THERMOVAULT: what changed
What changed
THERMOVAULT
NACE 26.400, Manufacture of computer, electronic and optical products
filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€1.0m-€43,966
Equity
€1.1m
2024 · €133,072+€921,382
Cash
€943,360
2024 · €382,220+€561,140
Balance sheet total
€1.9m
2024 · €1.0m+€867,527
Largest movements
Assets
- Cash +€561,140
up €561,140 (+147%), from €382,220 to €943,360
mainly Contributions, distributions and other (+€2.0m) and Current portion of long-term debt (+€100,000)
- Deferred charges and accrued income +€188,508
up €188,508 (+85.3%), from €220,900 to €409,408
- Stocks and contracts +€108,288
up €108,288 (+93.7%), from €115,612 to €223,900
Equity and liabilities
- Contributions +€2.0m
up €2.0m (+46.7%), from €4.3m to €6.3m
- Profit (loss) carried forward -€1.1m
down €1.1m (-26.0%), from -€4.2m to -€5.2m
- Debts after one year -€100,000
down €100,000 (-100%), from €100,000 to €0
- Current portion of long-term debt +€100,000
up €100,000 (+25.0%), from €400,000 to €500,000
- Tax, wage and social debts -€83,710
down €83,710 (-43.8%), from €191,160 to €107,449
of which Remuneration and social security: -€69,063
Income statement
- Gross operating margin -€126,951
down €126,951 (-74.8%), from €169,707 to €42,755
- Staff costs -€40,023
down €40,023 (-3.6%), from €1.1m to €1.1m
- Write-downs -€27,317
down €27,317 (-76.3%), from €35,781 to €8,464
- Other operating charges -€8,126
down €8,126 (-87.3%), from €9,312 to €1,185
- Taxes -€6,758
down €6,758 (-90.9%), from €7,438 to €679
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.
Result 2024
-€1.0m
Gross operating margin
-€126,951
Staff costs
+€40,023
Depreciation
+€2,417
Write-downs
+€27,317
Other operating charges
+€8,126
Other operating items
-€2,053
Financial income
+€652
Financial charges
-€255
Taxes
+€6,758
Result 2025
-€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.4m
Investment
+€958
Financing
+€2.0m
Cash 2024
€382,220
From operations (derived)
-€1.4m
Net result for the year
-€1.1m
Depreciation
+€6,078
Stocks and contracts
-€108,288
Receivables within one year
-€16,627
Deferred charges and accrued income
-€188,508
Trade debts
+€10,516
Tax, wage and social debts
-€83,710
Accrued charges and deferred income
+€19,339
Investment (derived)
+€958
Investment in fixed assets (net)
+€958
Financing
+€2.0m
Debts after one year
-€100,000
Current portion of long-term debt
+€100,000
Contributions, distributions and other
+€2.0m
Cash 2025
€943,360
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,005,176 | €1,872,702 | +€867,527 | +86.3% |
| Fixed assets | 21/28 | €22,978 | €15,942 | -€7,037 | -30.6% |
| Tangible fixed assets | 22/27 | €10,857 | €7,757 | -€3,100 | -28.6% |
| Plant, machinery and equipment | 23 | €3,110 | €2,415 | -€695 | -22.4% |
| Furniture and vehicles | 24 | €7,747 | €5,342 | -€2,405 | -31.0% |
| Financial fixed assets | 28 | €12,121 | €8,185 | -€3,936 | -32.5% |
| Current assets | 29/58 | €982,197 | €1,856,761 | +€874,563 | +89.0% |
| Stocks and contracts in progress | 3 | €115,612 | €223,900 | +€108,288 | +93.7% |
| Stocks | 30/36 | €115,612 | €223,900 | +€108,288 | +93.7% |
| Amounts receivable within one year | 40/41 | €263,465 | €280,092 | +€16,627 | +6.3% |
| Trade receivables | 40 | €254,897 | €186,089 | -€68,808 | -27.0% |
| Other amounts receivable | 41 | €8,568 | €94,002 | +€85,434 | +997% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €382,220 | €943,360 | +€561,140 | +147% |
| Deferred charges and accrued income | 490/1 | €220,900 | €409,408 | +€188,508 | +85.3% |
| Total equity and liabilities | 10/49 | €1,005,176 | €1,872,702 | +€867,527 | +86.3% |
| Equity | 10/15 | €133,072 | €1,054,454 | +€921,382 | +692% |
| Contributions | 10/11 | €4,283,581 | €6,283,581 | +€2.0m | +46.7% |
| Reserves | 13 | €1,744 | €1,744 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Own shares acquired | 1312 | €0 | - | = | |
| Distributable reserves | 133 | €1,744 | €1,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,152,253 | -€5,230,871 | -€1.1m | -26.0% |
| Amounts payable | 17/49 | €872,104 | €818,249 | -€53,855 | -6.2% |
| Amounts payable after more than one year | 17 | €100,000 | €0 | -€100,000 | -100% |
| Financial debts | 170/4 | €100,000 | €0 | -€100,000 | -100% |
| Amounts payable within one year | 42/48 | €769,753 | €796,559 | +€26,806 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €400,000 | €500,000 | +€100,000 | +25.0% |
| Trade debts | 44 | €178,593 | €189,109 | +€10,516 | +5.9% |
| Suppliers | 440/4 | €178,593 | €189,109 | +€10,516 | +5.9% |
| Taxes, remuneration and social security | 45 | €191,160 | €107,449 | -€83,710 | -43.8% |
| Taxes | 450/3 | €17,509 | €2,862 | -€14,647 | -83.7% |
| Remuneration and social security | 454/9 | €173,651 | €104,588 | -€69,063 | -39.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,351 | €21,690 | +€19,339 | +823% |
| Remuneration, social security and pensions | 62 | €1,118,517 | €1,078,494 | -€40,023 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,495 | €6,078 | -€2,417 | -28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,781 | €8,464 | -€27,317 | -76.3% |
| Other operating charges | 640/8 | €9,312 | €1,185 | -€8,126 | -87.3% |
| Non-recurring operating charges | 66A | €0 | €2,053 | +€2,053 | |
| Gross operating margin | 9900 | €169,707 | €42,755 | -€126,951 | -74.8% |
| Operating profit (loss) | 9901 | -€1,002,399 | -€1,053,520 | -€51,122 | -5.1% |
| Financial income | 75/76B | €23 | €675 | +€652 | +2,833% |
| Recurring financial income | 75 | €23 | €675 | +€652 | +2,833% |
| Financial charges | 65/66B | €24,838 | €25,094 | +€255 | +1.0% |
| Recurring financial charges | 65 | €24,838 | €25,094 | +€255 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,027,214 | -€1,077,939 | -€50,725 | -4.9% |
| Income taxes | 67/77 | €7,438 | €679 | -€6,758 | -90.9% |
| Profit (loss) for the period | 9904 | -€1,034,652 | -€1,078,618 | -€43,966 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,034,652 | -€1,078,618 | -€43,966 | -4.2% |
Next steps
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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 4 November 2026 via checked.be.