Close: 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.
What changed
Close
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€107,927
2024 · €69,563+€38,364
Equity
€3.0m
2024 · €5.1m-€2.1m
Cash
€2.7m
2024 · €2.2m+€574,028
Balance sheet total
€3.8m
2024 · €5.7m-€1.9m
Largest movements
Assets
- Tangible fixed assets -€2.4m
down €2.4m (-99.1%), from €2.4m to €22,229
of which Land and buildings: -€2.4m
- Cash +€574,028
up €574,028 (+26.5%), from €2.2m to €2.7m
mainly Investment in fixed assets (net) (+€2.2m) and Provisions (+€347,803)
- Receivables within one year -€94,225
down €94,225 (-18.3%), from €513,525 to €419,300
of which Trade receivables: -€86,772
Equity and liabilities
- Revaluation surpluses -€1.2m
no longer reported in 2025 (was €1.2m)
- Contributions -€738,280
down €738,280 (-26.1%), from €2.8m to €2.1m
- Provisions +€347,803
up €347,803 (+15832.2%), from €2,197 to €350,000
of which Provisions for liabilities and charges: +€350,000
- Reserves -€212,959
down €212,959 (-19.8%), from €1.1m to €864,451
of which Distributable reserves: -€139,131
- Tax, wage and social debts -€107,554
down €107,554 (-58.3%), from €184,508 to €76,953
of which Taxes: -€88,034
Income statement
- Provisions +€785,678
up €785,678, from -€435,678 to €350,000
- Turnover +€373,037
up €373,037 (+21.3%), from €1.7m to €2.1m
- Goods and materials +€241,807
up €241,807 (+48.9%), from €494,404 to €736,210
of which Purchases: +€274,287
- Write-downs -€137,757
no longer reported in 2025 (was €137,757)
- Staff costs -€101,150
down €101,150 (-12.0%), from €844,674 to €743,524
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.
Result 2024
€69,563
Turnover
+€373,037
Other operating income
-€99,796
Goods and materials
-€241,807
Services and other goods
+€33,140
Staff costs
+€101,150
Depreciation
+€88,673
Write-downs
+€137,757
Provisions
-€785,678
Other operating charges
+€7,264
Other operating items
+€439,522
Financial income
-€15,680
Financial charges
-€2,602
Taxes
+€2,736
Deferred taxes and other
+€645
Result 2025
€107,927
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.
From operations
+€592,126
Investment
+€2.2m
Financing
-€2.2m
Cash 2024
€2.2m
From operations (derived)
+€592,126
Net result for the year
+€107,927
Depreciation
+€182,618
Stocks and contracts
-€18,486
Receivables within one year
+€94,225
Deferred charges and accrued income
-€5,630
Provisions
+€347,803
Trade debts
-€64,855
Tax, wage and social debts
-€107,554
Other debts
+€53,810
Accrued charges and deferred income
+€2,267
Investment (derived)
+€2.2m
Investment in fixed assets (net)
+€2.2m
Current investments
-€6,918
Financing
-€2.2m
Contributions, distributions and other
-€2.2m
Cash 2025
€2.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,665,999 | €3,791,270 | -€1.9m | -33.1% |
| Fixed assets | 21/28 | €2,631,053 | €245,487 | -€2.4m | -90.7% |
| Tangible fixed assets | 22/27 | €2,407,795 | €22,229 | -€2.4m | -99.1% |
| Land and buildings | 22 | €2,371,626 | - | -€2.4m | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €36,169 | €22,229 | -€13,940 | -38.5% |
| Financial fixed assets | 28 | €223,258 | €223,258 | = | 0.0% |
| Other financial fixed assets | 284/8 | €223,258 | €223,258 | = | 0.0% |
| Shares | 284 | €20,199 | €20,199 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €203,059 | €203,059 | = | 0.0% |
| Current assets | 29/58 | €3,034,946 | €3,545,783 | +€510,837 | +16.8% |
| Stocks and contracts in progress | 3 | €252,857 | €271,343 | +€18,486 | +7.3% |
| Stocks | 30/36 | €252,857 | €271,343 | +€18,486 | +7.3% |
| Goods purchased for resale | 34 | €252,857 | €271,343 | +€18,486 | +7.3% |
| Amounts receivable within one year | 40/41 | €513,525 | €419,300 | -€94,225 | -18.3% |
| Trade receivables | 40 | €308,815 | €222,043 | -€86,772 | -28.1% |
| Other amounts receivable | 41 | €204,711 | €197,257 | -€7,454 | -3.6% |
| Current investments | 50/53 | €97,116 | €104,034 | +€6,918 | +7.1% |
| Other investments | 51/53 | €97,116 | €104,034 | +€6,918 | +7.1% |
| Cash at bank and in hand | 54/58 | €2,169,840 | €2,743,868 | +€574,028 | +26.5% |
| Deferred charges and accrued income | 490/1 | €1,608 | €7,237 | +€5,630 | +350.1% |
| Total equity and liabilities | 10/49 | €5,665,999 | €3,791,270 | -€1.9m | -33.1% |
| Equity | 10/15 | €5,148,873 | €3,042,672 | -€2.1m | -40.9% |
| Contributions | 10/11 | €2,823,635 | €2,085,355 | -€738,280 | -26.1% |
| Capital | 10 | €2,823,635 | €2,085,355 | -€738,280 | -26.1% |
| Issued capital | 100 | €2,823,635 | €2,085,355 | -€738,280 | -26.1% |
| Revaluation surpluses | 12 | €1,236,824 | - | -€1.2m | |
| Reserves | 13 | €1,077,410 | €864,451 | -€212,959 | -19.8% |
| Non-distributable reserves | 130/1 | €282,363 | €208,535 | -€73,828 | -26.1% |
| Legal reserve | 130 | €282,363 | €208,535 | -€73,828 | -26.1% |
| Tax-exempt reserves | 132 | €30,022 | €30,022 | = | 0.0% |
| Distributable reserves | 133 | €765,025 | €625,894 | -€139,131 | -18.2% |
| Profit (loss) carried forward | 14 | €6,897 | €92,866 | +€85,969 | +1246.5% |
| Investment grants | 15 | €4,107 | €0 | -€4,107 | -100.0% |
| Provisions and deferred taxes | 16 | €2,197 | €350,000 | +€347,803 | +15832.2% |
| Provisions for liabilities and charges | 160/5 | - | €350,000 | +€350,000 | |
| Environmental obligations | 163 | - | €350,000 | +€350,000 | |
| Deferred taxes | 168 | €2,197 | €0 | -€2,197 | -100.0% |
| Amounts payable | 17/49 | €514,930 | €398,598 | -€116,332 | -22.6% |
| Amounts payable within one year | 42/48 | €512,850 | €394,251 | -€118,599 | -23.1% |
| Trade debts | 44 | €200,401 | €135,546 | -€64,855 | -32.4% |
| Suppliers | 440/4 | €200,401 | €135,546 | -€64,855 | -32.4% |
| Taxes, remuneration and social security | 45 | €184,508 | €76,953 | -€107,554 | -58.3% |
| Taxes | 450/3 | €101,608 | €13,573 | -€88,034 | -86.6% |
| Remuneration and social security | 454/9 | €82,900 | €63,380 | -€19,520 | -23.5% |
| Other amounts payable | 47/48 | €127,942 | €181,752 | +€53,810 | +42.1% |
| Accrued charges and deferred income | 492/3 | €2,080 | €4,347 | +€2,267 | +109.0% |
| Operating income | 70/76A | €2,290,580 | €2,351,628 | +€61,049 | +2.7% |
| Turnover | 70 | €1,749,519 | €2,122,557 | +€373,037 | +21.3% |
| Other operating income | 74 | €328,868 | €229,072 | -€99,796 | -30.3% |
| Non-recurring operating income | 76A | €212,192 | - | -€212,192 | |
| Operating charges | 60/66A | €2,167,431 | €2,175,216 | +€7,785 | +0.4% |
| Goods for resale, raw materials and consumables | 60 | €494,404 | €736,210 | +€241,807 | +48.9% |
| Purchases | 600/8 | €480,410 | €754,696 | +€274,287 | +57.1% |
| Change in stocks: decrease (increase) | 609 | €13,994 | -€18,486 | -€32,480 | |
| Services and other goods | 61 | €144,683 | €111,543 | -€33,140 | -22.9% |
| Remuneration, social security and pensions | 62 | €844,674 | €743,524 | -€101,150 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,292 | €182,618 | -€88,673 | -32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €137,757 | - | -€137,757 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€435,678 | €350,000 | +€785,678 | |
| Other operating charges | 640/8 | €58,584 | €51,320 | -€7,264 | -12.4% |
| Non-recurring operating charges | 66A | €651,714 | - | -€651,714 | |
| Operating profit (loss) | 9901 | €123,148 | €176,413 | +€53,264 | +43.3% |
| Financial income | 75/76B | €28,315 | €12,635 | -€15,680 | -55.4% |
| Recurring financial income | 75 | €28,315 | €12,635 | -€15,680 | -55.4% |
| Income from financial fixed assets | 750 | €853 | €956 | +€102 | +12.0% |
| Income from current assets | 751 | €9,549 | - | -€9,549 | |
| Other financial income | 752/9 | €17,913 | €11,679 | -€6,233 | -34.8% |
| Financial charges | 65/66B | €14,752 | €17,353 | +€2,602 | +17.6% |
| Recurring financial charges | 65 | €14,752 | €17,353 | +€2,602 | +17.6% |
| Debt charges | 650 | €448 | €2 | -€447 | -99.7% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €3,573 | - | -€3,573 | |
| Other financial charges | 652/9 | €10,731 | €17,352 | +€6,621 | +61.7% |
| Profit (loss) for the period before taxes | 9903 | €136,711 | €171,694 | +€34,983 | +25.6% |
| Transfer from deferred taxes | 780 | €1,551 | €2,197 | +€645 | +41.6% |
| Income taxes | 67/77 | €68,700 | €65,964 | -€2,736 | -4.0% |
| Taxes | 670/3 | €68,700 | €65,964 | -€2,736 | -4.0% |
| Profit (loss) for the period | 9904 | €69,563 | €107,927 | +€38,364 | +55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €69,563 | €107,927 | +€38,364 | +55.2% |
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 29 September 2026 via checked.be.