THERMOSIPHON: what changed
Two fiscal 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.
THERMOSIPHON
Largest movements
- Receivables within one year +€27,844
up €27,844 (+25.8%), from €107,868 to €135,712
of which Trade receivables: +€26,492
- Tangible fixed assets -€12,520
down €12,520 (-18.9%), from €66,238 to €53,718
of which Furniture and vehicles: -€9,624
- Stocks and contracts +€11,071
up €11,071 (+48.5%), from €22,810 to €33,881
- Deferred charges and accrued income +€7,134
new in 2025: €7,134
- Financial fixed assets +€4,744
up €4,744 (+58.9%), from €8,058 to €12,802
- Trade debts +€17,055
up €17,055 (+17.1%), from €99,538 to €116,593
- Tax, wage and social debts +€15,809
up €15,809 (+187.2%), from €8,444 to €24,253
- Short-term financial debts +€10,002
up €10,002 (+20.7%), from €48,258 to €58,260
- Debts after one year -€8,434
down €8,434 (-28.4%), from €29,742 to €21,308
- Profit (loss) carried forward +€4,928
up €4,928 (+7.4%), from -€66,941 to -€62,014
- Gross operating margin +€72,286
up €72,286 (+53.7%), from €134,542 to €206,828
- Staff costs +€27,478
up €27,478 (+18.3%), from €149,862 to €177,340
- Taxes +€3,046
up €3,046, from -€1,078 to €1,968
- Other operating charges -€2,642
down €2,642 (-65.6%), from €4,029 to €1,387
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 | €207,159 | €247,409 | +€40,250 | +19.4% |
| Fixed assets | 21/28 | €74,296 | €66,520 | -€7,776 | -10.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €66,238 | €53,718 | -€12,520 | -18.9% |
| Land and buildings | 22 | €23,618 | €21,267 | -€2,351 | -10.0% |
| Plant, machinery and equipment | 23 | €1,469 | €923 | -€545 | -37.1% |
| Furniture and vehicles | 24 | €41,152 | €31,528 | -€9,624 | -23.4% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €8,058 | €12,802 | +€4,744 | +58.9% |
| Current assets | 29/58 | €132,863 | €180,889 | +€48,027 | +36.1% |
| Stocks and contracts in progress | 3 | €22,810 | €33,881 | +€11,071 | +48.5% |
| Stocks | 30/36 | €22,810 | €33,881 | +€11,071 | +48.5% |
| Amounts receivable within one year | 40/41 | €107,868 | €135,712 | +€27,844 | +25.8% |
| Trade receivables | 40 | €107,183 | €133,674 | +€26,492 | +24.7% |
| Other amounts receivable | 41 | €685 | €2,037 | +€1,352 | +197.3% |
| Cash at bank and in hand | 54/58 | €2,185 | €4,162 | +€1,978 | +90.5% |
| Deferred charges and accrued income | 490/1 | - | €7,134 | +€7,134 | |
| Total equity and liabilities | 10/49 | €207,159 | €247,409 | +€40,250 | +19.4% |
| Equity | 10/15 | -€44,445 | -€39,517 | +€4,928 | +11.1% |
| Contributions | 10/11 | €20,451 | €22,496 | +€2,045 | +10.0% |
| Reserves | 13 | €2,045 | - | -€2,045 | |
| Non-distributable reserves | 130/1 | €2,045 | - | -€2,045 | |
| Reserves not available under the articles | 1311 | €2,045 | - | -€2,045 | |
| Profit (loss) carried forward | 14 | -€66,941 | -€62,014 | +€4,928 | +7.4% |
| Amounts payable | 17/49 | €251,604 | €286,927 | +€35,323 | +14.0% |
| Amounts payable after more than one year | 17 | €29,742 | €21,308 | -€8,434 | -28.4% |
| Financial debts | 170/4 | €29,742 | €21,308 | -€8,434 | -28.4% |
| Amounts payable within one year | 42/48 | €221,862 | €265,619 | +€43,757 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €8,043 | €8,434 | +€391 | +4.9% |
| Financial debts | 43 | €48,258 | €58,260 | +€10,002 | +20.7% |
| Credit institutions | 430/8 | €48,258 | €58,260 | +€10,002 | +20.7% |
| Trade debts | 44 | €99,538 | €116,593 | +€17,055 | +17.1% |
| Suppliers | 440/4 | €99,538 | €116,593 | +€17,055 | +17.1% |
| Taxes, remuneration and social security | 45 | €8,444 | €24,253 | +€15,809 | +187.2% |
| Remuneration and social security | 454/9 | €8,444 | €24,253 | +€15,809 | +187.2% |
| Other amounts payable | 47/48 | €57,579 | €58,079 | +€500 | +0.9% |
| Remuneration, social security and pensions | 62 | €149,862 | €177,340 | +€27,478 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,803 | €12,520 | +€1,717 | +15.9% |
| Other operating charges | 640/8 | €4,029 | €1,387 | -€2,642 | -65.6% |
| Gross operating margin | 9900 | €134,542 | €206,828 | +€72,286 | +53.7% |
| Operating profit (loss) | 9901 | -€30,152 | €15,581 | +€45,733 | |
| Financial income | 75/76B | €727 | €736 | +€10 | +1.3% |
| Recurring financial income | 75 | €727 | €736 | +€10 | +1.3% |
| Financial charges | 65/66B | €10,360 | €10,276 | -€84 | -0.8% |
| Recurring financial charges | 65 | €10,360 | €10,276 | -€84 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€39,785 | €6,041 | +€45,826 | |
| Income taxes | 67/77 | -€1,078 | €1,968 | +€3,046 | |
| Profit (loss) for the period | 9904 | -€38,707 | €4,073 | +€42,780 | |
| Profit (loss) for the period to be appropriated | 9905 | -€38,707 | €4,073 | +€42,780 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.