THERMUS: 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.
THERMUS
Largest movements
- Cash -€23,102
down €23,102 (-54.5%), from €42,360 to €19,258
mainly Net result for the year (-€21,006) and Other debts (-€14,560)
- Tangible fixed assets -€9,515
down €9,515 (-33.9%), from €28,058 to €18,543
of which Furniture and vehicles: -€10,193
- Receivables within one year -€6,094
down €6,094 (-84.0%), from €7,255 to €1,161
of which Trade receivables: -€3,985
- Profit (loss) carried forward -€21,006
new in 2025: -€21,006
- Other debts -€14,560
down €14,560 (-35.8%), from €40,663 to €26,104
- Trade debts -€2,712
down €2,712 (-68.9%), from €3,938 to €1,227
- Gross operating margin -€61,552
down €61,552, from €55,836 to -€5,716
- Taxes -€14,321
no longer reported in 2025 (was €14,321)
- Depreciation +€1,315
up €1,315 (+10.0%), from €13,086 to €14,401
- Other operating charges -€1,157
down €1,157 (-56.7%), from €2,041 to €884
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 | €79,492 | €41,177 | -€38,315 | -48.2% |
| Fixed assets | 21/28 | €28,242 | €18,727 | -€9,515 | -33.7% |
| Tangible fixed assets | 22/27 | €28,058 | €18,543 | -€9,515 | -33.9% |
| Plant, machinery and equipment | 23 | €1,299 | €1,978 | +€678 | +52.2% |
| Furniture and vehicles | 24 | €26,759 | €16,566 | -€10,193 | -38.1% |
| Financial fixed assets | 28 | €183 | €183 | = | 0.0% |
| Current assets | 29/58 | €51,251 | €22,450 | -€28,800 | -56.2% |
| Amounts receivable within one year | 40/41 | €7,255 | €1,161 | -€6,094 | -84.0% |
| Trade receivables | 40 | €4,092 | €107 | -€3,985 | -97.4% |
| Other amounts receivable | 41 | €3,163 | €1,054 | -€2,109 | -66.7% |
| Cash at bank and in hand | 54/58 | €42,360 | €19,258 | -€23,102 | -54.5% |
| Deferred charges and accrued income | 490/1 | €1,636 | €2,031 | +€395 | +24.1% |
| Total equity and liabilities | 10/49 | €79,492 | €41,177 | -€38,315 | -48.2% |
| Equity | 10/15 | €31,619 | €10,613 | -€21,006 | -66.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €26,619 | €26,619 | = | 0.0% |
| Distributable reserves | 133 | €26,619 | €26,619 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€21,006 | -€21,006 | |
| Amounts payable | 17/49 | €47,873 | €30,564 | -€17,310 | -36.2% |
| Amounts payable within one year | 42/48 | €47,829 | €30,551 | -€17,278 | -36.1% |
| Trade debts | 44 | €3,938 | €1,227 | -€2,712 | -68.9% |
| Suppliers | 440/4 | €3,938 | €1,227 | -€2,712 | -68.9% |
| Taxes, remuneration and social security | 45 | €3,227 | €3,221 | -€6 | -0.2% |
| Taxes | 450/3 | €3,227 | €3,221 | -€6 | -0.2% |
| Other amounts payable | 47/48 | €40,663 | €26,104 | -€14,560 | -35.8% |
| Accrued charges and deferred income | 492/3 | €44 | €12 | -€32 | -72.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,086 | €14,401 | +€1,315 | +10.0% |
| Other operating charges | 640/8 | €2,041 | €884 | -€1,157 | -56.7% |
| Gross operating margin | 9900 | €55,836 | -€5,716 | -€61,552 | |
| Operating profit (loss) | 9901 | €40,708 | -€21,001 | -€61,710 | |
| Financial income | 75/76B | €306 | €295 | -€11 | -3.7% |
| Recurring financial income | 75 | €306 | €295 | -€11 | -3.7% |
| Financial charges | 65/66B | €74 | €299 | +€225 | +302% |
| Recurring financial charges | 65 | €74 | €85 | +€11 | +14.5% |
| Non-recurring financial charges | 66B | - | €214 | +€214 | |
| Profit (loss) for the period before taxes | 9903 | €40,940 | -€21,006 | -€61,946 | |
| Income taxes | 67/77 | €14,321 | - | -€14,321 | |
| Profit (loss) for the period | 9904 | €26,619 | -€21,006 | -€47,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,619 | -€21,006 | -€47,625 |
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.