Therma: 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.
Therma
Largest movements
- Cash -€24,040
down €24,040 (-66.6%), from €36,108 to €12,068
mainly Trade debts (-€28,056) and Contributions, distributions and other (-€9,633)
- Receivables within one year -€21,276
down €21,276 (-46.3%), from €45,953 to €24,676
of which Other amounts receivable: -€23,228
- Tangible fixed assets -€1,017
down €1,017 (-13.2%), from €7,677 to €6,660
of which Other tangible fixed assets: -€637
- Trade debts -€28,056
down €28,056 (-97.4%), from €28,806 to €750
- Profit (loss) carried forward -€16,465
down €16,465 (-47.0%), from €35,016 to €18,551
- Tax, wage and social debts -€2,213
down €2,213 (-20.2%), from €10,957 to €8,744
- Gross operating margin -€20,358
down €20,358 (-31.5%), from €64,531 to €44,173
- Staff costs +€7,966
up €7,966 (+21.3%), from €37,439 to €45,405
- Taxes -€4,903
down €4,903 (-73.3%), from €6,691 to €1,788
- Financial income -€2,454
no longer reported in 2025 (was €2,454)
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 | €95,230 | €48,496 | -€46,734 | -49.1% |
| Fixed assets | 21/28 | €10,274 | €9,257 | -€1,017 | -9.9% |
| Tangible fixed assets | 22/27 | €7,677 | €6,660 | -€1,017 | -13.2% |
| Plant, machinery and equipment | 23 | €1,940 | €1,560 | -€380 | -19.6% |
| Other tangible fixed assets | 26 | €5,737 | €5,100 | -€637 | -11.1% |
| Financial fixed assets | 28 | €2,597 | €2,597 | = | 0.0% |
| Current assets | 29/58 | €84,956 | €39,239 | -€45,717 | -53.8% |
| Stocks and contracts in progress | 3 | €2,895 | €2,495 | -€400 | -13.8% |
| Stocks | 30/36 | €2,895 | €2,495 | -€400 | -13.8% |
| Amounts receivable within one year | 40/41 | €45,953 | €24,676 | -€21,276 | -46.3% |
| Trade receivables | 40 | - | €1,951 | +€1,951 | |
| Other amounts receivable | 41 | €45,953 | €22,725 | -€23,228 | -50.5% |
| Cash at bank and in hand | 54/58 | €36,108 | €12,068 | -€24,040 | -66.6% |
| Total equity and liabilities | 10/49 | €95,230 | €48,496 | -€46,734 | -49.1% |
| Equity | 10/15 | €55,467 | €39,002 | -€16,465 | -29.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,016 | €18,551 | -€16,465 | -47.0% |
| Amounts payable | 17/49 | €39,763 | €9,494 | -€30,269 | -76.1% |
| Amounts payable within one year | 42/48 | €39,763 | €9,494 | -€30,269 | -76.1% |
| Trade debts | 44 | €28,806 | €750 | -€28,056 | -97.4% |
| Suppliers | 440/4 | €28,806 | €750 | -€28,056 | -97.4% |
| Taxes, remuneration and social security | 45 | €10,957 | €8,744 | -€2,213 | -20.2% |
| Taxes | 450/3 | €10,957 | €8,744 | -€2,213 | -20.2% |
| Remuneration, social security and pensions | 62 | €37,439 | €45,405 | +€7,966 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201 | €1,017 | -€184 | -15.3% |
| Other operating charges | 640/8 | €2,425 | €2,475 | +€50 | +2.1% |
| Gross operating margin | 9900 | €64,531 | €44,173 | -€20,358 | -31.5% |
| Operating profit (loss) | 9901 | €23,466 | -€4,724 | -€28,191 | |
| Financial income | 75/76B | €2,454 | - | -€2,454 | |
| Recurring financial income | 75 | €2,454 | - | -€2,454 | |
| Financial charges | 65/66B | €132 | €320 | +€188 | +142.6% |
| Recurring financial charges | 65 | €132 | €320 | +€188 | +142.6% |
| Profit (loss) for the period before taxes | 9903 | €25,788 | -€5,044 | -€30,832 | |
| Income taxes | 67/77 | €6,691 | €1,788 | -€4,903 | -73.3% |
| Profit (loss) for the period | 9904 | €19,097 | -€6,832 | -€25,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,097 | -€6,832 | -€25,929 |
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 12 October 2026 via checked.be.