DS THERMIC: 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.
DS THERMIC
Largest movements
- Receivables within one year -€11,884
down €11,884 (-40.8%), from €29,107 to €17,223
of which Trade receivables: -€8,067
- Cash -€4,982
down €4,982 (-66.8%), from €7,458 to €2,476
mainly Investment in fixed assets (net) (-€11,927) and Debts after one year (-€11,342)
- Tangible fixed assets -€3,561
down €3,561 (-2.4%), from €146,156 to €142,595
of which Leasing and similar rights: -€7,790
- Deferred charges and accrued income +€3,241
new in 2025: €3,241
- Debts after one year -€11,342
down €11,342 (-9.3%), from €121,637 to €110,295
- Current portion of long-term debt +€11,288
up €11,288 (+163.8%), from €6,889 to €18,176
- Trade debts -€9,310
down €9,310 (-62.6%), from €14,877 to €5,567
- Profit (loss) carried forward -€7,769
down €7,769, from €930 to -€6,838
- Depreciation +€4,946
up €4,946 (+46.9%), from €10,541 to €15,488
- Financial charges +€4,255
up €4,255 (+171.0%), from €2,489 to €6,744
- Financial income +€1,739
new in 2025: €1,739
- Taxes +€1,509
up €1,509, from -€1,247 to €262
- Other operating charges -€275
down €275 (-26.5%), from €1,038 to €763
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.
Cash bridge derived
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 | €211,756 | €195,616 | -€16,140 | -7.6% |
| Fixed assets | 21/28 | €146,156 | €142,595 | -€3,561 | -2.4% |
| Tangible fixed assets | 22/27 | €146,156 | €142,595 | -€3,561 | -2.4% |
| Plant, machinery and equipment | 23 | €2,846 | €2,509 | -€337 | -11.8% |
| Furniture and vehicles | 24 | €559 | €356 | -€203 | -36.3% |
| Leasing and similar rights | 25 | €18,334 | €10,544 | -€7,790 | -42.5% |
| Other tangible fixed assets | 26 | €124,417 | €129,186 | +€4,770 | +3.8% |
| Current assets | 29/58 | €65,600 | €53,020 | -€12,579 | -19.2% |
| Stocks and contracts in progress | 3 | €29,035 | €30,080 | +€1,045 | +3.6% |
| Stocks | 30/36 | €29,035 | €30,080 | +€1,045 | +3.6% |
| Amounts receivable within one year | 40/41 | €29,107 | €17,223 | -€11,884 | -40.8% |
| Trade receivables | 40 | €11,699 | €3,631 | -€8,067 | -69.0% |
| Other amounts receivable | 41 | €17,408 | €13,592 | -€3,816 | -21.9% |
| Cash at bank and in hand | 54/58 | €7,458 | €2,476 | -€4,982 | -66.8% |
| Deferred charges and accrued income | 490/1 | - | €3,241 | +€3,241 | |
| Total equity and liabilities | 10/49 | €211,756 | €195,616 | -€16,140 | -7.6% |
| Equity | 10/15 | €67,930 | €60,162 | -€7,769 | -11.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €63,000 | €63,000 | = | 0.0% |
| Distributable reserves | 133 | €63,000 | €63,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €930 | -€6,838 | -€7,769 | |
| Amounts payable | 17/49 | €143,825 | €135,454 | -€8,371 | -5.8% |
| Amounts payable after more than one year | 17 | €121,637 | €110,295 | -€11,342 | -9.3% |
| Financial debts | 170/4 | €121,637 | €110,295 | -€11,342 | -9.3% |
| Amounts payable within one year | 42/48 | €22,188 | €25,059 | +€2,871 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €6,889 | €18,176 | +€11,288 | +163.8% |
| Trade debts | 44 | €14,877 | €5,567 | -€9,310 | -62.6% |
| Suppliers | 440/4 | €14,877 | €5,567 | -€9,310 | -62.6% |
| Advances received on contracts in progress | 46 | - | €507 | +€507 | |
| Taxes, remuneration and social security | 45 | €423 | €809 | +€386 | +91.4% |
| Taxes | 450/3 | €423 | €809 | +€386 | +91.4% |
| Accrued charges and deferred income | 492/3 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,541 | €15,488 | +€4,946 | +46.9% |
| Other operating charges | 640/8 | €1,038 | €763 | -€275 | -26.5% |
| Gross operating margin | 9900 | €13,655 | €13,749 | +€93 | +0.7% |
| Operating profit (loss) | 9901 | €2,076 | -€2,502 | -€4,578 | |
| Financial income | 75/76B | - | €1,739 | +€1,739 | |
| Recurring financial income | 75 | - | €1,739 | +€1,739 | |
| Financial charges | 65/66B | €2,489 | €6,744 | +€4,255 | +171.0% |
| Recurring financial charges | 65 | €2,489 | €6,744 | +€4,255 | +171.0% |
| Profit (loss) for the period before taxes | 9903 | -€412 | -€7,507 | -€7,094 | -1720.1% |
| Income taxes | 67/77 | -€1,247 | €262 | +€1,509 | |
| Profit (loss) for the period | 9904 | €834 | -€7,769 | -€8,603 | |
| Profit (loss) for the period to be appropriated | 9905 | €834 | -€7,769 | -€8,603 |
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 12 October 2026 via checked.be.