GS THERMIC: 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.
What changed
GS THERMIC
NACE 33.110, Repair and maintenance of fabricated metal products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,176
2024 · €125,565-€128,741
Equity
€604,197
2024 · €607,373-€3,176
Cash
€399,281
2024 · €448,424-€49,143
Balance sheet total
€721,015
2024 · €728,459-€7,444
Largest movements
Assets
- Current investments +€51,500
up €51,500 (+103%), from €50,000 to €101,500
- Cash -€49,143
down €49,143 (-11.0%), from €448,424 to €399,281
mainly Current investments (-€51,500) and Debts after one year (-€11,520)
- Tangible fixed assets -€20,663
down €20,663 (-11.4%), from €180,752 to €160,089
of which Land and buildings: -€19,346
Equity and liabilities
- Debts after one year -€11,520
down €11,520 (-12.7%), from €90,942 to €79,422
Income statement
- Gross operating margin -€146,663
down €146,663 (-50.2%), from €291,891 to €145,228
- Taxes -€41,787
down €41,787 (-98.8%), from €42,295 to €507
- Staff costs +€31,883
up €31,883 (+35.9%), from €88,770 to €120,653
- Depreciation -€5,963
down €5,963 (-21.6%), from €27,666 to €21,703
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.
Result 2024
€125,565
Gross operating margin
-€146,663
Staff costs
-€31,883
Depreciation
+€5,963
Other operating charges
+€462
Financial income
+€188
Financial charges
+€1,406
Taxes
+€41,787
Result 2025
-€3,176
raises the resultlowers the result
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.
From operations
+€19,488
Investment
-€52,540
Financing
-€16,091
Cash 2024
€448,424
From operations (derived)
+€19,488
Net result for the year
-€3,176
Depreciation
+€21,703
Stocks and contracts
+€143
Receivables within one year
-€6,922
Deferred charges and accrued income
-€4,082
Trade debts
+€4,891
Tax, wage and social debts
+€6,127
Advances received
+€3,837
Other debts
-€1,038
Accrued charges and deferred income
-€1,994
Investment (derived)
-€52,540
Investment in fixed assets (net)
-€1,040
Current investments
-€51,500
Financing
-€16,091
Debts after one year
-€11,520
Current portion of long-term debt
-€4,571
Cash 2025
€399,281
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €728,459 | €721,015 | -€7,444 | -1.0% |
| Fixed assets | 21/28 | €180,752 | €160,089 | -€20,663 | -11.4% |
| Tangible fixed assets | 22/27 | €180,752 | €160,089 | -€20,663 | -11.4% |
| Land and buildings | 22 | €174,585 | €155,239 | -€19,346 | -11.1% |
| Plant, machinery and equipment | 23 | €3,441 | €2,502 | -€939 | -27.3% |
| Furniture and vehicles | 24 | €2,726 | €2,349 | -€378 | -13.9% |
| Current assets | 29/58 | €547,707 | €560,926 | +€13,220 | +2.4% |
| Stocks and contracts in progress | 3 | €16,393 | €16,251 | -€143 | -0.9% |
| Stocks | 30/36 | €16,393 | €16,251 | -€143 | -0.9% |
| Amounts receivable within one year | 40/41 | €29,878 | €36,800 | +€6,922 | +23.2% |
| Trade receivables | 40 | €4,752 | €27,506 | +€22,753 | +479% |
| Other amounts receivable | 41 | €25,125 | €9,294 | -€15,831 | -63.0% |
| Current investments | 50/53 | €50,000 | €101,500 | +€51,500 | +103% |
| Cash at bank and in hand | 54/58 | €448,424 | €399,281 | -€49,143 | -11.0% |
| Deferred charges and accrued income | 490/1 | €3,012 | €7,094 | +€4,082 | +136% |
| Total equity and liabilities | 10/49 | €728,459 | €721,015 | -€7,444 | -1.0% |
| Equity | 10/15 | €607,373 | €604,197 | -€3,176 | -0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,156 | €184,156 | = | 0.0% |
| 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 | €182,296 | €182,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €417,016 | €413,841 | -€3,176 | -0.8% |
| Amounts payable | 17/49 | €121,086 | €116,818 | -€4,268 | -3.5% |
| Amounts payable after more than one year | 17 | €90,942 | €79,422 | -€11,520 | -12.7% |
| Financial debts | 170/4 | €90,942 | €79,422 | -€11,520 | -12.7% |
| Amounts payable within one year | 42/48 | €26,946 | €36,193 | +€9,247 | +34.3% |
| Current portion of amounts payable after more than one year | 42 | €17,448 | €12,878 | -€4,571 | -26.2% |
| Trade debts | 44 | €1,308 | €6,199 | +€4,891 | +374% |
| Suppliers | 440/4 | €1,308 | €6,199 | +€4,891 | +374% |
| Advances received on contracts in progress | 46 | - | €3,837 | +€3,837 | |
| Taxes, remuneration and social security | 45 | €6,971 | €13,098 | +€6,127 | +87.9% |
| Taxes | 450/3 | €3,714 | €3,759 | +€44 | +1.2% |
| Remuneration and social security | 454/9 | €3,257 | €9,340 | +€6,083 | +187% |
| Other amounts payable | 47/48 | €1,220 | €181 | -€1,038 | -85.1% |
| Accrued charges and deferred income | 492/3 | €3,198 | €1,203 | -€1,994 | -62.4% |
| Remuneration, social security and pensions | 62 | €88,770 | €120,653 | +€31,883 | +35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,666 | €21,703 | -€5,963 | -21.6% |
| Other operating charges | 640/8 | €5,250 | €4,788 | -€462 | -8.8% |
| Gross operating margin | 9900 | €291,891 | €145,228 | -€146,663 | -50.2% |
| Operating profit (loss) | 9901 | €170,205 | -€1,916 | -€172,121 | |
| Financial income | 75/76B | €5,381 | €5,568 | +€188 | +3.5% |
| Recurring financial income | 75 | €5,381 | €5,568 | +€188 | +3.5% |
| Financial charges | 65/66B | €7,726 | €6,321 | -€1,406 | -18.2% |
| Recurring financial charges | 65 | €7,726 | €6,321 | -€1,406 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €167,859 | -€2,669 | -€170,528 | |
| Income taxes | 67/77 | €42,295 | €507 | -€41,787 | -98.8% |
| Profit (loss) for the period | 9904 | €125,565 | -€3,176 | -€128,741 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,565 | -€3,176 | -€128,741 |
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 18 October 2026 via checked.be.