THERMINVEST: 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.
THERMINVEST
Largest movements
- Cash +€178,170
up €178,170 (+2,069%), from €8,611 to €186,780
mainly Net result for the year (+€491,779) and Investment in fixed assets (net) (+€75,786)
- Receivables within one year +€161,373
up €161,373 (+1,616%), from €9,984 to €171,357
of which Other amounts receivable: +€165,866
- Financial fixed assets -€107,834
down €107,834 (-50.0%), from €215,769 to €107,936
- Tangible fixed assets +€32,048
up €32,048 (+12.4%), from €258,470 to €290,518
of which Land and buildings: +€32,048
- Deferred charges and accrued income -€14,219
no longer reported in 2025 (was €14,219)
- Reserves +€491,779
up €491,779 (+26,440%), from €1,860 to €493,639
of which Distributable reserves: +€491,779
- Other debts -€290,000
down €290,000 (-100%), from €290,000 to €0
- Tax, wage and social debts +€45,688
up €45,688 (+562%), from €8,124 to €53,812
of which Taxes: +€46,688
- Financial income +€585,093
new in 2025: €585,093
- Purchases and services -€94,729
down €94,729 (-100%), from €94,729 to €0
- Turnover -€84,000
down €84,000 (-100%), from €84,000 to €0
- Taxes +€50,099
new in 2025: €50,099
- Gross operating margin -€32,052
down €32,052 (-299%), from -€10,729 to -€42,781
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 | €507,053 | €756,591 | +€249,538 | +49.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €474,239 | €398,453 | -€75,786 | -16.0% |
| Tangible fixed assets | 22/27 | €258,470 | €290,518 | +€32,048 | +12.4% |
| Land and buildings | 22 | €258,470 | €290,518 | +€32,048 | +12.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €215,769 | €107,936 | -€107,834 | -50.0% |
| Current assets | 29/58 | €32,814 | €358,138 | +€325,324 | +991% |
| Amounts receivable within one year | 40/41 | €9,984 | €171,357 | +€161,373 | +1,616% |
| Trade receivables | 40 | €9,984 | €5,492 | -€4,492 | -45.0% |
| Other amounts receivable | 41 | €0 | €165,866 | +€165,866 | |
| Cash at bank and in hand | 54/58 | €8,611 | €186,780 | +€178,170 | +2,069% |
| Deferred charges and accrued income | 490/1 | €14,219 | - | -€14,219 | |
| Total equity and liabilities | 10/49 | €507,053 | €756,591 | +€249,538 | +49.2% |
| Equity | 10/15 | €205,366 | €697,145 | +€491,779 | +239% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €493,639 | +€491,779 | +26,440% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | - | €491,779 | +€491,779 | |
| Profit (loss) carried forward | 14 | €197,306 | €197,306 | = | 0.0% |
| Amounts payable | 17/49 | €301,687 | €59,446 | -€242,241 | -80.3% |
| Amounts payable within one year | 42/48 | €301,687 | €59,446 | -€242,241 | -80.3% |
| Trade debts | 44 | €3,563 | €5,633 | +€2,070 | +58.1% |
| Suppliers | 440/4 | €3,563 | €5,633 | +€2,070 | +58.1% |
| Taxes, remuneration and social security | 45 | €8,124 | €53,812 | +€45,688 | +562% |
| Taxes | 450/3 | €7,124 | €53,812 | +€46,688 | +655% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €290,000 | €0 | -€290,000 | -100% |
| Turnover | 70 | €84,000 | €0 | -€84,000 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €94,729 | €0 | -€94,729 | -100% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€10,729 | -€42,781 | -€32,052 | -299% |
| Operating profit (loss) | 9901 | -€11,117 | -€43,181 | -€32,065 | -288% |
| Financial income | 75/76B | - | €585,093 | +€585,093 | |
| Recurring financial income | 75 | - | €585,093 | +€585,093 | |
| Financial charges | 65/66B | €57 | €34 | -€23 | -39.8% |
| Recurring financial charges | 65 | €57 | €34 | -€23 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | -€11,173 | €541,878 | +€553,051 | |
| Income taxes | 67/77 | - | €50,099 | +€50,099 | |
| Profit (loss) for the period | 9904 | -€11,173 | €491,779 | +€502,953 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,173 | €491,779 | +€502,953 |
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.