MULTI THERM: what changed
Two fiscal 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.
MULTI THERM
Largest movements
- Cash -€44,597
down €44,597 (-88.6%), from €50,340 to €5,742
mainly Receivables within one year (-€22,516) and Stocks and contracts (-€18,707)
- Receivables within one year +€22,516
up €22,516 (+148.4%), from €15,175 to €37,692
of which Trade receivables: +€22,939
- Stocks and contracts +€18,707
new in 2025: €18,707
- Tangible fixed assets +€5,925
up €5,925 (+971.4%), from €610 to €6,535
of which Furniture and vehicles: +€6,434
- Deferred charges and accrued income +€1,472
new in 2025: €1,472
- Other debts +€4,359
up €4,359 (+638.3%), from €683 to €5,041
- Trade debts -€2,981
down €2,981 (-73.5%), from €4,056 to €1,075
- Profit (loss) carried forward +€2,076
up €2,076 (+4.1%), from €50,291 to €52,366
- Gross operating margin -€44,016
down €44,016 (-88.5%), from €49,713 to €5,697
- Taxes -€8,464
down €8,464 (-93.7%), from €9,033 to €569
- Depreciation +€1,816
up €1,816 (+356.5%), from €509 to €2,325
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.
Cash bridge derived
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 | €66,125 | €70,147 | +€4,023 | +6.1% |
| Fixed assets | 21/28 | €610 | €6,535 | +€5,925 | +971.4% |
| Tangible fixed assets | 22/27 | €610 | €6,535 | +€5,925 | +971.4% |
| Plant, machinery and equipment | 23 | €610 | €101 | -€509 | -83.5% |
| Furniture and vehicles | 24 | - | €6,434 | +€6,434 | |
| Current assets | 29/58 | €65,515 | €63,612 | -€1,903 | -2.9% |
| Stocks and contracts in progress | 3 | - | €18,707 | +€18,707 | |
| Stocks | 30/36 | - | €18,707 | +€18,707 | |
| Amounts receivable within one year | 40/41 | €15,175 | €37,692 | +€22,516 | +148.4% |
| Trade receivables | 40 | €9,444 | €32,382 | +€22,939 | +242.9% |
| Other amounts receivable | 41 | €5,732 | €5,309 | -€423 | -7.4% |
| Cash at bank and in hand | 54/58 | €50,340 | €5,742 | -€44,597 | -88.6% |
| Deferred charges and accrued income | 490/1 | - | €1,472 | +€1,472 | |
| Total equity and liabilities | 10/49 | €66,125 | €70,147 | +€4,023 | +6.1% |
| Equity | 10/15 | €52,291 | €54,366 | +€2,076 | +4.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,291 | €52,366 | +€2,076 | +4.1% |
| Amounts payable | 17/49 | €13,834 | €15,781 | +€1,947 | +14.1% |
| Amounts payable within one year | 42/48 | €13,834 | €15,781 | +€1,947 | +14.1% |
| Trade debts | 44 | €4,056 | €1,075 | -€2,981 | -73.5% |
| Suppliers | 440/4 | €4,056 | €1,075 | -€2,981 | -73.5% |
| Taxes, remuneration and social security | 45 | €9,096 | €9,665 | +€569 | +6.3% |
| Taxes | 450/3 | €9,096 | €9,665 | +€569 | +6.3% |
| Other amounts payable | 47/48 | €683 | €5,041 | +€4,359 | +638.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €509 | €2,325 | +€1,816 | +356.5% |
| Other operating charges | 640/8 | €387 | €713 | +€326 | +84.2% |
| Gross operating margin | 9900 | €49,713 | €5,697 | -€44,016 | -88.5% |
| Operating profit (loss) | 9901 | €48,816 | €2,659 | -€46,157 | -94.6% |
| Financial income | 75/76B | €80 | €101 | +€21 | +26.5% |
| Recurring financial income | 75 | €80 | €101 | +€21 | +26.5% |
| Financial charges | 65/66B | €215 | €115 | -€100 | -46.4% |
| Recurring financial charges | 65 | €215 | €115 | -€100 | -46.4% |
| Profit (loss) for the period before taxes | 9903 | €48,681 | €2,645 | -€46,037 | -94.6% |
| Income taxes | 67/77 | €9,033 | €569 | -€8,464 | -93.7% |
| Profit (loss) for the period | 9904 | €39,649 | €2,076 | -€37,573 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,649 | €2,076 | -€37,573 | -94.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.