Del Thermographie: what changed
Del Thermographie
Largest movements
- Tangible fixed assets +€200,481
up €200,481 (+963%), from €20,816 to €221,297
of which Land and buildings: +€179,692
- Receivables within one year +€81,727
up €81,727 (+205%), from €39,789 to €121,516
of which Trade receivables: +€42,197
- Cash -€45,030
down €45,030 (-67.8%), from €66,377 to €21,347
mainly Investment in fixed assets (net) (-€216,048) and Receivables within one year (-€81,727)
- Intangible fixed assets -€13,001
down €13,001 (-11.2%), from €116,425 to €103,424
- Deferred charges and accrued income +€5,271
up €5,271 (+435%), from €1,211 to €6,482
- Debts after one year +€172,980
new in 2025: €172,980
- Trade debts +€23,821
up €23,821 (+390%), from €6,108 to €29,929
- Reserves +€15,000
up €15,000 (+25.0%), from €60,000 to €75,000
- Current portion of long-term debt +€12,498
new in 2025: €12,498
- Staff costs +€50,177
up €50,177 (+927%), from €5,415 to €55,592
- Taxes -€15,403
down €15,403 (-99.4%), from €15,500 to €97
- Depreciation +€9,148
up €9,148 (+46.7%), from €19,594 to €28,742
- Financial charges +€2,448
up €2,448 (+1,423%), from €172 to €2,620
- Gross operating margin +€1,791
up €1,791 (+1.7%), from €103,839 to €105,630
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 | €244,847 | €474,120 | +€229,273 | +93.6% |
| Formation expenses | 20 | €173 | - | -€173 | |
| Fixed assets | 21/28 | €137,297 | €324,776 | +€187,479 | +137% |
| Intangible fixed assets | 21 | €116,425 | €103,424 | -€13,001 | -11.2% |
| Tangible fixed assets | 22/27 | €20,816 | €221,297 | +€200,481 | +963% |
| Land and buildings | 22 | - | €179,692 | +€179,692 | |
| Furniture and vehicles | 24 | €20,178 | €41,032 | +€20,854 | +103% |
| Other tangible fixed assets | 26 | €638 | €572 | -€66 | -10.3% |
| Financial fixed assets | 28 | €56 | €56 | -€0 | -0.8% |
| Current assets | 29/58 | €107,377 | €149,344 | +€41,967 | +39.1% |
| Amounts receivable within one year | 40/41 | €39,789 | €121,516 | +€81,727 | +205% |
| Trade receivables | 40 | €39,617 | €81,814 | +€42,197 | +107% |
| Other amounts receivable | 41 | €172 | €39,702 | +€39,530 | +22,982% |
| Cash at bank and in hand | 54/58 | €66,377 | €21,347 | -€45,030 | -67.8% |
| Deferred charges and accrued income | 490/1 | €1,211 | €6,482 | +€5,271 | +435% |
| Total equity and liabilities | 10/49 | €244,847 | €474,120 | +€229,273 | +93.6% |
| Equity | 10/15 | €67,329 | €84,703 | +€17,374 | +25.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Distributable reserves | 133 | €60,000 | €75,000 | +€15,000 | +25.0% |
| Profit (loss) carried forward | 14 | €2,329 | €4,703 | +€2,374 | +102% |
| Amounts payable | 17/49 | €177,518 | €389,417 | +€211,899 | +119% |
| Amounts payable after more than one year | 17 | - | €172,980 | +€172,980 | |
| Financial debts | 170/4 | - | €172,980 | +€172,980 | |
| Amounts payable within one year | 42/48 | €177,499 | €216,437 | +€38,938 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | - | €12,498 | +€12,498 | |
| Trade debts | 44 | €6,108 | €29,929 | +€23,821 | +390% |
| Suppliers | 440/4 | €6,108 | €29,929 | +€23,821 | +390% |
| Taxes, remuneration and social security | 45 | €21,603 | €22,527 | +€924 | +4.3% |
| Taxes | 450/3 | €21,013 | €15,659 | -€5,354 | -25.5% |
| Remuneration and social security | 454/9 | €590 | €6,868 | +€6,278 | +1,064% |
| Other amounts payable | 47/48 | €149,788 | €151,483 | +€1,695 | +1.1% |
| Accrued charges and deferred income | 492/3 | €19 | - | -€19 | |
| Remuneration, social security and pensions | 62 | €5,415 | €55,592 | +€50,177 | +927% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,594 | €28,742 | +€9,148 | +46.7% |
| Other operating charges | 640/8 | €829 | €1,206 | +€377 | +45.5% |
| Gross operating margin | 9900 | €103,839 | €105,630 | +€1,791 | +1.7% |
| Operating profit (loss) | 9901 | €78,001 | €20,091 | -€57,910 | -74.2% |
| Financial charges | 65/66B | €172 | €2,620 | +€2,448 | +1,423% |
| Recurring financial charges | 65 | €172 | €2,620 | +€2,448 | +1,423% |
| Profit (loss) for the period before taxes | 9903 | €77,829 | €17,471 | -€60,358 | -77.6% |
| Income taxes | 67/77 | €15,500 | €97 | -€15,403 | -99.4% |
| Profit (loss) for the period | 9904 | €62,329 | €17,374 | -€44,955 | -72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,329 | €17,374 | -€44,955 | -72.1% |
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 1 November 2026 via checked.be.