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
- Cash -€12,676
down €12,676 (-35.8%), from €35,450 to €22,773
mainly Tax, wage and social debts (-€8,097) and Trade debts (-€6,568)
- Receivables within one year -€1,507
down €1,507 (-14.3%), from €10,570 to €9,063
of which Trade receivables: -€2,262
- Tax, wage and social debts -€8,097
down €8,097 (-90.2%), from €8,980 to €883
of which Remuneration and social security: -€8,410
- Trade debts -€6,568
down €6,568 (-35.7%), from €18,404 to €11,837
- Reserves +€481
up €481 (+6.8%), from €7,057 to €7,538
- Gross operating margin +€67,660
up €67,660 (+32.1%), from €211,082 to €278,742
- Staff costs +€66,776
up €66,776 (+31.9%), from €209,201 to €275,976
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 | €46,841 | €32,658 | -€14,184 | -30.3% |
| Current assets | 29/58 | €46,841 | €32,658 | -€14,184 | -30.3% |
| Amounts receivable within one year | 40/41 | €10,570 | €9,063 | -€1,507 | -14.3% |
| Trade receivables | 40 | €10,000 | €7,738 | -€2,262 | -22.6% |
| Other amounts receivable | 41 | €570 | €1,325 | +€755 | +132.3% |
| Current investments | 50/53 | €821 | €821 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,450 | €22,773 | -€12,676 | -35.8% |
| Total equity and liabilities | 10/49 | €46,841 | €32,658 | -€14,184 | -30.3% |
| Equity | 10/15 | €19,457 | €19,938 | +€481 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €7,057 | €7,538 | +€481 | +6.8% |
| Distributable reserves | 133 | €7,057 | €7,538 | +€481 | +6.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €27,385 | €12,720 | -€14,665 | -53.6% |
| Amounts payable within one year | 42/48 | €27,385 | €12,720 | -€14,665 | -53.6% |
| Trade debts | 44 | €18,404 | €11,837 | -€6,568 | -35.7% |
| Suppliers | 440/4 | €18,404 | €11,837 | -€6,568 | -35.7% |
| Taxes, remuneration and social security | 45 | €8,980 | €883 | -€8,097 | -90.2% |
| Taxes | 450/3 | €571 | €883 | +€313 | +54.7% |
| Remuneration and social security | 454/9 | €8,410 | €0 | -€8,410 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €209,201 | €275,976 | +€66,776 | +31.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,274 | €1,358 | +€84 | +6.6% |
| Gross operating margin | 9900 | €211,082 | €278,742 | +€67,660 | +32.1% |
| Operating profit (loss) | 9901 | €608 | €1,408 | +€800 | +131.5% |
| Financial income | 75/76B | €419 | €0 | -€419 | -100.0% |
| Recurring financial income | 75 | €419 | €0 | -€419 | -100.0% |
| Financial charges | 65/66B | €44 | €43 | -€0 | -0.6% |
| Recurring financial charges | 65 | €44 | €43 | -€0 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €984 | €1,365 | +€381 | +38.7% |
| Income taxes | 67/77 | €697 | €883 | +€187 | +26.8% |
| Profit (loss) for the period | 9904 | €287 | €481 | +€194 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €287 | €481 | +€194 | +67.7% |
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.