Europe Heating: 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.
Europe Heating
Largest movements
- Cash +€44,349
up €44,349 (+14.6%), from €303,023 to €347,371
mainly Net result for the year (+€77,450) and Depreciation (+€8,363)
- Tangible fixed assets -€8,363
down €8,363 (-86.9%), from €9,626 to €1,263
- Receivables within one year +€6,021
up €6,021 (+77.2%), from €7,800 to €13,821
of which Trade receivables: +€9,536
- Reserves +€77,450
up €77,450 (+21.4%), from €361,932 to €439,382
- Current portion of long-term debt -€22,764
no longer reported in 2025 (was €22,764)
- Trade debts -€8,858
down €8,858 (-69.5%), from €12,748 to €3,890
- Other debts -€5,720
down €5,720 (-95.1%), from €6,013 to €293
- Gross operating margin -€137,520
down €137,520 (-54.7%), from €251,248 to €113,727
- Taxes -€42,581
down €42,581 (-58.4%), from €72,895 to €30,314
- Other operating charges -€3,457
down €3,457 (-57.5%), from €6,016 to €2,559
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.
Derived cash bridge
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 | €479,690 | €524,422 | +€44,732 | +9.3% |
| Fixed assets | 21/28 | €9,626 | €1,263 | -€8,363 | -86.9% |
| Tangible fixed assets | 22/27 | €9,626 | €1,263 | -€8,363 | -86.9% |
| Furniture and vehicles | 24 | €9,626 | €1,263 | -€8,363 | -86.9% |
| Current assets | 29/58 | €470,064 | €523,159 | +€53,095 | +11.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,967 | €5,967 | = | 0.0% |
| Stocks | 30/36 | €5,967 | €5,967 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,800 | €13,821 | +€6,021 | +77.2% |
| Trade receivables | 40 | €1,263 | €10,798 | +€9,536 | +755% |
| Other amounts receivable | 41 | €6,537 | €3,022 | -€3,515 | -53.8% |
| Cash at bank and in hand | 54/58 | €303,023 | €347,371 | +€44,349 | +14.6% |
| Deferred charges and accrued income | 490/1 | €3,274 | €6,000 | +€2,726 | +83.2% |
| Total equity and liabilities | 10/49 | €479,690 | €524,422 | +€44,732 | +9.3% |
| Equity | 10/15 | €438,166 | €515,616 | +€77,450 | +17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €361,932 | €439,382 | +€77,450 | +21.4% |
| Distributable reserves | 133 | €361,932 | €439,382 | +€77,450 | +21.4% |
| Profit (loss) carried forward | 14 | €70,034 | €70,034 | = | 0.0% |
| Amounts payable | 17/49 | €41,524 | €8,806 | -€32,718 | -78.8% |
| Amounts payable within one year | 42/48 | €41,524 | €8,806 | -€32,718 | -78.8% |
| Current portion of amounts payable after more than one year | 42 | €22,764 | - | -€22,764 | |
| Trade debts | 44 | €12,748 | €3,890 | -€8,858 | -69.5% |
| Suppliers | 440/4 | €12,748 | €3,890 | -€8,858 | -69.5% |
| Taxes, remuneration and social security | 45 | - | €4,624 | +€4,624 | |
| Taxes | 450/3 | - | €4,624 | +€4,624 | |
| Other amounts payable | 47/48 | €6,013 | €293 | -€5,720 | -95.1% |
| Remuneration, social security and pensions | 62 | €163 | €1,838 | +€1,675 | +1,025% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,203 | €8,363 | -€1,840 | -18.0% |
| Other operating charges | 640/8 | €6,016 | €2,559 | -€3,457 | -57.5% |
| Gross operating margin | 9900 | €251,248 | €113,727 | -€137,520 | -54.7% |
| Operating profit (loss) | 9901 | €234,865 | €100,967 | -€133,898 | -57.0% |
| Financial income | 75/76B | €9,096 | €7,498 | -€1,598 | -17.6% |
| Recurring financial income | 75 | €9,096 | €7,498 | -€1,598 | -17.6% |
| Financial charges | 65/66B | €2,119 | €701 | -€1,417 | -66.9% |
| Recurring financial charges | 65 | €2,119 | €701 | -€1,417 | -66.9% |
| Profit (loss) for the period before taxes | 9903 | €241,842 | €107,763 | -€134,079 | -55.4% |
| Income taxes | 67/77 | €72,895 | €30,314 | -€42,581 | -58.4% |
| Profit (loss) for the period | 9904 | €168,948 | €77,450 | -€91,498 | -54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €168,948 | €77,450 | -€91,498 | -54.2% |
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 19 October 2026 via checked.be.