THERMODRILL: what changed
What changed
THERMODRILL
NACE 43.130, Specialised construction activities
filed annual accounts (NBB)
Net result for the year
-€93,540
2024 · €42,440-€135,979
Equity
€171,159
2024 · €264,699-€93,540
Cash
€18,336
2024 · €21,625-€3,289
Balance sheet total
€776,918
2024 · €690,622+€86,296
Largest movements
Assets
- Receivables within one year +€221,920
up €221,920 (+61.7%), from €359,953 to €581,873
of which Trade receivables: +€246,650
- Tangible fixed assets -€122,605
down €122,605 (-72.2%), from €169,856 to €47,251
- Stocks and contracts -€12,876
down €12,876 (-9.8%), from €131,464 to €118,589
Equity and liabilities
- Trade debts +€273,273
up €273,273 (+95.7%), from €285,492 to €558,764
- Reserves -€93,540
down €93,540 (-39.9%), from €234,699 to €141,159
- Debts after one year -€45,886
down €45,886 (-100%), from €45,886 to €0
- Current portion of long-term debt -€43,500
down €43,500 (-48.7%), from €89,385 to €45,886
Income statement
- Gross operating margin -€347,529
down €347,529 (-82.0%), from €423,606 to €76,077
- Staff costs -€121,279
down €121,279 (-64.5%), from €188,162 to €66,883
- Depreciation -€48,300
down €48,300 (-33.5%), from €144,372 to €96,072
- Taxes -€13,931
down €13,931 (-100%), from €13,931 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€42,440
Gross operating margin
-€347,529
Staff costs
+€121,279
Depreciation
+€48,300
Other operating charges
+€4,226
Other operating items
+€22,474
Financial income
-€500
Financial charges
+€1,838
Taxes
+€13,931
Result 2025
-€93,540
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€59,563
Investment
+€26,533
Financing
-€89,385
Cash 2024
€21,625
From operations (derived)
+€59,563
Net result for the year
-€93,540
Depreciation
+€96,072
Stocks and contracts
+€12,876
Receivables within one year
-€221,920
Deferred charges and accrued income
-€3,146
Trade debts
+€273,273
Tax, wage and social debts
-€3,316
Other debts
-€735
Investment (derived)
+€26,533
Investment in fixed assets (net)
+€26,533
Financing
-€89,385
Debts after one year
-€45,886
Current portion of long-term debt
-€43,500
Cash 2025
€18,336
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €690,622 | €776,918 | +€86,296 | +12.5% |
| Fixed assets | 21/28 | €171,429 | €48,824 | -€122,605 | -71.5% |
| Tangible fixed assets | 22/27 | €169,856 | €47,251 | -€122,605 | -72.2% |
| Plant, machinery and equipment | 23 | €43,550 | €0 | -€43,550 | -100% |
| Furniture and vehicles | 24 | €29,057 | €2,627 | -€26,430 | -91.0% |
| Leasing and similar rights | 25 | €97,249 | €44,624 | -€52,626 | -54.1% |
| Financial fixed assets | 28 | €1,573 | €1,573 | = | 0.0% |
| Current assets | 29/58 | €519,193 | €728,094 | +€208,901 | +40.2% |
| Stocks and contracts in progress | 3 | €131,464 | €118,589 | -€12,876 | -9.8% |
| Stocks | 30/36 | €131,464 | €118,589 | -€12,876 | -9.8% |
| Amounts receivable within one year | 40/41 | €359,953 | €581,873 | +€221,920 | +61.7% |
| Trade receivables | 40 | €319,207 | €565,857 | +€246,650 | +77.3% |
| Other amounts receivable | 41 | €40,746 | €16,016 | -€24,730 | -60.7% |
| Cash at bank and in hand | 54/58 | €21,625 | €18,336 | -€3,289 | -15.2% |
| Deferred charges and accrued income | 490/1 | €6,151 | €9,297 | +€3,146 | +51.1% |
| Total equity and liabilities | 10/49 | €690,622 | €776,918 | +€86,296 | +12.5% |
| Equity | 10/15 | €264,699 | €171,159 | -€93,540 | -35.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €234,699 | €141,159 | -€93,540 | -39.9% |
| Distributable reserves | 133 | €234,699 | €141,159 | -€93,540 | -39.9% |
| Amounts payable | 17/49 | €425,924 | €605,759 | +€179,836 | +42.2% |
| Amounts payable after more than one year | 17 | €45,886 | €0 | -€45,886 | -100% |
| Financial debts | 170/4 | €45,886 | €0 | -€45,886 | -100% |
| Amounts payable within one year | 42/48 | €380,038 | €605,759 | +€225,722 | +59.4% |
| Current portion of amounts payable after more than one year | 42 | €89,385 | €45,886 | -€43,500 | -48.7% |
| Trade debts | 44 | €285,492 | €558,764 | +€273,273 | +95.7% |
| Suppliers | 440/4 | €285,492 | €558,764 | +€273,273 | +95.7% |
| Taxes, remuneration and social security | 45 | €4,425 | €1,109 | -€3,316 | -74.9% |
| Taxes | 450/3 | €4,206 | €0 | -€4,206 | -100% |
| Remuneration and social security | 454/9 | €219 | €1,109 | +€890 | +406% |
| Other amounts payable | 47/48 | €735 | €0 | -€735 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €96,221 | €78,293 | -€17,928 | -18.6% |
| Remuneration, social security and pensions | 62 | €188,162 | €66,883 | -€121,279 | -64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,372 | €96,072 | -€48,300 | -33.5% |
| Other operating charges | 640/8 | €8,084 | €3,858 | -€4,226 | -52.3% |
| Non-recurring operating charges | 66A | €24,089 | €1,615 | -€22,474 | -93.3% |
| Gross operating margin | 9900 | €423,606 | €76,077 | -€347,529 | -82.0% |
| Operating profit (loss) | 9901 | €58,898 | -€92,351 | -€151,249 | |
| Financial income | 75/76B | €500 | €0 | -€500 | -100% |
| Recurring financial income | 75 | €500 | €0 | -€500 | -100% |
| Financial charges | 65/66B | €3,027 | €1,189 | -€1,838 | -60.7% |
| Recurring financial charges | 65 | €3,027 | €1,189 | -€1,838 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €56,371 | -€93,540 | -€149,911 | |
| Income taxes | 67/77 | €13,931 | €0 | -€13,931 | -100% |
| Profit (loss) for the period | 9904 | €42,440 | -€93,540 | -€135,979 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,440 | -€93,540 | -€135,979 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.