ML 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.
ML THERM
Largest movements
- Receivables within one year +€11,737
up €11,737 (+134%), from €8,748 to €20,485
of which Trade receivables: +€15,583
- Cash +€1,719
up €1,719 (+35.5%), from €4,849 to €6,568
mainly Tax, wage and social debts (+€8,849) and Net result for the year (+€4,318)
- Tax, wage and social debts +€8,849
up €8,849 (+459%), from €1,928 to €10,777
of which Remuneration and social security: +€7,522
- Profit (loss) carried forward +€4,318
up €4,318 (+159%), from €2,718 to €7,036
- Trade debts +€518
up €518 (+45.0%), from €1,150 to €1,668
- Gross operating margin +€2,250
up €2,250 (+45.5%), from €4,941 to €7,190
- Depreciation -€1,150
no longer reported in 2025 (was €1,150)
- Other operating charges +€1,031
up €1,031 (+321%), from €321 to €1,352
- Taxes +€647
up €647 (+95.3%), from €680 to €1,327
- Financial charges +€77
up €77 (+66.9%), from €116 to €193
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 | €13,596 | €27,053 | +€13,457 | +99.0% |
| Current assets | 29/58 | €13,596 | €27,053 | +€13,457 | +99.0% |
| Amounts receivable within one year | 40/41 | €8,748 | €20,485 | +€11,737 | +134% |
| Trade receivables | 40 | €3,816 | €19,399 | +€15,583 | +408% |
| Other amounts receivable | 41 | €4,932 | €1,086 | -€3,846 | -78.0% |
| Cash at bank and in hand | 54/58 | €4,849 | €6,568 | +€1,719 | +35.5% |
| Total equity and liabilities | 10/49 | €13,596 | €27,053 | +€13,457 | +99.0% |
| Equity | 10/15 | €7,718 | €12,036 | +€4,318 | +55.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,718 | €7,036 | +€4,318 | +159% |
| Amounts payable | 17/49 | €5,878 | €15,017 | +€9,139 | +155% |
| Amounts payable within one year | 42/48 | €5,878 | €15,017 | +€9,139 | +155% |
| Trade debts | 44 | €1,150 | €1,668 | +€518 | +45.0% |
| Suppliers | 440/4 | €1,150 | €1,668 | +€518 | +45.0% |
| Taxes, remuneration and social security | 45 | €1,928 | €10,777 | +€8,849 | +459% |
| Taxes | 450/3 | €680 | €2,007 | +€1,327 | +195% |
| Remuneration and social security | 454/9 | €1,249 | €8,770 | +€7,522 | +602% |
| Other amounts payable | 47/48 | €2,800 | €2,572 | -€228 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,150 | - | -€1,150 | |
| Other operating charges | 640/8 | €321 | €1,352 | +€1,031 | +321% |
| Gross operating margin | 9900 | €4,941 | €7,190 | +€2,250 | +45.5% |
| Operating profit (loss) | 9901 | €3,469 | €5,838 | +€2,369 | +68.3% |
| Financial income | 75/76B | €44 | - | -€44 | |
| Recurring financial income | 75 | €44 | - | -€44 | |
| Financial charges | 65/66B | €116 | €193 | +€77 | +66.9% |
| Recurring financial charges | 65 | €116 | €193 | +€77 | +66.9% |
| Profit (loss) for the period before taxes | 9903 | €3,398 | €5,645 | +€2,247 | +66.1% |
| Income taxes | 67/77 | €680 | €1,327 | +€647 | +95.3% |
| Profit (loss) for the period | 9904 | €2,718 | €4,318 | +€1,600 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,718 | €4,318 | +€1,600 | +58.9% |
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 22 October 2026 via checked.be.