E-Therm: 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.
E-Therm
Largest movements
- Cash +€114,056
up €114,056 (+33.3%), from €342,703 to €456,760
mainly Net result for the year (+€116,547) and Depreciation (+€76,400)
- Tangible fixed assets -€58,716
down €58,716 (-10.3%), from €569,065 to €510,349
of which Furniture and vehicles: -€44,285
- Receivables within one year -€20,421
down €20,421 (-40.4%), from €50,492 to €30,071
of which Other amounts receivable: -€14,480
- Reserves +€116,547
up €116,547 (+16.9%), from €687,644 to €804,191
of which Distributable reserves: +€116,547
- Debts after one year -€45,255
down €45,255 (-14.2%), from €318,930 to €273,675
- Other debts -€27,546
down €27,546 (-15.5%), from €177,456 to €149,910
- Gross operating margin +€82,046
up €82,046 (+25.6%), from €320,323 to €402,369
- Taxes +€20,744
up €20,744 (+72.9%), from €28,444 to €49,188
- Staff costs +€12,661
up €12,661 (+10.2%), from €123,868 to €136,529
- Depreciation +€6,348
up €6,348 (+9.1%), from €70,052 to €76,400
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 | €1,331,504 | €1,380,496 | +€48,992 | +3.7% |
| Fixed assets | 21/28 | €569,065 | €510,349 | -€58,716 | -10.3% |
| Tangible fixed assets | 22/27 | €569,065 | €510,349 | -€58,716 | -10.3% |
| Land and buildings | 22 | €426,054 | €400,283 | -€25,771 | -6.0% |
| Plant, machinery and equipment | 23 | €12,830 | €24,170 | +€11,341 | +88.4% |
| Furniture and vehicles | 24 | €130,181 | €85,896 | -€44,285 | -34.0% |
| Current assets | 29/58 | €762,439 | €870,147 | +€107,707 | +14.1% |
| Stocks and contracts in progress | 3 | €350,596 | €353,492 | +€2,896 | +0.8% |
| Stocks | 30/36 | €350,596 | €353,492 | +€2,896 | +0.8% |
| Amounts receivable within one year | 40/41 | €50,492 | €30,071 | -€20,421 | -40.4% |
| Trade receivables | 40 | €27,103 | €21,162 | -€5,941 | -21.9% |
| Other amounts receivable | 41 | €23,389 | €8,909 | -€14,480 | -61.9% |
| Current investments | 50/53 | €7,503 | €16,312 | +€8,809 | +117% |
| Cash at bank and in hand | 54/58 | €342,703 | €456,760 | +€114,056 | +33.3% |
| Deferred charges and accrued income | 490/1 | €11,145 | €13,513 | +€2,367 | +21.2% |
| Total equity and liabilities | 10/49 | €1,331,504 | €1,380,496 | +€48,992 | +3.7% |
| Equity | 10/15 | €711,021 | €827,568 | +€116,547 | +16.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €687,644 | €804,191 | +€116,547 | +16.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €687,644 | €804,191 | +€116,547 | +16.9% |
| Profit (loss) carried forward | 14 | €4,827 | €4,827 | = | 0.0% |
| Amounts payable | 17/49 | €620,483 | €552,928 | -€67,555 | -10.9% |
| Amounts payable after more than one year | 17 | €318,930 | €273,675 | -€45,255 | -14.2% |
| Financial debts | 170/4 | €318,930 | €273,675 | -€45,255 | -14.2% |
| Amounts payable within one year | 42/48 | €300,467 | €277,516 | -€22,951 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €57,173 | €58,754 | +€1,581 | +2.8% |
| Trade debts | 44 | €21,142 | €12,171 | -€8,971 | -42.4% |
| Suppliers | 440/4 | €21,142 | €12,171 | -€8,971 | -42.4% |
| Taxes, remuneration and social security | 45 | €44,696 | €56,681 | +€11,985 | +26.8% |
| Taxes | 450/3 | €26,602 | €37,503 | +€10,901 | +41.0% |
| Remuneration and social security | 454/9 | €18,094 | €19,178 | +€1,084 | +6.0% |
| Other amounts payable | 47/48 | €177,456 | €149,910 | -€27,546 | -15.5% |
| Accrued charges and deferred income | 492/3 | €1,086 | €1,737 | +€651 | +60.0% |
| Non-recurring operating income | 76A | €2,854 | €0 | -€2,854 | -100% |
| Remuneration, social security and pensions | 62 | €123,868 | €136,529 | +€12,661 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,052 | €76,400 | +€6,348 | +9.1% |
| Other operating charges | 640/8 | €3,792 | €3,579 | -€213 | -5.6% |
| Gross operating margin | 9900 | €320,323 | €402,369 | +€82,046 | +25.6% |
| Operating profit (loss) | 9901 | €122,611 | €185,861 | +€63,250 | +51.6% |
| Financial income | 75/76B | €3,715 | €6,302 | +€2,587 | +69.6% |
| Recurring financial income | 75 | €3,715 | €6,302 | +€2,587 | +69.6% |
| Financial charges | 65/66B | €28,598 | €26,428 | -€2,170 | -7.6% |
| Recurring financial charges | 65 | €28,598 | €26,428 | -€2,170 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €97,728 | €165,734 | +€68,007 | +69.6% |
| Income taxes | 67/77 | €28,444 | €49,188 | +€20,744 | +72.9% |
| Profit (loss) for the period | 9904 | €69,284 | €116,547 | +€47,263 | +68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,284 | €116,547 | +€47,263 | +68.2% |
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 24 October 2026 via checked.be.