THERMIC ANALYSE: 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.
THERMIC ANALYSE
Largest movements
- Receivables within one year -€63,519
down €63,519 (-34.6%), from €183,794 to €120,275
of which Trade receivables: -€67,240
- Cash -€30,368
down €30,368 (-10.6%), from €285,358 to €254,991
mainly Contributions, distributions and other (-€318,900) and Tax, wage and social debts (-€8,730)
- Reserves -€193,742
down €193,742 (-60.7%), from €319,000 to €125,258
- Other debts +€111,988
up €111,988 (+466%), from €24,035 to €136,023
- Tax, wage and social debts -€8,730
down €8,730 (-20.8%), from €41,875 to €33,144
- Trade debts -€5,562
down €5,562 (-6.1%), from €91,354 to €85,792
- Gross operating margin +€63,082
up €63,082 (+60.6%), from €104,058 to €167,141
- Taxes +€16,203
up €16,203 (+79.2%), from €20,451 to €36,654
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 | €476,419 | €380,317 | -€96,101 | -20.2% |
| Fixed assets | 21/28 | €4,347 | €2,591 | -€1,756 | -40.4% |
| Tangible fixed assets | 22/27 | €4,347 | €2,591 | -€1,756 | -40.4% |
| Plant, machinery and equipment | 23 | €89 | - | -€89 | |
| Furniture and vehicles | 24 | €4,258 | €2,591 | -€1,667 | -39.2% |
| Current assets | 29/58 | €472,072 | €377,727 | -€94,345 | -20.0% |
| Amounts receivable within one year | 40/41 | €183,794 | €120,275 | -€63,519 | -34.6% |
| Trade receivables | 40 | €175,723 | €108,484 | -€67,240 | -38.3% |
| Other amounts receivable | 41 | €8,071 | €11,792 | +€3,721 | +46.1% |
| Cash at bank and in hand | 54/58 | €285,358 | €254,991 | -€30,368 | -10.6% |
| Deferred charges and accrued income | 490/1 | €2,920 | €2,461 | -€459 | -15.7% |
| Total equity and liabilities | 10/49 | €476,419 | €380,317 | -€96,101 | -20.2% |
| Equity | 10/15 | €319,155 | €125,358 | -€193,797 | -60.7% |
| Contributions | 10/11 | - | €100 | +€100 | |
| Reserves | 13 | €319,000 | €125,258 | -€193,742 | -60.7% |
| Distributable reserves | 133 | €319,000 | €125,258 | -€193,742 | -60.7% |
| Profit (loss) carried forward | 14 | €155 | - | -€155 | |
| Amounts payable | 17/49 | €157,263 | €254,959 | +€97,696 | +62.1% |
| Amounts payable within one year | 42/48 | €157,263 | €254,959 | +€97,696 | +62.1% |
| Trade debts | 44 | €91,354 | €85,792 | -€5,562 | -6.1% |
| Suppliers | 440/4 | €91,354 | €85,792 | -€5,562 | -6.1% |
| Taxes, remuneration and social security | 45 | €41,875 | €33,144 | -€8,730 | -20.8% |
| Taxes | 450/3 | €41,875 | €33,144 | -€8,730 | -20.8% |
| Other amounts payable | 47/48 | €24,035 | €136,023 | +€111,988 | +466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,365 | €1,756 | +€391 | +28.7% |
| Other operating charges | 640/8 | €777 | €1,131 | +€354 | +45.5% |
| Gross operating margin | 9900 | €104,058 | €167,141 | +€63,082 | +60.6% |
| Operating profit (loss) | 9901 | €101,917 | €164,254 | +€62,337 | +61.2% |
| Financial income | 75/76B | €132 | €42 | -€89 | -67.9% |
| Recurring financial income | 75 | €132 | €42 | -€89 | -67.9% |
| Financial charges | 65/66B | €2,945 | €2,539 | -€406 | -13.8% |
| Recurring financial charges | 65 | €2,945 | €2,539 | -€406 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €99,103 | €161,757 | +€62,654 | +63.2% |
| Income taxes | 67/77 | €20,451 | €36,654 | +€16,203 | +79.2% |
| Profit (loss) for the period | 9904 | €78,652 | €125,103 | +€46,451 | +59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €78,652 | €125,103 | +€46,451 | +59.1% |
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 17 October 2026 via checked.be.