THERMO SYSTEM: 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 SYSTEM
Largest movements
- Receivables within one year -€60,441
down €60,441 (-47.5%), from €127,369 to €66,928
of which Other amounts receivable: -€64,455
- Cash -€9,208
down €9,208 (-11.1%), from €83,095 to €73,887
mainly Other debts (-€38,520) and Net result for the year (-€32,848)
- Deferred charges and accrued income -€7,131
down €7,131 (-86.2%), from €8,269 to €1,138
- Other debts -€38,520
down €38,520 (-77.5%), from €49,705 to €11,185
- Profit (loss) carried forward -€32,848
down €32,848, from €12,588 to -€20,260
- Trade debts -€2,686
down €2,686 (-14.7%), from €18,309 to €15,623
- Gross operating margin -€120,612
down €120,612, from €96,034 to -€24,578
- Taxes -€26,123
down €26,123 (-99.0%), from €26,386 to €263
- Staff costs -€9,233
down €9,233 (-89.4%), from €10,331 to €1,099
- Depreciation +€1,191
up €1,191 (+31.5%), from €3,782 to €4,973
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 | €239,083 | €164,760 | -€74,323 | -31.1% |
| Fixed assets | 21/28 | €17,009 | €18,445 | +€1,436 | +8.4% |
| Intangible fixed assets | 21 | €10,530 | €10,044 | -€486 | -4.6% |
| Tangible fixed assets | 22/27 | €6,480 | €8,402 | +€1,922 | +29.7% |
| Furniture and vehicles | 24 | €6,480 | €8,402 | +€1,922 | +29.7% |
| Current assets | 29/58 | €222,074 | €146,315 | -€75,759 | -34.1% |
| Stocks and contracts in progress | 3 | €3,341 | €4,362 | +€1,021 | +30.6% |
| Stocks | 30/36 | €3,341 | €4,362 | +€1,021 | +30.6% |
| Amounts receivable within one year | 40/41 | €127,369 | €66,928 | -€60,441 | -47.5% |
| Trade receivables | 40 | €61,291 | €65,305 | +€4,014 | +6.5% |
| Other amounts receivable | 41 | €66,078 | €1,623 | -€64,455 | -97.5% |
| Cash at bank and in hand | 54/58 | €83,095 | €73,887 | -€9,208 | -11.1% |
| Deferred charges and accrued income | 490/1 | €8,269 | €1,138 | -€7,131 | -86.2% |
| Total equity and liabilities | 10/49 | €239,083 | €164,760 | -€74,323 | -31.1% |
| Equity | 10/15 | €148,006 | €115,159 | -€32,848 | -22.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €123,018 | €123,018 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €121,158 | €123,018 | +€1,860 | +1.5% |
| Profit (loss) carried forward | 14 | €12,588 | -€20,260 | -€32,848 | |
| Amounts payable | 17/49 | €91,076 | €49,602 | -€41,475 | -45.5% |
| Amounts payable within one year | 42/48 | €91,076 | €49,602 | -€41,475 | -45.5% |
| Trade debts | 44 | €18,309 | €15,623 | -€2,686 | -14.7% |
| Suppliers | 440/4 | €18,309 | €15,623 | -€2,686 | -14.7% |
| Taxes, remuneration and social security | 45 | €23,063 | €22,794 | -€269 | -1.2% |
| Taxes | 450/3 | €20,563 | €20,294 | -€269 | -1.3% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €49,705 | €11,185 | -€38,520 | -77.5% |
| Non-recurring operating income | 76A | €6,612 | - | -€6,612 | |
| Remuneration, social security and pensions | 62 | €10,331 | €1,099 | -€9,233 | -89.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,782 | €4,973 | +€1,191 | +31.5% |
| Other operating charges | 640/8 | €1,010 | €1,859 | +€849 | +84.0% |
| Gross operating margin | 9900 | €96,034 | -€24,578 | -€120,612 | |
| Operating profit (loss) | 9901 | €80,910 | -€32,509 | -€113,419 | |
| Financial income | 75/76B | €65 | €17 | -€48 | -73.3% |
| Recurring financial income | 75 | €65 | €17 | -€48 | -73.3% |
| Non-recurring financial income | 76B | - | €0 | = | |
| Financial charges | 65/66B | €431 | €93 | -€338 | -78.4% |
| Recurring financial charges | 65 | €431 | €93 | -€338 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | €80,544 | -€32,585 | -€113,129 | |
| Income taxes | 67/77 | €26,386 | €263 | -€26,123 | -99.0% |
| Profit (loss) for the period | 9904 | €54,158 | -€32,848 | -€87,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,158 | -€32,848 | -€87,006 |
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.