THERMICIEN: 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.
THERMICIEN
Largest movements
- Receivables within one year +€9,725
up €9,725 (+244.4%), from €3,979 to €13,705
of which Trade receivables: +€10,568
- Tangible fixed assets -€5,600
down €5,600 (-17.4%), from €32,213 to €26,613
of which Furniture and vehicles: -€4,875
- Stocks and contracts +€3,390
up €3,390 (+51.7%), from €6,558 to €9,948
of which Contracts in progress: +€5,300
- Intangible fixed assets -€2,695
down €2,695 (-11.9%), from €22,680 to €19,985
- Cash +€782
up €782 (+21.8%), from €3,587 to €4,369
mainly Depreciation (+€12,086) and Other debts (+€10,346)
- Debts after one year -€13,857
down €13,857 (-28.3%), from €48,891 to €35,034
- Other debts +€10,346
up €10,346 (+532.9%), from €1,941 to €12,287
- Trade debts +€3,976
up €3,976 (+29.6%), from €13,456 to €17,432
- Advances received +€2,855
new in 2025: €2,855
- Tax, wage and social debts +€1,107
up €1,107 (+455.7%), from €243 to €1,350
- Other operating charges -€7,881
down €7,881 (-86.2%), from €9,140 to €1,259
- Gross operating margin +€7,679
up €7,679 (+68.5%), from €11,218 to €18,897
- Depreciation +€7,109
up €7,109 (+142.8%), from €4,977 to €12,086
- Taxes +€920
up €920 (+486.4%), from €189 to €1,109
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 | €70,645 | €76,184 | +€5,540 | +7.8% |
| Formation expenses | 20 | €784 | €543 | -€241 | -30.8% |
| Fixed assets | 21/28 | €55,006 | €46,712 | -€8,295 | -15.1% |
| Intangible fixed assets | 21 | €22,680 | €19,985 | -€2,695 | -11.9% |
| Tangible fixed assets | 22/27 | €32,213 | €26,613 | -€5,600 | -17.4% |
| Plant, machinery and equipment | 23 | €4,107 | €3,381 | -€725 | -17.7% |
| Furniture and vehicles | 24 | €28,106 | €23,231 | -€4,875 | -17.3% |
| Financial fixed assets | 28 | €114 | €114 | = | 0.0% |
| Current assets | 29/58 | €14,854 | €28,930 | +€14,076 | +94.8% |
| Stocks and contracts in progress | 3 | €6,558 | €9,948 | +€3,390 | +51.7% |
| Stocks | 30/36 | €6,558 | €4,648 | -€1,911 | -29.1% |
| Contracts in progress | 37 | - | €5,300 | +€5,300 | |
| Amounts receivable within one year | 40/41 | €3,979 | €13,705 | +€9,725 | +244.4% |
| Trade receivables | 40 | €3,092 | €13,660 | +€10,568 | +341.7% |
| Other amounts receivable | 41 | €887 | €44 | -€842 | -95.0% |
| Cash at bank and in hand | 54/58 | €3,587 | €4,369 | +€782 | +21.8% |
| Deferred charges and accrued income | 490/1 | €729 | €908 | +€179 | +24.5% |
| Total equity and liabilities | 10/49 | €70,645 | €76,184 | +€5,540 | +7.8% |
| Equity | 10/15 | -€7,046 | -€6,631 | +€414 | +5.9% |
| Profit (loss) carried forward | 14 | -€7,046 | -€6,631 | +€414 | +5.9% |
| Amounts payable | 17/49 | €77,690 | €82,816 | +€5,125 | +6.6% |
| Amounts payable after more than one year | 17 | €48,891 | €35,034 | -€13,857 | -28.3% |
| Financial debts | 170/4 | €48,891 | €35,034 | -€13,857 | -28.3% |
| Amounts payable within one year | 42/48 | €28,800 | €47,782 | +€18,982 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €13,160 | €13,857 | +€697 | +5.3% |
| Trade debts | 44 | €13,456 | €17,432 | +€3,976 | +29.6% |
| Suppliers | 440/4 | €13,456 | €17,432 | +€3,976 | +29.6% |
| Advances received on contracts in progress | 46 | - | €2,855 | +€2,855 | |
| Taxes, remuneration and social security | 45 | €243 | €1,350 | +€1,107 | +455.7% |
| Taxes | 450/3 | €243 | €1,350 | +€1,107 | +455.7% |
| Other amounts payable | 47/48 | €1,941 | €12,287 | +€10,346 | +532.9% |
| Remuneration, social security and pensions | 62 | €136 | €48 | -€88 | -64.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,977 | €12,086 | +€7,109 | +142.8% |
| Other operating charges | 640/8 | €9,140 | €1,259 | -€7,881 | -86.2% |
| Gross operating margin | 9900 | €11,218 | €18,897 | +€7,679 | +68.5% |
| Operating profit (loss) | 9901 | -€3,036 | €5,504 | +€8,540 | |
| Financial income | 75/76B | €1 | €1 | +€0 | +6.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +6.0% |
| Financial charges | 65/66B | €3,927 | €3,982 | +€55 | +1.4% |
| Recurring financial charges | 65 | €3,927 | €3,982 | +€55 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,961 | €1,523 | +€8,484 | |
| Income taxes | 67/77 | €189 | €1,109 | +€920 | +486.4% |
| Profit (loss) for the period | 9904 | -€7,151 | €414 | +€7,565 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,151 | €414 | +€7,565 |
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 10 October 2026 via checked.be.