VolThermo: 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.
VolThermo
Largest movements
- Tangible fixed assets +€455,450
up €455,450 (+522.3%), from €87,203 to €542,653
of which Land and buildings: +€464,792
- Cash -€14,391
down €14,391 (-17.2%), from €83,660 to €69,269
mainly Investment in fixed assets (net) (-€499,907) and Contributions, distributions and other (-€85,000)
- Receivables within one year +€9,725
up €9,725 (+10.3%), from €94,037 to €103,762
of which Other amounts receivable: +€10,668
- Debts after one year +€357,991
up €357,991 (+972.6%), from €36,808 to €394,799
- Other debts +€54,165
up €54,165 (+154.8%), from €35,000 to €89,165
- Trade debts +€25,351
up €25,351 (+77.7%), from €32,606 to €57,957
- Current portion of long-term debt +€15,329
up €15,329 (+103.7%), from €14,779 to €30,108
- Gross operating margin +€80,591
up €80,591 (+83.4%), from €96,678 to €177,269
- Depreciation +€16,415
up €16,415 (+58.5%), from €28,041 to €44,457
- Financial charges +€15,940
up €15,940 (+374.0%), from €4,261 to €20,201
of which Financial charges: +€12,576
- Other operating charges +€4,635
up €4,635 (+287.8%), from €1,610 to €6,245
- Taxes +€3,515
up €3,515 (+26.3%), from €13,359 to €16,874
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.
Cash bridge derived
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 | €356,340 | €804,719 | +€448,379 | +125.8% |
| Fixed assets | 21/28 | €90,208 | €545,658 | +€455,450 | +504.9% |
| Tangible fixed assets | 22/27 | €87,203 | €542,653 | +€455,450 | +522.3% |
| Land and buildings | 22 | - | €464,792 | +€464,792 | |
| Plant, machinery and equipment | 23 | €11,019 | €7,946 | -€3,073 | -27.9% |
| Furniture and vehicles | 24 | €76,185 | €69,915 | -€6,270 | -8.2% |
| Financial fixed assets | 28 | €3,005 | €3,005 | = | 0.0% |
| Current assets | 29/58 | €266,132 | €259,061 | -€7,071 | -2.7% |
| Stocks and contracts in progress | 3 | €88,132 | €86,030 | -€2,102 | -2.4% |
| Stocks | 30/36 | €88,132 | €86,030 | -€2,102 | -2.4% |
| Amounts receivable within one year | 40/41 | €94,037 | €103,762 | +€9,725 | +10.3% |
| Trade receivables | 40 | €88,658 | €87,715 | -€943 | -1.1% |
| Other amounts receivable | 41 | €5,379 | €16,047 | +€10,668 | +198.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €83,660 | €69,269 | -€14,391 | -17.2% |
| Deferred charges and accrued income | 490/1 | €304 | €0 | -€304 | -100.0% |
| Total equity and liabilities | 10/49 | €356,340 | €804,719 | +€448,379 | +125.8% |
| Equity | 10/15 | €224,771 | €229,273 | +€4,502 | +2.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €205,771 | €210,273 | +€4,502 | +2.2% |
| Distributable reserves | 133 | €205,771 | €210,273 | +€4,502 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €131,569 | €575,446 | +€443,877 | +337.4% |
| Amounts payable after more than one year | 17 | €36,808 | €394,799 | +€357,991 | +972.6% |
| Financial debts | 170/4 | €36,808 | €394,799 | +€357,991 | +972.6% |
| Amounts payable within one year | 42/48 | €94,761 | €177,230 | +€82,469 | +87.0% |
| Current portion of amounts payable after more than one year | 42 | €14,779 | €30,108 | +€15,329 | +103.7% |
| Financial debts | 43 | €5,017 | €0 | -€5,017 | -100.0% |
| Credit institutions | 430/8 | €5,017 | €0 | -€5,017 | -100.0% |
| Trade debts | 44 | €32,606 | €57,957 | +€25,351 | +77.7% |
| Suppliers | 440/4 | €32,606 | €57,957 | +€25,351 | +77.7% |
| Taxes, remuneration and social security | 45 | €7,359 | €0 | -€7,359 | -100.0% |
| Taxes | 450/3 | €7,359 | €0 | -€7,359 | -100.0% |
| Other amounts payable | 47/48 | €35,000 | €89,165 | +€54,165 | +154.8% |
| Accrued charges and deferred income | 492/3 | - | €3,416 | +€3,416 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,041 | €44,457 | +€16,415 | +58.5% |
| Other operating charges | 640/8 | €1,610 | €6,245 | +€4,635 | +287.8% |
| Gross operating margin | 9900 | €96,678 | €177,269 | +€80,591 | +83.4% |
| Operating profit (loss) | 9901 | €67,026 | €126,567 | +€59,541 | +88.8% |
| Financial income | 75/76B | €914 | €10 | -€904 | -98.9% |
| Recurring financial income | 75 | €914 | €10 | -€904 | -98.9% |
| Financial charges | 65/66B | €4,261 | €20,201 | +€15,940 | +374.0% |
| Recurring financial charges | 65 | €4,261 | €16,837 | +€12,576 | +295.1% |
| Non-recurring financial charges | 66B | - | €3,364 | +€3,364 | |
| Profit (loss) for the period before taxes | 9903 | €63,678 | €106,376 | +€42,698 | +67.1% |
| Income taxes | 67/77 | €13,359 | €16,874 | +€3,515 | +26.3% |
| Profit (loss) for the period | 9904 | €50,319 | €89,502 | +€39,183 | +77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,319 | €89,502 | +€39,183 | +77.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.