THERMO TECHNIC 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 TECHNIC CONSTRUCT
Largest movements
- Receivables within one year -€309,960
down €309,960 (-61.7%), from €502,099 to €192,139
of which Trade receivables: -€309,485
- Cash +€136,040
new in 2025: €136,040
mainly Receivables within one year (+€309,960) and Depreciation (+€79,924)
- Tangible fixed assets -€60,788
down €60,788 (-28.0%), from €217,152 to €156,364
of which Leasing and similar rights: -€50,747
- Stocks and contracts +€34,062
up €34,062 (+11.7%), from €291,148 to €325,210
of which Contracts in progress: +€18,018
- Trade debts -€72,065
down €72,065 (-29.4%), from €245,388 to €173,323
- Debts after one year -€66,130
down €66,130 (-39.1%), from €169,014 to €102,884
- Short-term financial debts -€57,676
down €57,676 (-17.3%), from €332,676 to €275,000
of which Credit institutions: -€132,676
- Gross operating margin -€29,477
down €29,477 (-2.6%), from €1.1m to €1.1m
- Staff costs -€26,594
down €26,594 (-2.6%), from €1.0m to €977,199
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 | €1,044,666 | €845,476 | -€199,190 | -19.1% |
| Fixed assets | 21/28 | €230,477 | €174,019 | -€56,458 | -24.5% |
| Tangible fixed assets | 22/27 | €217,152 | €156,364 | -€60,788 | -28.0% |
| Plant, machinery and equipment | 23 | €30,214 | €25,457 | -€4,757 | -15.7% |
| Furniture and vehicles | 24 | €7,916 | €8,511 | +€595 | +7.5% |
| Leasing and similar rights | 25 | €125,131 | €74,383 | -€50,747 | -40.6% |
| Other tangible fixed assets | 26 | €53,891 | €48,013 | -€5,878 | -10.9% |
| Financial fixed assets | 28 | €13,325 | €17,655 | +€4,330 | +32.5% |
| Current assets | 29/58 | €814,189 | €671,458 | -€142,731 | -17.5% |
| Stocks and contracts in progress | 3 | €291,148 | €325,210 | +€34,062 | +11.7% |
| Stocks | 30/36 | €103,398 | €119,441 | +€16,044 | +15.5% |
| Contracts in progress | 37 | €187,750 | €205,769 | +€18,018 | +9.6% |
| Amounts receivable within one year | 40/41 | €502,099 | €192,139 | -€309,960 | -61.7% |
| Trade receivables | 40 | €471,482 | €161,997 | -€309,485 | -65.6% |
| Other amounts receivable | 41 | €30,617 | €30,142 | -€475 | -1.6% |
| Cash at bank and in hand | 54/58 | - | €136,040 | +€136,040 | |
| Deferred charges and accrued income | 490/1 | €20,942 | €18,068 | -€2,873 | -13.7% |
| Total equity and liabilities | 10/49 | €1,044,666 | €845,476 | -€199,190 | -19.1% |
| Equity | 10/15 | €184,416 | €190,323 | +€5,907 | +3.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €48,463 | €54,369 | +€5,907 | +12.2% |
| Non-distributable reserves | 130/1 | €899 | €1,223 | +€323 | +35.9% |
| Legal reserve | 130 | €899 | €1,223 | +€323 | +35.9% |
| Distributable reserves | 133 | €47,563 | €53,147 | +€5,584 | +11.7% |
| Profit (loss) carried forward | 14 | €74,454 | €74,454 | = | 0.0% |
| Amounts payable | 17/49 | €860,250 | €655,153 | -€205,097 | -23.8% |
| Amounts payable after more than one year | 17 | €169,014 | €102,884 | -€66,130 | -39.1% |
| Financial debts | 170/4 | €169,014 | €102,884 | -€66,130 | -39.1% |
| Amounts payable within one year | 42/48 | €690,182 | €551,477 | -€138,705 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €70,225 | €66,130 | -€4,095 | -5.8% |
| Financial debts | 43 | €332,676 | €275,000 | -€57,676 | -17.3% |
| Credit institutions | 430/8 | €132,676 | - | -€132,676 | |
| Other loans | 439 | €200,000 | €275,000 | +€75,000 | +37.5% |
| Trade debts | 44 | €245,388 | €173,323 | -€72,065 | -29.4% |
| Suppliers | 440/4 | €245,388 | €173,323 | -€72,065 | -29.4% |
| Taxes, remuneration and social security | 45 | €41,607 | €32,974 | -€8,633 | -20.7% |
| Taxes | 450/3 | €5,676 | €824 | -€4,853 | -85.5% |
| Remuneration and social security | 454/9 | €35,930 | €32,150 | -€3,780 | -10.5% |
| Other amounts payable | 47/48 | €286 | €4,050 | +€3,764 | +1316.1% |
| Accrued charges and deferred income | 492/3 | €1,054 | €792 | -€262 | -24.8% |
| Remuneration, social security and pensions | 62 | €1,003,793 | €977,199 | -€26,594 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,361 | €79,924 | +€7,562 | +10.5% |
| Other operating charges | 640/8 | €4,701 | €9,936 | +€5,235 | +111.3% |
| Gross operating margin | 9900 | €1,140,005 | €1,110,528 | -€29,477 | -2.6% |
| Operating profit (loss) | 9901 | €59,149 | €43,469 | -€15,680 | -26.5% |
| Financial income | 75/76B | €7,334 | €2,098 | -€5,236 | -71.4% |
| Recurring financial income | 75 | €716 | €2,098 | +€1,382 | +193.1% |
| Non-recurring financial income | 76B | €6,618 | - | -€6,618 | |
| Financial charges | 65/66B | €31,884 | €27,414 | -€4,470 | -14.0% |
| Recurring financial charges | 65 | €31,884 | €27,414 | -€4,470 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €34,599 | €18,154 | -€16,445 | -47.5% |
| Income taxes | 67/77 | €18,163 | €12,247 | -€5,917 | -32.6% |
| Profit (loss) for the period | 9904 | €16,435 | €5,907 | -€10,528 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,435 | €5,907 | -€10,528 | -64.1% |
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 10 October 2026 via checked.be.