THERM PERFORMANCE: 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.
THERM PERFORMANCE
Largest movements
- Tangible fixed assets +€29,661
up €29,661 (+659.1%), from €4,500 to €34,161
of which Furniture and vehicles: +€33,261
- Receivables within one year -€28,924
down €28,924 (-36.4%), from €79,530 to €50,606
of which Trade receivables: -€35,428
- Cash +€2,915
up €2,915 (+8.4%), from €34,552 to €37,467
mainly Receivables within one year (+€28,924) and Debts after one year (+€18,086)
- Deferred charges and accrued income +€2,437
up €2,437 (+106.9%), from €2,279 to €4,717
- Intangible fixed assets -€2,000
down €2,000 (-16.0%), from €12,500 to €10,500
- Debts after one year +€18,086
up €18,086 (+152.3%), from €11,875 to €29,961
- Tax, wage and social debts -€15,816
down €15,816 (-69.6%), from €22,725 to €6,909
of which Taxes: -€15,925
- Trade debts -€13,036
down €13,036 (-30.3%), from €43,020 to €29,984
- Profit (loss) carried forward +€8,987
up €8,987 (+155.2%), from €5,791 to €14,778
- Current portion of long-term debt +€4,111
up €4,111 (+60.4%), from €6,803 to €10,914
- Gross operating margin +€29,665
up €29,665 (+91.7%), from €32,351 to €62,016
- Purchases and services -€17,255
down €17,255 (-12.1%), from €142,618 to €125,362
- Staff costs +€13,099
up €13,099 (+45.5%), from €28,777 to €41,877
- Turnover +€12,409
up €12,409 (+7.1%), from €174,969 to €187,378
- Taxes +€1,962
up €1,962 (+521.8%), from €376 to €2,338
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 | €133,361 | €137,451 | +€4,089 | +3.1% |
| Fixed assets | 21/28 | €17,000 | €44,661 | +€27,661 | +162.7% |
| Intangible fixed assets | 21 | €12,500 | €10,500 | -€2,000 | -16.0% |
| Tangible fixed assets | 22/27 | €4,500 | €34,161 | +€29,661 | +659.1% |
| Plant, machinery and equipment | 23 | €4,500 | €900 | -€3,600 | -80.0% |
| Furniture and vehicles | 24 | - | €33,261 | +€33,261 | |
| Current assets | 29/58 | €116,361 | €92,790 | -€23,571 | -20.3% |
| Amounts receivable within one year | 40/41 | €79,530 | €50,606 | -€28,924 | -36.4% |
| Trade receivables | 40 | €77,323 | €41,895 | -€35,428 | -45.8% |
| Other amounts receivable | 41 | €2,207 | €8,711 | +€6,504 | +294.6% |
| Cash at bank and in hand | 54/58 | €34,552 | €37,467 | +€2,915 | +8.4% |
| Deferred charges and accrued income | 490/1 | €2,279 | €4,717 | +€2,437 | +106.9% |
| Total equity and liabilities | 10/49 | €133,361 | €137,451 | +€4,089 | +3.1% |
| Equity | 10/15 | €30,480 | €39,467 | +€8,987 | +29.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €18,689 | €18,689 | = | 0.0% |
| Distributable reserves | 133 | €18,689 | €18,689 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,791 | €14,778 | +€8,987 | +155.2% |
| Amounts payable | 17/49 | €102,881 | €97,984 | -€4,898 | -4.8% |
| Amounts payable after more than one year | 17 | €11,875 | €29,961 | +€18,086 | +152.3% |
| Financial debts | 170/4 | €11,875 | €29,961 | +€18,086 | +152.3% |
| Amounts payable within one year | 42/48 | €91,006 | €68,023 | -€22,983 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €6,803 | €10,914 | +€4,111 | +60.4% |
| Trade debts | 44 | €43,020 | €29,984 | -€13,036 | -30.3% |
| Suppliers | 440/4 | €43,020 | €29,984 | -€13,036 | -30.3% |
| Advances received on contracts in progress | 46 | €665 | €672 | +€7 | +1.1% |
| Taxes, remuneration and social security | 45 | €22,725 | €6,909 | -€15,816 | -69.6% |
| Taxes | 450/3 | €19,346 | €3,421 | -€15,925 | -82.3% |
| Remuneration and social security | 454/9 | €3,379 | €3,489 | +€109 | +3.2% |
| Other amounts payable | 47/48 | €17,793 | €19,543 | +€1,750 | +9.8% |
| Turnover | 70 | €174,969 | €187,378 | +€12,409 | +7.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €142,618 | €125,362 | -€17,255 | -12.1% |
| Remuneration, social security and pensions | 62 | €28,777 | €41,877 | +€13,099 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,934 | €7,793 | +€1,859 | +31.3% |
| Other operating charges | 640/8 | €550 | €929 | +€378 | +68.7% |
| Gross operating margin | 9900 | €32,351 | €62,016 | +€29,665 | +91.7% |
| Operating profit (loss) | 9901 | -€2,910 | €11,418 | +€14,328 | |
| Financial income | 75/76B | €1,423 | €1,242 | -€181 | -12.7% |
| Recurring financial income | 75 | €1,423 | €1,242 | -€181 | -12.7% |
| Financial charges | 65/66B | €966 | €1,335 | +€369 | +38.2% |
| Recurring financial charges | 65 | €966 | €1,335 | +€369 | +38.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,453 | €11,325 | +€13,778 | |
| Income taxes | 67/77 | €376 | €2,338 | +€1,962 | +521.8% |
| Profit (loss) for the period | 9904 | -€2,829 | €8,987 | +€11,816 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,829 | €8,987 | +€11,816 |
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 1 October 2026 via checked.be.