ELECTRO HEAT: 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.
ELECTRO HEAT
Largest movements
- Cash +€86,634
up €86,634 (+237.1%), from €36,545 to €123,179
mainly Net result for the year (+€62,070) and Other debts (+€38,127)
- Receivables within one year -€29,886
down €29,886 (-47.7%), from €62,594 to €32,708
of which Trade receivables: -€16,418
- Deferred charges and accrued income +€7,086
up €7,086 (+928.8%), from €763 to €7,849
- Tangible fixed assets -€2,369
down €2,369 (-3.5%), from €68,050 to €65,681
of which Plant, machinery and equipment: -€6,891
- Trade debts -€65,229
down €65,229 (-69.6%), from €93,666 to €28,436
- Reserves +€62,070
up €62,070 (+958.1%), from €6,478 to €68,548
- Other debts +€38,127
up €38,127 (+63.0%), from €60,519 to €98,646
- Tax, wage and social debts +€26,498
up €26,498 (+412.5%), from €6,424 to €32,922
of which Taxes: +€22,179
- Gross operating margin +€192,945
up €192,945 (+2807.9%), from €6,872 to €199,816
- Staff costs +€101,985
up €101,985 (+657.4%), from €15,512 to €117,497
- Write-downs -€15,350
down €15,350, from €14,930 to -€420
- Taxes +€9,613
new in 2025: €9,613
- Depreciation +€6,672
up €6,672 (+531.9%), from €1,254 to €7,926
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 | €169,587 | €231,052 | +€61,465 | +36.2% |
| Fixed assets | 21/28 | €68,685 | €66,316 | -€2,369 | -3.4% |
| Tangible fixed assets | 22/27 | €68,050 | €65,681 | -€2,369 | -3.5% |
| Plant, machinery and equipment | 23 | €68,046 | €61,154 | -€6,891 | -10.1% |
| Furniture and vehicles | 24 | €5 | €4,527 | +€4,522 | +95194.7% |
| Financial fixed assets | 28 | €635 | €635 | = | 0.0% |
| Current assets | 29/58 | €100,902 | €164,736 | +€63,835 | +63.3% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €62,594 | €32,708 | -€29,886 | -47.7% |
| Trade receivables | 40 | €49,126 | €32,708 | -€16,418 | -33.4% |
| Other amounts receivable | 41 | €13,468 | €0 | -€13,468 | -100.0% |
| Cash at bank and in hand | 54/58 | €36,545 | €123,179 | +€86,634 | +237.1% |
| Deferred charges and accrued income | 490/1 | €763 | €7,849 | +€7,086 | +928.8% |
| Total equity and liabilities | 10/49 | €169,587 | €231,052 | +€61,465 | +36.2% |
| Equity | 10/15 | €8,978 | €71,048 | +€62,070 | +691.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €6,478 | €68,548 | +€62,070 | +958.1% |
| Distributable reserves | 133 | €6,478 | €68,548 | +€62,070 | +958.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €160,609 | €160,004 | -€605 | -0.4% |
| Amounts payable within one year | 42/48 | €160,609 | €160,004 | -€605 | -0.4% |
| Trade debts | 44 | €93,666 | €28,436 | -€65,229 | -69.6% |
| Suppliers | 440/4 | €93,666 | €28,436 | -€65,229 | -69.6% |
| Taxes, remuneration and social security | 45 | €6,424 | €32,922 | +€26,498 | +412.5% |
| Taxes | 450/3 | €232 | €22,412 | +€22,179 | +9552.7% |
| Remuneration and social security | 454/9 | €6,192 | €10,510 | +€4,318 | +69.7% |
| Other amounts payable | 47/48 | €60,519 | €98,646 | +€38,127 | +63.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €15,512 | €117,497 | +€101,985 | +657.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,254 | €7,926 | +€6,672 | +531.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,930 | -€420 | -€15,350 | |
| Other operating charges | 640/8 | €817 | €1,347 | +€530 | +64.9% |
| Gross operating margin | 9900 | €6,872 | €199,816 | +€192,945 | +2807.9% |
| Operating profit (loss) | 9901 | -€25,642 | €73,466 | +€99,108 | |
| Financial income | 75/76B | €3 | €9 | +€6 | +216.7% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +216.7% |
| Financial charges | 65/66B | €218 | €1,793 | +€1,575 | +722.8% |
| Recurring financial charges | 65 | €218 | €1,793 | +€1,575 | +722.8% |
| Profit (loss) for the period before taxes | 9903 | -€25,857 | €71,682 | +€97,539 | |
| Income taxes | 67/77 | - | €9,613 | +€9,613 | |
| Profit (loss) for the period | 9904 | -€25,857 | €62,070 | +€87,927 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,857 | €62,070 | +€87,927 |
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 9 October 2026 via checked.be.