THERMO GROUP: 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 GROUP
Largest movements
- Receivables within one year -€35,802
down €35,802 (-29.7%), from €120,650 to €84,848
of which Trade receivables: -€40,474
- Cash +€1,623
up €1,623 (+22733.3%), from €7 to €1,630
mainly Receivables within one year (+€35,802) and Net result for the year (+€10,075)
- Advances received -€30,000
no longer reported in 2025 (was €30,000)
- Trade debts -€18,468
down €18,468 (-25.7%), from €71,862 to €53,394
- Profit (loss) carried forward +€16,038
up €16,038 (+120.4%), from €13,320 to €29,358
- Tax, wage and social debts -€1,929
down €1,929 (-72.6%), from €2,655 to €726
- Taxes +€3,570
up €3,570 (+149.2%), from €2,393 to €5,963
- Gross operating margin +€3,116
up €3,116 (+20.7%), from €15,022 to €18,138
- Financial charges -€2,964
down €2,964 (-74.8%), from €3,960 to €996
- Other operating charges -€1,084
down €1,084 (-43.8%), from €2,475 to €1,390
- Financial income +€861
new in 2025: €861
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 | €120,837 | €86,478 | -€34,359 | -28.4% |
| Fixed assets | 21/28 | €180 | - | -€180 | |
| Tangible fixed assets | 22/27 | €180 | - | -€180 | |
| Furniture and vehicles | 24 | €180 | - | -€180 | |
| Current assets | 29/58 | €120,658 | €86,478 | -€34,179 | -28.3% |
| Amounts receivable within one year | 40/41 | €120,650 | €84,848 | -€35,802 | -29.7% |
| Trade receivables | 40 | €104,770 | €64,296 | -€40,474 | -38.6% |
| Other amounts receivable | 41 | €15,880 | €20,552 | +€4,672 | +29.4% |
| Cash at bank and in hand | 54/58 | €7 | €1,630 | +€1,623 | +22733.3% |
| Total equity and liabilities | 10/49 | €120,837 | €86,478 | -€34,359 | -28.4% |
| Equity | 10/15 | €16,320 | €32,358 | +€16,038 | +98.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,320 | €29,358 | +€16,038 | +120.4% |
| Amounts payable | 17/49 | €104,517 | €54,120 | -€50,397 | -48.2% |
| Amounts payable within one year | 42/48 | €104,517 | €54,120 | -€50,397 | -48.2% |
| Trade debts | 44 | €71,862 | €53,394 | -€18,468 | -25.7% |
| Suppliers | 440/4 | €71,862 | €53,394 | -€18,468 | -25.7% |
| Advances received on contracts in progress | 46 | €30,000 | - | -€30,000 | |
| Taxes, remuneration and social security | 45 | €2,655 | €726 | -€1,929 | -72.6% |
| Taxes | 450/3 | €2,655 | €726 | -€1,929 | -72.6% |
| Remuneration, social security and pensions | 62 | €104 | €395 | +€291 | +280.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449 | €180 | -€269 | -60.0% |
| Other operating charges | 640/8 | €2,475 | €1,390 | -€1,084 | -43.8% |
| Gross operating margin | 9900 | €15,022 | €18,138 | +€3,116 | +20.7% |
| Operating profit (loss) | 9901 | €11,995 | €16,173 | +€4,178 | +34.8% |
| Financial income | 75/76B | - | €861 | +€861 | |
| Recurring financial income | 75 | - | €861 | +€861 | |
| Financial charges | 65/66B | €3,960 | €996 | -€2,964 | -74.8% |
| Recurring financial charges | 65 | €3,960 | €996 | -€2,964 | -74.8% |
| Profit (loss) for the period before taxes | 9903 | €8,035 | €16,038 | +€8,003 | +99.6% |
| Income taxes | 67/77 | €2,393 | €5,963 | +€3,570 | +149.2% |
| Profit (loss) for the period | 9904 | €5,643 | €10,075 | +€4,432 | +78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,643 | €10,075 | +€4,432 | +78.5% |
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 12 October 2026 via checked.be.