THERMO TECHNIC: 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 TECHNIC
Largest movements
- Stocks and contracts -€37,900
no longer reported in 2025 (was €37,900)
- Receivables within one year -€24,539
down €24,539 (-52.1%), from €47,071 to €22,532
of which Trade receivables: -€33,185
- Tangible fixed assets -€6,221
down €6,221 (-91.8%), from €6,777 to €556
- Cash +€3,265
up €3,265 (+43.0%), from €7,596 to €10,860
mainly Stocks and contracts (+€37,900) and Receivables within one year (+€24,539)
- Deferred charges and accrued income -€1,733
down €1,733 (-71.7%), from €2,419 to €685
- Trade debts -€43,036
down €43,036 (-87.4%), from €49,242 to €6,205
- Profit (loss) carried forward -€16,263
down €16,263 (-429%), from -€3,790 to -€20,053
- Tax, wage and social debts -€9,082
down €9,082 (-52.9%), from €17,167 to €8,085
of which Remuneration and social security: -€5,211
- Short-term financial debts +€2,419
up €2,419 (+15.6%), from €15,493 to €17,911
- Other debts -€1,166
no longer reported in 2025 (was €1,166)
- Gross operating margin -€153,451
down €153,451 (-60.6%), from €253,376 to €99,925
- Staff costs -€143,295
down €143,295 (-58.0%), from €247,183 to €103,889
- Depreciation -€3,030
down €3,030 (-58.2%), from €5,211 to €2,181
- Financial charges +€2,558
up €2,558 (+95.3%), from €2,684 to €5,242
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.
Derived cash bridge
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 | €101,762 | €34,633 | -€67,129 | -66.0% |
| Fixed assets | 21/28 | €6,777 | €556 | -€6,221 | -91.8% |
| Tangible fixed assets | 22/27 | €6,777 | €556 | -€6,221 | -91.8% |
| Furniture and vehicles | 24 | €6,777 | €556 | -€6,221 | -91.8% |
| Current assets | 29/58 | €94,985 | €34,078 | -€60,908 | -64.1% |
| Stocks and contracts in progress | 3 | €37,900 | - | -€37,900 | |
| Stocks | 30/36 | €37,900 | - | -€37,900 | |
| Amounts receivable within one year | 40/41 | €47,071 | €22,532 | -€24,539 | -52.1% |
| Trade receivables | 40 | €37,871 | €4,686 | -€33,185 | -87.6% |
| Other amounts receivable | 41 | €9,200 | €17,846 | +€8,646 | +94.0% |
| Cash at bank and in hand | 54/58 | €7,596 | €10,860 | +€3,265 | +43.0% |
| Deferred charges and accrued income | 490/1 | €2,419 | €685 | -€1,733 | -71.7% |
| Total equity and liabilities | 10/49 | €101,762 | €34,633 | -€67,129 | -66.0% |
| Equity | 10/15 | €18,694 | €2,431 | -€16,263 | -87.0% |
| Contributions | 10/11 | €6,700 | €6,700 | = | 0.0% |
| Reserves | 13 | €15,784 | €15,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €820 | €820 | = | 0.0% |
| Reserves not available under the articles | 1311 | €820 | €820 | = | 0.0% |
| Distributable reserves | 133 | €14,964 | €14,964 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,790 | -€20,053 | -€16,263 | -429% |
| Amounts payable | 17/49 | €83,068 | €32,202 | -€50,866 | -61.2% |
| Amounts payable within one year | 42/48 | €83,068 | €32,202 | -€50,866 | -61.2% |
| Financial debts | 43 | €15,493 | €17,911 | +€2,419 | +15.6% |
| Other loans | 439 | €15,493 | €17,911 | +€2,419 | +15.6% |
| Trade debts | 44 | €49,242 | €6,205 | -€43,036 | -87.4% |
| Suppliers | 440/4 | €49,242 | €6,205 | -€43,036 | -87.4% |
| Taxes, remuneration and social security | 45 | €17,167 | €8,085 | -€9,082 | -52.9% |
| Taxes | 450/3 | €11,956 | €8,085 | -€3,870 | -32.4% |
| Remuneration and social security | 454/9 | €5,211 | - | -€5,211 | |
| Other amounts payable | 47/48 | €1,166 | - | -€1,166 | |
| Remuneration, social security and pensions | 62 | €247,183 | €103,889 | -€143,295 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,211 | €2,181 | -€3,030 | -58.2% |
| Other operating charges | 640/8 | €6,317 | €4,986 | -€1,331 | -21.1% |
| Gross operating margin | 9900 | €253,376 | €99,925 | -€153,451 | -60.6% |
| Operating profit (loss) | 9901 | -€5,336 | -€11,131 | -€5,795 | -109% |
| Financial income | 75/76B | €933 | €480 | -€453 | -48.6% |
| Recurring financial income | 75 | €933 | €480 | -€453 | -48.6% |
| Financial charges | 65/66B | €2,684 | €5,242 | +€2,558 | +95.3% |
| Recurring financial charges | 65 | €2,684 | €5,242 | +€2,558 | +95.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,087 | -€15,893 | -€8,806 | -124% |
| Income taxes | 67/77 | €359 | €370 | +€11 | +3.0% |
| Profit (loss) for the period | 9904 | -€7,446 | -€16,263 | -€8,817 | -118% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,446 | -€16,263 | -€8,817 | -118% |
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 15 October 2026 via checked.be.