THREA: 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.
THREA
Largest movements
- Current investments -€126,241
down €126,241 (-10.6%), from €1.2m to €1.1m
- Receivables within one year -€116,065
down €116,065 (-95.9%), from €120,983 to €4,917
of which Other amounts receivable: -€119,222
- Cash +€112,214
up €112,214 (+289.2%), from €38,797 to €151,010
mainly Current investments (+€126,241) and Receivables within one year (+€116,065)
- Reserves -€161,934
down €161,934 (-9.2%), from €1.8m to €1.6m
of which Distributable reserves: -€161,934
- Financial income +€43,440
up €43,440 (+422.7%), from €10,277 to €53,717
- Financial charges +€26,565
up €26,565 (+785.1%), from €3,384 to €29,948
- Gross operating margin -€25,779
down €25,779, from €7,001 to -€18,778
- Depreciation +€271
up €271 (+8.7%), from €3,104 to €3,376
- Other operating charges +€252
up €252 (+14.1%), from €1,787 to €2,039
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 | €1,745,147 | €1,580,895 | -€164,251 | -9.4% |
| Fixed assets | 21/28 | €72,915 | €55,187 | -€17,728 | -24.3% |
| Tangible fixed assets | 22/27 | €8,009 | €6,200 | -€1,809 | -22.6% |
| Plant, machinery and equipment | 23 | €3,792 | €3,283 | -€509 | -13.4% |
| Furniture and vehicles | 24 | €973 | €673 | -€300 | -30.8% |
| Other tangible fixed assets | 26 | €3,244 | €2,244 | -€1,000 | -30.8% |
| Financial fixed assets | 28 | €64,905 | €48,987 | -€15,919 | -24.5% |
| Current assets | 29/58 | €1,672,232 | €1,525,708 | -€146,524 | -8.8% |
| Amounts receivable after more than one year | 29 | €321,619 | €305,119 | -€16,500 | -5.1% |
| Other amounts receivable | 291 | €321,619 | €305,119 | -€16,500 | -5.1% |
| Amounts receivable within one year | 40/41 | €120,983 | €4,917 | -€116,065 | -95.9% |
| Trade receivables | 40 | €1,343 | €4,500 | +€3,157 | +235.0% |
| Other amounts receivable | 41 | €119,639 | €417 | -€119,222 | -99.7% |
| Current investments | 50/53 | €1,190,734 | €1,064,493 | -€126,241 | -10.6% |
| Cash at bank and in hand | 54/58 | €38,797 | €151,010 | +€112,214 | +289.2% |
| Deferred charges and accrued income | 490/1 | €100 | €169 | +€69 | +69.3% |
| Total equity and liabilities | 10/49 | €1,745,147 | €1,580,895 | -€164,251 | -9.4% |
| Equity | 10/15 | €1,741,393 | €1,578,837 | -€162,556 | -9.3% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €1,763,538 | €1,601,605 | -€161,934 | -9.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,382 | €8,382 | = | 0.0% |
| Distributable reserves | 133 | €1,753,296 | €1,591,362 | -€161,934 | -9.2% |
| Profit (loss) carried forward | 14 | -€35,146 | -€35,768 | -€622 | -1.8% |
| Amounts payable | 17/49 | €3,754 | €2,058 | -€1,696 | -45.2% |
| Amounts payable within one year | 42/48 | €3,754 | €2,058 | -€1,696 | -45.2% |
| Trade debts | 44 | €3,754 | €642 | -€3,112 | -82.9% |
| Suppliers | 440/4 | €3,754 | €642 | -€3,112 | -82.9% |
| Taxes, remuneration and social security | 45 | - | €198 | +€198 | |
| Taxes | 450/3 | - | €198 | +€198 | |
| Other amounts payable | 47/48 | - | €1,218 | +€1,218 | |
| Non-recurring operating income | 76A | - | €9,050 | +€9,050 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,104 | €3,376 | +€271 | +8.7% |
| Other operating charges | 640/8 | €1,787 | €2,039 | +€252 | +14.1% |
| Non-recurring operating charges | 66A | €43,811 | - | -€43,811 | |
| Gross operating margin | 9900 | €7,001 | -€18,778 | -€25,779 | |
| Operating profit (loss) | 9901 | -€41,701 | -€24,193 | +€17,508 | +42.0% |
| Financial income | 75/76B | €10,277 | €53,717 | +€43,440 | +422.7% |
| Recurring financial income | 75 | €10,277 | €53,717 | +€43,440 | +422.7% |
| Financial charges | 65/66B | €3,384 | €29,948 | +€26,565 | +785.1% |
| Recurring financial charges | 65 | €3,384 | €29,948 | +€26,565 | +785.1% |
| Profit (loss) for the period before taxes | 9903 | -€34,808 | -€424 | +€34,384 | +98.8% |
| Income taxes | 67/77 | €338 | €198 | -€140 | -41.5% |
| Profit (loss) for the period | 9904 | -€35,146 | -€622 | +€34,524 | +98.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,146 | -€622 | +€34,524 | +98.2% |
Source: filed annual accounts (NBB), financial years ended 31 January 2024 and 31 January 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.