K-THERM: 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.
K-THERM
Largest movements
- Tangible fixed assets -€56,060
down €56,060 (-7.4%), from €754,470 to €698,410
of which Land and buildings: -€37,284
- Receivables within one year +€18,846
up €18,846 (+25.1%), from €75,192 to €94,038
of which Trade receivables: +€23,327
- Cash +€11,389
up €11,389 (+201%), from €5,663 to €17,052
mainly Depreciation (+€58,698) and Debts after one year (+€45,010)
- Stocks and contracts +€11,160
up €11,160 (+4.9%), from €228,134 to €239,294
of which Stocks: +€19,780
- Current portion of long-term debt -€116,156
down €116,156 (-59.1%), from €196,503 to €80,347
- Debts after one year +€45,010
up €45,010 (+8.2%), from €552,160 to €597,170
- Tax, wage and social debts +€39,799
up €39,799 (+94.5%), from €42,119 to €81,918
of which Taxes: +€36,460
- Turnover -€136,048
down €136,048 (-19.1%), from €711,982 to €575,934
- Purchases and services -€111,831
down €111,831 (-21.5%), from €520,961 to €409,131
- Gross operating margin -€58,023
down €58,023 (-25.6%), from €226,966 to €168,943
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 | €1,087,992 | €1,069,335 | -€18,658 | -1.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €770,680 | €710,789 | -€59,892 | -7.8% |
| Tangible fixed assets | 22/27 | €754,470 | €698,410 | -€56,060 | -7.4% |
| Land and buildings | 22 | €700,700 | €663,416 | -€37,284 | -5.3% |
| Plant, machinery and equipment | 23 | €11,912 | €9,105 | -€2,807 | -23.6% |
| Furniture and vehicles | 24 | €25,664 | €15,536 | -€10,128 | -39.5% |
| Leasing and similar rights | 25 | €16,195 | €10,354 | -€5,841 | -36.1% |
| Financial fixed assets | 28 | €16,210 | €12,379 | -€3,831 | -23.6% |
| Current assets | 29/58 | €317,312 | €358,546 | +€41,234 | +13.0% |
| Stocks and contracts in progress | 3 | €228,134 | €239,294 | +€11,160 | +4.9% |
| Stocks | 30/36 | €138,536 | €158,316 | +€19,780 | +14.3% |
| Contracts in progress | 37 | €89,598 | €80,978 | -€8,620 | -9.6% |
| Amounts receivable within one year | 40/41 | €75,192 | €94,038 | +€18,846 | +25.1% |
| Trade receivables | 40 | €68,269 | €91,596 | +€23,327 | +34.2% |
| Other amounts receivable | 41 | €6,923 | €2,442 | -€4,481 | -64.7% |
| Cash at bank and in hand | 54/58 | €5,663 | €17,052 | +€11,389 | +201% |
| Deferred charges and accrued income | 490/1 | €8,323 | €8,161 | -€161 | -1.9% |
| Total equity and liabilities | 10/49 | €1,087,992 | €1,069,335 | -€18,658 | -1.7% |
| Equity | 10/15 | €29,656 | €30,942 | +€1,286 | +4.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,137 | -€12,458 | +€3,679 | +22.8% |
| Investment grants | 15 | €39,593 | €37,200 | -€2,393 | -6.0% |
| Amounts payable | 17/49 | €1,058,337 | €1,038,393 | -€19,944 | -1.9% |
| Amounts payable after more than one year | 17 | €552,160 | €597,170 | +€45,010 | +8.2% |
| Financial debts | 170/4 | €552,160 | €597,170 | +€45,010 | +8.2% |
| Amounts payable within one year | 42/48 | €506,177 | €441,223 | -€64,954 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €196,503 | €80,347 | -€116,156 | -59.1% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €107,627 | €117,736 | +€10,109 | +9.4% |
| Suppliers | 440/4 | €107,627 | €117,736 | +€10,109 | +9.4% |
| Taxes, remuneration and social security | 45 | €42,119 | €81,918 | +€39,799 | +94.5% |
| Taxes | 450/3 | €38,387 | €74,847 | +€36,460 | +95.0% |
| Remuneration and social security | 454/9 | €3,732 | €7,071 | +€3,339 | +89.5% |
| Other amounts payable | 47/48 | €34,928 | €36,221 | +€1,294 | +3.7% |
| Turnover | 70 | €711,982 | €575,934 | -€136,048 | -19.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €520,961 | €409,131 | -€111,831 | -21.5% |
| Remuneration, social security and pensions | 62 | €63,909 | €61,515 | -€2,395 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,131 | €58,698 | -€2,433 | -4.0% |
| Other operating charges | 640/8 | €1,483 | €1,478 | -€6 | -0.4% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €226,966 | €168,943 | -€58,023 | -25.6% |
| Operating profit (loss) | 9901 | €100,442 | €47,152 | -€53,290 | -53.1% |
| Financial income | 75/76B | €2,814 | €2,411 | -€403 | -14.3% |
| Recurring financial income | 75 | €2,814 | €2,411 | -€403 | -14.3% |
| Financial charges | 65/66B | €40,931 | €45,885 | +€4,954 | +12.1% |
| Recurring financial charges | 65 | €40,931 | €45,885 | +€4,954 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €62,325 | €3,679 | -€58,647 | -94.1% |
| Profit (loss) for the period | 9904 | €62,325 | €3,679 | -€58,647 | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,325 | €3,679 | -€58,647 | -94.1% |
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 19 October 2026 via checked.be.