THERMOBRASS: 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.
THERMOBRASS
Largest movements
- Tangible fixed assets +€987,115
up €987,115 (+330%), from €299,422 to €1.3m
of which Land and buildings: +€977,094
- Current investments -€703,176
no longer reported in 2025 (was €703,176)
- Stocks and contracts +€191,637
up €191,637 (+14.3%), from €1.3m to €1.5m
- Receivables within one year +€86,947
up €86,947 (+28.8%), from €302,267 to €389,214
of which Trade receivables: +€69,313
- Cash +€78,817
up €78,817 (+30.3%), from €260,483 to €339,300
mainly Debts after one year (+€889,382) and Current investments (+€703,176)
- Debts after one year +€889,382
new in 2025: €889,382
- Reserves -€494,335
down €494,335 (-21.4%), from €2.3m to €1.8m
- Accrued charges and deferred income +€302,957
up €302,957 (+1,702%), from €17,801 to €320,759
- Other debts -€219,074
down €219,074 (-97.7%), from €224,256 to €5,182
- Profit (loss) carried forward +€208,483
new in 2025: €208,483
- Gross operating margin +€89,032
up €89,032 (+18.0%), from €493,456 to €582,487
- Staff costs +€87,259
up €87,259 (+45.2%), from €193,010 to €280,269
- Financial income +€58,824
up €58,824 (+168%), from €35,044 to €93,869
of which Financial income: +€64,700
- Depreciation +€28,656
up €28,656 (+41.1%), from €69,704 to €98,360
- Financial charges -€6,613
down €6,613 (-19.0%), from €34,884 to €28,270
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 | €2,916,927 | €3,550,720 | +€633,792 | +21.7% |
| Fixed assets | 21/28 | €299,587 | €1,286,701 | +€987,115 | +329% |
| Tangible fixed assets | 22/27 | €299,422 | €1,286,536 | +€987,115 | +330% |
| Land and buildings | 22 | €168,851 | €1,145,945 | +€977,094 | +579% |
| Plant, machinery and equipment | 23 | €20,853 | €58,674 | +€37,820 | +181% |
| Furniture and vehicles | 24 | €109,717 | €79,928 | -€29,789 | -27.2% |
| Other tangible fixed assets | 26 | - | €1,989 | +€1,989 | |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €2,617,341 | €2,264,018 | -€353,322 | -13.5% |
| Stocks and contracts in progress | 3 | €1,343,866 | €1,535,504 | +€191,637 | +14.3% |
| Stocks | 30/36 | €1,343,866 | €1,535,504 | +€191,637 | +14.3% |
| Amounts receivable within one year | 40/41 | €302,267 | €389,214 | +€86,947 | +28.8% |
| Trade receivables | 40 | €219,916 | €289,230 | +€69,313 | +31.5% |
| Other amounts receivable | 41 | €82,351 | €99,985 | +€17,634 | +21.4% |
| Current investments | 50/53 | €703,176 | - | -€703,176 | |
| Cash at bank and in hand | 54/58 | €260,483 | €339,300 | +€78,817 | +30.3% |
| Deferred charges and accrued income | 490/1 | €7,549 | - | -€7,549 | |
| Total equity and liabilities | 10/49 | €2,916,927 | €3,550,720 | +€633,792 | +21.7% |
| Equity | 10/15 | €2,419,474 | €2,133,621 | -€285,852 | -11.8% |
| Contributions | 10/11 | €112,500 | €112,500 | = | 0.0% |
| Reserves | 13 | €2,306,974 | €1,812,639 | -€494,335 | -21.4% |
| Distributable reserves | 133 | €2,306,974 | €1,812,639 | -€494,335 | -21.4% |
| Profit (loss) carried forward | 14 | - | €208,483 | +€208,483 | |
| Amounts payable | 17/49 | €497,454 | €1,417,098 | +€919,645 | +185% |
| Amounts payable after more than one year | 17 | - | €889,382 | +€889,382 | |
| Financial debts | 170/4 | - | €889,382 | +€889,382 | |
| Amounts payable within one year | 42/48 | €479,652 | €206,957 | -€272,695 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | - | €35,618 | +€35,618 | |
| Trade debts | 44 | €94,093 | €91,469 | -€2,624 | -2.8% |
| Suppliers | 440/4 | €94,093 | €91,469 | -€2,624 | -2.8% |
| Advances received on contracts in progress | 46 | €7,916 | €1,683 | -€6,233 | -78.7% |
| Taxes, remuneration and social security | 45 | €153,386 | €73,005 | -€80,381 | -52.4% |
| Taxes | 450/3 | €51,588 | €38,642 | -€12,946 | -25.1% |
| Remuneration and social security | 454/9 | €101,798 | €34,363 | -€67,435 | -66.2% |
| Other amounts payable | 47/48 | €224,256 | €5,182 | -€219,074 | -97.7% |
| Accrued charges and deferred income | 492/3 | €17,801 | €320,759 | +€302,957 | +1,702% |
| Remuneration, social security and pensions | 62 | €193,010 | €280,269 | +€87,259 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,704 | €98,360 | +€28,656 | +41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,979 | - | -€1,979 | |
| Other operating charges | 640/8 | €13,564 | €13,643 | +€78 | +0.6% |
| Non-recurring operating charges | 66A | €239 | €8,732 | +€8,493 | +3,553% |
| Gross operating margin | 9900 | €493,456 | €582,487 | +€89,032 | +18.0% |
| Operating profit (loss) | 9901 | €214,960 | €181,484 | -€33,476 | -15.6% |
| Financial income | 75/76B | €35,044 | €93,869 | +€58,824 | +168% |
| Recurring financial income | 75 | €29,168 | €93,869 | +€64,700 | +222% |
| Non-recurring financial income | 76B | €5,876 | - | -€5,876 | |
| Financial charges | 65/66B | €34,884 | €28,270 | -€6,613 | -19.0% |
| Recurring financial charges | 65 | €34,884 | €28,270 | -€6,613 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €215,120 | €247,082 | +€31,962 | +14.9% |
| Income taxes | 67/77 | €43,629 | €38,600 | -€5,029 | -11.5% |
| Profit (loss) for the period | 9904 | €171,492 | €208,483 | +€36,991 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €171,492 | €208,483 | +€36,991 | +21.6% |
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 27 October 2026 via checked.be.