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 +€96,746
up €96,746 (+478%), from €20,249 to €116,995
of which Trade receivables: +€96,964
- Cash -€19,356
down €19,356 (-7.8%), from €249,722 to €230,366
mainly Receivables within one year (-€96,746) and Stocks and contracts (-€1,273)
- Tangible fixed assets -€19,216
down €19,216 (-84.5%), from €22,743 to €3,527
of which Furniture and vehicles: -€18,772
- Reserves +€37,439
up €37,439 (+14.2%), from €262,917 to €300,356
of which Distributable reserves: +€37,439
- Other debts +€8,304
up €8,304 (+75.7%), from €10,970 to €19,274
- Trade debts +€7,508
up €7,508 (+1,053%), from €713 to €8,221
- Tax, wage and social debts +€5,686
up €5,686 (+75.9%), from €7,493 to €13,179
of which Taxes: +€5,663
- Gross operating margin +€22,981
up €22,981 (+41.4%), from €55,496 to €78,477
- Depreciation -€5,294
down €5,294 (-55.0%), from €9,626 to €4,332
- Taxes +€3,503
up €3,503 (+26.9%), from €13,046 to €16,549
- Financial charges +€1,727
up €1,727 (+218%), from €793 to €2,520
- Other operating charges +€1,539
up €1,539 (+108%), from €1,421 to €2,960
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 | €300,693 | €359,630 | +€58,937 | +19.6% |
| Fixed assets | 21/28 | €22,743 | €3,527 | -€19,216 | -84.5% |
| Tangible fixed assets | 22/27 | €22,743 | €3,527 | -€19,216 | -84.5% |
| Plant, machinery and equipment | 23 | €1,774 | €1,330 | -€444 | -25.0% |
| Furniture and vehicles | 24 | €20,969 | €2,197 | -€18,772 | -89.5% |
| Current assets | 29/58 | €277,950 | €356,103 | +€78,153 | +28.1% |
| Stocks and contracts in progress | 3 | €5,885 | €7,158 | +€1,273 | +21.6% |
| Stocks | 30/36 | €5,885 | €7,158 | +€1,273 | +21.6% |
| Amounts receivable within one year | 40/41 | €20,249 | €116,995 | +€96,746 | +478% |
| Trade receivables | 40 | €15,316 | €112,280 | +€96,964 | +633% |
| Other amounts receivable | 41 | €4,933 | €4,715 | -€218 | -4.4% |
| Cash at bank and in hand | 54/58 | €249,722 | €230,366 | -€19,356 | -7.8% |
| Deferred charges and accrued income | 490/1 | €2,094 | €1,584 | -€510 | -24.4% |
| Total equity and liabilities | 10/49 | €300,693 | €359,630 | +€58,937 | +19.6% |
| Equity | 10/15 | €281,517 | €318,956 | +€37,439 | +13.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,917 | €300,356 | +€37,439 | +14.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €261,057 | €298,496 | +€37,439 | +14.3% |
| Amounts payable | 17/49 | €19,176 | €40,674 | +€21,498 | +112% |
| Amounts payable within one year | 42/48 | €19,176 | €40,674 | +€21,498 | +112% |
| Trade debts | 44 | €713 | €8,221 | +€7,508 | +1,053% |
| Suppliers | 440/4 | €713 | €8,221 | +€7,508 | +1,053% |
| Taxes, remuneration and social security | 45 | €7,493 | €13,179 | +€5,686 | +75.9% |
| Taxes | 450/3 | €4,174 | €9,837 | +€5,663 | +136% |
| Remuneration and social security | 454/9 | €3,319 | €3,342 | +€23 | +0.7% |
| Other amounts payable | 47/48 | €10,970 | €19,274 | +€8,304 | +75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,626 | €4,332 | -€5,294 | -55.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €910 | - | -€910 | |
| Other operating charges | 640/8 | €1,421 | €2,960 | +€1,539 | +108% |
| Non-recurring operating charges | 66A | - | €17,179 | +€17,179 | |
| Gross operating margin | 9900 | €55,496 | €78,477 | +€22,981 | +41.4% |
| Operating profit (loss) | 9901 | €43,539 | €54,006 | +€10,467 | +24.0% |
| Financial income | 75/76B | €1,882 | €2,502 | +€620 | +32.9% |
| Recurring financial income | 75 | €1,882 | €2,502 | +€620 | +32.9% |
| Financial charges | 65/66B | €793 | €2,520 | +€1,727 | +218% |
| Recurring financial charges | 65 | €793 | €2,520 | +€1,727 | +218% |
| Profit (loss) for the period before taxes | 9903 | €44,628 | €53,988 | +€9,360 | +21.0% |
| Income taxes | 67/77 | €13,046 | €16,549 | +€3,503 | +26.9% |
| Profit (loss) for the period | 9904 | €31,582 | €37,439 | +€5,857 | +18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,582 | €37,439 | +€5,857 | +18.5% |
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 29 October 2026 via checked.be.