Thermorob: what changed
What changed
Thermorob
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€49,966
2025 · €2,602+€47,364
Equity
€174,778
2025 · €124,812+€49,966
Cash
€113,716
2025 · €72,196+€41,519
Balance sheet total
€647,066
2025 · €594,982+€52,084
Largest movements
Assets
- Cash +€41,519
up €41,519 (+57.5%), from €72,196 to €113,716
mainly Net result for the year (+€49,966) and Depreciation (+€18,228)
- Receivables within one year +€33,599
up €33,599 (+42.3%), from €79,432 to €113,031
of which Trade receivables: +€28,127
- Tangible fixed assets -€18,028
down €18,028 (-4.4%), from €406,231 to €388,203
of which Land and buildings: -€12,868
Equity and liabilities
- Reserves +€49,966
up €49,966 (+41.7%), from €119,812 to €169,778
- Debts after one year -€16,977
down €16,977 (-4.6%), from €369,482 to €352,505
- Trade debts +€10,019
up €10,019 (+13.8%), from €72,522 to €82,541
Income statement
- Gross operating margin +€63,718
up €63,718 (+48.0%), from €132,802 to €196,520
- Depreciation -€49,440
down €49,440 (-73.1%), from €67,668 to €18,228
- Staff costs +€39,131
up €39,131 (+71.3%), from €54,916 to €94,047
- Taxes +€18,218
up €18,218 (+889%), from €2,049 to €20,267
- Financial charges +€7,893
up €7,893 (+169%), from €4,673 to €12,567
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€2,602
Gross operating margin
+€63,718
Staff costs
-€39,131
Depreciation
+€49,440
Other operating charges
-€846
Other operating items
+€125
Financial income
+€170
Financial charges
-€7,893
Taxes
-€18,218
Result 2026
€49,966
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€54,617
Investment
-€32
Financing
-€13,066
Cash 2025
€72,196
From operations (derived)
+€54,617
Net result for the year
+€49,966
Depreciation
+€18,228
Stocks and contracts
+€2,573
Receivables within one year
-€33,599
Deferred charges and accrued income
+€2,265
Trade debts
+€10,019
Tax, wage and social debts
+€5,165
Investment (derived)
-€32
Investment in fixed assets (net)
-€32
Financing
-€13,066
Debts after one year
-€16,977
Current portion of long-term debt
+€531
Short-term financial debts
+€3,379
Cash 2026
€113,716
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €594,982 | €647,066 | +€52,084 | +8.8% |
| Fixed assets | 21/28 | €410,196 | €392,000 | -€18,197 | -4.4% |
| Intangible fixed assets | 21 | €200 | - | -€200 | |
| Tangible fixed assets | 22/27 | €406,231 | €388,203 | -€18,028 | -4.4% |
| Land and buildings | 22 | €387,550 | €374,682 | -€12,868 | -3.3% |
| Plant, machinery and equipment | 23 | €2,796 | €1,710 | -€1,085 | -38.8% |
| Furniture and vehicles | 24 | €15,885 | €11,811 | -€4,075 | -25.7% |
| Financial fixed assets | 28 | €3,766 | €3,797 | +€32 | +0.8% |
| Current assets | 29/58 | €184,786 | €255,066 | +€70,280 | +38.0% |
| Stocks and contracts in progress | 3 | €23,080 | €20,507 | -€2,573 | -11.1% |
| Stocks | 30/36 | €23,080 | €20,507 | -€2,573 | -11.1% |
| Amounts receivable within one year | 40/41 | €79,432 | €113,031 | +€33,599 | +42.3% |
| Trade receivables | 40 | €38,296 | €66,423 | +€28,127 | +73.4% |
| Other amounts receivable | 41 | €41,137 | €46,608 | +€5,471 | +13.3% |
| Cash at bank and in hand | 54/58 | €72,196 | €113,716 | +€41,519 | +57.5% |
| Deferred charges and accrued income | 490/1 | €10,077 | €7,813 | -€2,265 | -22.5% |
| Total equity and liabilities | 10/49 | €594,982 | €647,066 | +€52,084 | +8.8% |
| Equity | 10/15 | €124,812 | €174,778 | +€49,966 | +40.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €119,812 | €169,778 | +€49,966 | +41.7% |
| Distributable reserves | 133 | €119,812 | €169,778 | +€49,966 | +41.7% |
| Amounts payable | 17/49 | €470,170 | €472,288 | +€2,118 | +0.5% |
| Amounts payable after more than one year | 17 | €369,482 | €352,505 | -€16,977 | -4.6% |
| Financial debts | 170/4 | €369,482 | €352,505 | -€16,977 | -4.6% |
| Amounts payable within one year | 42/48 | €98,189 | €117,283 | +€19,095 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €16,446 | €16,977 | +€531 | +3.2% |
| Financial debts | 43 | - | €3,379 | +€3,379 | |
| Credit institutions | 430/8 | - | €3,379 | +€3,379 | |
| Trade debts | 44 | €72,522 | €82,541 | +€10,019 | +13.8% |
| Suppliers | 440/4 | €72,522 | €82,541 | +€10,019 | +13.8% |
| Taxes, remuneration and social security | 45 | €9,221 | €14,386 | +€5,165 | +56.0% |
| Taxes | 450/3 | €7,110 | €10,207 | +€3,097 | +43.6% |
| Remuneration and social security | 454/9 | €2,111 | €4,179 | +€2,068 | +97.9% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €54,916 | €94,047 | +€39,131 | +71.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,668 | €18,228 | -€49,440 | -73.1% |
| Other operating charges | 640/8 | €977 | €1,823 | +€846 | +86.6% |
| Non-recurring operating charges | 66A | €125 | - | -€125 | |
| Gross operating margin | 9900 | €132,802 | €196,520 | +€63,718 | +48.0% |
| Operating profit (loss) | 9901 | €9,116 | €82,421 | +€73,306 | +804% |
| Financial income | 75/76B | €208 | €378 | +€170 | +81.5% |
| Recurring financial income | 75 | €208 | €378 | +€170 | +81.5% |
| Financial charges | 65/66B | €4,673 | €12,567 | +€7,893 | +169% |
| Recurring financial charges | 65 | €4,673 | €12,567 | +€7,893 | +169% |
| Profit (loss) for the period before taxes | 9903 | €4,650 | €70,233 | +€65,582 | +1,410% |
| Income taxes | 67/77 | €2,049 | €20,267 | +€18,218 | +889% |
| Profit (loss) for the period | 9904 | €2,602 | €49,966 | +€47,364 | +1,821% |
| Profit (loss) for the period to be appropriated | 9905 | €2,602 | €49,966 | +€47,364 | +1,821% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.