GLOBALTHERM: 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.
GLOBALTHERM
Largest movements
- Receivables within one year +€44,408
up €44,408 (+148%), from €29,930 to €74,338
of which Other amounts receivable: +€49,838
- Cash -€29,909
down €29,909 (-50.3%), from €59,437 to €29,528
mainly Receivables within one year (-€44,408)
- Trade debts +€6,649
up €6,649 (+50.8%), from €13,080 to €19,729
- Reserves +€5,880
up €5,880 (+52.2%), from €11,258 to €17,138
- Tax, wage and social debts +€1,869
up €1,869 (+44.1%), from €4,239 to €6,108
- Gross operating margin -€5,878
down €5,878 (-39.2%), from €14,978 to €9,100
- Other operating charges -€384
no longer reported in 2025 (was €384)
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 | €102,506 | €116,904 | +€14,398 | +14.0% |
| Fixed assets | 21/28 | €13,020 | €13,020 | = | 0.0% |
| Financial fixed assets | 28 | €13,020 | €13,020 | = | 0.0% |
| Current assets | 29/58 | €89,486 | €103,884 | +€14,398 | +16.1% |
| Amounts receivable within one year | 40/41 | €29,930 | €74,338 | +€44,408 | +148% |
| Trade receivables | 40 | €10,749 | €5,318 | -€5,431 | -50.5% |
| Other amounts receivable | 41 | €19,182 | €69,020 | +€49,838 | +260% |
| Cash at bank and in hand | 54/58 | €59,437 | €29,528 | -€29,909 | -50.3% |
| Deferred charges and accrued income | 490/1 | €119 | €18 | -€101 | -84.8% |
| Total equity and liabilities | 10/49 | €102,506 | €116,904 | +€14,398 | +14.0% |
| Equity | 10/15 | €85,187 | €91,067 | +€5,880 | +6.9% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €11,258 | €17,138 | +€5,880 | +52.2% |
| Distributable reserves | 133 | €11,258 | €17,138 | +€5,880 | +52.2% |
| Profit (loss) carried forward | 14 | €40,929 | €40,929 | = | 0.0% |
| Amounts payable | 17/49 | €17,319 | €25,837 | +€8,518 | +49.2% |
| Amounts payable within one year | 42/48 | €17,319 | €25,837 | +€8,518 | +49.2% |
| Trade debts | 44 | €13,080 | €19,729 | +€6,649 | +50.8% |
| Suppliers | 440/4 | €13,080 | €19,729 | +€6,649 | +50.8% |
| Taxes, remuneration and social security | 45 | €4,239 | €6,108 | +€1,869 | +44.1% |
| Taxes | 450/3 | €4,239 | €6,108 | +€1,869 | +44.1% |
| Other operating charges | 640/8 | €384 | - | -€384 | |
| Gross operating margin | 9900 | €14,978 | €9,100 | -€5,878 | -39.2% |
| Operating profit (loss) | 9901 | €14,594 | €9,100 | -€5,494 | -37.6% |
| Financial income | 75/76B | €31 | €69 | +€38 | +124% |
| Recurring financial income | 75 | €31 | €69 | +€38 | +124% |
| Financial charges | 65/66B | €331 | €316 | -€15 | -4.5% |
| Recurring financial charges | 65 | €331 | €316 | -€15 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €14,294 | €8,853 | -€5,441 | -38.1% |
| Income taxes | 67/77 | €3,036 | €2,973 | -€62 | -2.1% |
| Profit (loss) for the period | 9904 | €11,258 | €5,880 | -€5,378 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,258 | €5,880 | -€5,378 | -47.8% |
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 15 October 2026 via checked.be.