THERMO-BATI: 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-BATI
Largest movements
- Cash +€44,757
up €44,757 (+828%), from €5,407 to €50,164
mainly Advances received (+€40,005) and Depreciation (+€17,938)
- Receivables within one year -€13,945
down €13,945 (-39.0%), from €35,715 to €21,770
of which Trade receivables: -€22,671
- Tangible fixed assets -€13,805
down €13,805 (-24.5%), from €56,239 to €42,434
of which Furniture and vehicles: -€15,191
- Stocks and contracts +€1,640
up €1,640 (+20.6%), from €7,965 to €9,605
- Advances received +€40,005
new in 2025: €40,005
- Debts after one year -€14,609
down €14,609 (-50.3%), from €29,025 to €14,415
- Reserves -€10,000
down €10,000 (-52.6%), from €19,000 to €9,000
- Profit (loss) carried forward +€7,368
up €7,368 (+89.2%), from €8,256 to €15,624
- Trade debts -€6,890
down €6,890 (-42.1%), from €16,352 to €9,462
- Gross operating margin +€13,389
up €13,389 (+51.3%), from €26,121 to €39,509
- Taxes +€2,882
up €2,882 (+118%), from €2,448 to €5,330
- Depreciation -€728
down €728 (-3.9%), from €18,666 to €17,938
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 | €108,238 | €127,672 | +€19,433 | +18.0% |
| Fixed assets | 21/28 | €56,479 | €42,674 | -€13,805 | -24.4% |
| Tangible fixed assets | 22/27 | €56,239 | €42,434 | -€13,805 | -24.5% |
| Plant, machinery and equipment | 23 | €246 | €1,632 | +€1,385 | +562% |
| Furniture and vehicles | 24 | €55,993 | €40,802 | -€15,191 | -27.1% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €51,759 | €84,998 | +€33,238 | +64.2% |
| Stocks and contracts in progress | 3 | €7,965 | €9,605 | +€1,640 | +20.6% |
| Stocks | 30/36 | €7,965 | €9,605 | +€1,640 | +20.6% |
| Amounts receivable within one year | 40/41 | €35,715 | €21,770 | -€13,945 | -39.0% |
| Trade receivables | 40 | €25,538 | €2,867 | -€22,671 | -88.8% |
| Other amounts receivable | 41 | €10,177 | €18,903 | +€8,727 | +85.8% |
| Cash at bank and in hand | 54/58 | €5,407 | €50,164 | +€44,757 | +828% |
| Deferred charges and accrued income | 490/1 | €2,673 | €3,459 | +€786 | +29.4% |
| Total equity and liabilities | 10/49 | €108,238 | €127,672 | +€19,433 | +18.0% |
| Equity | 10/15 | €41,516 | €38,884 | -€2,632 | -6.3% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €19,000 | €9,000 | -€10,000 | -52.6% |
| Distributable reserves | 133 | €19,000 | €9,000 | -€10,000 | -52.6% |
| Profit (loss) carried forward | 14 | €8,256 | €15,624 | +€7,368 | +89.2% |
| Amounts payable | 17/49 | €66,722 | €88,787 | +€22,065 | +33.1% |
| Amounts payable after more than one year | 17 | €29,025 | €14,415 | -€14,609 | -50.3% |
| Financial debts | 170/4 | €29,025 | €14,415 | -€14,609 | -50.3% |
| Amounts payable within one year | 42/48 | €37,698 | €74,252 | +€36,555 | +97.0% |
| Current portion of amounts payable after more than one year | 42 | €15,392 | €14,609 | -€783 | -5.1% |
| Trade debts | 44 | €16,352 | €9,462 | -€6,890 | -42.1% |
| Suppliers | 440/4 | €16,352 | €9,462 | -€6,890 | -42.1% |
| Advances received on contracts in progress | 46 | - | €40,005 | +€40,005 | |
| Taxes, remuneration and social security | 45 | €61 | €176 | +€115 | +191% |
| Taxes | 450/3 | €61 | €176 | +€115 | +191% |
| Other amounts payable | 47/48 | €5,893 | €10,000 | +€4,107 | +69.7% |
| Accrued charges and deferred income | 492/3 | - | €120 | +€120 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,666 | €17,938 | -€728 | -3.9% |
| Other operating charges | 640/8 | €672 | €947 | +€276 | +41.0% |
| Non-recurring operating charges | 66A | €74 | €7,028 | +€6,954 | +9,417% |
| Gross operating margin | 9900 | €26,121 | €39,509 | +€13,389 | +51.3% |
| Operating profit (loss) | 9901 | €6,709 | €13,596 | +€6,887 | +103% |
| Financial income | 75/76B | €974 | €1,359 | +€384 | +39.4% |
| Recurring financial income | 75 | €974 | €1,359 | +€384 | +39.4% |
| Financial charges | 65/66B | €2,635 | €2,257 | -€378 | -14.3% |
| Recurring financial charges | 65 | €2,635 | €2,257 | -€378 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €5,049 | €12,698 | +€7,649 | +151% |
| Income taxes | 67/77 | €2,448 | €5,330 | +€2,882 | +118% |
| Profit (loss) for the period | 9904 | €2,601 | €7,368 | +€4,767 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €2,601 | €7,368 | +€4,767 | +183% |
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.