VD.THERMIC: 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.
VD.THERMIC
Largest movements
- Receivables within one year +€119,818
up €119,818 (+53.5%), from €223,994 to €343,812
of which Trade receivables: +€155,450
- Cash -€34,517
down €34,517 (-84.7%), from €40,743 to €6,226
mainly Receivables within one year (-€119,818) and Debts after one year (-€18,202)
- Tangible fixed assets -€22,107
down €22,107 (-24.9%), from €88,700 to €66,593
of which Furniture and vehicles: -€21,179
- Stocks and contracts -€4,999
down €4,999 (-9.1%), from €54,999 to €50,000
- Trade debts +€56,545
up €56,545 (+39.8%), from €142,203 to €198,747
- Reserves +€32,068
up €32,068 (+23.2%), from €138,191 to €170,260
of which Distributable reserves: +€32,068
- Debts after one year -€18,202
down €18,202 (-53.5%), from €34,010 to €15,808
- Other debts -€11,765
down €11,765 (-95.9%), from €12,265 to €500
- Tax, wage and social debts +€5,666
up €5,666 (+9.6%), from €59,095 to €64,761
of which Remuneration and social security: +€4,533
- Staff costs +€27,842
up €27,842 (+119%), from €23,361 to €51,203
- Gross operating margin -€24,966
down €24,966 (-18.2%), from €137,045 to €112,079
- Taxes -€10,914
down €10,914 (-42.0%), from €25,976 to €15,062
- Depreciation -€8,941
down €8,941 (-34.8%), from €25,662 to €16,721
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 | €415,001 | €476,434 | +€61,433 | +14.8% |
| Fixed assets | 21/28 | €89,249 | €67,142 | -€22,107 | -24.8% |
| Tangible fixed assets | 22/27 | €88,700 | €66,593 | -€22,107 | -24.9% |
| Land and buildings | 22 | €30,541 | €29,902 | -€639 | -2.1% |
| Plant, machinery and equipment | 23 | €3,031 | €2,742 | -€289 | -9.5% |
| Furniture and vehicles | 24 | €55,128 | €33,949 | -€21,179 | -38.4% |
| Financial fixed assets | 28 | €549 | €549 | = | 0.0% |
| Current assets | 29/58 | €325,752 | €409,291 | +€83,540 | +25.6% |
| Stocks and contracts in progress | 3 | €54,999 | €50,000 | -€4,999 | -9.1% |
| Stocks | 30/36 | €54,999 | €50,000 | -€4,999 | -9.1% |
| Amounts receivable within one year | 40/41 | €223,994 | €343,812 | +€119,818 | +53.5% |
| Trade receivables | 40 | €66,426 | €221,876 | +€155,450 | +234% |
| Other amounts receivable | 41 | €157,568 | €121,936 | -€35,632 | -22.6% |
| Cash at bank and in hand | 54/58 | €40,743 | €6,226 | -€34,517 | -84.7% |
| Deferred charges and accrued income | 490/1 | €6,016 | €9,254 | +€3,238 | +53.8% |
| Total equity and liabilities | 10/49 | €415,001 | €476,434 | +€61,433 | +14.8% |
| Equity | 10/15 | €144,391 | €176,460 | +€32,068 | +22.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €138,191 | €170,260 | +€32,068 | +23.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,331 | €168,400 | +€32,068 | +23.5% |
| Amounts payable | 17/49 | €270,610 | €299,974 | +€29,365 | +10.9% |
| Amounts payable after more than one year | 17 | €34,010 | €15,808 | -€18,202 | -53.5% |
| Financial debts | 170/4 | €34,010 | €15,808 | -€18,202 | -53.5% |
| Amounts payable within one year | 42/48 | €236,599 | €283,023 | +€46,424 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €21,924 | €18,202 | -€3,722 | -17.0% |
| Trade debts | 44 | €142,203 | €198,747 | +€56,545 | +39.8% |
| Suppliers | 440/4 | €142,203 | €198,747 | +€56,545 | +39.8% |
| Advances received on contracts in progress | 46 | €1,113 | €813 | -€300 | -26.9% |
| Taxes, remuneration and social security | 45 | €59,095 | €64,761 | +€5,666 | +9.6% |
| Taxes | 450/3 | €51,094 | €52,227 | +€1,133 | +2.2% |
| Remuneration and social security | 454/9 | €8,001 | €12,534 | +€4,533 | +56.7% |
| Other amounts payable | 47/48 | €12,265 | €500 | -€11,765 | -95.9% |
| Accrued charges and deferred income | 492/3 | - | €1,143 | +€1,143 | |
| Remuneration, social security and pensions | 62 | €23,361 | €51,203 | +€27,842 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,662 | €16,721 | -€8,941 | -34.8% |
| Other operating charges | 640/8 | €758 | €639 | -€118 | -15.6% |
| Gross operating margin | 9900 | €137,045 | €112,079 | -€24,966 | -18.2% |
| Operating profit (loss) | 9901 | €87,264 | €43,515 | -€43,749 | -50.1% |
| Financial income | 75/76B | €6,614 | €5,980 | -€634 | -9.6% |
| Recurring financial income | 75 | €6,614 | €5,980 | -€634 | -9.6% |
| Financial charges | 65/66B | €3,719 | €2,364 | -€1,355 | -36.4% |
| Recurring financial charges | 65 | €3,719 | €2,364 | -€1,355 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €90,159 | €47,131 | -€43,028 | -47.7% |
| Income taxes | 67/77 | €25,976 | €15,062 | -€10,914 | -42.0% |
| Profit (loss) for the period | 9904 | €64,183 | €32,068 | -€32,114 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,183 | €32,068 | -€32,114 | -50.0% |
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 21 October 2026 via checked.be.