THERMOFLUIDE: 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.
THERMOFLUIDE
Largest movements
- Receivables within one year -€60,399
down €60,399 (-41.0%), from €147,181 to €86,782
of which Trade receivables: -€59,341
- Tangible fixed assets +€6,480
up €6,480 (+146%), from €4,445 to €10,925
of which Plant, machinery and equipment: +€7,728
- Stocks and contracts -€4,420
down €4,420 (-85.0%), from €5,200 to €780
- Financial fixed assets +€2,802
new in 2025: €2,802
- Trade debts -€40,408
down €40,408 (-51.7%), from €78,209 to €37,801
- Other debts -€18,697
down €18,697 (-36.0%), from €51,971 to €33,274
- Short-term financial debts +€3,374
up €3,374 (+82.6%), from €4,085 to €7,459
- Profit (loss) carried forward -€2,670
down €2,670 (-11.5%), from -€23,149 to -€25,820
- Tax, wage and social debts +€2,601
up €2,601 (+60.4%), from €4,309 to €6,910
- Gross operating margin +€78,590
up €78,590 (+4,834%), from €1,626 to €80,216
- Write-downs +€46,102
new in 2025: €46,102
- Other operating charges +€22,724
up €22,724 (+1,139%), from €1,995 to €24,718
- Taxes +€3,010
up €3,010 (+172%), from €1,747 to €4,757
- Depreciation +€1,834
up €1,834 (+65.2%), from €2,815 to €4,649
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 | €158,371 | €102,571 | -€55,800 | -35.2% |
| Fixed assets | 21/28 | €4,445 | €13,727 | +€9,282 | +209% |
| Tangible fixed assets | 22/27 | €4,445 | €10,925 | +€6,480 | +146% |
| Plant, machinery and equipment | 23 | €580 | €8,308 | +€7,728 | +1,333% |
| Furniture and vehicles | 24 | €3,865 | €2,617 | -€1,248 | -32.3% |
| Financial fixed assets | 28 | - | €2,802 | +€2,802 | |
| Current assets | 29/58 | €153,926 | €88,843 | -€65,083 | -42.3% |
| Stocks and contracts in progress | 3 | €5,200 | €780 | -€4,420 | -85.0% |
| Stocks | 30/36 | €5,200 | €780 | -€4,420 | -85.0% |
| Amounts receivable within one year | 40/41 | €147,181 | €86,782 | -€60,399 | -41.0% |
| Trade receivables | 40 | €142,582 | €83,241 | -€59,341 | -41.6% |
| Other amounts receivable | 41 | €4,599 | €3,541 | -€1,058 | -23.0% |
| Cash at bank and in hand | 54/58 | €603 | €0 | -€603 | -100% |
| Deferred charges and accrued income | 490/1 | €943 | €1,282 | +€339 | +36.0% |
| Total equity and liabilities | 10/49 | €158,371 | €102,571 | -€55,800 | -35.2% |
| Equity | 10/15 | €19,797 | €17,127 | -€2,670 | -13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,346 | €24,346 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,486 | €22,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,149 | -€25,820 | -€2,670 | -11.5% |
| Amounts payable | 17/49 | €138,574 | €85,444 | -€53,130 | -38.3% |
| Amounts payable within one year | 42/48 | €138,574 | €85,444 | -€53,130 | -38.3% |
| Financial debts | 43 | €4,085 | €7,459 | +€3,374 | +82.6% |
| Credit institutions | 430/8 | €4,085 | €7,459 | +€3,374 | +82.6% |
| Trade debts | 44 | €78,209 | €37,801 | -€40,408 | -51.7% |
| Suppliers | 440/4 | €78,209 | €37,801 | -€40,408 | -51.7% |
| Taxes, remuneration and social security | 45 | €4,309 | €6,910 | +€2,601 | +60.4% |
| Taxes | 450/3 | €4,309 | €6,910 | +€2,601 | +60.4% |
| Other amounts payable | 47/48 | €51,971 | €33,274 | -€18,697 | -36.0% |
| Remuneration, social security and pensions | 62 | €126 | €137 | +€12 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,815 | €4,649 | +€1,834 | +65.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €46,102 | +€46,102 | |
| Other operating charges | 640/8 | €1,995 | €24,718 | +€22,724 | +1,139% |
| Gross operating margin | 9900 | €1,626 | €80,216 | +€78,590 | +4,834% |
| Operating profit (loss) | 9901 | -€3,310 | €4,608 | +€7,918 | |
| Financial income | 75/76B | €33 | €0 | -€32 | -98.8% |
| Recurring financial income | 75 | €33 | €0 | -€32 | -98.8% |
| Financial charges | 65/66B | €2,203 | €2,522 | +€319 | +14.5% |
| Recurring financial charges | 65 | €2,203 | €2,522 | +€319 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | -€5,480 | €2,087 | +€7,567 | |
| Income taxes | 67/77 | €1,747 | €4,757 | +€3,010 | +172% |
| Profit (loss) for the period | 9904 | -€7,228 | -€2,670 | +€4,557 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,228 | -€2,670 | +€4,557 | +63.1% |
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 18 October 2026 via checked.be.