THERMOHEATING: 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.
THERMOHEATING
Largest movements
- Tangible fixed assets +€661,091
up €661,091 (+301.3%), from €219,442 to €880,533
of which Land and buildings: +€723,224
- Cash -€302,435
down €302,435 (-44.1%), from €685,979 to €383,544
mainly Investment in fixed assets (net) (-€743,365) and Contributions, distributions and other (-€191,311)
- Stocks and contracts +€75,000
up €75,000 (+88.2%), from €85,000 to €160,000
- Receivables within one year +€24,414
up €24,414 (+18.4%), from €132,667 to €157,081
of which Other amounts receivable: +€22,459
- Debts after one year +€538,459
new in 2025: €538,459
- Reserves -€93,258
down €93,258 (-8.5%), from €1.1m to €1.0m
- Current portion of long-term debt +€19,912
new in 2025: €19,912
- Gross operating margin +€60,713
up €60,713 (+37.0%), from €164,023 to €224,736
- Depreciation +€46,589
up €46,589 (+130.5%), from €35,695 to €82,284
- Other operating charges -€7,578
down €7,578 (-63.1%), from €12,009 to €4,431
- Taxes +€3,824
up €3,824 (+10.5%), from €36,558 to €40,383
- Financial charges +€3,075
up €3,075 (+5347.6%), from €58 to €3,132
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.
Cash bridge derived
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 | €1,128,642 | €1,586,951 | +€458,309 | +40.6% |
| Fixed assets | 21/28 | €219,466 | €880,547 | +€661,081 | +301.2% |
| Intangible fixed assets | 21 | €24 | €14 | -€10 | -41.4% |
| Tangible fixed assets | 22/27 | €219,442 | €880,533 | +€661,091 | +301.3% |
| Land and buildings | 22 | €64,435 | €787,658 | +€723,224 | +1122.4% |
| Plant, machinery and equipment | 23 | €35,505 | €44,878 | +€9,373 | +26.4% |
| Furniture and vehicles | 24 | €119,502 | €47,997 | -€71,506 | -59.8% |
| Current assets | 29/58 | €909,176 | €706,404 | -€202,772 | -22.3% |
| Stocks and contracts in progress | 3 | €85,000 | €160,000 | +€75,000 | +88.2% |
| Stocks | 30/36 | €85,000 | €160,000 | +€75,000 | +88.2% |
| Amounts receivable within one year | 40/41 | €132,667 | €157,081 | +€24,414 | +18.4% |
| Trade receivables | 40 | €3,500 | €5,455 | +€1,955 | +55.8% |
| Other amounts receivable | 41 | €129,167 | €151,626 | +€22,459 | +17.4% |
| Cash at bank and in hand | 54/58 | €685,979 | €383,544 | -€302,435 | -44.1% |
| Deferred charges and accrued income | 490/1 | €5,530 | €5,780 | +€249 | +4.5% |
| Total equity and liabilities | 10/49 | €1,128,642 | €1,586,951 | +€458,309 | +40.6% |
| Equity | 10/15 | €1,109,758 | €1,016,500 | -€93,258 | -8.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,103,558 | €1,010,300 | -€93,258 | -8.5% |
| Distributable reserves | 133 | €1,103,558 | €1,010,300 | -€93,258 | -8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,885 | €570,451 | +€551,567 | +2920.7% |
| Amounts payable after more than one year | 17 | - | €538,459 | +€538,459 | |
| Financial debts | 170/4 | - | €538,459 | +€538,459 | |
| Amounts payable within one year | 42/48 | €18,885 | €31,992 | +€13,108 | +69.4% |
| Current portion of amounts payable after more than one year | 42 | - | €19,912 | +€19,912 | |
| Trade debts | 44 | €9,503 | €2,515 | -€6,988 | -73.5% |
| Suppliers | 440/4 | €9,503 | €2,515 | -€6,988 | -73.5% |
| Taxes, remuneration and social security | 45 | €7,494 | €9,566 | +€2,071 | +27.6% |
| Taxes | 450/3 | €1,558 | €9,566 | +€8,007 | +513.8% |
| Remuneration and social security | 454/9 | €5,936 | €0 | -€5,936 | -100.0% |
| Other amounts payable | 47/48 | €1,888 | €0 | -€1,888 | -100.0% |
| Non-recurring operating income | 76A | €0 | €10,494 | +€10,494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,695 | €82,284 | +€46,589 | +130.5% |
| Other operating charges | 640/8 | €12,009 | €4,431 | -€7,578 | -63.1% |
| Non-recurring operating charges | 66A | - | €447 | +€447 | |
| Gross operating margin | 9900 | €164,023 | €224,736 | +€60,713 | +37.0% |
| Operating profit (loss) | 9901 | €116,320 | €137,575 | +€21,255 | +18.3% |
| Financial income | 75/76B | €1,192 | €3,994 | +€2,802 | +235.1% |
| Recurring financial income | 75 | €1,192 | €3,994 | +€2,802 | +235.1% |
| Financial charges | 65/66B | €58 | €3,132 | +€3,075 | +5347.6% |
| Recurring financial charges | 65 | €58 | €3,132 | +€3,075 | +5347.6% |
| Profit (loss) for the period before taxes | 9903 | €117,454 | €138,436 | +€20,982 | +17.9% |
| Income taxes | 67/77 | €36,558 | €40,383 | +€3,824 | +10.5% |
| Profit (loss) for the period | 9904 | €80,896 | €98,053 | +€17,158 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €80,896 | €98,053 | +€17,158 | +21.2% |
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 12 October 2026 via checked.be.