DE THERMEN: 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.
DE THERMEN
Largest movements
- Tangible fixed assets +€128,596
up €128,596 (+14.7%), from €877,362 to €1.0m
of which Plant, machinery and equipment: +€148,894
- Receivables within one year +€125,943
up €125,943 (+52.1%), from €241,786 to €367,729
of which Trade receivables: +€115,604
- Cash +€72,851
up €72,851 (+166%), from €43,814 to €116,665
mainly Trade debts (+€255,038) and Depreciation (+€82,647)
- Intangible fixed assets +€38,551
new in 2025: €38,551
- Receivables after one year -€20,000
down €20,000 (-5.6%), from €360,000 to €340,000
- Trade debts +€255,038
up €255,038 (+288%), from €88,500 to €343,538
- Reserves +€71,303
up €71,303 (+19.0%), from €376,154 to €447,457
of which Distributable reserves: +€81,128
- Gross operating margin +€131,870
up €131,870 (+56.5%), from €233,359 to €365,229
- Taxes +€21,483
up €21,483 (+202%), from €10,619 to €32,102
- Other operating charges +€19,503
up €19,503 (+72.9%), from €26,768 to €46,270
- Staff costs +€14,532
up €14,532 (+12.1%), from €120,422 to €134,954
- Financial income -€12,517
down €12,517 (-96.8%), from €12,930 to €413
of which Non-recurring financial income: -€11,950
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 | €1,602,643 | €1,928,296 | +€325,653 | +20.3% |
| Fixed assets | 21/28 | €877,362 | €1,044,509 | +€167,147 | +19.1% |
| Intangible fixed assets | 21 | - | €38,551 | +€38,551 | |
| Tangible fixed assets | 22/27 | €877,362 | €1,005,957 | +€128,596 | +14.7% |
| Land and buildings | 22 | €735,085 | €723,030 | -€12,055 | -1.6% |
| Plant, machinery and equipment | 23 | €98,226 | €247,120 | +€148,894 | +152% |
| Furniture and vehicles | 24 | €44,050 | €35,807 | -€8,243 | -18.7% |
| Current assets | 29/58 | €725,281 | €883,787 | +€158,506 | +21.9% |
| Amounts receivable after more than one year | 29 | €360,000 | €340,000 | -€20,000 | -5.6% |
| Other amounts receivable | 291 | €360,000 | €340,000 | -€20,000 | -5.6% |
| Stocks and contracts in progress | 3 | €74,166 | €54,269 | -€19,898 | -26.8% |
| Stocks | 30/36 | €74,166 | €54,269 | -€19,898 | -26.8% |
| Amounts receivable within one year | 40/41 | €241,786 | €367,729 | +€125,943 | +52.1% |
| Trade receivables | 40 | €183,802 | €299,406 | +€115,604 | +62.9% |
| Other amounts receivable | 41 | €57,984 | €68,323 | +€10,339 | +17.8% |
| Cash at bank and in hand | 54/58 | €43,814 | €116,665 | +€72,851 | +166% |
| Deferred charges and accrued income | 490/1 | €5,515 | €5,124 | -€391 | -7.1% |
| Total equity and liabilities | 10/49 | €1,602,643 | €1,928,296 | +€325,653 | +20.3% |
| Equity | 10/15 | €1,442,066 | €1,513,369 | +€71,303 | +4.9% |
| Contributions | 10/11 | €699,047 | €699,047 | = | 0.0% |
| Reserves | 13 | €376,154 | €447,457 | +€71,303 | +19.0% |
| Tax-exempt reserves | 132 | €58,996 | €49,171 | -€9,825 | -16.7% |
| Distributable reserves | 133 | €317,158 | €398,286 | +€81,128 | +25.6% |
| Profit (loss) carried forward | 14 | €366,865 | €366,865 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,781 | €20,654 | -€4,127 | -16.7% |
| Deferred taxes | 168 | €24,781 | €20,654 | -€4,127 | -16.7% |
| Amounts payable | 17/49 | €135,796 | €394,273 | +€258,477 | +190% |
| Amounts payable within one year | 42/48 | €135,796 | €394,273 | +€258,477 | +190% |
| Current portion of amounts payable after more than one year | 42 | €2,739 | - | -€2,739 | |
| Trade debts | 44 | €88,500 | €343,538 | +€255,038 | +288% |
| Suppliers | 440/4 | €88,500 | €343,538 | +€255,038 | +288% |
| Taxes, remuneration and social security | 45 | €12,227 | €8,040 | -€4,187 | -34.2% |
| Taxes | 450/3 | €7,628 | €3,631 | -€3,997 | -52.4% |
| Remuneration and social security | 454/9 | €4,599 | €4,410 | -€189 | -4.1% |
| Other amounts payable | 47/48 | €32,331 | €42,694 | +€10,364 | +32.1% |
| Remuneration, social security and pensions | 62 | €120,422 | €134,954 | +€14,532 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,177 | €82,647 | +€4,470 | +5.7% |
| Other operating charges | 640/8 | €26,768 | €46,270 | +€19,503 | +72.9% |
| Gross operating margin | 9900 | €233,359 | €365,229 | +€131,870 | +56.5% |
| Operating profit (loss) | 9901 | €7,993 | €101,358 | +€93,365 | +1,168% |
| Financial income | 75/76B | €12,930 | €413 | -€12,517 | -96.8% |
| Recurring financial income | 75 | €980 | €413 | -€567 | -57.9% |
| Non-recurring financial income | 76B | €11,950 | - | -€11,950 | |
| Financial charges | 65/66B | €1,967 | €2,492 | +€525 | +26.7% |
| Recurring financial charges | 65 | €1,967 | €2,492 | +€525 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €18,955 | €99,278 | +€80,323 | +424% |
| Transfer from deferred taxes | 780 | €4,827 | €4,127 | -€700 | -14.5% |
| Income taxes | 67/77 | €10,619 | €32,102 | +€21,483 | +202% |
| Profit (loss) for the period | 9904 | €13,163 | €71,303 | +€58,140 | +442% |
| Transfer from tax-exempt reserves | 789 | €11,490 | €9,825 | -€1,665 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,653 | €81,128 | +€56,475 | +229% |
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 19 October 2026 via checked.be.