THERMOTIS: 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.
THERMOTIS
Largest movements
- Cash +€15,953
up €15,953 (+125%), from €12,733 to €28,686
mainly Net result for the year (+€12,353) and Depreciation (+€7,761)
- Intangible fixed assets -€1,442
down €1,442 (-6.6%), from €21,692 to €20,250
- Formation expenses -€1,067
down €1,067 (-87.1%), from €1,225 to €158
- Reserves +€12,353
up €12,353 (+110%), from €11,237 to €23,590
- Tax, wage and social debts +€1,229
new in 2025: €1,229
- Depreciation +€1,497
up €1,497 (+23.9%), from €6,263 to €7,761
- Gross operating margin -€1,324
down €1,324 (-5.7%), from €23,104 to €21,780
- Taxes +€1,235
new in 2025: €1,235
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 | €36,237 | €49,825 | +€13,588 | +37.5% |
| Formation expenses | 20 | €1,225 | €158 | -€1,067 | -87.1% |
| Fixed assets | 21/28 | €21,692 | €20,250 | -€1,442 | -6.6% |
| Intangible fixed assets | 21 | €21,692 | €20,250 | -€1,442 | -6.6% |
| Current assets | 29/58 | €13,320 | €29,418 | +€16,097 | +121% |
| Amounts receivable within one year | 40/41 | €588 | €241 | -€346 | -59.0% |
| Trade receivables | 40 | €202 | - | -€202 | |
| Other amounts receivable | 41 | €386 | €241 | -€145 | -37.5% |
| Cash at bank and in hand | 54/58 | €12,733 | €28,686 | +€15,953 | +125% |
| Deferred charges and accrued income | 490/1 | - | €491 | +€491 | |
| Total equity and liabilities | 10/49 | €36,237 | €49,825 | +€13,588 | +37.5% |
| Equity | 10/15 | €31,237 | €43,590 | +€12,353 | +39.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €11,237 | €23,590 | +€12,353 | +110% |
| Distributable reserves | 133 | €11,237 | €23,590 | +€12,353 | +110% |
| Amounts payable | 17/49 | €5,000 | €6,235 | +€1,235 | +24.7% |
| Amounts payable within one year | 42/48 | €5,000 | €6,235 | +€1,235 | +24.7% |
| Taxes, remuneration and social security | 45 | - | €1,229 | +€1,229 | |
| Taxes | 450/3 | - | €1,229 | +€1,229 | |
| Other amounts payable | 47/48 | €5,000 | €5,006 | +€6 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,263 | €7,761 | +€1,497 | +23.9% |
| Other operating charges | 640/8 | €387 | €309 | -€78 | -20.2% |
| Gross operating margin | 9900 | €23,104 | €21,780 | -€1,324 | -5.7% |
| Operating profit (loss) | 9901 | €16,453 | €13,710 | -€2,743 | -16.7% |
| Financial income | 75/76B | €12 | €49 | +€37 | +308% |
| Recurring financial income | 75 | €12 | €49 | +€37 | +308% |
| Financial charges | 65/66B | €119 | €171 | +€52 | +44.0% |
| Recurring financial charges | 65 | €119 | €171 | +€52 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €16,347 | €13,589 | -€2,758 | -16.9% |
| Income taxes | 67/77 | - | €1,235 | +€1,235 | |
| Profit (loss) for the period | 9904 | €16,347 | €12,353 | -€3,994 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,347 | €12,353 | -€3,994 | -24.4% |
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 28 October 2026 via checked.be.