Thermal Focus: 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.
Thermal Focus
Largest movements
- Stocks and contracts -€188,573
down €188,573 (-51.0%), from €370,060 to €181,486
- Receivables within one year +€49,560
up €49,560 (+23.1%), from €214,941 to €264,501
of which Trade receivables: +€89,444
- Tangible fixed assets +€40,676
up €40,676 (+8.8%), from €462,974 to €503,650
of which Plant, machinery and equipment: +€38,928
- Cash +€22,434
up €22,434 (+50.8%), from €44,157 to €66,592
mainly Stocks and contracts (+€188,573) and Depreciation (+€109,534)
- Trade debts -€138,911
down €138,911 (-58.6%), from €237,022 to €98,111
- Reserves +€78,118
up €78,118 (+16.2%), from €481,587 to €559,706
- Debts after one year -€20,400
down €20,400 (-20.0%), from €102,000 to €81,600
- Gross operating margin +€47,221
up €47,221 (+13.5%), from €349,147 to €396,368
- Staff costs +€33,715
up €33,715 (+34.6%), from €97,311 to €131,027
- Depreciation +€5,378
up €5,378 (+5.2%), from €104,156 to €109,534
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,094,935 | €1,020,976 | -€73,959 | -6.8% |
| Fixed assets | 21/28 | €462,974 | €503,650 | +€40,676 | +8.8% |
| Tangible fixed assets | 22/27 | €462,974 | €503,650 | +€40,676 | +8.8% |
| Land and buildings | 22 | €174,657 | €166,384 | -€8,273 | -4.7% |
| Plant, machinery and equipment | 23 | €228,665 | €267,592 | +€38,928 | +17.0% |
| Furniture and vehicles | 24 | €59,653 | €69,674 | +€10,021 | +16.8% |
| Current assets | 29/58 | €631,960 | €517,326 | -€114,634 | -18.1% |
| Stocks and contracts in progress | 3 | €370,060 | €181,486 | -€188,573 | -51.0% |
| Stocks | 30/36 | €370,060 | €181,486 | -€188,573 | -51.0% |
| Amounts receivable within one year | 40/41 | €214,941 | €264,501 | +€49,560 | +23.1% |
| Trade receivables | 40 | €173,897 | €263,341 | +€89,444 | +51.4% |
| Other amounts receivable | 41 | €41,043 | €1,160 | -€39,883 | -97.2% |
| Cash at bank and in hand | 54/58 | €44,157 | €66,592 | +€22,434 | +50.8% |
| Deferred charges and accrued income | 490/1 | €2,803 | €4,747 | +€1,944 | +69.3% |
| Total equity and liabilities | 10/49 | €1,094,935 | €1,020,976 | -€73,959 | -6.8% |
| Equity | 10/15 | €681,587 | €759,706 | +€78,118 | +11.5% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Contributions outside capital | 11 | €200,000 | €200,000 | = | 0.0% |
| Other | 1109/19 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €481,587 | €559,706 | +€78,118 | +16.2% |
| Distributable reserves | 133 | €481,587 | €559,706 | +€78,118 | +16.2% |
| Amounts payable | 17/49 | €413,348 | €261,270 | -€152,077 | -36.8% |
| Amounts payable after more than one year | 17 | €102,000 | €81,600 | -€20,400 | -20.0% |
| Financial debts | 170/4 | €102,000 | €81,600 | -€20,400 | -20.0% |
| Amounts payable within one year | 42/48 | €311,348 | €179,670 | -€131,677 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €20,400 | €20,400 | = | 0.0% |
| Trade debts | 44 | €237,022 | €98,111 | -€138,911 | -58.6% |
| Suppliers | 440/4 | €237,022 | €98,111 | -€138,911 | -58.6% |
| Taxes, remuneration and social security | 45 | €13,031 | €17,586 | +€4,555 | +35.0% |
| Remuneration and social security | 454/9 | €13,031 | €17,586 | +€4,555 | +35.0% |
| Other amounts payable | 47/48 | €40,894 | €43,573 | +€2,679 | +6.5% |
| Non-recurring operating income | 76A | €7,168 | €45,516 | +€38,347 | +535% |
| Remuneration, social security and pensions | 62 | €97,311 | €131,027 | +€33,715 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,156 | €109,534 | +€5,378 | +5.2% |
| Other operating charges | 640/8 | €1,429 | €2,558 | +€1,129 | +79.0% |
| Gross operating margin | 9900 | €349,147 | €396,368 | +€47,221 | +13.5% |
| Operating profit (loss) | 9901 | €146,251 | €153,249 | +€6,998 | +4.8% |
| Financial income | 75/76B | €1,601 | €185 | -€1,416 | -88.4% |
| Recurring financial income | 75 | €1,601 | €185 | -€1,416 | -88.4% |
| Financial charges | 65/66B | €6,813 | €6,081 | -€733 | -10.8% |
| Recurring financial charges | 65 | €6,813 | €6,081 | -€733 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €141,039 | €147,354 | +€6,315 | +4.5% |
| Income taxes | 67/77 | €41,621 | €42,216 | +€595 | +1.4% |
| Profit (loss) for the period | 9904 | €99,418 | €105,138 | +€5,720 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,418 | €105,138 | +€5,720 | +5.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.