D - FI: 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
D - FI
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
€1.7m
2024 · €1.3m+€343,015
Equity
€3.0m
2024 · €3.2m-€233,310
Cash
€3.5m
2024 · €2.9m+€631,170
Balance sheet total
€13.1m
2024 · €12.9m+€156,342
Largest movements
Assets
- Current investments -€1.1m
down €1.1m (-27.2%), from €4.1m to €3.0m
- Receivables within one year +€763,220
up €763,220 (+27.8%), from €2.7m to €3.5m
of which Trade receivables: +€924,402
- Cash +€631,170
up €631,170 (+21.8%), from €2.9m to €3.5m
mainly Net result for the year (+€1.7m) and Current investments (+€1.1m)
- Financial fixed assets -€161,535
down €161,535 (-9.3%), from €1.7m to €1.6m
of which Other financial fixed assets: -€161,535
Equity and liabilities
- Other debts +€949,497
up €949,497 (+99.9%), from €950,855 to €1.9m
- Debts after one year -€730,303
down €730,303 (-49.7%), from €1.5m to €738,556
- Advances received +€640,040
up €640,040 (+17.0%), from €3.8m to €4.4m
- Trade debts -€457,714
down €457,714 (-21.9%), from €2.1m to €1.6m
- Reserves -€244,180
down €244,180 (-66.0%), from €370,115 to €125,935
of which Tax-exempt reserves: -€244,180
Income statement
- Goods and materials +€922,977
up €922,977 (+10.1%), from €9.2m to €10.1m
of which Purchases: +€925,472
- Turnover +€812,651
up €812,651 (+5.6%), from €14.5m to €15.3m
- Provisions +€444,665
up €444,665, from -€423,618 to €21,047
- Financial income -€438,481
down €438,481 (-81.5%), from €538,289 to €99,809
- Taxes +€299,717
up €299,717 (+96.4%), from €310,913 to €610,630
of which Taxes: +€309,863
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
€1.3m
Turnover
+€812,651
Other operating income
+€52,737
Goods and materials
-€922,977
Services and other goods
-€127,398
Staff costs
-€159,156
Depreciation
+€2,554
Write-downs
-€80,018
Provisions
-€444,665
Other operating charges
+€7,749
Other operating items
+€2.0m
Financial income
-€438,481
Financial charges
-€106,373
Taxes
-€299,717
Result 2025
€1.7m
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
+€2.3m
Investment
+€909,231
Financing
-€2.6m
Cash 2024
€2.9m
From operations (derived)
+€2.3m
Net result for the year
+€1.7m
Depreciation
+€339,532
Smaller working-capital items
+€435
Receivables within one year
-€763,220
Deferred charges and accrued income
-€7,675
Provisions
+€21,047
Trade debts
-€457,714
Tax, wage and social debts
-€44,543
Advances received
+€640,040
Other debts
+€949,497
Investment (derived)
+€909,231
Investment in fixed assets (net)
-€205,119
Current investments
+€1.1m
Financing
-€2.6m
Debts after one year
-€730,303
Current portion of long-term debt
+€8,154
Contributions, distributions and other
-€1.9m
Cash 2025
€3.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,941,206 | €13,097,548 | +€156,342 | +1.2% |
| Fixed assets | 21/28 | €3,152,486 | €3,018,073 | -€134,412 | -4.3% |
| Tangible fixed assets | 22/27 | €1,416,493 | €1,443,615 | +€27,122 | +1.9% |
| Land and buildings | 22 | €842,523 | €834,515 | -€8,008 | -1.0% |
| Plant, machinery and equipment | 23 | €126,795 | €136,045 | +€9,250 | +7.3% |
| Furniture and vehicles | 24 | €447,175 | €473,056 | +€25,880 | +5.8% |
| Financial fixed assets | 28 | €1,735,993 | €1,574,458 | -€161,535 | -9.3% |
| Affiliated companies | 280/1 | €1,191,489 | €1,191,489 | = | 0.0% |
| Participating interests | 280 | €1,191,489 | €1,191,489 | = | 0.0% |
| Other financial fixed assets | 284/8 | €544,504 | €382,969 | -€161,535 | -29.7% |
| Shares | 284 | €440,779 | €292,739 | -€148,040 | -33.6% |
| Amounts receivable and cash guarantees | 285/8 | €103,724 | €90,230 | -€13,495 | -13.0% |
| Current assets | 29/58 | €9,788,720 | €10,079,474 | +€290,754 | +3.0% |
| Stocks and contracts in progress | 3 | €52,582 | €55,621 | +€3,040 | +5.8% |
| Stocks | 30/36 | €52,582 | €55,621 | +€3,040 | +5.8% |
| Goods purchased for resale | 34 | €52,582 | €55,621 | +€3,040 | +5.8% |
| Contracts in progress | 37 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,742,033 | €3,505,252 | +€763,220 | +27.8% |
| Trade receivables | 40 | €2,419,401 | €3,343,803 | +€924,402 | +38.2% |
| Other amounts receivable | 41 | €322,631 | €161,449 | -€161,182 | -50.0% |
| Current investments | 50/53 | €4,094,017 | €2,979,667 | -€1.1m | -27.2% |
| Other investments | 51/53 | €4,094,017 | €2,979,667 | -€1.1m | -27.2% |
| Cash at bank and in hand | 54/58 | €2,898,751 | €3,529,921 | +€631,170 | +21.8% |
| Deferred charges and accrued income | 490/1 | €1,337 | €9,012 | +€7,675 | +574.0% |
| Total equity and liabilities | 10/49 | €12,941,206 | €13,097,548 | +€156,342 | +1.2% |
| Equity | 10/15 | €3,207,822 | €2,974,512 | -€233,310 | -7.3% |
| Contributions | 10/11 | €1,259,350 | €1,259,350 | = | 0.0% |
| Capital | 10 | €1,259,350 | €1,259,350 | = | 0.0% |
| Issued capital | 100 | €1,259,350 | €1,259,350 | = | 0.0% |
| Revaluation surpluses | 12 | €1,564,943 | €1,564,943 | = | 0.0% |
| Reserves | 13 | €370,115 | €125,935 | -€244,180 | -66.0% |
| Non-distributable reserves | 130/1 | €125,935 | €125,935 | = | 0.0% |
| Legal reserve | 130 | €125,935 | €125,935 | = | 0.0% |
| Tax-exempt reserves | 132 | €244,180 | - | -€244,180 | |
| Profit (loss) carried forward | 14 | €958 | €12,442 | +€11,483 | +1198.3% |
| Investment grants | 15 | €12,456 | €11,842 | -€614 | -4.9% |
| Provisions and deferred taxes | 16 | €356,775 | €377,823 | +€21,047 | +5.9% |
| Provisions for liabilities and charges | 160/5 | €356,775 | €377,823 | +€21,047 | +5.9% |
| Other liabilities and charges | 164/5 | €356,775 | €377,823 | +€21,047 | +5.9% |
| Amounts payable | 17/49 | €9,376,608 | €9,745,213 | +€368,605 | +3.9% |
| Amounts payable after more than one year | 17 | €1,468,859 | €738,556 | -€730,303 | -49.7% |
| Financial debts | 170/4 | €1,468,859 | €738,556 | -€730,303 | -49.7% |
| Subordinated loans | 170 | €1,468,859 | €738,556 | -€730,303 | -49.7% |
| Amounts payable within one year | 42/48 | €7,907,328 | €9,002,761 | +€1.1m | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €722,149 | €730,303 | +€8,154 | +1.1% |
| Trade debts | 44 | €2,091,841 | €1,634,126 | -€457,714 | -21.9% |
| Suppliers | 440/4 | €2,091,841 | €1,634,126 | -€457,714 | -21.9% |
| Advances received on contracts in progress | 46 | €3,764,962 | €4,405,002 | +€640,040 | +17.0% |
| Taxes, remuneration and social security | 45 | €377,521 | €332,978 | -€44,543 | -11.8% |
| Taxes | 450/3 | €53,920 | €148,318 | +€94,398 | +175.1% |
| Remuneration and social security | 454/9 | €323,602 | €184,660 | -€138,941 | -42.9% |
| Other amounts payable | 47/48 | €950,855 | €1,900,352 | +€949,497 | +99.9% |
| Accrued charges and deferred income | 492/3 | €421 | €3,896 | +€3,475 | +824.8% |
| Operating income | 70/76A | €14,436,395 | €17,347,870 | +€2.9m | +20.2% |
| Turnover | 70 | €14,479,192 | €15,291,844 | +€812,651 | +5.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€452,258 | €1,601,960 | +€2.1m | |
| Other operating income | 74 | €396,935 | €449,672 | +€52,737 | +13.3% |
| Non-recurring operating income | 76A | €12,525 | €4,395 | -€8,130 | -64.9% |
| Operating charges | 60/66A | €13,323,545 | €15,047,435 | +€1.7m | +12.9% |
| Goods for resale, raw materials and consumables | 60 | €9,170,585 | €10,093,562 | +€922,977 | +10.1% |
| Purchases | 600/8 | €9,171,130 | €10,096,601 | +€925,472 | +10.1% |
| Change in stocks: decrease (increase) | 609 | -€545 | -€3,040 | -€2,495 | -457.9% |
| Services and other goods | 61 | €855,151 | €982,549 | +€127,398 | +14.9% |
| Remuneration, social security and pensions | 62 | €3,403,318 | €3,562,474 | +€159,156 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342,086 | €339,532 | -€2,554 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€39,784 | €40,235 | +€80,018 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€423,618 | €21,047 | +€444,665 | |
| Other operating charges | 640/8 | €15,761 | €8,012 | -€7,749 | -49.2% |
| Non-recurring operating charges | 66A | €45 | €24 | -€21 | -45.7% |
| Operating profit (loss) | 9901 | €1,112,850 | €2,300,436 | +€1.2m | +106.7% |
| Financial income | 75/76B | €538,289 | €99,809 | -€438,481 | -81.5% |
| Recurring financial income | 75 | €538,289 | €99,809 | -€438,481 | -81.5% |
| Income from financial fixed assets | 750 | €304,392 | €2,870 | -€301,522 | -99.1% |
| Income from current assets | 751 | €71,827 | €81,045 | +€9,218 | +12.8% |
| Other financial income | 752/9 | €162,071 | €15,893 | -€146,177 | -90.2% |
| Financial charges | 65/66B | €15,938 | €122,312 | +€106,373 | +667.4% |
| Recurring financial charges | 65 | €15,938 | €44,570 | +€28,632 | +179.6% |
| Debt charges | 650 | €34,286 | €26,226 | -€8,060 | -23.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€27,899 | - | +€27,899 | |
| Other financial charges | 652/9 | €9,552 | €18,344 | +€8,793 | +92.1% |
| Non-recurring financial charges | 66B | - | €77,741 | +€77,741 | |
| Profit (loss) for the period before taxes | 9903 | €1,635,201 | €2,277,933 | +€642,732 | +39.3% |
| Income taxes | 67/77 | €310,913 | €610,630 | +€299,717 | +96.4% |
| Taxes | 670/3 | €314,976 | €624,839 | +€309,863 | +98.4% |
| Tax adjustments and reversals of tax provisions | 77 | €4,063 | €14,209 | +€10,146 | +249.7% |
| Profit (loss) for the period | 9904 | €1,324,289 | €1,667,303 | +€343,015 | +25.9% |
| Transfer from tax-exempt reserves | 789 | - | €244,180 | +€244,180 | |
| Transfer to tax-exempt reserves | 689 | €16,840 | - | -€16,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,307,449 | €1,911,483 | +€604,035 | +46.2% |
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 4 October 2026 via checked.be.