THETA SOLUTIONS: 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.
THETA SOLUTIONS
Largest movements
- Cash -€5,310
down €5,310 (-8.1%), from €65,465 to €60,155
mainly Contributions, distributions and other (-€50,866) and Tax, wage and social debts (-€8,097)
- Receivables within one year -€4,463
down €4,463 (-13.7%), from €32,505 to €28,042
of which Trade receivables: -€6,289
- Tax, wage and social debts -€8,097
down €8,097 (-27.4%), from €29,590 to €21,494
- Other debts -€1,494
down €1,494 (-4.0%), from €37,100 to €35,606
- Gross operating margin -€2,034
down €2,034 (-3.0%), from €68,220 to €66,186
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 | €112,263 | €102,702 | -€9,561 | -8.5% |
| Fixed assets | 21/28 | €14,209 | €14,327 | +€119 | +0.8% |
| Tangible fixed assets | 22/27 | €13,486 | €13,604 | +€119 | +0.9% |
| Furniture and vehicles | 24 | €196 | €1,984 | +€1,789 | +914% |
| Other tangible fixed assets | 26 | €13,290 | €11,620 | -€1,670 | -12.6% |
| Financial fixed assets | 28 | €723 | €723 | = | 0.0% |
| Current assets | 29/58 | €98,054 | €88,374 | -€9,680 | -9.9% |
| Amounts receivable within one year | 40/41 | €32,505 | €28,042 | -€4,463 | -13.7% |
| Trade receivables | 40 | €31,775 | €25,486 | -€6,289 | -19.8% |
| Other amounts receivable | 41 | €731 | €2,556 | +€1,825 | +250% |
| Cash at bank and in hand | 54/58 | €65,465 | €60,155 | -€5,310 | -8.1% |
| Deferred charges and accrued income | 490/1 | €83 | €177 | +€94 | +113% |
| Total equity and liabilities | 10/49 | €112,263 | €102,702 | -€9,561 | -8.5% |
| Equity | 10/15 | €44,589 | €44,560 | -€29 | -0.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €36,500 | €36,500 | = | 0.0% |
| Distributable reserves | 133 | €36,500 | €36,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29 | - | -€29 | |
| Amounts payable | 17/49 | €67,674 | €58,142 | -€9,532 | -14.1% |
| Amounts payable within one year | 42/48 | €67,674 | €58,142 | -€9,532 | -14.1% |
| Trade debts | 44 | €983 | €1,042 | +€58 | +5.9% |
| Suppliers | 440/4 | €983 | €1,042 | +€58 | +5.9% |
| Taxes, remuneration and social security | 45 | €29,590 | €21,494 | -€8,097 | -27.4% |
| Taxes | 450/3 | €29,590 | €21,494 | -€8,097 | -27.4% |
| Other amounts payable | 47/48 | €37,100 | €35,606 | -€1,494 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,504 | €2,131 | +€627 | +41.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €68,220 | €66,186 | -€2,034 | -3.0% |
| Operating profit (loss) | 9901 | €66,329 | €63,655 | -€2,674 | -4.0% |
| Financial charges | 65/66B | €104 | €97 | -€7 | -7.2% |
| Recurring financial charges | 65 | €104 | €97 | -€7 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €66,225 | €63,558 | -€2,666 | -4.0% |
| Income taxes | 67/77 | €13,290 | €12,721 | -€568 | -4.3% |
| Profit (loss) for the period | 9904 | €52,935 | €50,837 | -€2,098 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,935 | €50,837 | -€2,098 | -4.0% |
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.