THERMAE: 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.
THERMAE
Largest movements
- Receivables within one year -€638,922
down €638,922 (-26.2%), from €2.4m to €1.8m
of which Trade receivables: -€628,369
- Tangible fixed assets +€245,301
up €245,301 (+2.3%), from €10.5m to €10.7m
of which Plant, machinery and equipment: +€588,255
- Other debts -€489,106
down €489,106 (-8.2%), from €6.0m to €5.5m
- Gross operating margin -€27,535
down €27,535 (-3.5%), from €779,556 to €752,022
- Depreciation +€25,413
up €25,413 (+4.9%), from €523,808 to €549,220
- Staff costs +€11,228
up €11,228 (+7.2%), from €156,033 to €167,261
- Taxes -€8,696
down €8,696 (-97.5%), from €8,917 to €221
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 | €13,333,562 | €12,840,131 | -€493,431 | -3.7% |
| Fixed assets | 21/28 | €10,453,915 | €10,696,734 | +€242,819 | +2.3% |
| Intangible fixed assets | 21 | €2,481 | - | -€2,481 | |
| Tangible fixed assets | 22/27 | €10,451,433 | €10,696,734 | +€245,301 | +2.3% |
| Land and buildings | 22 | €9,324,892 | €8,999,916 | -€324,976 | -3.5% |
| Plant, machinery and equipment | 23 | €913,842 | €1,502,097 | +€588,255 | +64.4% |
| Furniture and vehicles | 24 | €212,700 | €194,721 | -€17,979 | -8.5% |
| Current assets | 29/58 | €2,879,648 | €2,143,397 | -€736,251 | -25.6% |
| Amounts receivable within one year | 40/41 | €2,441,734 | €1,802,812 | -€638,922 | -26.2% |
| Trade receivables | 40 | €1,632,062 | €1,003,693 | -€628,369 | -38.5% |
| Other amounts receivable | 41 | €809,672 | €799,118 | -€10,553 | -1.3% |
| Cash at bank and in hand | 54/58 | €417,615 | €317,248 | -€100,367 | -24.0% |
| Deferred charges and accrued income | 490/1 | €20,299 | €23,338 | +€3,039 | +15.0% |
| Total equity and liabilities | 10/49 | €13,333,562 | €12,840,131 | -€493,431 | -3.7% |
| Equity | 10/15 | €6,834,993 | €6,825,106 | -€9,887 | -0.1% |
| Contributions | 10/11 | €145,813 | €145,813 | = | 0.0% |
| Capital | 10 | €145,813 | €145,813 | = | 0.0% |
| Issued capital | 100 | €145,813 | €145,813 | = | 0.0% |
| Reserves | 13 | €6,689,180 | €6,679,293 | -€9,887 | -0.1% |
| Non-distributable reserves | 130/1 | €14,581 | €14,581 | = | 0.0% |
| Legal reserve | 130 | €14,581 | €14,581 | = | 0.0% |
| Distributable reserves | 133 | €6,674,599 | €6,664,711 | -€9,887 | -0.1% |
| Amounts payable | 17/49 | €6,498,569 | €6,015,025 | -€483,544 | -7.4% |
| Amounts payable within one year | 42/48 | €6,407,450 | €6,015,025 | -€392,425 | -6.1% |
| Trade debts | 44 | €111,899 | €111,838 | -€61 | -0.1% |
| Suppliers | 440/4 | €111,899 | €111,838 | -€61 | -0.1% |
| Advances received on contracts in progress | 46 | €285,775 | €397,868 | +€112,093 | +39.2% |
| Taxes, remuneration and social security | 45 | €35,202 | €19,852 | -€15,350 | -43.6% |
| Taxes | 450/3 | €14,793 | €221 | -€14,572 | -98.5% |
| Remuneration and social security | 454/9 | €20,409 | €19,631 | -€778 | -3.8% |
| Other amounts payable | 47/48 | €5,974,573 | €5,485,467 | -€489,106 | -8.2% |
| Accrued charges and deferred income | 492/3 | €91,119 | - | -€91,119 | |
| Remuneration, social security and pensions | 62 | €156,033 | €167,261 | +€11,228 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €523,808 | €549,220 | +€25,413 | +4.9% |
| Other operating charges | 640/8 | €30,054 | €28,515 | -€1,539 | -5.1% |
| Gross operating margin | 9900 | €779,556 | €752,022 | -€27,535 | -3.5% |
| Operating profit (loss) | 9901 | €69,662 | €7,025 | -€62,637 | -89.9% |
| Financial income | 75/76B | €114 | €47 | -€68 | -59.2% |
| Recurring financial income | 75 | €114 | €47 | -€68 | -59.2% |
| Financial charges | 65/66B | €10,162 | €16,738 | +€6,576 | +64.7% |
| Recurring financial charges | 65 | €10,162 | €16,738 | +€6,576 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €59,614 | -€9,666 | -€69,281 | |
| Income taxes | 67/77 | €8,917 | €221 | -€8,696 | -97.5% |
| Profit (loss) for the period | 9904 | €50,697 | -€9,887 | -€60,584 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,697 | -€9,887 | -€60,584 |
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 3 October 2026 via checked.be.