +101% |
| Current portion of amounts payable after more than one year | 42 | €8,335 | €4,756 | -€3,580 | -42.9% |
| Financial debts | 43 | €0 | €0 | = | 0.0% |
| Credit institutions | 430/8 | €0 | €0 | = | 0.0% |
| Trade debts | 44 | €8,687 | €10,742 | +€2,055 | +23.7% |
| Suppliers | 440/4 | €8,687 | €10,742 | +€2,055 | +23.7% |
| Taxes, remuneration and social security | 45 | €17,850 | €22,831 | +€4,982 | +27.9% |
| Taxes | 450/3 | €10,006 | €12,341 | +€2,335 | +23.3% |
| Remuneration and social security | 454/9 | €7,843 | €10,490 | +€2,647 | +33.7% |
| Other amounts payable | 47/48 | €1,305 | €34,236 | +€32,931 | +2,524% |
| Accrued charges and deferred income | 492/3 | - | €9,706 | +€9,706 | |
| Remuneration, social security and pensions | 62 | €50,595 | €64,890 | +€14,295 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,202 | €2,862 | -€1,340 | -31.9% |
| Other operating charges | 640/8 | €511 | €928 | +€417 | +81.5% |
| Gross operating margin | 9900 | €62,128 | €90,695 | +€28,566 | +46.0% |
| Operating profit (loss) | 9901 | €6,820 | €22,015 | +€15,195 | +223% |
| Financial charges | 65/66B | €4,088 | €1,682 | -€2,406 | -58.9% |
| Recurring financial charges | 65 | €4,088 | €1,682 | -€2,406 | -58.9% |
| Profit (loss) for the period before taxes | 9903 | €2,732 | €20,333 | +€17,601 | +644% |
| Income taxes | 67/77 | €708 | €1,772 | +€1,064 | +150% |
| Profit (loss) for the period | 9904 | €2,024 | €18,561 | +€16,537 | +817% |
| Profit (loss) for the period to be appropriated | 9905 | €2,024 | €18,561 | +€16,537 | +817% |
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 22 October 2026 via checked.be.