THERMITRA: what changed
Two fiscal 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.
THERMITRA
Largest movements
- Receivables within one year -€142,215
down €142,215 (-78.6%), from €180,979 to €38,763
of which Other amounts receivable: -€127,407
- Tangible fixed assets -€24,095
down €24,095 (-23.5%), from €102,387 to €78,292
of which Furniture and vehicles: -€17,526
- Cash -€9,773
down €9,773 (-100.0%), from €9,774 to €1
mainly Net result for the year (-€87,920) and Debts after one year (-€54,968)
- Stocks and contracts +€5,266
up €5,266 (+12.6%), from €41,646 to €46,911
- Profit (loss) carried forward -€62,963
down €62,963, from €0 to -€62,963
- Debts after one year -€54,968
down €54,968 (-36.2%), from €151,911 to €96,944
- Trade debts -€35,284
down €35,284 (-67.0%), from €52,642 to €17,358
- Short-term financial debts +€26,631
up €26,631, from €0 to €26,631
- Reserves -€24,957
down €24,957 (-100.0%), from €24,957 to €0
- Gross operating margin +€22,800
up €22,800, from -€1,610 to €21,190
- Staff costs -€15,185
down €15,185 (-17.9%), from €84,875 to €69,691
- Depreciation -€6,375
down €6,375 (-20.5%), from €31,169 to €24,794
- Financial income -€2,714
down €2,714 (-29.8%), from €9,104 to €6,389
- Other operating charges -€568
down €568 (-18.8%), from €3,017 to €2,448
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 | €515,174 | €346,947 | -€168,227 | -32.7% |
| Fixed assets | 21/28 | €202,657 | €178,562 | -€24,095 | -11.9% |
| Tangible fixed assets | 22/27 | €102,387 | €78,292 | -€24,095 | -23.5% |
| Land and buildings | 22 | €57,500 | €51,875 | -€5,625 | -9.8% |
| Plant, machinery and equipment | 23 | €2,580 | €1,636 | -€944 | -36.6% |
| Furniture and vehicles | 24 | €42,307 | €24,781 | -€17,526 | -41.4% |
| Financial fixed assets | 28 | €100,270 | €100,270 | = | 0.0% |
| Current assets | 29/58 | €312,517 | €168,385 | -€144,132 | -46.1% |
| Stocks and contracts in progress | 3 | €41,646 | €46,911 | +€5,266 | +12.6% |
| Stocks | 30/36 | €41,646 | €46,911 | +€5,266 | +12.6% |
| Amounts receivable within one year | 40/41 | €180,979 | €38,763 | -€142,215 | -78.6% |
| Trade receivables | 40 | €46,432 | €31,623 | -€14,808 | -31.9% |
| Other amounts receivable | 41 | €134,547 | €7,140 | -€127,407 | -94.7% |
| Cash at bank and in hand | 54/58 | €9,774 | €1 | -€9,773 | -100.0% |
| Deferred charges and accrued income | 490/1 | €80,119 | €82,709 | +€2,591 | +3.2% |
| Total equity and liabilities | 10/49 | €515,174 | €346,947 | -€168,227 | -32.7% |
| Equity | 10/15 | €43,549 | -€44,371 | -€87,920 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €24,957 | €0 | -€24,957 | -100.0% |
| Distributable reserves | 133 | €24,957 | €0 | -€24,957 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | -€62,963 | -€62,963 | |
| Amounts payable | 17/49 | €471,625 | €391,318 | -€80,307 | -17.0% |
| Amounts payable after more than one year | 17 | €151,911 | €96,944 | -€54,968 | -36.2% |
| Financial debts | 170/4 | €151,911 | €96,944 | -€54,968 | -36.2% |
| Amounts payable within one year | 42/48 | €301,883 | €278,391 | -€23,492 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €183,262 | €182,605 | -€657 | -0.4% |
| Financial debts | 43 | €0 | €26,631 | +€26,631 | |
| Credit institutions | 430/8 | €0 | €26,631 | +€26,631 | |
| Trade debts | 44 | €52,642 | €17,358 | -€35,284 | -67.0% |
| Suppliers | 440/4 | €52,642 | €17,358 | -€35,284 | -67.0% |
| Taxes, remuneration and social security | 45 | €1,435 | €1,483 | +€48 | +3.3% |
| Taxes | 450/3 | €1,169 | €16 | -€1,153 | -98.7% |
| Remuneration and social security | 454/9 | €266 | €1,467 | +€1,201 | +451.7% |
| Other amounts payable | 47/48 | €64,545 | €50,315 | -€14,231 | -22.0% |
| Accrued charges and deferred income | 492/3 | €17,831 | €15,983 | -€1,848 | -10.4% |
| Remuneration, social security and pensions | 62 | €84,875 | €69,691 | -€15,185 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,169 | €24,794 | -€6,375 | -20.5% |
| Other operating charges | 640/8 | €3,017 | €2,448 | -€568 | -18.8% |
| Gross operating margin | 9900 | -€1,610 | €21,190 | +€22,800 | |
| Operating profit (loss) | 9901 | -€120,671 | -€75,743 | +€44,928 | +37.2% |
| Financial income | 75/76B | €9,104 | €6,389 | -€2,714 | -29.8% |
| Recurring financial income | 75 | €9,104 | €6,389 | -€2,714 | -29.8% |
| Financial charges | 65/66B | €18,776 | €18,566 | -€210 | -1.1% |
| Recurring financial charges | 65 | €18,776 | €18,566 | -€210 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€130,344 | -€87,920 | +€42,424 | +32.5% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€130,344 | -€87,920 | +€42,424 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€130,344 | -€87,920 | +€42,424 | +32.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.