HEAT 21: 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.
HEAT 21
Largest movements
- Stocks and contracts +€47.1m
up €47.1m (+286%), from €16.5m to €63.6m
- Current investments +€19.0m
new in 2025: €19.0m
- Cash -€1.5m
down €1.5m (-89.9%), from €1.6m to €164,699
mainly Stocks and contracts (-€47.1m) and Current investments (-€19.0m)
- Advances received +€65.3m
up €65.3m (+2,640%), from €2.5m to €67.8m
- Short-term financial debts -€10.5m
no longer reported in 2025 (was €10.5m)
- Trade debts +€4.6m
up €4.6m (+24,166%), from €18,863 to €4.6m
- Other debts +€3.8m
up €3.8m (+82.9%), from €4.6m to €8.5m
- Profit (loss) carried forward +€1.2m
up €1.2m, from -€1.1m to €58,319
- Gross operating margin +€28.8m
up €28.8m (+175%), from €16.5m to €45.3m
- Write-downs +€20.4m
up €20.4m (+128%), from €16.0m to €36.4m
- Taxes +€1.9m
new in 2025: €1.9m
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 | €18,508,796 | €83,220,907 | +€64.7m | +350% |
| Current assets | 29/58 | €18,508,796 | €83,220,907 | +€64.7m | +350% |
| Stocks and contracts in progress | 3 | €16,489,046 | €63,619,868 | +€47.1m | +286% |
| Contracts in progress | 37 | €16,489,046 | €63,619,868 | +€47.1m | +286% |
| Amounts receivable within one year | 40/41 | €383,619 | €471,566 | +€87,946 | +22.9% |
| Other amounts receivable | 41 | €383,619 | €471,566 | +€87,946 | +22.9% |
| Current investments | 50/53 | - | €18,964,774 | +€19.0m | |
| Cash at bank and in hand | 54/58 | €1,636,130 | €164,699 | -€1.5m | -89.9% |
| Total equity and liabilities | 10/49 | €18,508,796 | €83,220,907 | +€64.7m | +350% |
| Equity | 10/15 | €782,149 | €1,978,801 | +€1.2m | +153% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €43,328 | €43,328 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €37,130 | €37,130 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,138,333 | €58,319 | +€1.2m | |
| Investment grants | 15 | €1,815,154 | €1,815,154 | = | 0.0% |
| Amounts payable | 17/49 | €17,726,647 | €81,242,105 | +€63.5m | +358% |
| Amounts payable within one year | 42/48 | €17,586,647 | €81,242,105 | +€63.7m | +362% |
| Financial debts | 43 | €10,462,813 | - | -€10.5m | |
| Credit institutions | 430/8 | €10,462,813 | - | -€10.5m | |
| Trade debts | 44 | €18,863 | €4,577,365 | +€4.6m | +24,166% |
| Suppliers | 440/4 | €18,863 | €4,577,365 | +€4.6m | +24,166% |
| Advances received on contracts in progress | 46 | €2,474,873 | €67,815,715 | +€65.3m | +2,640% |
| Taxes, remuneration and social security | 45 | - | €382,739 | +€382,739 | |
| Taxes | 450/3 | - | €382,739 | +€382,739 | |
| Other amounts payable | 47/48 | €4,630,098 | €8,466,286 | +€3.8m | +82.9% |
| Accrued charges and deferred income | 492/3 | €140,000 | - | -€140,000 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,998,774 | €36,408,096 | +€20.4m | +128% |
| Other operating charges | 640/8 | €1,086 | €149,253 | +€148,167 | +13,649% |
| Gross operating margin | 9900 | €16,483,176 | €45,322,427 | +€28.8m | +175% |
| Operating profit (loss) | 9901 | €483,317 | €8,765,079 | +€8.3m | +1,714% |
| Financial income | 75/76B | - | €153,761 | +€153,761 | |
| Recurring financial income | 75 | - | €153,761 | +€153,761 | |
| Financial charges | 65/66B | €146,004 | €94,546 | -€51,458 | -35.2% |
| Recurring financial charges | 65 | €146,004 | €94,546 | -€51,458 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €337,313 | €8,824,295 | +€8.5m | +2,516% |
| Income taxes | 67/77 | - | €1,927,642 | +€1.9m | |
| Profit (loss) for the period | 9904 | €337,313 | €6,896,652 | +€6.6m | +1,945% |
| Profit (loss) for the period to be appropriated | 9905 | €337,313 | €6,896,652 | +€6.6m | +1,945% |
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 26 October 2026 via checked.be.