THERMCO: 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.
THERMCO
Largest movements
- Tangible fixed assets -€3,345
down €3,345 (-71.0%), from €4,710 to €1,366
of which Furniture and vehicles: -€2,070
- Cash +€2,686
up €2,686 (+10.2%), from €26,408 to €29,094
mainly Depreciation (+€3,345) and Net result for the year (+€3,335)
- Receivables within one year -€721
down €721 (-5.7%), from €12,657 to €11,936
of which Trade receivables: -€5,830
- Reserves +€3,055
up €3,055 (+157%), from €1,945 to €5,000
- Other debts -€2,400
down €2,400 (-19.2%), from €12,504 to €10,103
- Tax, wage and social debts -€2,132
down €2,132 (-19.0%), from €11,201 to €9,069
- Gross operating margin -€25,353
down €25,353 (-72.7%), from €34,872 to €9,519
- Taxes -€5,851
down €5,851 (-79.4%), from €7,372 to €1,521
- Depreciation -€549
down €549 (-14.1%), from €3,894 to €3,345
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 | €46,091 | €44,750 | -€1,341 | -2.9% |
| Fixed assets | 21/28 | €4,710 | €1,366 | -€3,345 | -71.0% |
| Tangible fixed assets | 22/27 | €4,710 | €1,366 | -€3,345 | -71.0% |
| Plant, machinery and equipment | 23 | €1,890 | €616 | -€1,274 | -67.4% |
| Furniture and vehicles | 24 | €2,820 | €750 | -€2,070 | -73.4% |
| Current assets | 29/58 | €41,380 | €43,384 | +€2,004 | +4.8% |
| Amounts receivable within one year | 40/41 | €12,657 | €11,936 | -€721 | -5.7% |
| Trade receivables | 40 | €7,795 | €1,965 | -€5,830 | -74.8% |
| Other amounts receivable | 41 | €4,862 | €9,971 | +€5,109 | +105% |
| Cash at bank and in hand | 54/58 | €26,408 | €29,094 | +€2,686 | +10.2% |
| Deferred charges and accrued income | 490/1 | €2,314 | €2,354 | +€40 | +1.7% |
| Total equity and liabilities | 10/49 | €46,091 | €44,750 | -€1,341 | -2.9% |
| Equity | 10/15 | €21,034 | €24,369 | +€3,335 | +15.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,945 | €5,000 | +€3,055 | +157% |
| Distributable reserves | 133 | €1,945 | €5,000 | +€3,055 | +157% |
| Profit (loss) carried forward | 14 | €497 | €777 | +€280 | +56.3% |
| Amounts payable | 17/49 | €25,057 | €20,381 | -€4,676 | -18.7% |
| Amounts payable within one year | 42/48 | €25,040 | €20,381 | -€4,658 | -18.6% |
| Trade debts | 44 | €1,335 | €1,209 | -€126 | -9.5% |
| Suppliers | 440/4 | €1,335 | €1,209 | -€126 | -9.5% |
| Taxes, remuneration and social security | 45 | €11,201 | €9,069 | -€2,132 | -19.0% |
| Taxes | 450/3 | €11,201 | €9,069 | -€2,132 | -19.0% |
| Other amounts payable | 47/48 | €12,504 | €10,103 | -€2,400 | -19.2% |
| Accrued charges and deferred income | 492/3 | €18 | - | -€18 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,894 | €3,345 | -€549 | -14.1% |
| Other operating charges | 640/8 | €894 | €748 | -€146 | -16.4% |
| Non-recurring operating charges | 66A | €1,502 | - | -€1,502 | |
| Gross operating margin | 9900 | €34,872 | €9,519 | -€25,353 | -72.7% |
| Operating profit (loss) | 9901 | €28,582 | €5,426 | -€23,156 | -81.0% |
| Financial income | 75/76B | €38 | €229 | +€191 | +504% |
| Recurring financial income | 75 | €38 | €229 | +€191 | +504% |
| Financial charges | 65/66B | €997 | €800 | -€198 | -19.8% |
| Recurring financial charges | 65 | €997 | €800 | -€198 | -19.8% |
| Profit (loss) for the period before taxes | 9903 | €27,623 | €4,856 | -€22,767 | -82.4% |
| Income taxes | 67/77 | €7,372 | €1,521 | -€5,851 | -79.4% |
| Profit (loss) for the period | 9904 | €20,251 | €3,335 | -€16,916 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,251 | €3,335 | -€16,916 | -83.5% |
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 20 October 2026 via checked.be.