HDM VERWARMING: 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.
HDM VERWARMING
Largest movements
- Tangible fixed assets -€16,616
down €16,616 (-16.6%), from €100,230 to €83,614
of which Land and buildings: -€9,417
- Receivables within one year -€12,197
down €12,197 (-63.8%), from €19,116 to €6,919
of which Trade receivables: -€9,305
- Stocks and contracts -€11,783
down €11,783 (-33.5%), from €35,147 to €23,364
- Cash +€9,260
up €9,260 (+34.4%), from €26,900 to €36,160
mainly Depreciation (+€16,616) and Net result for the year (+€13,715)
- Deferred charges and accrued income -€1,880
no longer reported in 2025 (was €1,880)
- Current portion of long-term debt -€14,944
down €14,944 (-85.4%), from €17,491 to €2,547
- Trade debts -€11,222
down €11,222 (-57.7%), from €19,434 to €8,212
- Tax, wage and social debts -€3,836
down €3,836 (-52.4%), from €7,325 to €3,488
of which Remuneration and social security: -€3,782
- Reserves -€3,483
down €3,483 (-5.6%), from €62,038 to €58,555
of which Distributable reserves: -€3,483
- Staff costs -€14,327
down €14,327 (-66.0%), from €21,711 to €7,384
- Gross operating margin +€11,764
up €11,764 (+37.6%), from €31,284 to €43,047
- Taxes +€4,605
up €4,605 (+2,491%), from €185 to €4,790
- Depreciation -€883
down €883 (-5.0%), from €17,499 to €16,616
- Financial charges -€717
down €717 (-50.6%), from €1,418 to €701
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 | €184,054 | €150,837 | -€33,217 | -18.0% |
| Fixed assets | 21/28 | €101,010 | €84,394 | -€16,616 | -16.4% |
| Tangible fixed assets | 22/27 | €100,230 | €83,614 | -€16,616 | -16.6% |
| Land and buildings | 22 | €72,717 | €63,300 | -€9,417 | -12.9% |
| Plant, machinery and equipment | 23 | €21,693 | €17,482 | -€4,211 | -19.4% |
| Furniture and vehicles | 24 | €5,821 | €2,833 | -€2,988 | -51.3% |
| Financial fixed assets | 28 | €780 | €780 | = | 0.0% |
| Current assets | 29/58 | €83,044 | €66,442 | -€16,601 | -20.0% |
| Stocks and contracts in progress | 3 | €35,147 | €23,364 | -€11,783 | -33.5% |
| Stocks | 30/36 | €35,147 | €23,364 | -€11,783 | -33.5% |
| Amounts receivable within one year | 40/41 | €19,116 | €6,919 | -€12,197 | -63.8% |
| Trade receivables | 40 | €10,253 | €949 | -€9,305 | -90.7% |
| Other amounts receivable | 41 | €8,862 | €5,970 | -€2,892 | -32.6% |
| Cash at bank and in hand | 54/58 | €26,900 | €36,160 | +€9,260 | +34.4% |
| Deferred charges and accrued income | 490/1 | €1,880 | - | -€1,880 | |
| Total equity and liabilities | 10/49 | €184,054 | €150,837 | -€33,217 | -18.0% |
| Equity | 10/15 | €121,211 | €117,728 | -€3,483 | -2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €62,038 | €58,555 | -€3,483 | -5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,178 | €56,695 | -€3,483 | -5.8% |
| Profit (loss) carried forward | 14 | €40,573 | €40,573 | = | 0.0% |
| Amounts payable | 17/49 | €62,843 | €33,108 | -€29,734 | -47.3% |
| Amounts payable within one year | 42/48 | €62,843 | €33,108 | -€29,734 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €17,491 | €2,547 | -€14,944 | -85.4% |
| Trade debts | 44 | €19,434 | €8,212 | -€11,222 | -57.7% |
| Suppliers | 440/4 | €19,434 | €8,212 | -€11,222 | -57.7% |
| Taxes, remuneration and social security | 45 | €7,325 | €3,488 | -€3,836 | -52.4% |
| Taxes | 450/3 | €3,542 | €3,488 | -€54 | -1.5% |
| Remuneration and social security | 454/9 | €3,782 | - | -€3,782 | |
| Other amounts payable | 47/48 | €18,593 | €18,861 | +€268 | +1.4% |
| Remuneration, social security and pensions | 62 | €21,711 | €7,384 | -€14,327 | -66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,499 | €16,616 | -€883 | -5.0% |
| Other operating charges | 640/8 | €62 | €212 | +€150 | +242% |
| Gross operating margin | 9900 | €31,284 | €43,047 | +€11,764 | +37.6% |
| Operating profit (loss) | 9901 | -€7,989 | €18,835 | +€26,823 | |
| Financial income | 75/76B | €1,003 | €371 | -€633 | -63.0% |
| Recurring financial income | 75 | €1,003 | €371 | -€633 | -63.0% |
| Financial charges | 65/66B | €1,418 | €701 | -€717 | -50.6% |
| Recurring financial charges | 65 | €1,418 | €701 | -€717 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,403 | €18,505 | +€26,908 | |
| Income taxes | 67/77 | €185 | €4,790 | +€4,605 | +2,491% |
| Profit (loss) for the period | 9904 | -€8,588 | €13,715 | +€22,303 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,588 | €13,715 | +€22,303 |
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 23 October 2026 via checked.be.