H2O Heating: 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.
H2O Heating
Largest movements
- Receivables within one year +€23,734
up €23,734 (+67.3%), from €35,288 to €59,021
of which Other amounts receivable: +€44,400
- Tangible fixed assets -€21,036
down €21,036 (-78.2%), from €26,885 to €5,849
of which Plant, machinery and equipment: -€26,885
- Cash -€3,765
down €3,765 (-73.6%), from €5,118 to €1,353
mainly Receivables within one year (-€23,734) and Other debts (-€15,362)
- Other debts -€15,362
down €15,362 (-100.0%), from €15,362 to €0
- Reserves +€11,654
up €11,654 (+302.1%), from €3,858 to €15,512
- Trade debts +€10,701
up €10,701 (+33.4%), from €32,082 to €42,783
- Tax, wage and social debts -€8,317
down €8,317 (-62.8%), from €13,245 to €4,928
of which Remuneration and social security: -€11,860
- Gross operating margin +€13,360
up €13,360 (+99.7%), from €13,395 to €26,755
- Depreciation -€4,171
down €4,171 (-60.6%), from €6,887 to €2,716
- Taxes +€2,158
up €2,158 (+155.8%), from €1,385 to €3,543
- Other operating charges +€1,104
up €1,104 (+101.6%), from €1,087 to €2,191
- Financial income +€957
up €957 (+14999.4%), from €6 to €963
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 | €67,547 | €66,224 | -€1,323 | -2.0% |
| Formation expenses | 20 | €257 | €0 | -€257 | -100.0% |
| Fixed assets | 21/28 | €26,885 | €5,849 | -€21,036 | -78.2% |
| Tangible fixed assets | 22/27 | €26,885 | €5,849 | -€21,036 | -78.2% |
| Plant, machinery and equipment | 23 | €26,885 | €0 | -€26,885 | -100.0% |
| Furniture and vehicles | 24 | - | €5,849 | +€5,849 | |
| Current assets | 29/58 | €40,405 | €60,374 | +€19,969 | +49.4% |
| Amounts receivable within one year | 40/41 | €35,288 | €59,021 | +€23,734 | +67.3% |
| Trade receivables | 40 | €28,135 | €7,468 | -€20,667 | -73.5% |
| Other amounts receivable | 41 | €7,153 | €51,553 | +€44,400 | +620.8% |
| Cash at bank and in hand | 54/58 | €5,118 | €1,353 | -€3,765 | -73.6% |
| Total equity and liabilities | 10/49 | €67,547 | €66,224 | -€1,323 | -2.0% |
| Equity | 10/15 | €6,858 | €18,512 | +€11,654 | +169.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €3,858 | €15,512 | +€11,654 | +302.1% |
| Distributable reserves | 133 | €3,858 | €15,512 | +€11,654 | +302.1% |
| Amounts payable | 17/49 | €60,689 | €47,711 | -€12,978 | -21.4% |
| Amounts payable within one year | 42/48 | €60,689 | €47,711 | -€12,978 | -21.4% |
| Trade debts | 44 | €32,082 | €42,783 | +€10,701 | +33.4% |
| Suppliers | 440/4 | €32,082 | €42,783 | +€10,701 | +33.4% |
| Taxes, remuneration and social security | 45 | €13,245 | €4,928 | -€8,317 | -62.8% |
| Taxes | 450/3 | €1,385 | €4,928 | +€3,543 | +255.8% |
| Remuneration and social security | 454/9 | €11,860 | €0 | -€11,860 | -100.0% |
| Other amounts payable | 47/48 | €15,362 | €0 | -€15,362 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €195 | +€195 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,887 | €2,716 | -€4,171 | -60.6% |
| Other operating charges | 640/8 | €1,087 | €2,191 | +€1,104 | +101.6% |
| Non-recurring operating charges | 66A | - | €7,013 | +€7,013 | |
| Gross operating margin | 9900 | €13,395 | €26,755 | +€13,360 | +99.7% |
| Operating profit (loss) | 9901 | €5,421 | €14,640 | +€9,219 | +170.0% |
| Financial income | 75/76B | €6 | €963 | +€957 | +14999.4% |
| Recurring financial income | 75 | €6 | €963 | +€957 | +14999.4% |
| Financial charges | 65/66B | €185 | €406 | +€222 | +120.0% |
| Recurring financial charges | 65 | €185 | €406 | +€222 | +120.0% |
| Profit (loss) for the period before taxes | 9903 | €5,243 | €15,197 | +€9,954 | +189.9% |
| Income taxes | 67/77 | €1,385 | €3,543 | +€2,158 | +155.8% |
| Profit (loss) for the period | 9904 | €3,858 | €11,654 | +€7,796 | +202.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,858 | €11,654 | +€7,796 | +202.1% |
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 8 October 2026 via checked.be.