Thermo Power: 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 Power
Largest movements
- Cash -€286,800
down €286,800 (-68.8%), from €417,015 to €130,215
mainly Investment in fixed assets (net) (-€197,832) and Net result for the year (-€126,429)
- Intangible fixed assets +€188,865
new in 2025: €188,865
- Receivables within one year +€16,106
up €16,106 (+116.6%), from €13,809 to €29,914
of which Trade receivables: +€12,566
- Profit (loss) carried forward -€126,429
down €126,429 (-192.5%), from -€65,666 to -€192,095
- Trade debts +€36,648
up €36,648 (+198.5%), from €18,465 to €55,113
- Tax, wage and social debts +€8,414
up €8,414 (+197.0%), from €4,272 to €12,685
- Depreciation -€117,953
down €117,953 (-92.6%), from €127,346 to €9,393
- Gross operating margin -€112,350
down €112,350, from €90,647 to -€21,703
- Staff costs +€66,410
up €66,410 (+231.0%), from €28,753 to €95,163
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 | €432,070 | €350,703 | -€81,367 | -18.8% |
| Fixed assets | 21/28 | €1,104 | €189,543 | +€188,438 | +17066.5% |
| Intangible fixed assets | 21 | - | €188,865 | +€188,865 | |
| Tangible fixed assets | 22/27 | €1,104 | €677 | -€427 | -38.6% |
| Furniture and vehicles | 24 | €1,104 | €677 | -€427 | -38.6% |
| Current assets | 29/58 | €430,966 | €161,161 | -€269,805 | -62.6% |
| Amounts receivable within one year | 40/41 | €13,809 | €29,914 | +€16,106 | +116.6% |
| Trade receivables | 40 | - | €12,566 | +€12,566 | |
| Other amounts receivable | 41 | €13,809 | €17,349 | +€3,540 | +25.6% |
| Cash at bank and in hand | 54/58 | €417,015 | €130,215 | -€286,800 | -68.8% |
| Deferred charges and accrued income | 490/1 | €143 | €1,032 | +€889 | +622.0% |
| Total equity and liabilities | 10/49 | €432,070 | €350,703 | -€81,367 | -18.8% |
| Equity | 10/15 | €409,334 | €282,905 | -€126,429 | -30.9% |
| Contributions | 10/11 | €475,000 | €475,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,666 | -€192,095 | -€126,429 | -192.5% |
| Amounts payable | 17/49 | €22,737 | €67,798 | +€45,062 | +198.2% |
| Amounts payable within one year | 42/48 | €22,737 | €67,798 | +€45,062 | +198.2% |
| Trade debts | 44 | €18,465 | €55,113 | +€36,648 | +198.5% |
| Suppliers | 440/4 | €18,465 | €55,113 | +€36,648 | +198.5% |
| Taxes, remuneration and social security | 45 | €4,272 | €12,685 | +€8,414 | +197.0% |
| Remuneration and social security | 454/9 | €4,272 | €12,685 | +€8,414 | +197.0% |
| Remuneration, social security and pensions | 62 | €28,753 | €95,163 | +€66,410 | +231.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,346 | €9,393 | -€117,953 | -92.6% |
| Other operating charges | 640/8 | €80 | - | -€80 | |
| Gross operating margin | 9900 | €90,647 | -€21,703 | -€112,350 | |
| Operating profit (loss) | 9901 | -€65,532 | -€126,259 | -€60,727 | -92.7% |
| Financial charges | 65/66B | €134 | €170 | +€35 | +26.2% |
| Recurring financial charges | 65 | €134 | €170 | +€35 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | -€65,666 | -€126,429 | -€60,763 | -92.5% |
| Profit (loss) for the period | 9904 | -€65,666 | -€126,429 | -€60,763 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,666 | -€126,429 | -€60,763 | -92.5% |
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 28 September 2026 via checked.be.