THERMOFLUX: 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.
THERMOFLUX
Largest movements
- Cash -€48,381
down €48,381 (-93.2%), from €51,886 to €3,504
mainly Receivables within one year (-€36,541) and Net result for the year (-€17,511)
- Receivables within one year +€36,541
up €36,541 (+73.7%), from €49,591 to €86,132
of which Trade receivables: +€25,406
- Tangible fixed assets -€5,507
down €5,507 (-33.8%), from €16,299 to €10,792
of which Furniture and vehicles: -€3,897
- Profit (loss) carried forward -€17,511
down €17,511 (-23.6%), from €74,351 to €56,840
- Trade debts -€2,551
down €2,551 (-9.0%), from €28,280 to €25,729
- Tax, wage and social debts +€2,126
up €2,126 (+182%), from €1,169 to €3,295
of which Remuneration and social security: +€1,472
- Gross operating margin -€58,850
down €58,850 (-83.3%), from €70,643 to €11,793
- Taxes +€5,729
up €5,729 (+111%), from €5,165 to €10,894
- Staff costs +€2,749
up €2,749 (+29.8%), from €9,217 to €11,966
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 | €118,800 | €100,864 | -€17,936 | -15.1% |
| Fixed assets | 21/28 | €16,734 | €11,227 | -€5,507 | -32.9% |
| Tangible fixed assets | 22/27 | €16,299 | €10,792 | -€5,507 | -33.8% |
| Plant, machinery and equipment | 23 | €4,570 | €2,960 | -€1,610 | -35.2% |
| Furniture and vehicles | 24 | €11,729 | €7,832 | -€3,897 | -33.2% |
| Financial fixed assets | 28 | €435 | €435 | = | 0.0% |
| Current assets | 29/58 | €102,066 | €89,637 | -€12,430 | -12.2% |
| Amounts receivable within one year | 40/41 | €49,591 | €86,132 | +€36,541 | +73.7% |
| Trade receivables | 40 | €35,208 | €60,615 | +€25,406 | +72.2% |
| Other amounts receivable | 41 | €14,383 | €25,518 | +€11,135 | +77.4% |
| Cash at bank and in hand | 54/58 | €51,886 | €3,504 | -€48,381 | -93.2% |
| Deferred charges and accrued income | 490/1 | €589 | - | -€589 | |
| Total equity and liabilities | 10/49 | €118,800 | €100,864 | -€17,936 | -15.1% |
| Equity | 10/15 | €89,351 | €71,840 | -€17,511 | -19.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,351 | €56,840 | -€17,511 | -23.6% |
| Amounts payable | 17/49 | €29,450 | €29,024 | -€426 | -1.4% |
| Amounts payable within one year | 42/48 | €29,450 | €29,024 | -€426 | -1.4% |
| Trade debts | 44 | €28,280 | €25,729 | -€2,551 | -9.0% |
| Suppliers | 440/4 | €28,280 | €25,729 | -€2,551 | -9.0% |
| Taxes, remuneration and social security | 45 | €1,169 | €3,295 | +€2,126 | +182% |
| Taxes | 450/3 | €71 | €725 | +€654 | +919% |
| Remuneration and social security | 454/9 | €1,098 | €2,570 | +€1,472 | +134% |
| Remuneration, social security and pensions | 62 | €9,217 | €11,966 | +€2,749 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,114 | €5,507 | -€607 | -9.9% |
| Other operating charges | 640/8 | €792 | €852 | +€60 | +7.6% |
| Gross operating margin | 9900 | €70,643 | €11,793 | -€58,850 | -83.3% |
| Operating profit (loss) | 9901 | €54,520 | -€6,532 | -€61,052 | |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €231 | €85 | -€146 | -63.4% |
| Recurring financial charges | 65 | €231 | €85 | -€146 | -63.4% |
| Profit (loss) for the period before taxes | 9903 | €54,300 | -€6,617 | -€60,916 | |
| Income taxes | 67/77 | €5,165 | €10,894 | +€5,729 | +111% |
| Profit (loss) for the period | 9904 | €49,135 | -€17,511 | -€66,645 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,135 | -€17,511 | -€66,645 |
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 26 October 2026 via checked.be.