THERM-IC: 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.
THERM-IC
Largest movements
- Receivables within one year -€4,961
down €4,961 (-27.2%), from €18,236 to €13,275
of which Trade receivables: -€4,328
- Cash -€4,897
down €4,897 (-22.6%), from €21,672 to €16,775
mainly Trade debts (-€7,170) and Net result for the year (-€4,903)
- Deferred charges and accrued income -€1,182
down €1,182 (-58.1%), from €2,034 to €852
- Tangible fixed assets -€578
down €578 (-30.7%), from €1,881 to €1,303
of which Furniture and vehicles: -€326
- Trade debts -€7,170
down €7,170 (-64.3%), from €11,155 to €3,985
- Profit (loss) carried forward -€4,903
down €4,903 (-17.0%), from -€28,880 to -€33,783
- Gross operating margin +€11,978
up €11,978 (+82.7%), from -€14,491 to -€2,513
- Depreciation -€1,910
down €1,910 (-60.6%), from €3,152 to €1,242
- Other operating charges +€775
up €775 (+141%), from €549 to €1,324
- Financial income +€219
up €219 (+421%), from €52 to €271
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 | €44,375 | €32,507 | -€11,868 | -26.7% |
| Fixed assets | 21/28 | €2,433 | €1,605 | -€828 | -34.0% |
| Intangible fixed assets | 21 | €552 | €302 | -€250 | -45.3% |
| Tangible fixed assets | 22/27 | €1,881 | €1,303 | -€578 | -30.7% |
| Plant, machinery and equipment | 23 | €281 | €144 | -€137 | -48.8% |
| Furniture and vehicles | 24 | €904 | €578 | -€326 | -36.1% |
| Other tangible fixed assets | 26 | €696 | €581 | -€115 | -16.5% |
| Current assets | 29/58 | €41,942 | €30,902 | -€11,040 | -26.3% |
| Amounts receivable within one year | 40/41 | €18,236 | €13,275 | -€4,961 | -27.2% |
| Trade receivables | 40 | €10,931 | €6,603 | -€4,328 | -39.6% |
| Other amounts receivable | 41 | €7,305 | €6,672 | -€633 | -8.7% |
| Cash at bank and in hand | 54/58 | €21,672 | €16,775 | -€4,897 | -22.6% |
| Deferred charges and accrued income | 490/1 | €2,034 | €852 | -€1,182 | -58.1% |
| Total equity and liabilities | 10/49 | €44,375 | €32,507 | -€11,868 | -26.7% |
| Equity | 10/15 | €33,220 | €28,317 | -€4,903 | -14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,500 | €43,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €41,640 | €41,640 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,880 | -€33,783 | -€4,903 | -17.0% |
| Amounts payable | 17/49 | €11,155 | €4,190 | -€6,965 | -62.4% |
| Amounts payable within one year | 42/48 | €11,155 | €4,190 | -€6,965 | -62.4% |
| Trade debts | 44 | €11,155 | €3,985 | -€7,170 | -64.3% |
| Suppliers | 440/4 | €11,155 | €3,985 | -€7,170 | -64.3% |
| Taxes, remuneration and social security | 45 | - | €205 | +€205 | |
| Taxes | 450/3 | - | €205 | +€205 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,152 | €1,242 | -€1,910 | -60.6% |
| Other operating charges | 640/8 | €549 | €1,324 | +€775 | +141% |
| Gross operating margin | 9900 | -€14,491 | -€2,513 | +€11,978 | +82.7% |
| Operating profit (loss) | 9901 | -€18,192 | -€5,079 | +€13,113 | +72.1% |
| Financial income | 75/76B | €52 | €271 | +€219 | +421% |
| Recurring financial income | 75 | €52 | €271 | +€219 | +421% |
| Financial charges | 65/66B | €118 | €95 | -€23 | -19.5% |
| Recurring financial charges | 65 | €118 | €95 | -€23 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,258 | -€4,903 | +€13,355 | +73.1% |
| Profit (loss) for the period | 9904 | -€18,258 | -€4,903 | +€13,355 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,258 | -€4,903 | +€13,355 | +73.1% |
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 18 October 2026 via checked.be.