THERMAL PROCESS SYSTEMS: 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.
THERMAL PROCESS SYSTEMS
Largest movements
- Cash -€28,922
down €28,922 (-28.6%), from €101,221 to €72,299
mainly Accrued charges and deferred income (-€30,818) and Trade debts (-€13,032)
- Receivables within one year -€9,143
down €9,143 (-5.4%), from €170,128 to €160,985
of which Trade receivables: -€8,803
- Tangible fixed assets -€5,899
down €5,899 (-67.5%), from €8,746 to €2,847
of which Plant, machinery and equipment: -€5,142
- Deferred charges and accrued income -€3,749
down €3,749 (-30.7%), from €12,224 to €8,475
- Accrued charges and deferred income -€30,818
no longer reported in 2025 (was €30,818)
- Reserves +€14,114
up €14,114 (+10.0%), from €141,441 to €155,555
- Trade debts -€13,032
down €13,032 (-66.3%), from €19,654 to €6,622
- Other debts -€11,799
down €11,799 (-85.1%), from €13,872 to €2,073
- Current portion of long-term debt -€10,243
no longer reported in 2025 (was €10,243)
- Gross operating margin -€24,089
down €24,089 (-43.9%), from €54,854 to €30,765
- Taxes -€4,660
down €4,660 (-40.1%), from €11,615 to €6,955
- Write-downs -€4,460
no longer reported in 2025 (was €4,460)
- Depreciation -€2,291
down €2,291 (-28.0%), from €8,190 to €5,899
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 | €319,035 | €269,642 | -€49,394 | -15.5% |
| Fixed assets | 21/28 | €10,646 | €4,747 | -€5,899 | -55.4% |
| Tangible fixed assets | 22/27 | €8,746 | €2,847 | -€5,899 | -67.5% |
| Land and buildings | 22 | €2,693 | €2,525 | -€168 | -6.2% |
| Plant, machinery and equipment | 23 | €5,142 | - | -€5,142 | |
| Furniture and vehicles | 24 | €912 | €322 | -€590 | -64.7% |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €308,389 | €264,895 | -€43,494 | -14.1% |
| Stocks and contracts in progress | 3 | €24,816 | €23,136 | -€1,680 | -6.8% |
| Stocks | 30/36 | €24,816 | €23,136 | -€1,680 | -6.8% |
| Amounts receivable within one year | 40/41 | €170,128 | €160,985 | -€9,143 | -5.4% |
| Trade receivables | 40 | €161,742 | €152,940 | -€8,803 | -5.4% |
| Other amounts receivable | 41 | €8,385 | €8,045 | -€340 | -4.1% |
| Cash at bank and in hand | 54/58 | €101,221 | €72,299 | -€28,922 | -28.6% |
| Deferred charges and accrued income | 490/1 | €12,224 | €8,475 | -€3,749 | -30.7% |
| Total equity and liabilities | 10/49 | €319,035 | €269,642 | -€49,394 | -15.5% |
| Equity | 10/15 | €242,268 | €256,383 | +€14,114 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €141,441 | €155,555 | +€14,114 | +10.0% |
| Distributable reserves | 133 | €141,441 | €155,555 | +€14,114 | +10.0% |
| Profit (loss) carried forward | 14 | €80,827 | €80,827 | = | 0.0% |
| Amounts payable | 17/49 | €76,767 | €13,259 | -€63,508 | -82.7% |
| Amounts payable within one year | 42/48 | €45,949 | €13,259 | -€32,690 | -71.1% |
| Current portion of amounts payable after more than one year | 42 | €10,243 | - | -€10,243 | |
| Trade debts | 44 | €19,654 | €6,622 | -€13,032 | -66.3% |
| Suppliers | 440/4 | €19,654 | €6,622 | -€13,032 | -66.3% |
| Taxes, remuneration and social security | 45 | €2,180 | €4,564 | +€2,384 | +109.4% |
| Taxes | 450/3 | €2,180 | €4,564 | +€2,384 | +109.4% |
| Other amounts payable | 47/48 | €13,872 | €2,073 | -€11,799 | -85.1% |
| Accrued charges and deferred income | 492/3 | €30,818 | - | -€30,818 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,190 | €5,899 | -€2,291 | -28.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,460 | - | -€4,460 | |
| Other operating charges | 640/8 | €2,143 | €2,033 | -€110 | -5.1% |
| Gross operating margin | 9900 | €54,854 | €30,765 | -€24,089 | -43.9% |
| Operating profit (loss) | 9901 | €40,060 | €22,832 | -€17,228 | -43.0% |
| Financial income | 75/76B | €253 | - | -€253 | |
| Recurring financial income | 75 | €253 | - | -€253 | |
| Financial charges | 65/66B | €1,945 | €1,763 | -€182 | -9.4% |
| Recurring financial charges | 65 | €1,945 | €1,763 | -€182 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €38,368 | €21,069 | -€17,299 | -45.1% |
| Income taxes | 67/77 | €11,615 | €6,955 | -€4,660 | -40.1% |
| Profit (loss) for the period | 9904 | €26,753 | €14,114 | -€12,639 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,753 | €14,114 | -€12,639 | -47.2% |
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 2 October 2026 via checked.be.