THERMOCO: 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.
What changed
THERMOCO
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€400,114
2024 · -€1.5m+€1.9m
Equity
€1.0m
2024 · -€4.9m+€5.9m
Cash
€24,787
2024 · €24,613+€174
Balance sheet total
€5.4m
2024 · €6.2m-€842,158
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-21.1%), from €6.0m to €4.7m
of which Trade receivables: -€1.2m
- Current investments +€481,657
new in 2025: €481,657
- Tangible fixed assets -€70,826
down €70,826 (-35.5%), from €199,256 to €128,430
of which Plant, machinery and equipment: -€41,000
Equity and liabilities
- Short-term financial debts -€7.7m
no longer reported in 2025 (was €7.7m)
- Contributions +€5.5m
up €5.5m (+2750.0%), from €200,000 to €5.7m
of which Contributions outside capital: +€5.3m
- Debts after one year +€1.5m
new in 2025: €1.5m
- Advances received -€408,916
down €408,916 (-34.5%), from €1.2m to €776,126
- Profit (loss) carried forward +€400,114
up €400,114 (+7.7%), from -€5.2m to -€4.8m
Income statement
- Staff costs -€888,733
down €888,733 (-14.1%), from €6.3m to €5.4m
- Goods and materials -€811,592
down €811,592 (-15.3%), from €5.3m to €4.5m
- Turnover -€465,541
down €465,541 (-3.6%), from €13.0m to €12.6m
- Other operating income +€159,922
up €159,922 (+99.9%), from €160,019 to €319,941
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.
Result 2024
-€1.5m
Turnover
-€465,541
Other operating income
+€159,922
Goods and materials
+€811,592
Services and other goods
-€37,786
Staff costs
+€888,733
Depreciation
+€32,024
Write-downs
-€61,472
Provisions
+€60,618
Other operating charges
+€12,886
Other operating items
+€321,323
Financial income
-€203
Financial charges
+€107,241
Taxes
+€82,597
Result 2025
€400,114
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.
From operations
+€1.1m
Investment
-€487,881
Financing
-€653,123
Cash 2024
€24,613
From operations (derived)
+€1.1m
Net result for the year
+€400,114
Depreciation
+€78,503
Receivables within one year
+€1.3m
Smaller working-capital items
-€24,575
Provisions
-€111,681
Trade debts
-€148,919
Tax, wage and social debts
+€98,501
Advances received
-€408,916
Investment (derived)
-€487,881
Investment in fixed assets (net)
-€6,224
Current investments
-€481,657
Financing
-€653,123
Debts after one year
+€1.5m
Short-term financial debts
-€7.7m
Contributions, distributions and other
+€5.5m
Cash 2025
€24,787
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,229,581 | €5,387,424 | -€842,158 | -13.5% |
| Fixed assets | 21/28 | €200,709 | €128,430 | -€72,279 | -36.0% |
| Intangible fixed assets | 21 | €1,453 | €0 | -€1,453 | -100.0% |
| Tangible fixed assets | 22/27 | €199,256 | €128,430 | -€70,826 | -35.5% |
| Land and buildings | 22 | €70,379 | €71,406 | +€1,027 | +1.5% |
| Plant, machinery and equipment | 23 | €79,422 | €38,422 | -€41,000 | -51.6% |
| Furniture and vehicles | 24 | €49,455 | €18,602 | -€30,853 | -62.4% |
| Current assets | 29/58 | €6,028,872 | €5,258,993 | -€769,879 | -12.8% |
| Stocks and contracts in progress | 3 | €36,514 | €36,514 | = | 0.0% |
| Stocks | 30/36 | €36,514 | €36,514 | = | 0.0% |
| Raw materials and consumables | 30/31 | €36,514 | €36,514 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,956,319 | €4,698,168 | -€1.3m | -21.1% |
| Trade receivables | 40 | €5,732,370 | €4,546,830 | -€1.2m | -20.7% |
| Other amounts receivable | 41 | €223,949 | €151,338 | -€72,611 | -32.4% |
| Current investments | 50/53 | - | €481,657 | +€481,657 | |
| Other investments | 51/53 | - | €481,657 | +€481,657 | |
| Cash at bank and in hand | 54/58 | €24,613 | €24,787 | +€174 | +0.7% |
| Deferred charges and accrued income | 490/1 | €11,426 | €17,868 | +€6,442 | +56.4% |
| Total equity and liabilities | 10/49 | €6,229,581 | €5,387,424 | -€842,158 | -13.5% |
| Equity | 10/15 | -€4,886,422 | €1,013,692 | +€5.9m | |
| Contributions | 10/11 | €200,000 | €5,700,000 | +€5.5m | +2750.0% |
| Capital | 10 | €200,000 | €400,000 | +€200,000 | +100.0% |
| Issued capital | 100 | €200,000 | €400,000 | +€200,000 | +100.0% |
| Contributions outside capital | 11 | - | €5,300,000 | +€5.3m | |
| Share premium | 1100/10 | - | €5,300,000 | +€5.3m | |
| Reserves | 13 | €85,435 | €85,435 | = | 0.0% |
| Non-distributable reserves | 130/1 | €29,185 | €29,185 | = | 0.0% |
| Legal reserve | 130 | €29,185 | €29,185 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,171,857 | -€4,771,743 | +€400,114 | +7.7% |
| Provisions and deferred taxes | 16 | €136,973 | €25,292 | -€111,681 | -81.5% |
| Provisions for liabilities and charges | 160/5 | €136,973 | €25,292 | -€111,681 | -81.5% |
| Other liabilities and charges | 164/5 | €136,973 | €25,292 | -€111,681 | -81.5% |
| Amounts payable | 17/49 | €10,979,030 | €4,348,440 | -€6.6m | -60.4% |
| Amounts payable after more than one year | 17 | - | €1,500,000 | +€1.5m | |
| Financial debts | 170/4 | - | €1,500,000 | +€1.5m | |
| Other loans | 174 | - | €1,500,000 | +€1.5m | |
| Amounts payable within one year | 42/48 | €10,960,553 | €2,847,640 | -€8.1m | -74.0% |
| Financial debts | 43 | €7,653,123 | - | -€7.7m | |
| Other loans | 439 | €7,653,123 | - | -€7.7m | |
| Trade debts | 44 | €1,353,457 | €1,204,538 | -€148,919 | -11.0% |
| Suppliers | 440/4 | €1,353,457 | €1,204,538 | -€148,919 | -11.0% |
| Advances received on contracts in progress | 46 | €1,185,042 | €776,126 | -€408,916 | -34.5% |
| Taxes, remuneration and social security | 45 | €768,475 | €866,976 | +€98,501 | +12.8% |
| Taxes | 450/3 | €44,168 | €50,537 | +€6,369 | +14.4% |
| Remuneration and social security | 454/9 | €724,307 | €816,440 | +€92,133 | +12.7% |
| Other amounts payable | 47/48 | €455 | - | -€455 | |
| Accrued charges and deferred income | 492/3 | €18,477 | €799 | -€17,678 | -95.7% |
| Operating income | 70/76A | €13,192,320 | €13,224,652 | +€32,332 | +0.2% |
| Turnover | 70 | €13,032,302 | €12,566,761 | -€465,541 | -3.6% |
| Other operating income | 74 | €160,019 | €319,941 | +€159,922 | +99.9% |
| Non-recurring operating income | 76A | - | €337,951 | +€337,951 | |
| Operating charges | 60/66A | €14,236,736 | €12,546,770 | -€1.7m | -11.9% |
| Goods for resale, raw materials and consumables | 60 | €5,305,450 | €4,493,858 | -€811,592 | -15.3% |
| Purchases | 600/8 | €5,305,450 | €4,493,858 | -€811,592 | -15.3% |
| Services and other goods | 61 | €2,537,497 | €2,575,283 | +€37,786 | +1.5% |
| Remuneration, social security and pensions | 62 | €6,304,168 | €5,415,435 | -€888,733 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,528 | €78,503 | -€32,024 | -29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€64,126 | -€2,654 | +€61,472 | +95.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€51,064 | -€111,681 | -€60,618 | -118.7% |
| Other operating charges | 640/8 | €66,339 | €53,453 | -€12,886 | -19.4% |
| Non-recurring operating charges | 66A | €27,944 | €44,573 | +€16,628 | +59.5% |
| Operating profit (loss) | 9901 | -€1,044,415 | €677,882 | +€1.7m | |
| Financial income | 75/76B | €2,479 | €2,276 | -€203 | -8.2% |
| Recurring financial income | 75 | €2,479 | €2,276 | -€203 | -8.2% |
| Other financial income | 752/9 | €2,479 | €2,276 | -€203 | -8.2% |
| Financial charges | 65/66B | €384,460 | €277,220 | -€107,241 | -27.9% |
| Recurring financial charges | 65 | €384,460 | €277,220 | -€107,241 | -27.9% |
| Debt charges | 650 | €363,488 | €257,276 | -€106,212 | -29.2% |
| Other financial charges | 652/9 | €20,972 | €19,943 | -€1,029 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,426,397 | €402,939 | +€1.8m | |
| Income taxes | 67/77 | €85,422 | €2,825 | -€82,597 | -96.7% |
| Taxes | 670/3 | €85,422 | €4,116 | -€81,306 | -95.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,291 | +€1,291 | |
| Profit (loss) for the period | 9904 | -€1,511,819 | €400,114 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,511,819 | €400,114 | +€1.9m |
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.