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
- Tangible fixed assets -€74,906
down €74,906 (-15.3%), from €488,737 to €413,831
- Stocks and contracts -€25,783
down €25,783 (-6.8%), from €379,111 to €353,328
- Receivables within one year -€18,091
down €18,091 (-38.4%), from €47,136 to €29,045
of which Trade receivables: -€17,743
- Cash -€12,702
down €12,702 (-10.7%), from €118,775 to €106,074
mainly Short-term financial debts (-€100,000) and Debts after one year (-€64,482)
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Debts after one year -€64,482
down €64,482 (-17.9%), from €359,832 to €295,349
of which Financial debts: -€64,482
- Advances received -€48,116
down €48,116 (-73.7%), from €65,244 to €17,128
- Other debts +€32,736
up €32,736 (+24.3%), from €134,906 to €167,642
- Accrued charges and deferred income +€31,591
up €31,591 (+159.5%), from €19,811 to €51,402
- Staff costs -€33,118
down €33,118 (-17.9%), from €185,398 to €152,280
- Taxes +€13,871
up €13,871 (+571.7%), from €2,426 to €16,297
- Depreciation -€11,922
down €11,922 (-13.9%), from €86,013 to €74,091
- Gross operating margin -€4,189
down €4,189 (-1.4%), from €309,322 to €305,132
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 | €1,050,221 | €912,866 | -€137,355 | -13.1% |
| Fixed assets | 21/28 | €488,737 | €413,831 | -€74,906 | -15.3% |
| Tangible fixed assets | 22/27 | €488,737 | €413,831 | -€74,906 | -15.3% |
| Land and buildings | 22 | €370,330 | €343,165 | -€27,165 | -7.3% |
| Plant, machinery and equipment | 23 | €41,709 | €27,698 | -€14,011 | -33.6% |
| Furniture and vehicles | 24 | €76,697 | €42,968 | -€33,730 | -44.0% |
| Current assets | 29/58 | €561,484 | €499,035 | -€62,449 | -11.1% |
| Stocks and contracts in progress | 3 | €379,111 | €353,328 | -€25,783 | -6.8% |
| Stocks | 30/36 | €379,111 | €353,328 | -€25,783 | -6.8% |
| Amounts receivable within one year | 40/41 | €47,136 | €29,045 | -€18,091 | -38.4% |
| Trade receivables | 40 | €46,788 | €29,045 | -€17,743 | -37.9% |
| Other amounts receivable | 41 | €348 | - | -€348 | |
| Cash at bank and in hand | 54/58 | €118,775 | €106,074 | -€12,702 | -10.7% |
| Deferred charges and accrued income | 490/1 | €16,462 | €10,589 | -€5,873 | -35.7% |
| Total equity and liabilities | 10/49 | €1,050,221 | €912,866 | -€137,355 | -13.1% |
| Equity | 10/15 | €259,118 | €267,075 | +€7,957 | +3.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €218,701 | €228,894 | +€10,193 | +4.7% |
| Non-distributable reserves | 130/1 | €185,850 | - | -€185,850 | |
| Other | 1319 | €185,850 | - | -€185,850 | |
| Distributable reserves | 133 | €32,851 | €228,894 | +€196,043 | +596.8% |
| Investment grants | 15 | €20,417 | €18,181 | -€2,236 | -11.0% |
| Amounts payable | 17/49 | €791,104 | €645,792 | -€145,312 | -18.4% |
| Amounts payable after more than one year | 17 | €359,832 | €295,349 | -€64,482 | -17.9% |
| Financial debts | 170/4 | €259,832 | €195,349 | -€64,482 | -24.8% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €411,461 | €299,040 | -€112,421 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €67,454 | €64,482 | -€2,972 | -4.4% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €12,440 | €12,338 | -€101 | -0.8% |
| Suppliers | 440/4 | €12,440 | €12,338 | -€101 | -0.8% |
| Advances received on contracts in progress | 46 | €65,244 | €17,128 | -€48,116 | -73.7% |
| Taxes, remuneration and social security | 45 | €31,417 | €37,450 | +€6,033 | +19.2% |
| Taxes | 450/3 | €20,013 | €26,221 | +€6,208 | +31.0% |
| Remuneration and social security | 454/9 | €11,404 | €11,229 | -€176 | -1.5% |
| Other amounts payable | 47/48 | €134,906 | €167,642 | +€32,736 | +24.3% |
| Accrued charges and deferred income | 492/3 | €19,811 | €51,402 | +€31,591 | +159.5% |
| Remuneration, social security and pensions | 62 | €185,398 | €152,280 | -€33,118 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,013 | €74,091 | -€11,922 | -13.9% |
| Other operating charges | 640/8 | €8,321 | €8,638 | +€316 | +3.8% |
| Gross operating margin | 9900 | €309,322 | €305,132 | -€4,189 | -1.4% |
| Operating profit (loss) | 9901 | €29,589 | €70,124 | +€40,535 | +137.0% |
| Financial income | 75/76B | €6,957 | €6,003 | -€954 | -13.7% |
| Recurring financial income | 75 | €6,957 | €6,003 | -€954 | -13.7% |
| Financial charges | 65/66B | €30,267 | €29,636 | -€631 | -2.1% |
| Recurring financial charges | 65 | €30,267 | €29,636 | -€631 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €6,279 | €46,490 | +€40,211 | +640.4% |
| Income taxes | 67/77 | €2,426 | €16,297 | +€13,871 | +571.7% |
| Profit (loss) for the period | 9904 | €3,853 | €30,193 | +€26,340 | +683.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,853 | €30,193 | +€26,340 | +683.7% |
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.