Thermeax: 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.
Thermeax
Largest movements
- Tangible fixed assets +€92,668
up €92,668 (+310%), from €29,865 to €122,533
of which Furniture and vehicles: +€92,018
- Cash +€14,213
up €14,213 (+307%), from €4,632 to €18,845
mainly Debts after one year (+€84,448) and Current portion of long-term debt (+€22,902)
- Receivables within one year -€2,096
down €2,096 (-3.6%), from €58,856 to €56,760
of which Other amounts receivable: -€4,134
- Debts after one year +€84,448
new in 2025: €84,448
- Profit (loss) carried forward -€42,165
down €42,165 (-90.4%), from €46,632 to €4,466
- Current portion of long-term debt +€22,902
new in 2025: €22,902
- Tax, wage and social debts +€20,292
up €20,292 (+126%), from €16,069 to €36,361
of which Remuneration and social security: +€12,027
- Other debts +€11,561
up €11,561 (+50.5%), from €22,885 to €34,446
- Staff costs +€95,912
up €95,912 (+399%), from €24,036 to €119,949
- Gross operating margin +€42,168
up €42,168 (+63.7%), from €66,205 to €108,373
- Depreciation +€12,261
up €12,261 (+143%), from €8,545 to €20,806
- Taxes -€4,820
down €4,820 (-96.8%), from €4,979 to €160
- Financial charges +€3,518
up €3,518 (+5,858%), from €60 to €3,578
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 | €93,469 | €198,345 | +€104,876 | +112% |
| Fixed assets | 21/28 | €29,865 | €122,533 | +€92,668 | +310% |
| Tangible fixed assets | 22/27 | €29,865 | €122,533 | +€92,668 | +310% |
| Plant, machinery and equipment | 23 | €4,940 | €5,590 | +€650 | +13.2% |
| Furniture and vehicles | 24 | €24,925 | €116,943 | +€92,018 | +369% |
| Current assets | 29/58 | €63,604 | €75,812 | +€12,208 | +19.2% |
| Amounts receivable within one year | 40/41 | €58,856 | €56,760 | -€2,096 | -3.6% |
| Trade receivables | 40 | €54,722 | €56,760 | +€2,038 | +3.7% |
| Other amounts receivable | 41 | €4,134 | - | -€4,134 | |
| Cash at bank and in hand | 54/58 | €4,632 | €18,845 | +€14,213 | +307% |
| Deferred charges and accrued income | 490/1 | €116 | €208 | +€91 | +78.6% |
| Total equity and liabilities | 10/49 | €93,469 | €198,345 | +€104,876 | +112% |
| Equity | 10/15 | €47,632 | €5,466 | -€42,165 | -88.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,632 | €4,466 | -€42,165 | -90.4% |
| Amounts payable | 17/49 | €45,838 | €192,879 | +€147,041 | +321% |
| Amounts payable after more than one year | 17 | - | €84,448 | +€84,448 | |
| Financial debts | 170/4 | - | €84,448 | +€84,448 | |
| Amounts payable within one year | 42/48 | €45,838 | €108,431 | +€62,594 | +137% |
| Current portion of amounts payable after more than one year | 42 | - | €22,902 | +€22,902 | |
| Trade debts | 44 | €6,884 | €14,723 | +€7,839 | +114% |
| Suppliers | 440/4 | €6,884 | €14,723 | +€7,839 | +114% |
| Taxes, remuneration and social security | 45 | €16,069 | €36,361 | +€20,292 | +126% |
| Taxes | 450/3 | €11,932 | €20,196 | +€8,264 | +69.3% |
| Remuneration and social security | 454/9 | €4,137 | €16,164 | +€12,027 | +291% |
| Other amounts payable | 47/48 | €22,885 | €34,446 | +€11,561 | +50.5% |
| Remuneration, social security and pensions | 62 | €24,036 | €119,949 | +€95,912 | +399% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,545 | €20,806 | +€12,261 | +143% |
| Other operating charges | 640/8 | €7,219 | €6,046 | -€1,173 | -16.2% |
| Gross operating margin | 9900 | €66,205 | €108,373 | +€42,168 | +63.7% |
| Operating profit (loss) | 9901 | €26,405 | -€38,428 | -€64,834 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €60 | €3,578 | +€3,518 | +5,858% |
| Recurring financial charges | 65 | €60 | €3,578 | +€3,518 | +5,858% |
| Profit (loss) for the period before taxes | 9903 | €26,345 | -€42,006 | -€68,351 | |
| Income taxes | 67/77 | €4,979 | €160 | -€4,820 | -96.8% |
| Profit (loss) for the period | 9904 | €21,366 | -€42,165 | -€63,531 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,366 | -€42,165 | -€63,531 |
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 21 October 2026 via checked.be.