ALGEMENE AANNEMING ANTWERPEN THERMAC: 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.
ALGEMENE AANNEMING ANTWERPEN THERMAC
Largest movements
- Tangible fixed assets -€226,758
down €226,758 (-50.4%), from €450,028 to €223,270
- Cash +€95,326
up €95,326 (+497%), from €19,162 to €114,488
mainly Net result for the year (+€269,828) and Investment in fixed assets (net) (+€220,880)
- Receivables within one year -€7,857
down €7,857 (-71.4%), from €11,009 to €3,153
of which Other amounts receivable: -€9,032
- Profit (loss) carried forward +€272,878
up €272,878 (+94.1%), from -€289,870 to -€16,992
- Revaluation surpluses -€197,274
down €197,274 (-100%), from €197,274 to €0
- Debts after one year -€181,648
down €181,648 (-48.1%), from €377,953 to €196,305
of which Other amounts payable: -€153,127
- Short-term financial debts -€23,071
down €23,071 (-100%), from €23,071 to €0
- Tax, wage and social debts +€13,654
up €13,654 (+635%), from €2,151 to €15,805
- Gross operating margin +€283,818
up €283,818 (+820%), from €34,595 to €318,413
- Financial charges +€14,883
up €14,883 (+148%), from €10,063 to €24,945
of which Financial charges: +€16,877
- Taxes +€13,813
new in 2025: €13,813
- Depreciation -€10,458
down €10,458 (-63.3%), from €16,524 to €6,066
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 | €482,257 | €340,910 | -€141,347 | -29.3% |
| Fixed assets | 21/28 | €450,216 | €223,270 | -€226,946 | -50.4% |
| Tangible fixed assets | 22/27 | €450,028 | €223,270 | -€226,758 | -50.4% |
| Land and buildings | 22 | €450,028 | €223,270 | -€226,758 | -50.4% |
| Financial fixed assets | 28 | €189 | €0 | -€189 | -100% |
| Current assets | 29/58 | €32,041 | €117,640 | +€85,599 | +267% |
| Amounts receivable within one year | 40/41 | €11,009 | €3,153 | -€7,857 | -71.4% |
| Trade receivables | 40 | €1,978 | €3,153 | +€1,175 | +59.4% |
| Other amounts receivable | 41 | €9,032 | €0 | -€9,032 | -100% |
| Cash at bank and in hand | 54/58 | €19,162 | €114,488 | +€95,326 | +497% |
| Deferred charges and accrued income | 490/1 | €1,870 | €0 | -€1,870 | -100% |
| Total equity and liabilities | 10/49 | €482,257 | €340,910 | -€141,347 | -29.3% |
| Equity | 10/15 | €4,284 | €76,838 | +€72,554 | +1,694% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Revaluation surpluses | 12 | €197,274 | €0 | -€197,274 | -100% |
| Reserves | 13 | €78,131 | €75,080 | -€3,050 | -3.9% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,256 | €73,205 | -€3,050 | -4.0% |
| Profit (loss) carried forward | 14 | -€289,870 | -€16,992 | +€272,878 | +94.1% |
| Provisions and deferred taxes | 16 | €39,266 | €37,695 | -€1,571 | -4.0% |
| Deferred taxes | 168 | €39,266 | €37,695 | -€1,571 | -4.0% |
| Amounts payable | 17/49 | €438,708 | €226,377 | -€212,331 | -48.4% |
| Amounts payable after more than one year | 17 | €377,953 | €196,305 | -€181,648 | -48.1% |
| Financial debts | 170/4 | €109,453 | €80,932 | -€28,521 | -26.1% |
| Other amounts payable | 178/9 | €268,500 | €115,373 | -€153,127 | -57.0% |
| Amounts payable within one year | 42/48 | €60,754 | €30,072 | -€30,682 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €22,342 | €13,767 | -€8,575 | -38.4% |
| Financial debts | 43 | €23,071 | €0 | -€23,071 | -100% |
| Credit institutions | 430/8 | €23,071 | €0 | -€23,071 | -100% |
| Trade debts | 44 | €7,548 | €500 | -€7,048 | -93.4% |
| Suppliers | 440/4 | €7,548 | €500 | -€7,048 | -93.4% |
| Taxes, remuneration and social security | 45 | €2,151 | €15,805 | +€13,654 | +635% |
| Taxes | 450/3 | €2,151 | €15,805 | +€13,654 | +635% |
| Other amounts payable | 47/48 | €5,642 | €0 | -€5,642 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,524 | €6,066 | -€10,458 | -63.3% |
| Other operating charges | 640/8 | €7,232 | €5,930 | -€1,301 | -18.0% |
| Gross operating margin | 9900 | €34,595 | €318,413 | +€283,818 | +820% |
| Operating profit (loss) | 9901 | €10,839 | €306,417 | +€295,578 | +2,727% |
| Financial income | 75/76B | €1,158 | €599 | -€559 | -48.3% |
| Recurring financial income | 75 | €1,158 | €599 | -€559 | -48.3% |
| Financial charges | 65/66B | €10,063 | €24,945 | +€14,883 | +148% |
| Recurring financial charges | 65 | €7,879 | €24,756 | +€16,877 | +214% |
| Non-recurring financial charges | 66B | €2,183 | €189 | -€1,995 | -91.4% |
| Profit (loss) for the period before taxes | 9903 | €1,935 | €282,071 | +€280,136 | +14,478% |
| Transfer from deferred taxes | 780 | €1,571 | €1,571 | = | 0.0% |
| Income taxes | 67/77 | - | €13,813 | +€13,813 | |
| Profit (loss) for the period | 9904 | €3,506 | €269,828 | +€266,322 | +7,597% |
| Transfer from tax-exempt reserves | 789 | €3,050 | €3,050 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,556 | €272,878 | +€266,322 | +4,062% |
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 30 October 2026 via checked.be.