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
- Receivables within one year +€12,769
up €12,769 (+47.2%), from €27,076 to €39,845
of which Trade receivables: +€14,824
- Tangible fixed assets -€8,882
down €8,882 (-6.1%), from €146,213 to €137,331
of which Furniture and vehicles: -€12,078
- Stocks and contracts -€5,392
down €5,392 (-2.5%), from €214,919 to €209,527
of which Stocks: -€18,978
- Debts after one year -€23,097
down €23,097 (-51.1%), from €45,231 to €22,134
- Profit (loss) carried forward +€16,574
up €16,574 (+4.8%), from €341,885 to €358,459
- Trade debts +€8,796
up €8,796 (+29.9%), from €29,432 to €38,227
- Gross operating margin +€19,326
up €19,326 (+45.7%), from €42,265 to €61,592
- Taxes +€4,863
up €4,863 (+633%), from €769 to €5,632
- Depreciation +€1,548
up €1,548 (+4.6%), from €33,415 to €34,962
- Financial income +€1,338
up €1,338 (+62.5%), from €2,139 to €3,477
- Financial charges -€1,249
down €1,249 (-34.5%), from €3,623 to €2,374
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 | €497,822 | €499,438 | +€1,616 | +0.3% |
| Fixed assets | 21/28 | €150,617 | €143,479 | -€7,138 | -4.7% |
| Intangible fixed assets | 21 | €404 | €2,148 | +€1,743 | +431% |
| Tangible fixed assets | 22/27 | €146,213 | €137,331 | -€8,882 | -6.1% |
| Plant, machinery and equipment | 23 | €94,875 | €103,625 | +€8,749 | +9.2% |
| Furniture and vehicles | 24 | €22,818 | €10,740 | -€12,078 | -52.9% |
| Other tangible fixed assets | 26 | €28,520 | €22,967 | -€5,554 | -19.5% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €347,205 | €355,959 | +€8,755 | +2.5% |
| Stocks and contracts in progress | 3 | €214,919 | €209,527 | -€5,392 | -2.5% |
| Stocks | 30/36 | €206,380 | €187,401 | -€18,978 | -9.2% |
| Contracts in progress | 37 | €8,539 | €22,126 | +€13,586 | +159% |
| Amounts receivable within one year | 40/41 | €27,076 | €39,845 | +€12,769 | +47.2% |
| Trade receivables | 40 | €18,098 | €32,922 | +€14,824 | +81.9% |
| Other amounts receivable | 41 | €8,978 | €6,922 | -€2,056 | -22.9% |
| Cash at bank and in hand | 54/58 | €98,560 | €100,859 | +€2,300 | +2.3% |
| Deferred charges and accrued income | 490/1 | €6,650 | €5,728 | -€922 | -13.9% |
| Total equity and liabilities | 10/49 | €497,822 | €499,438 | +€1,616 | +0.3% |
| Equity | 10/15 | €381,095 | €397,669 | +€16,574 | +4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €341,885 | €358,459 | +€16,574 | +4.8% |
| Amounts payable | 17/49 | €116,727 | €101,769 | -€14,958 | -12.8% |
| Amounts payable after more than one year | 17 | €45,231 | €22,134 | -€23,097 | -51.1% |
| Financial debts | 170/4 | €45,231 | €22,134 | -€23,097 | -51.1% |
| Amounts payable within one year | 42/48 | €71,496 | €79,635 | +€8,139 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €25,308 | €23,097 | -€2,211 | -8.7% |
| Trade debts | 44 | €29,432 | €38,227 | +€8,796 | +29.9% |
| Suppliers | 440/4 | €29,432 | €38,227 | +€8,796 | +29.9% |
| Taxes, remuneration and social security | 45 | €1,757 | €3,311 | +€1,554 | +88.5% |
| Taxes | 450/3 | €1,757 | €3,311 | +€1,554 | +88.5% |
| Other amounts payable | 47/48 | €15,000 | €15,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €835 | €32 | -€804 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,415 | €34,962 | +€1,548 | +4.6% |
| Other operating charges | 640/8 | €5,661 | €5,495 | -€166 | -2.9% |
| Gross operating margin | 9900 | €42,265 | €61,592 | +€19,326 | +45.7% |
| Operating profit (loss) | 9901 | €2,355 | €21,103 | +€18,748 | +796% |
| Financial income | 75/76B | €2,139 | €3,477 | +€1,338 | +62.5% |
| Recurring financial income | 75 | €2,139 | €3,477 | +€1,338 | +62.5% |
| Financial charges | 65/66B | €3,623 | €2,374 | -€1,249 | -34.5% |
| Recurring financial charges | 65 | €3,623 | €2,374 | -€1,249 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €871 | €22,206 | +€21,335 | +2,451% |
| Income taxes | 67/77 | €769 | €5,632 | +€4,863 | +633% |
| Profit (loss) for the period | 9904 | €102 | €16,574 | +€16,472 | +16,183% |
| Profit (loss) for the period to be appropriated | 9905 | €102 | €16,574 | +€16,472 | +16,183% |
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 19 October 2026 via checked.be.