TERMIC: 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.
TERMIC
Largest movements
- Receivables within one year +€79,715
up €79,715 (+71.1%), from €112,086 to €191,801
of which Trade receivables: +€85,869
- Cash -€47,503
down €47,503 (-72.7%), from €65,371 to €17,868
mainly Receivables within one year (-€79,715) and Stocks and contracts (-€20,877)
- Stocks and contracts +€20,877
up €20,877 (+160%), from €13,034 to €33,911
- Tangible fixed assets -€20,751
down €20,751 (-28.1%), from €73,726 to €52,975
of which Furniture and vehicles: -€17,863
- Deferred charges and accrued income +€3,738
up €3,738 (+115%), from €3,243 to €6,982
- Short-term financial debts +€44,000
new in 2025: €44,000
- Debts after one year -€17,874
down €17,874 (-76.9%), from €23,255 to €5,382
- Tax, wage and social debts -€15,946
down €15,946 (-41.5%), from €38,465 to €22,518
of which Taxes: -€19,191
- Reserves +€11,000
up €11,000 (+13.3%), from €82,400 to €93,400
- Trade debts +€9,990
up €9,990 (+11.3%), from €88,100 to €98,090
- Staff costs +€40,703
up €40,703 (+43.7%), from €93,197 to €133,900
- Gross operating margin -€35,810
down €35,810 (-17.0%), from €210,611 to €174,801
- Taxes -€19,560
down €19,560 (-86.7%), from €22,565 to €3,005
- Depreciation +€5,869
up €5,869 (+34.9%), from €16,809 to €22,678
- Write-downs -€2,814
no longer reported in 2025 (was €2,814)
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 | €280,907 | €315,057 | +€34,150 | +12.2% |
| Fixed assets | 21/28 | €87,173 | €64,496 | -€22,678 | -26.0% |
| Intangible fixed assets | 21 | €7,447 | €5,520 | -€1,927 | -25.9% |
| Tangible fixed assets | 22/27 | €73,726 | €52,975 | -€20,751 | -28.1% |
| Plant, machinery and equipment | 23 | €9,931 | €7,043 | -€2,889 | -29.1% |
| Furniture and vehicles | 24 | €63,795 | €45,932 | -€17,863 | -28.0% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €193,733 | €250,561 | +€56,828 | +29.3% |
| Stocks and contracts in progress | 3 | €13,034 | €33,911 | +€20,877 | +160% |
| Stocks | 30/36 | €13,034 | €33,911 | +€20,877 | +160% |
| Amounts receivable within one year | 40/41 | €112,086 | €191,801 | +€79,715 | +71.1% |
| Trade receivables | 40 | €94,246 | €180,115 | +€85,869 | +91.1% |
| Other amounts receivable | 41 | €17,840 | €11,686 | -€6,154 | -34.5% |
| Cash at bank and in hand | 54/58 | €65,371 | €17,868 | -€47,503 | -72.7% |
| Deferred charges and accrued income | 490/1 | €3,243 | €6,982 | +€3,738 | +115% |
| Total equity and liabilities | 10/49 | €280,907 | €315,057 | +€34,150 | +12.2% |
| Equity | 10/15 | €84,975 | €95,980 | +€11,005 | +13.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €82,400 | €93,400 | +€11,000 | +13.3% |
| Distributable reserves | 133 | €82,400 | €93,400 | +€11,000 | +13.3% |
| Profit (loss) carried forward | 14 | €75 | €80 | +€5 | +6.2% |
| Amounts payable | 17/49 | €195,932 | €219,077 | +€23,145 | +11.8% |
| Amounts payable after more than one year | 17 | €23,255 | €5,382 | -€17,874 | -76.9% |
| Financial debts | 170/4 | €23,255 | €5,382 | -€17,874 | -76.9% |
| Amounts payable within one year | 42/48 | €169,827 | €210,795 | +€40,968 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €22,356 | €17,874 | -€4,482 | -20.1% |
| Financial debts | 43 | - | €44,000 | +€44,000 | |
| Credit institutions | 430/8 | - | €44,000 | +€44,000 | |
| Trade debts | 44 | €88,100 | €98,090 | +€9,990 | +11.3% |
| Suppliers | 440/4 | €88,100 | €98,090 | +€9,990 | +11.3% |
| Taxes, remuneration and social security | 45 | €38,465 | €22,518 | -€15,946 | -41.5% |
| Taxes | 450/3 | €25,474 | €6,283 | -€19,191 | -75.3% |
| Remuneration and social security | 454/9 | €12,991 | €16,235 | +€3,245 | +25.0% |
| Other amounts payable | 47/48 | €20,906 | €28,313 | +€7,407 | +35.4% |
| Accrued charges and deferred income | 492/3 | €2,850 | €2,900 | +€50 | +1.8% |
| Remuneration, social security and pensions | 62 | €93,197 | €133,900 | +€40,703 | +43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,809 | €22,678 | +€5,869 | +34.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,814 | - | -€2,814 | |
| Other operating charges | 640/8 | €905 | €974 | +€69 | +7.6% |
| Gross operating margin | 9900 | €210,611 | €174,801 | -€35,810 | -17.0% |
| Operating profit (loss) | 9901 | €96,886 | €17,249 | -€79,637 | -82.2% |
| Financial income | 75/76B | €998 | €239 | -€759 | -76.1% |
| Recurring financial income | 75 | €998 | €239 | -€759 | -76.1% |
| Financial charges | 65/66B | €2,262 | €3,478 | +€1,216 | +53.7% |
| Recurring financial charges | 65 | €2,262 | €3,478 | +€1,216 | +53.7% |
| Profit (loss) for the period before taxes | 9903 | €95,622 | €14,010 | -€81,612 | -85.3% |
| Income taxes | 67/77 | €22,565 | €3,005 | -€19,560 | -86.7% |
| Profit (loss) for the period | 9904 | €73,057 | €11,005 | -€62,052 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,057 | €11,005 | -€62,052 | -84.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.