THERMOFLAM: 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.
THERMOFLAM
Largest movements
- Receivables within one year +€20,921
up €20,921 (+36.5%), from €57,280 to €78,202
of which Trade receivables: +€20,160
- Tangible fixed assets -€13,312
down €13,312 (-48.4%), from €27,484 to €14,172
of which Furniture and vehicles: -€10,987
- Stocks and contracts -€7,996
down €7,996 (-13.9%), from €57,650 to €49,655
- Deferred charges and accrued income +€4,095
new in 2025: €4,095
- Reserves +€14,258
up €14,258 (+39.6%), from €35,997 to €50,255
- Current portion of long-term debt -€10,616
down €10,616 (-66.8%), from €15,884 to €5,268
- Trade debts +€9,176
up €9,176 (+262%), from €3,497 to €12,673
- Debts after one year -€5,268
down €5,268 (-65.9%), from €7,992 to €2,725
- Tax, wage and social debts -€3,060
down €3,060 (-29.1%), from €10,524 to €7,465
- Depreciation -€4,048
down €4,048 (-23.3%), from €17,359 to €13,312
- Taxes +€1,935
up €1,935 (+44.2%), from €4,381 to €6,317
- Financial charges -€1,081
down €1,081 (-47.8%), from €2,260 to €1,179
- Financial income +€739
new in 2025: €739
- Gross operating margin +€457
up €457 (+1.3%), from €34,026 to €34,482
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €142,414 | €146,123 | +€3,709 | +2.6% |
| Fixed assets | 21/28 | €27,484 | €14,172 | -€13,312 | -48.4% |
| Tangible fixed assets | 22/27 | €27,484 | €14,172 | -€13,312 | -48.4% |
| Land and buildings | 22 | €4,318 | €3,461 | -€857 | -19.9% |
| Plant, machinery and equipment | 23 | €12,178 | €10,711 | -€1,467 | -12.0% |
| Furniture and vehicles | 24 | €10,987 | - | -€10,987 | |
| Current assets | 29/58 | €114,930 | €131,951 | +€17,021 | +14.8% |
| Stocks and contracts in progress | 3 | €57,650 | €49,655 | -€7,996 | -13.9% |
| Stocks | 30/36 | €57,650 | €49,655 | -€7,996 | -13.9% |
| Amounts receivable within one year | 40/41 | €57,280 | €78,202 | +€20,921 | +36.5% |
| Trade receivables | 40 | €53,975 | €74,135 | +€20,160 | +37.3% |
| Other amounts receivable | 41 | €3,305 | €4,067 | +€762 | +23.1% |
| Deferred charges and accrued income | 490/1 | - | €4,095 | +€4,095 | |
| Total equity and liabilities | 10/49 | €142,414 | €146,123 | +€3,709 | +2.6% |
| Equity | 10/15 | €99,013 | €113,271 | +€14,258 | +14.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €35,997 | €50,255 | +€14,258 | +39.6% |
| Distributable reserves | 133 | €35,997 | €50,255 | +€14,258 | +39.6% |
| Profit (loss) carried forward | 14 | €50,616 | €50,616 | = | 0.0% |
| Amounts payable | 17/49 | €43,401 | €32,852 | -€10,549 | -24.3% |
| Amounts payable after more than one year | 17 | €7,992 | €2,725 | -€5,268 | -65.9% |
| Financial debts | 170/4 | €7,992 | €2,725 | -€5,268 | -65.9% |
| Amounts payable within one year | 42/48 | €35,358 | €30,115 | -€5,243 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €15,884 | €5,268 | -€10,616 | -66.8% |
| Financial debts | 43 | €5,453 | €4,710 | -€743 | -13.6% |
| Credit institutions | 430/8 | €5,453 | €4,710 | -€743 | -13.6% |
| Trade debts | 44 | €3,497 | €12,673 | +€9,176 | +262% |
| Suppliers | 440/4 | €3,497 | €12,673 | +€9,176 | +262% |
| Taxes, remuneration and social security | 45 | €10,524 | €7,465 | -€3,060 | -29.1% |
| Taxes | 450/3 | €10,524 | €7,465 | -€3,060 | -29.1% |
| Accrued charges and deferred income | 492/3 | €51 | €12 | -€39 | -75.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,359 | €13,312 | -€4,048 | -23.3% |
| Other operating charges | 640/8 | €152 | €155 | +€3 | +2.0% |
| Gross operating margin | 9900 | €34,026 | €34,482 | +€457 | +1.3% |
| Operating profit (loss) | 9901 | €16,515 | €21,016 | +€4,501 | +27.3% |
| Financial income | 75/76B | - | €739 | +€739 | |
| Recurring financial income | 75 | - | €739 | +€739 | |
| Financial charges | 65/66B | €2,260 | €1,179 | -€1,081 | -47.8% |
| Recurring financial charges | 65 | €2,260 | €1,179 | -€1,081 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €14,254 | €20,575 | +€6,321 | +44.3% |
| Income taxes | 67/77 | €4,381 | €6,317 | +€1,935 | +44.2% |
| Profit (loss) for the period | 9904 | €9,873 | €14,258 | +€4,385 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,873 | €14,258 | +€4,385 | +44.4% |
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 1 November 2026 via checked.be.