THERMO-CONSTRUCT: 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-CONSTRUCT
Largest movements
- Receivables within one year -€1.6m
down €1.6m (-92.0%), from €1.7m to €139,014
of which Trade receivables: -€1.6m
- Stocks and contracts +€124,000
new in 2025: €124,000
- Trade debts -€1.2m
down €1.2m (-94.7%), from €1.2m to €65,347
- Advances received -€238,329
no longer reported in 2025 (was €238,329)
- Tax, wage and social debts -€59,427
down €59,427 (-85.4%), from €69,626 to €10,199
of which Taxes: -€39,087
- Current portion of long-term debt -€25,000
no longer reported in 2025 (was €25,000)
- Gross operating margin -€30,259
down €30,259 (-49.3%), from €61,363 to €31,104
- Taxes -€19,084
down €19,084 (-77.6%), from €24,606 to €5,522
- Other operating charges +€4,435
up €4,435 (+1302.1%), from €341 to €4,776
- Financial income -€2,919
down €2,919 (-93.4%), from €3,126 to €207
- Financial charges -€2,118
down €2,118 (-19.9%), from €10,635 to €8,517
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 | €1,842,986 | €356,102 | -€1.5m | -80.7% |
| Fixed assets | 21/28 | €69,100 | €67,000 | -€2,100 | -3.0% |
| Tangible fixed assets | 22/27 | €69,100 | €67,000 | -€2,100 | -3.0% |
| Land and buildings | 22 | €67,000 | €67,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €433 | - | -€433 | |
| Furniture and vehicles | 24 | €1,667 | - | -€1,667 | |
| Current assets | 29/58 | €1,773,886 | €289,102 | -€1.5m | -83.7% |
| Stocks and contracts in progress | 3 | - | €124,000 | +€124,000 | |
| Stocks | 30/36 | - | €124,000 | +€124,000 | |
| Amounts receivable within one year | 40/41 | €1,734,872 | €139,014 | -€1.6m | -92.0% |
| Trade receivables | 40 | €1,685,350 | €119,314 | -€1.6m | -92.9% |
| Other amounts receivable | 41 | €49,521 | €19,700 | -€29,822 | -60.2% |
| Cash at bank and in hand | 54/58 | €35,114 | €20,932 | -€14,182 | -40.4% |
| Deferred charges and accrued income | 490/1 | €3,900 | €5,156 | +€1,256 | +32.2% |
| Total equity and liabilities | 10/49 | €1,842,986 | €356,102 | -€1.5m | -80.7% |
| Equity | 10/15 | €270,160 | €280,556 | +€10,396 | +3.8% |
| Contributions | 10/11 | €18,601 | €18,601 | = | 0.0% |
| Reserves | 13 | €0 | €0 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | 0.0% |
| Other | 1319 | €0 | €0 | = | 0.0% |
| Profit (loss) carried forward | 14 | €251,559 | €261,955 | +€10,396 | +4.1% |
| Amounts payable | 17/49 | €1,572,826 | €75,546 | -€1.5m | -95.2% |
| Amounts payable within one year | 42/48 | €1,572,826 | €75,546 | -€1.5m | -95.2% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €1,239,871 | €65,347 | -€1.2m | -94.7% |
| Suppliers | 440/4 | €1,239,871 | €65,347 | -€1.2m | -94.7% |
| Advances received on contracts in progress | 46 | €238,329 | - | -€238,329 | |
| Taxes, remuneration and social security | 45 | €69,626 | €10,199 | -€59,427 | -85.4% |
| Taxes | 450/3 | €49,287 | €10,199 | -€39,087 | -79.3% |
| Remuneration and social security | 454/9 | €20,339 | - | -€20,339 | |
| Non-recurring operating income | 76A | - | €99,059 | +€99,059 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,546 | €2,100 | -€446 | -17.5% |
| Other operating charges | 640/8 | €341 | €4,776 | +€4,435 | +1302.1% |
| Gross operating margin | 9900 | €61,363 | €31,104 | -€30,259 | -49.3% |
| Operating profit (loss) | 9901 | €58,477 | €24,228 | -€34,249 | -58.6% |
| Financial income | 75/76B | €3,126 | €207 | -€2,919 | -93.4% |
| Recurring financial income | 75 | €3,126 | €207 | -€2,919 | -93.4% |
| Financial charges | 65/66B | €10,635 | €8,517 | -€2,118 | -19.9% |
| Recurring financial charges | 65 | €10,635 | €8,517 | -€2,118 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €50,967 | €15,918 | -€35,049 | -68.8% |
| Income taxes | 67/77 | €24,606 | €5,522 | -€19,084 | -77.6% |
| Profit (loss) for the period | 9904 | €26,361 | €10,396 | -€15,965 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,361 | €10,396 | -€15,965 | -60.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.