THERMOSOLUTIONS: 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.
THERMOSOLUTIONS
Largest movements
- Receivables within one year -€62,446
down €62,446 (-29.3%), from €212,948 to €150,502
of which Trade receivables: -€56,582
- Deferred charges and accrued income +€50,231
up €50,231 (+953%), from €5,273 to €55,503
- Cash +€32,300
up €32,300 (+307%), from €10,537 to €42,837
mainly Net result for the year (+€69,482) and Receivables within one year (+€62,446)
- Tangible fixed assets +€20,038
up €20,038 (+41.8%), from €47,922 to €67,960
of which Furniture and vehicles: +€27,760
- Stocks and contracts -€4,751
down €4,751 (-13.1%), from €36,161 to €31,410
- Other debts -€110,836
down €110,836 (-62.0%), from €178,647 to €67,811
- Profit (loss) carried forward +€69,482
up €69,482 (+172%), from €40,447 to €109,929
- Trade debts +€41,502
up €41,502 (+205%), from €20,268 to €61,771
- Debts after one year +€22,608
new in 2025: €22,608
- Short-term financial debts +€10,000
up €10,000, from €0 to €10,000
- Gross operating margin -€113,306
down €113,306 (-29.2%), from €387,454 to €274,148
- Taxes -€27,609
down €27,609 (-51.4%), from €53,733 to €26,124
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 | €313,075 | €348,448 | +€35,373 | +11.3% |
| Fixed assets | 21/28 | €48,157 | €68,195 | +€20,038 | +41.6% |
| Tangible fixed assets | 22/27 | €47,922 | €67,960 | +€20,038 | +41.8% |
| Land and buildings | 22 | €21,218 | €17,879 | -€3,338 | -15.7% |
| Plant, machinery and equipment | 23 | €17,355 | €13,523 | -€3,832 | -22.1% |
| Furniture and vehicles | 24 | €8,616 | €36,376 | +€27,760 | +322% |
| Other tangible fixed assets | 26 | €733 | €182 | -€552 | -75.2% |
| Financial fixed assets | 28 | €235 | €235 | = | 0.0% |
| Current assets | 29/58 | €264,918 | €280,252 | +€15,334 | +5.8% |
| Stocks and contracts in progress | 3 | €36,161 | €31,410 | -€4,751 | -13.1% |
| Stocks | 30/36 | €36,161 | €31,410 | -€4,751 | -13.1% |
| Amounts receivable within one year | 40/41 | €212,948 | €150,502 | -€62,446 | -29.3% |
| Trade receivables | 40 | €192,025 | €135,444 | -€56,582 | -29.5% |
| Other amounts receivable | 41 | €20,923 | €15,059 | -€5,864 | -28.0% |
| Cash at bank and in hand | 54/58 | €10,537 | €42,837 | +€32,300 | +307% |
| Deferred charges and accrued income | 490/1 | €5,273 | €55,503 | +€50,231 | +953% |
| Total equity and liabilities | 10/49 | €313,075 | €348,448 | +€35,373 | +11.3% |
| Equity | 10/15 | €95,757 | €165,239 | +€69,482 | +72.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €30,310 | €30,310 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €30,310 | €30,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,447 | €109,929 | +€69,482 | +172% |
| Amounts payable | 17/49 | €217,319 | €183,209 | -€34,110 | -15.7% |
| Amounts payable after more than one year | 17 | - | €22,608 | +€22,608 | |
| Financial debts | 170/4 | - | €22,608 | +€22,608 | |
| Amounts payable within one year | 42/48 | €217,319 | €160,601 | -€56,718 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €6,687 | +€6,687 | |
| Financial debts | 43 | €0 | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | €0 | €10,000 | +€10,000 | |
| Trade debts | 44 | €20,268 | €61,771 | +€41,502 | +205% |
| Suppliers | 440/4 | €20,268 | €61,771 | +€41,502 | +205% |
| Taxes, remuneration and social security | 45 | €18,403 | €14,333 | -€4,071 | -22.1% |
| Taxes | 450/3 | €8,738 | €5,950 | -€2,789 | -31.9% |
| Remuneration and social security | 454/9 | €9,665 | €8,383 | -€1,282 | -13.3% |
| Other amounts payable | 47/48 | €178,647 | €67,811 | -€110,836 | -62.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €152,374 | €148,869 | -€3,505 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,626 | €26,613 | -€3,012 | -10.2% |
| Other operating charges | 640/8 | €2,567 | €2,542 | -€25 | -1.0% |
| Gross operating margin | 9900 | €387,454 | €274,148 | -€113,306 | -29.2% |
| Operating profit (loss) | 9901 | €202,887 | €96,124 | -€106,763 | -52.6% |
| Financial income | 75/76B | €994 | €1,066 | +€71 | +7.2% |
| Recurring financial income | 75 | €994 | €1,066 | +€71 | +7.2% |
| Financial charges | 65/66B | €518 | €1,582 | +€1,065 | +206% |
| Recurring financial charges | 65 | €518 | €1,582 | +€1,065 | +206% |
| Profit (loss) for the period before taxes | 9903 | €203,363 | €95,607 | -€107,756 | -53.0% |
| Income taxes | 67/77 | €53,733 | €26,124 | -€27,609 | -51.4% |
| Profit (loss) for the period | 9904 | €149,630 | €69,482 | -€80,147 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,630 | €69,482 | -€80,147 | -53.6% |
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 18 October 2026 via checked.be.