THERMO+: 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.
THERMO+
Largest movements
- Receivables within one year +€39,170
up €39,170 (+84.7%), from €46,223 to €85,393
of which Trade receivables: +€40,521
- Tangible fixed assets -€16,667
down €16,667 (-12.3%), from €135,981 to €119,313
of which Furniture and vehicles: -€14,677
- Cash -€12,682
down €12,682 (-31.6%), from €40,093 to €27,411
mainly Receivables within one year (-€39,170) and Debts after one year (-€17,881)
- Receivables after one year -€7,000
no longer reported in 2025 (was €7,000)
- Stocks and contracts +€5,360
up €5,360 (+38.8%), from €13,810 to €19,170
of which Contracts in progress: +€2,700
- Trade debts +€23,315
up €23,315 (+491%), from €4,744 to €28,059
- Reserves +€20,000
up €20,000 (+18.7%), from €106,860 to €126,860
of which Distributable reserves: +€20,000
- Debts after one year -€17,881
down €17,881 (-20.6%), from €86,895 to €69,014
of which Financial debts: -€17,881
- Profit (loss) carried forward -€8,108
down €8,108 (-98.5%), from €8,229 to €121
- Tax, wage and social debts -€6,709
down €6,709 (-80.1%), from €8,380 to €1,670
- Depreciation -€11,910
down €11,910 (-30.9%), from €38,578 to €26,667
- Gross operating margin -€10,638
down €10,638 (-17.7%), from €60,169 to €49,532
- Other operating charges -€2,445
down €2,445 (-40.2%), from €6,082 to €3,637
- Taxes +€2,414
up €2,414 (+153%), from €1,579 to €3,993
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 | €247,957 | €256,312 | +€8,356 | +3.4% |
| Fixed assets | 21/28 | €135,981 | €119,313 | -€16,667 | -12.3% |
| Tangible fixed assets | 22/27 | €135,981 | €119,313 | -€16,667 | -12.3% |
| Plant, machinery and equipment | 23 | €7,874 | €14,624 | +€6,750 | +85.7% |
| Furniture and vehicles | 24 | €86,842 | €72,165 | -€14,677 | -16.9% |
| Leasing and similar rights | 25 | €41,264 | €32,524 | -€8,740 | -21.2% |
| Current assets | 29/58 | €111,976 | €136,999 | +€25,023 | +22.3% |
| Amounts receivable after more than one year | 29 | €7,000 | - | -€7,000 | |
| Other amounts receivable | 291 | €7,000 | - | -€7,000 | |
| Stocks and contracts in progress | 3 | €13,810 | €19,170 | +€5,360 | +38.8% |
| Stocks | 30/36 | €5,865 | €8,525 | +€2,660 | +45.4% |
| Contracts in progress | 37 | €7,945 | €10,645 | +€2,700 | +34.0% |
| Amounts receivable within one year | 40/41 | €46,223 | €85,393 | +€39,170 | +84.7% |
| Trade receivables | 40 | €26,276 | €66,797 | +€40,521 | +154% |
| Other amounts receivable | 41 | €19,948 | €18,597 | -€1,351 | -6.8% |
| Cash at bank and in hand | 54/58 | €40,093 | €27,411 | -€12,682 | -31.6% |
| Deferred charges and accrued income | 490/1 | €4,850 | €5,025 | +€175 | +3.6% |
| Total equity and liabilities | 10/49 | €247,957 | €256,312 | +€8,356 | +3.4% |
| Equity | 10/15 | €123,189 | €135,081 | +€11,892 | +9.7% |
| Contributions | 10/11 | €8,100 | €8,100 | = | 0.0% |
| Reserves | 13 | €106,860 | €126,860 | +€20,000 | +18.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €105,000 | €125,000 | +€20,000 | +19.0% |
| Profit (loss) carried forward | 14 | €8,229 | €121 | -€8,108 | -98.5% |
| Amounts payable | 17/49 | €124,768 | €121,231 | -€3,537 | -2.8% |
| Amounts payable after more than one year | 17 | €86,895 | €69,014 | -€17,881 | -20.6% |
| Financial debts | 170/4 | €36,895 | €19,014 | -€17,881 | -48.5% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,749 | €52,217 | +€14,467 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €20,594 | €17,881 | -€2,713 | -13.2% |
| Trade debts | 44 | €4,744 | €28,059 | +€23,315 | +491% |
| Suppliers | 440/4 | €4,744 | €28,059 | +€23,315 | +491% |
| Taxes, remuneration and social security | 45 | €8,380 | €1,670 | -€6,709 | -80.1% |
| Taxes | 450/3 | €8,380 | €1,670 | -€6,709 | -80.1% |
| Other amounts payable | 47/48 | €4,032 | €4,607 | +€575 | +14.2% |
| Accrued charges and deferred income | 492/3 | €123 | - | -€123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,578 | €26,667 | -€11,910 | -30.9% |
| Other operating charges | 640/8 | €6,082 | €3,637 | -€2,445 | -40.2% |
| Non-recurring operating charges | 66A | €5,707 | - | -€5,707 | |
| Gross operating margin | 9900 | €60,169 | €49,532 | -€10,638 | -17.7% |
| Operating profit (loss) | 9901 | €9,802 | €19,227 | +€9,425 | +96.1% |
| Financial income | 75/76B | €1,828 | €1,707 | -€121 | -6.6% |
| Recurring financial income | 75 | €1,828 | €1,707 | -€121 | -6.6% |
| Financial charges | 65/66B | €4,925 | €5,048 | +€123 | +2.5% |
| Recurring financial charges | 65 | €4,925 | €5,048 | +€123 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €6,705 | €15,885 | +€9,180 | +137% |
| Income taxes | 67/77 | €1,579 | €3,993 | +€2,414 | +153% |
| Profit (loss) for the period | 9904 | €5,126 | €11,892 | +€6,766 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €5,126 | €11,892 | +€6,766 | +132% |
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 14 October 2026 via checked.be.