Duotherm: 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.
Duotherm
Largest movements
- Tangible fixed assets -€24,153
down €24,153 (-5.2%), from €463,054 to €438,901
of which Land and buildings: -€14,727
- Receivables within one year +€12,104
up €12,104 (+110%), from €11,036 to €23,139
of which Trade receivables: +€11,351
- Cash -€10,349
down €10,349 (-10.5%), from €98,144 to €87,795
mainly Debts after one year (-€25,220) and Other debts (-€21,711)
- Reserves +€29,836
up €29,836 (+20.8%), from €143,642 to €173,478
- Debts after one year -€25,220
down €25,220 (-7.4%), from €340,542 to €315,322
- Other debts -€21,711
down €21,711 (-95.7%), from €22,683 to €972
- Tax, wage and social debts -€9,430
down €9,430 (-24.0%), from €39,306 to €29,876
of which Taxes: -€9,430
- Trade debts +€6,796
up €6,796 (+405%), from €1,677 to €8,473
- Depreciation -€55,721
down €55,721 (-69.8%), from €79,874 to €24,153
- Gross operating margin -€21,614
down €21,614 (-21.0%), from €103,018 to €81,404
- Financial charges +€7,287
up €7,287 (+147%), from €4,965 to €12,252
- Taxes +€7,107
up €7,107 (+130%), from €5,458 to €12,565
- Other operating charges +€1,623
up €1,623 (+161%), from €1,006 to €2,629
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 | €572,723 | €553,664 | -€19,059 | -3.3% |
| Fixed assets | 21/28 | €463,054 | €438,901 | -€24,153 | -5.2% |
| Tangible fixed assets | 22/27 | €463,054 | €438,901 | -€24,153 | -5.2% |
| Land and buildings | 22 | €440,171 | €425,444 | -€14,727 | -3.3% |
| Plant, machinery and equipment | 23 | €1,614 | €945 | -€669 | -41.5% |
| Leasing and similar rights | 25 | €21,268 | €12,511 | -€8,756 | -41.2% |
| Current assets | 29/58 | €109,669 | €114,763 | +€5,094 | +4.6% |
| Amounts receivable within one year | 40/41 | €11,036 | €23,139 | +€12,104 | +110% |
| Trade receivables | 40 | €4,970 | €16,321 | +€11,351 | +228% |
| Other amounts receivable | 41 | €6,066 | €6,818 | +€752 | +12.4% |
| Cash at bank and in hand | 54/58 | €98,144 | €87,795 | -€10,349 | -10.5% |
| Deferred charges and accrued income | 490/1 | €490 | €3,828 | +€3,339 | +682% |
| Total equity and liabilities | 10/49 | €572,723 | €553,664 | -€19,059 | -3.3% |
| Equity | 10/15 | €143,742 | €173,578 | +€29,836 | +20.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €143,642 | €173,478 | +€29,836 | +20.8% |
| Distributable reserves | 133 | €143,642 | €173,478 | +€29,836 | +20.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €428,981 | €380,086 | -€48,895 | -11.4% |
| Amounts payable after more than one year | 17 | €340,542 | €315,322 | -€25,220 | -7.4% |
| Financial debts | 170/4 | €340,542 | €315,322 | -€25,220 | -7.4% |
| Amounts payable within one year | 42/48 | €88,216 | €64,541 | -€23,675 | -26.8% |
| Current portion of amounts payable after more than one year | 42 | €24,550 | €25,220 | +€670 | +2.7% |
| Trade debts | 44 | €1,677 | €8,473 | +€6,796 | +405% |
| Suppliers | 440/4 | €1,677 | €8,473 | +€6,796 | +405% |
| Taxes, remuneration and social security | 45 | €39,306 | €29,876 | -€9,430 | -24.0% |
| Taxes | 450/3 | €33,454 | €24,024 | -€9,430 | -28.2% |
| Remuneration and social security | 454/9 | €5,852 | €5,852 | = | 0.0% |
| Other amounts payable | 47/48 | €22,683 | €972 | -€21,711 | -95.7% |
| Accrued charges and deferred income | 492/3 | €223 | €223 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,874 | €24,153 | -€55,721 | -69.8% |
| Other operating charges | 640/8 | €1,006 | €2,629 | +€1,623 | +161% |
| Gross operating margin | 9900 | €103,018 | €81,404 | -€21,614 | -21.0% |
| Operating profit (loss) | 9901 | €22,138 | €54,622 | +€32,484 | +147% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €4,965 | €12,252 | +€7,287 | +147% |
| Recurring financial charges | 65 | €4,965 | €12,252 | +€7,287 | +147% |
| Profit (loss) for the period before taxes | 9903 | €17,173 | €42,401 | +€25,228 | +147% |
| Income taxes | 67/77 | €5,458 | €12,565 | +€7,107 | +130% |
| Profit (loss) for the period | 9904 | €11,715 | €29,836 | +€18,121 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €11,715 | €29,836 | +€18,121 | +155% |
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 16 October 2026 via checked.be.