ALL THERMIC SOLUTIONS: what changed
ALL THERMIC SOLUTIONS
Largest movements
- Receivables within one year +€144,101
up €144,101 (+56.6%), from €254,400 to €398,501
of which Trade receivables: +€200,330
- Intangible fixed assets -€60,730
down €60,730 (-26.1%), from €232,669 to €171,939
- Stocks and contracts -€47,866
down €47,866 (-16.7%), from €286,952 to €239,086
- Tangible fixed assets -€28,511
down €28,511 (-46.0%), from €61,963 to €33,452
of which Plant, machinery and equipment: -€19,856
- Deferred charges and accrued income -€15,435
down €15,435 (-50.5%), from €30,587 to €15,152
- Investment grants -€206,726
down €206,726 (-63.7%), from €324,450 to €117,724
- Trade debts +€104,417
up €104,417 (+38.9%), from €268,472 to €372,889
- Profit (loss) carried forward +€100,464
up €100,464 (+9.7%), from -€1.0m to -€930,267
- Other debts +€28,861
up €28,861 (+4.2%), from €685,245 to €714,107
- Tax, wage and social debts -€19,511
down €19,511 (-39.6%), from €49,324 to €29,812
of which Remuneration and social security: -€13,366
- Purchases and services -€762,560
no longer reported in 2025 (was €762,560)
- Turnover -€711,106
no longer reported in 2025 (was €711,106)
- Gross operating margin +€400,158
up €400,158, from -€11,600 to €388,558
- Financial income +€170,923
up €170,923 (+185,685%), from €92 to €171,015
- Staff costs -€19,514
down €19,514 (-5.2%), from €375,999 to €356,485
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,091,067 | €1,092,607 | +€1,540 | +0.1% |
| Fixed assets | 21/28 | €503,252 | €413,268 | -€89,984 | -17.9% |
| Intangible fixed assets | 21 | €232,669 | €171,939 | -€60,730 | -26.1% |
| Tangible fixed assets | 22/27 | €61,963 | €33,452 | -€28,511 | -46.0% |
| Plant, machinery and equipment | 23 | €47,492 | €27,635 | -€19,856 | -41.8% |
| Furniture and vehicles | 24 | €14,472 | €5,817 | -€8,655 | -59.8% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €208,620 | €207,877 | -€744 | -0.4% |
| Current assets | 29/58 | €587,814 | €679,339 | +€91,524 | +15.6% |
| Stocks and contracts in progress | 3 | €286,952 | €239,086 | -€47,866 | -16.7% |
| Stocks | 30/36 | €286,952 | €239,086 | -€47,866 | -16.7% |
| Amounts receivable within one year | 40/41 | €254,400 | €398,501 | +€144,101 | +56.6% |
| Trade receivables | 40 | €163,701 | €364,031 | +€200,330 | +122% |
| Other amounts receivable | 41 | €90,699 | €34,470 | -€56,229 | -62.0% |
| Cash at bank and in hand | 54/58 | €15,876 | €26,600 | +€10,725 | +67.6% |
| Deferred charges and accrued income | 490/1 | €30,587 | €15,152 | -€15,435 | -50.5% |
| Total equity and liabilities | 10/49 | €1,091,067 | €1,092,607 | +€1,540 | +0.1% |
| Equity | 10/15 | €78,719 | -€27,543 | -€106,262 | |
| Contributions | 10/11 | €785,000 | €785,000 | = | 0.0% |
| Capital | 10 | €785,000 | €785,000 | = | 0.0% |
| Issued capital | 100 | €785,000 | €785,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,030,731 | -€930,267 | +€100,464 | +9.7% |
| Investment grants | 15 | €324,450 | €117,724 | -€206,726 | -63.7% |
| Amounts payable | 17/49 | €1,012,347 | €1,120,150 | +€107,802 | +10.6% |
| Amounts payable after more than one year | 17 | €0 | €0 | = | |
| Financial debts | 170/4 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €1,003,041 | €1,116,808 | +€113,767 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €268,472 | €372,889 | +€104,417 | +38.9% |
| Suppliers | 440/4 | €268,472 | €372,889 | +€104,417 | +38.9% |
| Taxes, remuneration and social security | 45 | €49,324 | €29,812 | -€19,511 | -39.6% |
| Taxes | 450/3 | €8,404 | €2,260 | -€6,145 | -73.1% |
| Remuneration and social security | 454/9 | €40,919 | €27,553 | -€13,366 | -32.7% |
| Other amounts payable | 47/48 | €685,245 | €714,107 | +€28,861 | +4.2% |
| Accrued charges and deferred income | 492/3 | €9,306 | €3,342 | -€5,964 | -64.1% |
| Turnover | 70 | €711,106 | - | -€711,106 | |
| Goods, raw materials, services and sundry goods | 60/61 | €762,560 | - | -€762,560 | |
| Remuneration, social security and pensions | 62 | €375,999 | €356,485 | -€19,514 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,910 | €90,597 | +€12,687 | +16.3% |
| Other operating charges | 640/8 | €2,519 | €2,042 | -€477 | -18.9% |
| Gross operating margin | 9900 | -€11,600 | €388,558 | +€400,158 | |
| Operating profit (loss) | 9901 | -€468,028 | -€60,566 | +€407,461 | +87.1% |
| Financial income | 75/76B | €92 | €171,015 | +€170,923 | +185,685% |
| Recurring financial income | 75 | €92 | €171,015 | +€170,923 | +185,685% |
| Financial charges | 65/66B | €14,152 | €17,982 | +€3,830 | +27.1% |
| Recurring financial charges | 65 | €14,152 | €17,982 | +€3,830 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | -€482,087 | €92,467 | +€574,554 | |
| Income taxes | 67/77 | - | -€7,997 | -€7,997 | |
| Profit (loss) for the period | 9904 | -€482,087 | €100,464 | +€582,551 | |
| Profit (loss) for the period to be appropriated | 9905 | -€482,087 | €100,464 | +€582,551 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.