THERMOPULSE: what changed
THERMOPULSE
Largest movements
- Receivables within one year +€16,283
up €16,283 (+202%), from €8,047 to €24,330
of which Trade receivables: +€19,782
- Cash +€7,833
up €7,833 (+120%), from €6,503 to €14,337
mainly Net result for the year (+€38,463) and Depreciation (+€24,468)
- Stocks and contracts +€7,393
up €7,393 (+58.0%), from €12,751 to €20,144
- Tangible fixed assets -€3,514
down €3,514 (-4.7%), from €74,839 to €71,324
of which Furniture and vehicles: -€13,493
- Intangible fixed assets -€3,320
down €3,320 (-13.2%), from €25,227 to €21,907
- Reserves +€38,463
up €38,463 (+267%), from €14,389 to €52,852
- Other debts -€12,879
down €12,879 (-16.9%), from €76,189 to €63,311
- Tax, wage and social debts +€8,859
up €8,859 (+101%), from €8,796 to €17,656
of which Taxes: +€8,841
- Debts after one year -€5,822
down €5,822 (-66.0%), from €8,825 to €3,003
- Trade debts -€2,720
down €2,720 (-55.0%), from €4,943 to €2,223
- Gross operating margin +€27,572
up €27,572 (+52.5%), from €52,528 to €80,100
- Taxes +€8,847
up €8,847 (+158%), from €5,612 to €14,460
- Depreciation -€4,569
down €4,569 (-15.7%), from €29,037 to €24,468
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,891 | €152,583 | +€24,692 | +19.3% |
| Fixed assets | 21/28 | €100,065 | €93,231 | -€6,834 | -6.8% |
| Intangible fixed assets | 21 | €25,227 | €21,907 | -€3,320 | -13.2% |
| Tangible fixed assets | 22/27 | €74,839 | €71,324 | -€3,514 | -4.7% |
| Plant, machinery and equipment | 23 | €16,612 | €28,392 | +€11,779 | +70.9% |
| Furniture and vehicles | 24 | €51,326 | €37,833 | -€13,493 | -26.3% |
| Other tangible fixed assets | 26 | €6,900 | €5,100 | -€1,800 | -26.1% |
| Current assets | 29/58 | €27,825 | €59,352 | +€31,527 | +113% |
| Stocks and contracts in progress | 3 | €12,751 | €20,144 | +€7,393 | +58.0% |
| Stocks | 30/36 | €12,751 | €20,144 | +€7,393 | +58.0% |
| Amounts receivable within one year | 40/41 | €8,047 | €24,330 | +€16,283 | +202% |
| Trade receivables | 40 | €199 | €19,981 | +€19,782 | +9,945% |
| Other amounts receivable | 41 | €7,848 | €4,349 | -€3,499 | -44.6% |
| Cash at bank and in hand | 54/58 | €6,503 | €14,337 | +€7,833 | +120% |
| Deferred charges and accrued income | 490/1 | €524 | €542 | +€18 | +3.3% |
| Total equity and liabilities | 10/49 | €127,891 | €152,583 | +€24,692 | +19.3% |
| Equity | 10/15 | €19,389 | €57,852 | +€38,463 | +198% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,389 | €52,852 | +€38,463 | +267% |
| Distributable reserves | 133 | €14,389 | €52,852 | +€38,463 | +267% |
| Amounts payable | 17/49 | €108,502 | €94,731 | -€13,771 | -12.7% |
| Amounts payable after more than one year | 17 | €8,825 | €3,003 | -€5,822 | -66.0% |
| Financial debts | 170/4 | €8,825 | €3,003 | -€5,822 | -66.0% |
| Amounts payable within one year | 42/48 | €97,874 | €89,011 | -€8,863 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €7,946 | €5,822 | -€2,124 | -26.7% |
| Trade debts | 44 | €4,943 | €2,223 | -€2,720 | -55.0% |
| Suppliers | 440/4 | €4,943 | €2,223 | -€2,720 | -55.0% |
| Taxes, remuneration and social security | 45 | €8,796 | €17,656 | +€8,859 | +101% |
| Taxes | 450/3 | €5,611 | €14,452 | +€8,841 | +158% |
| Remuneration and social security | 454/9 | €3,185 | €3,204 | +€19 | +0.6% |
| Other amounts payable | 47/48 | €76,189 | €63,311 | -€12,879 | -16.9% |
| Accrued charges and deferred income | 492/3 | €1,803 | €2,717 | +€914 | +50.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,037 | €24,468 | -€4,569 | -15.7% |
| Other operating charges | 640/8 | €2,105 | €1,915 | -€190 | -9.0% |
| Gross operating margin | 9900 | €52,528 | €80,100 | +€27,572 | +52.5% |
| Operating profit (loss) | 9901 | €21,386 | €53,717 | +€32,330 | +151% |
| Financial income | 75/76B | €24 | €54 | +€30 | +126% |
| Recurring financial income | 75 | €24 | €54 | +€30 | +126% |
| Financial charges | 65/66B | €1,410 | €848 | -€562 | -39.9% |
| Recurring financial charges | 65 | €1,410 | €848 | -€562 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €20,001 | €52,923 | +€32,922 | +165% |
| Income taxes | 67/77 | €5,612 | €14,460 | +€8,847 | +158% |
| Profit (loss) for the period | 9904 | €14,389 | €38,463 | +€24,075 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €14,389 | €38,463 | +€24,075 | +167% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.