Apply Heating: what changed
Two fiscal 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.
Apply Heating
Largest movements
- Stocks and contracts +€729,700
up €729,700 (+103.7%), from €703,925 to €1.4m
of which Stocks: +€441,558
- Receivables within one year -€187,098
down €187,098 (-26.5%), from €705,197 to €518,099
of which Trade receivables: -€96,583
- Cash -€37,051
down €37,051 (-65.5%), from €56,534 to €19,483
mainly Stocks and contracts (-€729,700) and Tax, wage and social debts (-€152,297)
- Receivables after one year -€30,000
down €30,000 (-12.8%), from €235,000 to €205,000
- Tangible fixed assets +€26,333
up €26,333 (+20.6%), from €127,624 to €153,957
of which Plant, machinery and equipment: +€32,678
- Short-term financial debts +€466,000
new in 2025: €466,000
- Reserves +€297,788
up €297,788 (+36.8%), from €809,244 to €1.1m
- Tax, wage and social debts -€152,297
down €152,297 (-82.0%), from €185,661 to €33,364
of which Taxes: -€160,000
- Debts after one year -€100,934
down €100,934 (-34.9%), from €288,989 to €188,055
- Trade debts -€89,314
down €89,314 (-31.9%), from €279,991 to €190,677
- Gross operating margin +€428,197
up €428,197 (+59.0%), from €725,301 to €1.2m
- Staff costs +€421,013
up €421,013 (+170.4%), from €247,072 to €668,086
- Financial charges -€22,510
down €22,510 (-39.7%), from €56,650 to €34,140
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 | €1,833,336 | €2,348,134 | +€514,798 | +28.1% |
| Fixed assets | 21/28 | €132,679 | €171,926 | +€39,247 | +29.6% |
| Intangible fixed assets | 21 | - | €17,969 | +€17,969 | |
| Tangible fixed assets | 22/27 | €127,624 | €153,957 | +€26,333 | +20.6% |
| Plant, machinery and equipment | 23 | €89,267 | €121,944 | +€32,678 | +36.6% |
| Furniture and vehicles | 24 | €38,358 | €32,013 | -€6,345 | -16.5% |
| Financial fixed assets | 28 | €5,055 | - | -€5,055 | |
| Current assets | 29/58 | €1,700,656 | €2,176,207 | +€475,551 | +28.0% |
| Amounts receivable after more than one year | 29 | €235,000 | €205,000 | -€30,000 | -12.8% |
| Trade receivables | 290 | €235,000 | €205,000 | -€30,000 | -12.8% |
| Stocks and contracts in progress | 3 | €703,925 | €1,433,625 | +€729,700 | +103.7% |
| Stocks | 30/36 | €703,925 | €1,145,483 | +€441,558 | +62.7% |
| Contracts in progress | 37 | - | €288,142 | +€288,142 | |
| Amounts receivable within one year | 40/41 | €705,197 | €518,099 | -€187,098 | -26.5% |
| Trade receivables | 40 | €546,144 | €449,562 | -€96,583 | -17.7% |
| Other amounts receivable | 41 | €159,052 | €68,537 | -€90,515 | -56.9% |
| Cash at bank and in hand | 54/58 | €56,534 | €19,483 | -€37,051 | -65.5% |
| Total equity and liabilities | 10/49 | €1,833,336 | €2,348,134 | +€514,798 | +28.1% |
| Equity | 10/15 | €809,244 | €1,107,032 | +€297,788 | +36.8% |
| Reserves | 13 | €809,244 | €1,107,032 | +€297,788 | +36.8% |
| Distributable reserves | 133 | €809,244 | €1,107,032 | +€297,788 | +36.8% |
| Amounts payable | 17/49 | €1,024,092 | €1,241,102 | +€217,010 | +21.2% |
| Amounts payable after more than one year | 17 | €288,989 | €188,055 | -€100,934 | -34.9% |
| Financial debts | 170/4 | €288,989 | €188,055 | -€100,934 | -34.9% |
| Amounts payable within one year | 42/48 | €735,103 | €1,053,046 | +€317,944 | +43.3% |
| Current portion of amounts payable after more than one year | 42 | €96,450 | €134,789 | +€38,339 | +39.7% |
| Financial debts | 43 | - | €466,000 | +€466,000 | |
| Credit institutions | 430/8 | - | €466,000 | +€466,000 | |
| Trade debts | 44 | €279,991 | €190,677 | -€89,314 | -31.9% |
| Suppliers | 440/4 | €279,991 | €190,677 | -€89,314 | -31.9% |
| Taxes, remuneration and social security | 45 | €185,661 | €33,364 | -€152,297 | -82.0% |
| Taxes | 450/3 | €160,000 | - | -€160,000 | |
| Remuneration and social security | 454/9 | €25,661 | €33,364 | +€7,703 | +30.0% |
| Other amounts payable | 47/48 | €173,001 | €228,216 | +€55,215 | +31.9% |
| Remuneration, social security and pensions | 62 | €247,072 | €668,086 | +€421,013 | +170.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,698 | €48,620 | +€8,922 | +22.5% |
| Other operating charges | 640/8 | €14,210 | €5,366 | -€8,844 | -62.2% |
| Gross operating margin | 9900 | €725,301 | €1,153,497 | +€428,197 | +59.0% |
| Operating profit (loss) | 9901 | €424,321 | €431,426 | +€7,105 | +1.7% |
| Financial income | 75/76B | €3,467 | €291 | -€3,176 | -91.6% |
| Recurring financial income | 75 | €3,467 | €291 | -€3,176 | -91.6% |
| Financial charges | 65/66B | €56,650 | €34,140 | -€22,510 | -39.7% |
| Recurring financial charges | 65 | €56,650 | €34,140 | -€22,510 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | €371,137 | €397,577 | +€26,439 | +7.1% |
| Income taxes | 67/77 | €99,786 | €99,789 | +€3 | 0.0% |
| Profit (loss) for the period | 9904 | €271,352 | €297,788 | +€26,437 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €271,352 | €297,788 | +€26,437 | +9.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.