ECOTHERM: 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.
ECOTHERM
Largest movements
- Receivables within one year +€41,040
up €41,040 (+96.6%), from €42,484 to €83,524
of which Trade receivables: +€29,704
- Cash -€22,553
down €22,553 (-56.2%), from €40,132 to €17,580
mainly Receivables within one year (-€41,040) and Investment in fixed assets (net) (-€29,949)
- Tangible fixed assets +€17,325
up €17,325 (+41.9%), from €41,356 to €58,682
of which Furniture and vehicles: +€16,444
- Stocks and contracts -€15,833
no longer reported in 2025 (was €15,833)
- Deferred charges and accrued income -€5,848
no longer reported in 2025 (was €5,848)
- Reserves +€30,755
up €30,755 (+38.5%), from €79,814 to €110,569
- Trade debts -€21,581
down €21,581 (-53.1%), from €40,639 to €19,059
- Tax, wage and social debts +€7,182
up €7,182 (+164%), from €4,375 to €11,557
- Other debts -€2,224
no longer reported in 2025 (was €2,224)
- Gross operating margin +€24,506
up €24,506 (+73.6%), from €33,313 to €57,819
- Taxes +€7,103
up €7,103 (+159%), from €4,454 to €11,557
- Write-downs +€2,309
new in 2025: €2,309
- Other operating charges -€917
down €917 (-42.7%), from €2,147 to €1,230
- Depreciation -€654
down €654 (-4.9%), from €13,277 to €12,624
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 | €145,653 | €159,785 | +€14,132 | +9.7% |
| Fixed assets | 21/28 | €41,356 | €58,682 | +€17,325 | +41.9% |
| Tangible fixed assets | 22/27 | €41,356 | €58,682 | +€17,325 | +41.9% |
| Plant, machinery and equipment | 23 | €2,737 | €3,618 | +€881 | +32.2% |
| Furniture and vehicles | 24 | €38,620 | €55,063 | +€16,444 | +42.6% |
| Current assets | 29/58 | €104,296 | €101,103 | -€3,193 | -3.1% |
| Stocks and contracts in progress | 3 | €15,833 | - | -€15,833 | |
| Stocks | 30/36 | €15,833 | - | -€15,833 | |
| Amounts receivable within one year | 40/41 | €42,484 | €83,524 | +€41,040 | +96.6% |
| Trade receivables | 40 | €34,919 | €64,623 | +€29,704 | +85.1% |
| Other amounts receivable | 41 | €7,565 | €18,901 | +€11,336 | +150% |
| Cash at bank and in hand | 54/58 | €40,132 | €17,580 | -€22,553 | -56.2% |
| Deferred charges and accrued income | 490/1 | €5,848 | - | -€5,848 | |
| Total equity and liabilities | 10/49 | €145,653 | €159,785 | +€14,132 | +9.7% |
| Equity | 10/15 | €98,414 | €129,169 | +€30,755 | +31.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,814 | €110,569 | +€30,755 | +38.5% |
| Distributable reserves | 133 | €79,814 | €110,569 | +€30,755 | +38.5% |
| Amounts payable | 17/49 | €47,238 | €30,616 | -€16,623 | -35.2% |
| Amounts payable within one year | 42/48 | €47,238 | €30,616 | -€16,623 | -35.2% |
| Trade debts | 44 | €40,639 | €19,059 | -€21,581 | -53.1% |
| Suppliers | 440/4 | €40,639 | €19,059 | -€21,581 | -53.1% |
| Taxes, remuneration and social security | 45 | €4,375 | €11,557 | +€7,182 | +164% |
| Taxes | 450/3 | €4,375 | €11,557 | +€7,182 | +164% |
| Other amounts payable | 47/48 | €2,224 | - | -€2,224 | |
| Remuneration, social security and pensions | 62 | - | €111 | +€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,277 | €12,624 | -€654 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,309 | +€2,309 | |
| Other operating charges | 640/8 | €2,147 | €1,230 | -€917 | -42.7% |
| Gross operating margin | 9900 | €33,313 | €57,819 | +€24,506 | +73.6% |
| Operating profit (loss) | 9901 | €17,889 | €41,545 | +€23,656 | +132% |
| Financial income | 75/76B | €453 | €976 | +€523 | +116% |
| Recurring financial income | 75 | €453 | €976 | +€523 | +116% |
| Financial charges | 65/66B | €165 | €209 | +€44 | +26.9% |
| Recurring financial charges | 65 | €165 | €209 | +€44 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €18,177 | €42,312 | +€24,135 | +133% |
| Income taxes | 67/77 | €4,454 | €11,557 | +€7,103 | +159% |
| Profit (loss) for the period | 9904 | €13,722 | €30,755 | +€17,032 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €13,722 | €30,755 | +€17,032 | +124% |
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 22 October 2026 via checked.be.