THERMO-CONCEPT: 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.
THERMO-CONCEPT
Largest movements
- Stocks and contracts -€248,000
no longer reported in 2025 (was €248,000)
- Receivables within one year -€49,760
down €49,760 (-13.9%), from €358,143 to €308,383
of which Trade receivables: -€27,781
- Trade debts -€323,072
down €323,072 (-60.3%), from €535,365 to €212,293
- Profit (loss) carried forward +€31,671
up €31,671 (+22.2%), from €142,655 to €174,325
- Tax, wage and social debts -€7,556
down €7,556 (-65.2%), from €11,596 to €4,040
of which Remuneration and social security: -€5,894
- Staff costs -€69,521
down €69,521, from €68,277 to -€1,244
- Write-downs -€42,497
no longer reported in 2025 (was €42,497)
- Gross operating margin -€25,698
down €25,698 (-31.5%), from €81,683 to €55,985
- Financial charges +€6,659
up €6,659 (+71.1%), from €9,370 to €16,030
of which Financial charges: +€6,633
- Taxes -€2,454
down €2,454 (-88.8%), from €2,763 to €309
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 | €703,876 | €404,918 | -€298,957 | -42.5% |
| Fixed assets | 21/28 | €85,094 | €82,041 | -€3,053 | -3.6% |
| Tangible fixed assets | 22/27 | €37,775 | €34,722 | -€3,053 | -8.1% |
| Furniture and vehicles | 24 | €37,775 | €34,722 | -€3,053 | -8.1% |
| Financial fixed assets | 28 | €47,319 | €47,319 | = | 0.0% |
| Current assets | 29/58 | €618,781 | €322,878 | -€295,904 | -47.8% |
| Stocks and contracts in progress | 3 | €248,000 | - | -€248,000 | |
| Contracts in progress | 37 | €248,000 | - | -€248,000 | |
| Amounts receivable within one year | 40/41 | €358,143 | €308,383 | -€49,760 | -13.9% |
| Trade receivables | 40 | €308,226 | €280,445 | -€27,781 | -9.0% |
| Other amounts receivable | 41 | €49,917 | €27,939 | -€21,979 | -44.0% |
| Cash at bank and in hand | 54/58 | €12,639 | €14,494 | +€1,856 | +14.7% |
| Total equity and liabilities | 10/49 | €703,876 | €404,918 | -€298,957 | -42.5% |
| Equity | 10/15 | €156,915 | €188,585 | +€31,671 | +20.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,655 | €174,325 | +€31,671 | +22.2% |
| Amounts payable | 17/49 | €546,961 | €216,333 | -€330,628 | -60.4% |
| Amounts payable within one year | 42/48 | €546,961 | €216,333 | -€330,628 | -60.4% |
| Trade debts | 44 | €535,365 | €212,293 | -€323,072 | -60.3% |
| Suppliers | 440/4 | €535,365 | €212,293 | -€323,072 | -60.3% |
| Taxes, remuneration and social security | 45 | €11,596 | €4,040 | -€7,556 | -65.2% |
| Taxes | 450/3 | €5,703 | €4,040 | -€1,663 | -29.2% |
| Remuneration and social security | 454/9 | €5,894 | - | -€5,894 | |
| Non-recurring operating income | 76A | €85 | €72 | -€12 | -14.6% |
| Remuneration, social security and pensions | 62 | €68,277 | -€1,244 | -€69,521 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,469 | €7,553 | -€1,916 | -20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,497 | - | -€42,497 | |
| Other operating charges | 640/8 | €1,928 | €1,296 | -€633 | -32.8% |
| Non-recurring operating charges | 66A | €4,391 | €371 | -€4,020 | -91.6% |
| Gross operating margin | 9900 | €81,683 | €55,985 | -€25,698 | -31.5% |
| Operating profit (loss) | 9901 | -€44,878 | €48,009 | +€92,887 | |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €9,370 | €16,030 | +€6,659 | +71.1% |
| Recurring financial charges | 65 | €9,370 | €16,003 | +€6,633 | +70.8% |
| Non-recurring financial charges | 66B | - | €27 | +€27 | |
| Profit (loss) for the period before taxes | 9903 | -€54,233 | €31,980 | +€86,213 | |
| Income taxes | 67/77 | €2,763 | €309 | -€2,454 | -88.8% |
| Profit (loss) for the period | 9904 | -€56,996 | €31,671 | +€88,667 | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,996 | €31,671 | +€88,667 |
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 8 October 2026 via checked.be.