Thermo Power
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 2 filings
Every figure per financial year
The operating result for 2025 is a loss of €126,259, larger than the loss of €65,532 in 2024.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 2 |
| full-time | 1 | 1 |
| part-time | - | 1 |
| in full-time equivalents | 1 | 1.5 |
| Average over the year, in full-time equivalents | 1 | 1.4 |
| On a permanent contract | 1 | 2 |
| Joined | 1 | 1 |
| Left | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €1,280 | - |
| Intangible fixed assets | €127,170 | €197,832 |
| Depreciation and write-downs of the year | €127,346 | €9,393 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €28,753 | €95,163 | ▲ 231% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €127,346 | €9,393 | ▼ 92.6% |
| Other operating charges640/8 | €80 | - | - |
| Gross operating margin9900 | €90,647 | -€21,703 | - |
| Operating profit (loss)9901 | -€65,532 | -€126,259 | ▼ 92.7% |
| Financial charges65/66B | €134 | €170 | ▲ 26.2% |
| Recurring financial charges65 | €134 | €170 | ▲ 26.2% |
| Profit (loss) for the period before taxes9903 | -€65,666 | -€126,429 | ▼ 92.5% |
| Profit (loss) for the period9904 | -€65,666 | -€126,429 | ▼ 92.5% |
| Profit (loss) for the period to be appropriated9905 | -€65,666 | -€126,429 | ▼ 92.5% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €432,070 | €350,703 | ▼ 18.8% |
| Fixed assets21/28 | €1,104 | €189,543 | ▲ 172× |
| Intangible fixed assets21 | - | €188,865 | - |
| Tangible fixed assets22/27 | €1,104 | €677 | ▼ 38.6% |
| Furniture and vehicles24 | €1,104 | €677 | ▼ 38.6% |
| Current assets29/58 | €430,966 | €161,161 | ▼ 62.6% |
| Amounts receivable within one year40/41 | €13,809 | €29,914 | ▲ 117% |
| Trade receivables40 | - | €12,566 | - |
| Other amounts receivable41 | €13,809 | €17,349 | ▲ 25.6% |
| Cash at bank and in hand54/58 | €417,015 | €130,215 | ▼ 68.8% |
| Deferred charges and accrued income490/1 | €143 | €1,032 | ▲ 622% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €432,070 | €350,703 | ▼ 18.8% |
| Equity10/15 | €409,334 | €282,905 | ▼ 30.9% |
| Contributions10/11 | €475,000 | €475,000 | = |
| Profit (loss) carried forward14 | -€65,666 | -€192,095 | ▼ 193% |
| Amounts payable17/49 | €22,737 | €67,798 | ▲ 198% |
| Amounts payable within one year42/48 | €22,737 | €67,798 | ▲ 198% |
| Trade debts44 | €18,465 | €55,113 | ▲ 198% |
| Suppliers440/4 | €18,465 | €55,113 | ▲ 198% |
| Taxes, remuneration and social security45 | €4,272 | €12,685 | ▲ 197% |
| Remuneration and social security454/9 | €4,272 | €12,685 | ▲ 197% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€65,666 | -€126,429 | ▼ 92.5% |
| + Depreciation and write-downs630 | €127,346 | €9,393 | ▼ 92.6% |
| Operating cash flow (approximation) | €61,679 | -€117,036 | - |
| Investment in fixed assets (approximation) | - | -€197,832 | - |
| Change in cash | - | -€286,800 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,223 companies had the same profile as Thermo Power has now. Two years later, 87.8% were still going and 3.4% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Thermo Power itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,223 companies, not a prediction for Thermo Power. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.