THREEPA: 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.
THREEPA
Largest movements
- Cash -€404,477
down €404,477 (-42.0%), from €963,363 to €558,886
mainly Investment in fixed assets (net) (-€392,820) and Contributions, distributions and other (-€71,550)
- Financial fixed assets +€375,500
up €375,500 (+442%), from €85,000 to €460,500
- Tangible fixed assets -€13,911
down €13,911 (-13.8%), from €100,747 to €86,836
of which Furniture and vehicles: -€10,686
- Tax, wage and social debts -€20,678
down €20,678 (-50.4%), from €41,019 to €20,341
- Reserves -€17,919
down €17,919 (-1.8%), from €1.0m to €998,795
of which Non-distributable reserves: -€17,919
- Gross operating margin -€247,018
down €247,018 (-69.2%), from €356,839 to €109,821
- Taxes -€120,328
down €120,328 (-77.5%), from €155,362 to €35,034
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 | €1,280,219 | €1,233,374 | -€46,845 | -3.7% |
| Fixed assets | 21/28 | €185,747 | €547,336 | +€361,589 | +195% |
| Tangible fixed assets | 22/27 | €100,747 | €86,836 | -€13,911 | -13.8% |
| Plant, machinery and equipment | 23 | €1,708 | €5,127 | +€3,419 | +200% |
| Furniture and vehicles | 24 | €65,109 | €54,423 | -€10,686 | -16.4% |
| Other tangible fixed assets | 26 | €33,930 | €27,286 | -€6,644 | -19.6% |
| Financial fixed assets | 28 | €85,000 | €460,500 | +€375,500 | +442% |
| Current assets | 29/58 | €1,094,472 | €686,038 | -€408,434 | -37.3% |
| Amounts receivable within one year | 40/41 | €59,231 | €54,577 | -€4,654 | -7.9% |
| Trade receivables | 40 | €59,231 | €12,738 | -€46,493 | -78.5% |
| Other amounts receivable | 41 | €0 | €41,839 | +€41,839 | |
| Current investments | 50/53 | €71,878 | €71,878 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €963,363 | €558,886 | -€404,477 | -42.0% |
| Deferred charges and accrued income | 490/1 | - | €697 | +€697 | |
| Total equity and liabilities | 10/49 | €1,280,219 | €1,233,374 | -€46,845 | -3.7% |
| Equity | 10/15 | €1,202,726 | €1,184,807 | -€17,919 | -1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,016,714 | €998,795 | -€17,919 | -1.8% |
| Non-distributable reserves | 130/1 | €961,941 | €944,022 | -€17,919 | -1.9% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €960,081 | €942,162 | -€17,919 | -1.9% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €54,773 | €54,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | €179,812 | €179,812 | = | 0.0% |
| Amounts payable | 17/49 | €77,493 | €48,567 | -€28,926 | -37.3% |
| Amounts payable within one year | 42/48 | €45,543 | €23,667 | -€21,876 | -48.0% |
| Trade debts | 44 | €4,524 | €3,326 | -€1,198 | -26.5% |
| Suppliers | 440/4 | €4,524 | €3,326 | -€1,198 | -26.5% |
| Taxes, remuneration and social security | 45 | €41,019 | €20,341 | -€20,678 | -50.4% |
| Taxes | 450/3 | €41,019 | €20,341 | -€20,678 | -50.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €31,950 | €24,900 | -€7,050 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,349 | €31,231 | +€882 | +2.9% |
| Other operating charges | 640/8 | €2,144 | €3,137 | +€993 | +46.3% |
| Gross operating margin | 9900 | €356,839 | €109,821 | -€247,018 | -69.2% |
| Operating profit (loss) | 9901 | €324,346 | €75,453 | -€248,893 | -76.7% |
| Financial income | 75/76B | €16,799 | €13,391 | -€3,408 | -20.3% |
| Recurring financial income | 75 | €16,799 | €13,391 | -€3,408 | -20.3% |
| Financial charges | 65/66B | €175 | €179 | +€4 | +2.3% |
| Recurring financial charges | 65 | €175 | €179 | +€4 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €340,970 | €88,665 | -€252,305 | -74.0% |
| Income taxes | 67/77 | €155,362 | €35,034 | -€120,328 | -77.5% |
| Profit (loss) for the period | 9904 | €185,608 | €53,631 | -€131,977 | -71.1% |
| Transfer from tax-exempt reserves | 789 | €39,995 | - | -€39,995 | |
| Profit (loss) for the period to be appropriated | 9905 | €225,603 | €53,631 | -€171,972 | -76.2% |
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.