SYSTHERMIC: 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.
SYSTHERMIC
Largest movements
- Tangible fixed assets +€443,914
up €443,914 (+138%), from €321,579 to €765,492
of which Land and buildings: +€343,358
- Cash -€117,914
down €117,914 (-73.6%), from €160,259 to €42,345
mainly Investment in fixed assets (net) (-€513,660) and Contributions, distributions and other (-€29,488)
- Current investments -€15,476
down €15,476 (-13.1%), from €118,250 to €102,774
- Receivables within one year -€15,125
down €15,125 (-16.7%), from €90,609 to €75,483
of which Other amounts receivable: -€23,173
- Debts after one year +€281,013
up €281,013 (+126%), from €223,145 to €504,158
- Other debts +€17,668
up €17,668 (+93.7%), from €18,853 to €36,522
- Current portion of long-term debt +€16,026
up €16,026 (+115%), from €13,886 to €29,911
- Trade debts -€15,809
down €15,809 (-33.2%), from €47,560 to €31,751
- Depreciation +€58,054
up €58,054 (+497%), from €11,692 to €69,746
- Taxes -€20,752
down €20,752 (-58.9%), from €35,223 to €14,471
- Financial charges +€11,179
up €11,179 (+243%), from €4,605 to €15,784
- Financial income +€7,545
up €7,545 (+306%), from €2,463 to €10,008
- Gross operating margin -€7,525
down €7,525 (-3.8%), from €196,584 to €189,059
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 | €696,758 | €993,710 | +€296,953 | +42.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €321,579 | €765,492 | +€443,914 | +138% |
| Tangible fixed assets | 22/27 | €321,579 | €765,492 | +€443,914 | +138% |
| Land and buildings | 22 | €297,000 | €640,358 | +€343,358 | +116% |
| Plant, machinery and equipment | 23 | €6,040 | €3,807 | -€2,233 | -37.0% |
| Furniture and vehicles | 24 | €14,501 | €13,481 | -€1,020 | -7.0% |
| Other tangible fixed assets | 26 | €4,037 | €3,156 | -€882 | -21.8% |
| Assets under construction and advance payments | 27 | - | €104,691 | +€104,691 | |
| Current assets | 29/58 | €375,179 | €228,218 | -€146,961 | -39.2% |
| Stocks and contracts in progress | 3 | €5,745 | €5,745 | = | 0.0% |
| Stocks | 30/36 | €5,745 | €5,745 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €90,609 | €75,483 | -€15,125 | -16.7% |
| Trade receivables | 40 | €67,435 | €75,483 | +€8,048 | +11.9% |
| Other amounts receivable | 41 | €23,173 | €0 | -€23,173 | -100% |
| Current investments | 50/53 | €118,250 | €102,774 | -€15,476 | -13.1% |
| Cash at bank and in hand | 54/58 | €160,259 | €42,345 | -€117,914 | -73.6% |
| Deferred charges and accrued income | 490/1 | €316 | €1,871 | +€1,554 | +492% |
| Total equity and liabilities | 10/49 | €696,758 | €993,710 | +€296,953 | +42.6% |
| Equity | 10/15 | €381,397 | €377,833 | -€3,564 | -0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €361,160 | €357,616 | -€3,544 | -1.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Own shares acquired | 1312 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €359,300 | €355,756 | -€3,544 | -1.0% |
| Profit (loss) carried forward | 14 | €14,037 | €14,017 | -€20 | -0.1% |
| Amounts payable | 17/49 | €315,361 | €615,878 | +€300,517 | +95.3% |
| Amounts payable after more than one year | 17 | €223,145 | €504,158 | +€281,013 | +126% |
| Financial debts | 170/4 | €223,145 | €504,158 | +€281,013 | +126% |
| Amounts payable within one year | 42/48 | €91,020 | €108,893 | +€17,873 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €13,886 | €29,911 | +€16,026 | +115% |
| Trade debts | 44 | €47,560 | €31,751 | -€15,809 | -33.2% |
| Suppliers | 440/4 | €47,560 | €31,751 | -€15,809 | -33.2% |
| Taxes, remuneration and social security | 45 | €10,721 | €10,709 | -€11 | -0.1% |
| Taxes | 450/3 | €10,657 | €7,485 | -€3,171 | -29.8% |
| Remuneration and social security | 454/9 | €64 | €3,224 | +€3,160 | +4,937% |
| Other amounts payable | 47/48 | €18,853 | €36,522 | +€17,668 | +93.7% |
| Accrued charges and deferred income | 492/3 | €1,196 | €2,826 | +€1,631 | +136% |
| Remuneration, social security and pensions | 62 | €63,213 | €67,746 | +€4,533 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,692 | €69,746 | +€58,054 | +497% |
| Other operating charges | 640/8 | €2,440 | €5,397 | +€2,957 | +121% |
| Gross operating margin | 9900 | €196,584 | €189,059 | -€7,525 | -3.8% |
| Operating profit (loss) | 9901 | €119,239 | €46,171 | -€73,069 | -61.3% |
| Financial income | 75/76B | €2,463 | €10,008 | +€7,545 | +306% |
| Recurring financial income | 75 | €2,463 | €10,008 | +€7,545 | +306% |
| Financial charges | 65/66B | €4,605 | €15,784 | +€11,179 | +243% |
| Recurring financial charges | 65 | €4,605 | €15,784 | +€11,179 | +243% |
| Profit (loss) for the period before taxes | 9903 | €117,096 | €40,394 | -€76,702 | -65.5% |
| Income taxes | 67/77 | €35,223 | €14,471 | -€20,752 | -58.9% |
| Profit (loss) for the period | 9904 | €81,873 | €25,923 | -€55,950 | -68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €81,873 | €25,923 | -€55,950 | -68.3% |
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.