EXCLUSIVE HEATING SYSTEMS: 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.
EXCLUSIVE HEATING SYSTEMS
Largest movements
- Tangible fixed assets +€27,329
up €27,329 (+101%), from €27,075 to €54,404
of which Plant, machinery and equipment: +€15,246
- Cash -€17,442
down €17,442 (-13.0%), from €134,424 to €116,982
mainly Investment in fixed assets (net) (-€38,235) and Receivables within one year (-€9,956)
- Receivables within one year +€9,956
up €9,956 (+328%), from €3,035 to €12,991
of which Other amounts receivable: +€7,329
- Reserves +€18,860
up €18,860 (+15.4%), from €122,541 to €141,402
- Trade debts -€6,455
down €6,455 (-51.3%), from €12,594 to €6,139
- Debts after one year +€5,138
up €5,138 (+87.2%), from €5,893 to €11,032
- Current portion of long-term debt +€5,047
up €5,047 (+105%), from €4,815 to €9,862
- Tax, wage and social debts -€2,884
down €2,884 (-18.5%), from €15,574 to €12,691
of which Remuneration and social security: -€1,583
- Gross operating margin -€48,048
down €48,048 (-34.1%), from €141,019 to €92,971
- Staff costs -€24,735
down €24,735 (-39.4%), from €62,794 to €38,059
- Write-downs -€11,050
down €11,050 (-100%), from €11,050 to €0
- Depreciation +€2,591
up €2,591 (+31.2%), from €8,315 to €10,906
- Taxes -€1,652
down €1,652 (-10.7%), from €15,487 to €13,835
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 | €167,618 | €187,324 | +€19,706 | +11.8% |
| Fixed assets | 21/28 | €27,075 | €54,404 | +€27,329 | +101% |
| Tangible fixed assets | 22/27 | €27,075 | €54,404 | +€27,329 | +101% |
| Plant, machinery and equipment | 23 | - | €15,246 | +€15,246 | |
| Furniture and vehicles | 24 | €14,995 | €28,153 | +€13,158 | +87.7% |
| Other tangible fixed assets | 26 | €12,080 | €11,005 | -€1,074 | -8.9% |
| Current assets | 29/58 | €140,543 | €132,920 | -€7,623 | -5.4% |
| Amounts receivable after more than one year | 29 | €481 | €0 | -€481 | -100% |
| Other amounts receivable | 291 | €481 | €0 | -€481 | -100% |
| Stocks and contracts in progress | 3 | €1,976 | €2,065 | +€88 | +4.5% |
| Stocks | 30/36 | €1,976 | €2,065 | +€88 | +4.5% |
| Amounts receivable within one year | 40/41 | €3,035 | €12,991 | +€9,956 | +328% |
| Trade receivables | 40 | €3,035 | €5,663 | +€2,628 | +86.6% |
| Other amounts receivable | 41 | €0 | €7,329 | +€7,329 | |
| Cash at bank and in hand | 54/58 | €134,424 | €116,982 | -€17,442 | -13.0% |
| Deferred charges and accrued income | 490/1 | €626 | €882 | +€256 | +40.9% |
| Total equity and liabilities | 10/49 | €167,618 | €187,324 | +€19,706 | +11.8% |
| Equity | 10/15 | €128,741 | €147,602 | +€18,860 | +14.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,541 | €141,402 | +€18,860 | +15.4% |
| Distributable reserves | 133 | €122,541 | €141,402 | +€18,860 | +15.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,877 | €39,723 | +€846 | +2.2% |
| Amounts payable after more than one year | 17 | €5,893 | €11,032 | +€5,138 | +87.2% |
| Financial debts | 170/4 | €5,893 | €11,032 | +€5,138 | +87.2% |
| Amounts payable within one year | 42/48 | €32,983 | €28,691 | -€4,292 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €4,815 | €9,862 | +€5,047 | +105% |
| Trade debts | 44 | €12,594 | €6,139 | -€6,455 | -51.3% |
| Suppliers | 440/4 | €12,594 | €6,139 | -€6,455 | -51.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €15,574 | €12,691 | -€2,884 | -18.5% |
| Taxes | 450/3 | €7,984 | €6,683 | -€1,301 | -16.3% |
| Remuneration and social security | 454/9 | €7,590 | €6,007 | -€1,583 | -20.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €1,000 | €3,187 | +€2,187 | +219% |
| Remuneration, social security and pensions | 62 | €62,794 | €38,059 | -€24,735 | -39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,315 | €10,906 | +€2,591 | +31.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,050 | €0 | -€11,050 | -100% |
| Other operating charges | 640/8 | €1,809 | €696 | -€1,113 | -61.5% |
| Gross operating margin | 9900 | €141,019 | €92,971 | -€48,048 | -34.1% |
| Operating profit (loss) | 9901 | €57,051 | €43,310 | -€13,741 | -24.1% |
| Financial income | 75/76B | €40 | €104 | +€64 | +158% |
| Recurring financial income | 75 | €40 | €104 | +€64 | +158% |
| Financial charges | 65/66B | €854 | €1,946 | +€1,092 | +128% |
| Recurring financial charges | 65 | €854 | €1,946 | +€1,092 | +128% |
| Profit (loss) for the period before taxes | 9903 | €56,237 | €41,469 | -€14,769 | -26.3% |
| Income taxes | 67/77 | €15,487 | €13,835 | -€1,652 | -10.7% |
| Profit (loss) for the period | 9904 | €40,750 | €27,634 | -€13,116 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,750 | €27,634 | -€13,116 | -32.2% |
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 24 October 2026 via checked.be.