THERMODUCT: 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
THERMODUCT
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
-€31,059
31-12-2024 · €232,587-€263,646
Equity
€3.3m
31-12-2024 · €3.3m-€31,059
Cash
€260,140
31-12-2024 · €372,982-€112,842
Balance sheet total
€4.4m
31-12-2024 · €4.1m+€252,728
Largest movements
Assets
- Receivables within one year +€329,951
up €329,951 (+21.2%), from €1.6m to €1.9m
of which Other amounts receivable: +€208,868
- Cash -€112,842
down €112,842 (-30.3%), from €372,982 to €260,140
mainly Receivables within one year (-€329,951) and Investment in fixed assets (net) (-€111,481)
Equity and liabilities
- Trade debts +€163,046
up €163,046 (+28.5%), from €572,807 to €735,853
- Tax, wage and social debts +€129,213
up €129,213 (+133.1%), from €97,107 to €226,319
of which Remuneration and social security: +€91,767
Income statement
- Staff costs +€192,207
up €192,207 (+12.2%), from €1.6m to €1.8m
- Gross operating margin -€135,955
down €135,955 (-6.7%), from €2.0m to €1.9m
- Taxes -€91,857
down €91,857 (-98.4%), from €93,355 to €1,499
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€232,587
Gross operating margin
-€135,955
Staff costs
-€192,207
Depreciation
-€7,840
Write-downs
-€10,607
Other operating charges
-€4,546
Financial income
-€13,443
Financial charges
+€9,095
Taxes
+€91,857
Result 31-12-2025
-€31,059
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€9,920
Investment
-€111,481
Financing
+€8,559
Cash 31-12-2024
€372,982
From operations (derived)
-€9,920
Net result for the year
-€31,059
Depreciation
+€87,886
Smaller working-capital items
+€533
Receivables within one year
-€329,951
Deferred charges and accrued income
-€12,558
Trade debts
+€163,046
Tax, wage and social debts
+€129,213
Advances received
-€20,265
Accrued charges and deferred income
+€3,235
Investment (derived)
-€111,481
Investment in fixed assets (net)
-€111,481
Financing
+€8,559
Debts after one year
+€4,873
Current portion of long-term debt
+€3,686
Cash 31-12-2025
€260,140
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,142,914 | €4,395,642 | +€252,728 | +6.1% |
| Fixed assets | 21/28 | €297,708 | €321,303 | +€23,595 | +7.9% |
| Intangible fixed assets | 21 | €36,636 | €69,757 | +€33,121 | +90.4% |
| Tangible fixed assets | 22/27 | €261,072 | €251,546 | -€9,527 | -3.6% |
| Land and buildings | 22 | €2,100 | €1,400 | -€700 | -33.3% |
| Plant, machinery and equipment | 23 | €24,333 | €36,110 | +€11,777 | +48.4% |
| Furniture and vehicles | 24 | €139,306 | €107,410 | -€31,896 | -22.9% |
| Leasing and similar rights | 25 | €60,960 | €77,450 | +€16,491 | +27.1% |
| Other tangible fixed assets | 26 | €34,373 | €29,175 | -€5,199 | -15.1% |
| Current assets | 29/58 | €3,845,206 | €4,074,339 | +€229,133 | +6.0% |
| Amounts receivable after more than one year | 29 | €393,238 | €392,763 | -€475 | -0.1% |
| Other amounts receivable | 291 | €393,238 | €392,763 | -€475 | -0.1% |
| Stocks and contracts in progress | 3 | €1,519,954 | €1,519,896 | -€58 | 0.0% |
| Stocks | 30/36 | €1,346,750 | €1,395,008 | +€48,258 | +3.6% |
| Contracts in progress | 37 | €173,205 | €124,888 | -€48,317 | -27.9% |
| Amounts receivable within one year | 40/41 | €1,559,031 | €1,888,982 | +€329,951 | +21.2% |
| Trade receivables | 40 | €968,352 | €1,089,434 | +€121,082 | +12.5% |
| Other amounts receivable | 41 | €590,679 | €799,547 | +€208,868 | +35.4% |
| Cash at bank and in hand | 54/58 | €372,982 | €260,140 | -€112,842 | -30.3% |
| Deferred charges and accrued income | 490/1 | €0 | €12,558 | +€12,558 | |
| Total equity and liabilities | 10/49 | €4,142,914 | €4,395,642 | +€252,728 | +6.1% |
| Equity | 10/15 | €3,327,414 | €3,296,355 | -€31,059 | -0.9% |
| Contributions | 10/11 | €88,025 | €88,025 | = | 0.0% |
| Capital | 10 | €88,025 | €88,025 | = | 0.0% |
| Issued capital | 100 | €88,025 | €88,025 | = | 0.0% |
| Reserves | 13 | €1,767,783 | €1,767,783 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,393 | €41,393 | = | 0.0% |
| Legal reserve | 130 | €41,393 | €41,393 | = | 0.0% |
| Tax-exempt reserves | 132 | €99,500 | €99,500 | = | 0.0% |
| Distributable reserves | 133 | €1,626,890 | €1,626,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,471,606 | €1,440,547 | -€31,059 | -2.1% |
| Amounts payable | 17/49 | €815,500 | €1,099,287 | +€283,787 | +34.8% |
| Amounts payable after more than one year | 17 | €37,727 | €42,600 | +€4,873 | +12.9% |
| Financial debts | 170/4 | €37,727 | €42,600 | +€4,873 | +12.9% |
| Amounts payable within one year | 42/48 | €757,445 | €1,033,125 | +€275,679 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €18,820 | €22,506 | +€3,686 | +19.6% |
| Trade debts | 44 | €572,807 | €735,853 | +€163,046 | +28.5% |
| Suppliers | 440/4 | €572,807 | €735,853 | +€163,046 | +28.5% |
| Advances received on contracts in progress | 46 | €68,711 | €48,446 | -€20,265 | -29.5% |
| Taxes, remuneration and social security | 45 | €97,107 | €226,319 | +€129,213 | +133.1% |
| Taxes | 450/3 | €53 | €37,499 | +€37,445 | +70122.5% |
| Remuneration and social security | 454/9 | €97,053 | €188,821 | +€91,767 | +94.6% |
| Accrued charges and deferred income | 492/3 | €20,327 | €23,562 | +€3,235 | +15.9% |
| Non-recurring operating income | 76A | €7,938 | €0 | -€7,938 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,576,619 | €1,768,826 | +€192,207 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,047 | €87,886 | +€7,840 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,166 | €30,773 | +€10,607 | +52.6% |
| Other operating charges | 640/8 | €15,196 | €19,741 | +€4,546 | +29.9% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €2,020,498 | €1,884,543 | -€135,955 | -6.7% |
| Operating profit (loss) | 9901 | €328,470 | -€22,684 | -€351,155 | |
| Financial income | 75/76B | €59,101 | €45,658 | -€13,443 | -22.7% |
| Recurring financial income | 75 | €59,101 | €45,658 | -€13,443 | -22.7% |
| Financial charges | 65/66B | €61,629 | €52,534 | -€9,095 | -14.8% |
| Recurring financial charges | 65 | €61,629 | €52,534 | -€9,095 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €325,942 | -€29,560 | -€355,503 | |
| Income taxes | 67/77 | €93,355 | €1,499 | -€91,857 | -98.4% |
| Profit (loss) for the period | 9904 | €232,587 | -€31,059 | -€263,646 | |
| Profit (loss) for the period to be appropriated | 9905 | €232,587 | -€31,059 | -€263,646 |
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 11 October 2026 via checked.be.