THERMICAL: 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.
THERMICAL
Largest movements
- Receivables within one year +€237,659
up €237,659 (+72.8%), from €326,646 to €564,305
of which Trade receivables: +€211,888
- Cash -€28,352
down €28,352 (-16.8%), from €168,691 to €140,339
mainly Receivables within one year (-€237,659) and Contributions, distributions and other (-€50,000)
- Deferred charges and accrued income +€23,688
up €23,688 (+46.5%), from €50,947 to €74,634
- Other debts +€135,698
up €135,698 (+200.9%), from €67,536 to €203,234
- Trade debts +€111,974
up €111,974 (+121.4%), from €92,199 to €204,173
- Reserves +€48,201
up €48,201 (+32.1%), from €150,000 to €198,201
- Tax, wage and social debts -€25,741
down €25,741 (-47.4%), from €54,279 to €28,538
of which Taxes: -€22,509
- Profit (loss) carried forward -€25,000
down €25,000 (-10.8%), from €231,501 to €206,501
- Gross operating margin +€128,429
up €128,429 (+29.4%), from €437,519 to €565,948
- Staff costs +€47,769
up €47,769 (+13.7%), from €348,414 to €396,183
- Taxes +€24,069
up €24,069 (+240.4%), from €10,011 to €34,080
- Financial charges +€14,452
up €14,452 (+93.6%), from €15,448 to €29,900
of which Financial charges: +€15,435
- Financial income -€6,345
down €6,345 (-86.2%), from €7,363 to €1,017
of which Non-recurring financial income: -€5,317
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 | €803,490 | €1,033,950 | +€230,460 | +28.7% |
| Fixed assets | 21/28 | €212,961 | €213,044 | +€83 | 0.0% |
| Tangible fixed assets | 22/27 | €200,185 | €200,268 | +€83 | 0.0% |
| Land and buildings | 22 | €176,319 | €167,125 | -€9,194 | -5.2% |
| Plant, machinery and equipment | 23 | €7,923 | €19,419 | +€11,496 | +145.1% |
| Furniture and vehicles | 24 | €15,943 | €13,725 | -€2,218 | -13.9% |
| Financial fixed assets | 28 | €12,776 | €12,776 | = | 0.0% |
| Current assets | 29/58 | €590,529 | €820,906 | +€230,377 | +39.0% |
| Stocks and contracts in progress | 3 | €44,245 | €41,627 | -€2,618 | -5.9% |
| Stocks | 30/36 | €44,245 | €41,627 | -€2,618 | -5.9% |
| Amounts receivable within one year | 40/41 | €326,646 | €564,305 | +€237,659 | +72.8% |
| Trade receivables | 40 | €280,848 | €492,736 | +€211,888 | +75.4% |
| Other amounts receivable | 41 | €45,799 | €71,569 | +€25,771 | +56.3% |
| Cash at bank and in hand | 54/58 | €168,691 | €140,339 | -€28,352 | -16.8% |
| Deferred charges and accrued income | 490/1 | €50,947 | €74,634 | +€23,688 | +46.5% |
| Total equity and liabilities | 10/49 | €803,490 | €1,033,950 | +€230,460 | +28.7% |
| Equity | 10/15 | €401,961 | €425,162 | +€23,201 | +5.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €150,000 | €198,201 | +€48,201 | +32.1% |
| Distributable reserves | 133 | €150,000 | €198,201 | +€48,201 | +32.1% |
| Profit (loss) carried forward | 14 | €231,501 | €206,501 | -€25,000 | -10.8% |
| Amounts payable | 17/49 | €401,529 | €608,787 | +€207,258 | +51.6% |
| Amounts payable after more than one year | 17 | €124,553 | €104,563 | -€19,991 | -16.0% |
| Financial debts | 170/4 | €124,553 | €104,563 | -€19,991 | -16.0% |
| Amounts payable within one year | 42/48 | €273,225 | €495,936 | +€222,711 | +81.5% |
| Current portion of amounts payable after more than one year | 42 | €59,211 | €59,991 | +€780 | +1.3% |
| Trade debts | 44 | €92,199 | €204,173 | +€111,974 | +121.4% |
| Suppliers | 440/4 | €92,199 | €204,173 | +€111,974 | +121.4% |
| Taxes, remuneration and social security | 45 | €54,279 | €28,538 | -€25,741 | -47.4% |
| Taxes | 450/3 | €35,657 | €13,148 | -€22,509 | -63.1% |
| Remuneration and social security | 454/9 | €18,622 | €15,390 | -€3,232 | -17.4% |
| Other amounts payable | 47/48 | €67,536 | €203,234 | +€135,698 | +200.9% |
| Accrued charges and deferred income | 492/3 | €3,750 | €8,289 | +€4,538 | +121.0% |
| Remuneration, social security and pensions | 62 | €348,414 | €396,183 | +€47,769 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,472 | €24,107 | -€4,365 | -15.3% |
| Other operating charges | 640/8 | €4,874 | €9,495 | +€4,621 | +94.8% |
| Gross operating margin | 9900 | €437,519 | €565,948 | +€128,429 | +29.4% |
| Operating profit (loss) | 9901 | €55,759 | €136,163 | +€80,404 | +144.2% |
| Financial income | 75/76B | €7,363 | €1,017 | -€6,345 | -86.2% |
| Recurring financial income | 75 | €1,073 | €44 | -€1,029 | -95.9% |
| Non-recurring financial income | 76B | €6,290 | €973 | -€5,317 | -84.5% |
| Financial charges | 65/66B | €15,448 | €29,900 | +€14,452 | +93.6% |
| Recurring financial charges | 65 | €13,715 | €29,150 | +€15,435 | +112.5% |
| Non-recurring financial charges | 66B | €1,733 | €750 | -€983 | -56.7% |
| Profit (loss) for the period before taxes | 9903 | €47,674 | €107,281 | +€59,607 | +125.0% |
| Income taxes | 67/77 | €10,011 | €34,080 | +€24,069 | +240.4% |
| Profit (loss) for the period | 9904 | €37,663 | €73,201 | +€35,539 | +94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,663 | €73,201 | +€35,539 | +94.4% |
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 9 October 2026 via checked.be.