HEAT SWITCH: what changed
What changed
HEAT SWITCH
NACE 47.540, Retail sale of electrical household appliances
filed annual accounts (NBB)
Net result for the year
-€121,472
2024 · €80,620-€202,091
Equity
€207,559
2024 · €329,030-€121,472
Cash
€190,028
2024 · €112,459+€77,569
Balance sheet total
€564,323
2024 · €620,908-€56,585
Largest movements
Assets
- Receivables within one year -€126,031
down €126,031 (-37.4%), from €337,376 to €211,344
of which Trade receivables: -€161,476
- Cash +€77,569
up €77,569 (+69.0%), from €112,459 to €190,028
mainly Receivables within one year (+€126,031) and Depreciation (+€30,145)
- Stocks and contracts -€8,200
down €8,200 (-8.9%), from €92,412 to €84,212
Equity and liabilities
- Reserves -€121,472
down €121,472 (-39.1%), from €310,480 to €189,009
- Trade debts +€27,580
up €27,580 (+15.0%), from €183,659 to €211,239
- Debts after one year +€19,880
up €19,880 (+49.1%), from €40,460 to €60,340
- Advances received +€11,071
up €11,071 (+37.2%), from €29,723 to €40,794
Income statement
- Gross operating margin -€283,771
down €283,771 (-55.8%), from €508,552 to €224,781
- Staff costs -€67,661
down €67,661 (-18.0%), from €376,066 to €308,406
- Taxes -€18,039
down €18,039 (-98.0%), from €18,401 to €363
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€80,620
Gross operating margin
-€283,771
Staff costs
+€67,661
Depreciation
-€2,635
Other operating charges
-€1,085
Financial income
-€495
Financial charges
+€196
Taxes
+€18,039
Result 2025
-€121,472
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€81,218
Investment
-€26,302
Financing
+€22,654
Cash 2024
€112,459
From operations (derived)
+€81,218
Net result for the year
-€121,472
Depreciation
+€30,145
Stocks and contracts
+€8,200
Receivables within one year
+€126,031
Deferred charges and accrued income
-€3,919
Trade debts
+€27,580
Tax, wage and social debts
+€3,601
Advances received
+€11,071
Other debts
-€19
Investment (derived)
-€26,302
Investment in fixed assets (net)
-€26,302
Financing
+€22,654
Debts after one year
+€19,880
Current portion of long-term debt
+€2,774
Cash 2025
€190,028
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €620,908 | €564,323 | -€56,585 | -9.1% |
| Fixed assets | 21/28 | €71,235 | €67,393 | -€3,842 | -5.4% |
| Tangible fixed assets | 22/27 | €71,235 | €67,393 | -€3,842 | -5.4% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €71,235 | €67,393 | -€3,842 | -5.4% |
| Current assets | 29/58 | €549,673 | €496,930 | -€52,743 | -9.6% |
| Stocks and contracts in progress | 3 | €92,412 | €84,212 | -€8,200 | -8.9% |
| Stocks | 30/36 | €92,412 | €84,212 | -€8,200 | -8.9% |
| Amounts receivable within one year | 40/41 | €337,376 | €211,344 | -€126,031 | -37.4% |
| Trade receivables | 40 | €334,597 | €173,121 | -€161,476 | -48.3% |
| Other amounts receivable | 41 | €2,779 | €38,224 | +€35,445 | +1,276% |
| Cash at bank and in hand | 54/58 | €112,459 | €190,028 | +€77,569 | +69.0% |
| Deferred charges and accrued income | 490/1 | €7,427 | €11,346 | +€3,919 | +52.8% |
| Total equity and liabilities | 10/49 | €620,908 | €564,323 | -€56,585 | -9.1% |
| Equity | 10/15 | €329,030 | €207,559 | -€121,472 | -36.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €310,480 | €189,009 | -€121,472 | -39.1% |
| Distributable reserves | 133 | €310,480 | €189,009 | -€121,472 | -39.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €291,878 | €356,765 | +€64,887 | +22.2% |
| Amounts payable after more than one year | 17 | €40,460 | €60,340 | +€19,880 | +49.1% |
| Financial debts | 170/4 | €40,460 | €60,340 | +€19,880 | +49.1% |
| Amounts payable within one year | 42/48 | €251,418 | €296,425 | +€45,007 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €27,849 | €30,623 | +€2,774 | +10.0% |
| Trade debts | 44 | €183,659 | €211,239 | +€27,580 | +15.0% |
| Suppliers | 440/4 | €183,659 | €211,239 | +€27,580 | +15.0% |
| Advances received on contracts in progress | 46 | €29,723 | €40,794 | +€11,071 | +37.2% |
| Taxes, remuneration and social security | 45 | €8,249 | €11,850 | +€3,601 | +43.7% |
| Taxes | 450/3 | €0 | €363 | +€363 | |
| Remuneration and social security | 454/9 | €8,249 | €11,487 | +€3,238 | +39.3% |
| Other amounts payable | 47/48 | €1,937 | €1,919 | -€19 | -1.0% |
| Non-recurring operating income | 76A | €11,404 | €350 | -€11,054 | -96.9% |
| Remuneration, social security and pensions | 62 | €376,066 | €308,406 | -€67,661 | -18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,509 | €30,145 | +€2,635 | +9.6% |
| Other operating charges | 640/8 | €3,635 | €4,720 | +€1,085 | +29.8% |
| Gross operating margin | 9900 | €508,552 | €224,781 | -€283,771 | -55.8% |
| Operating profit (loss) | 9901 | €101,342 | -€118,489 | -€219,831 | |
| Financial income | 75/76B | €552 | €56 | -€495 | -89.8% |
| Recurring financial income | 75 | €552 | €56 | -€495 | -89.8% |
| Financial charges | 65/66B | €2,872 | €2,676 | -€196 | -6.8% |
| Recurring financial charges | 65 | €2,872 | €2,676 | -€196 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €99,021 | -€121,109 | -€220,130 | |
| Income taxes | 67/77 | €18,401 | €363 | -€18,039 | -98.0% |
| Profit (loss) for the period | 9904 | €80,620 | -€121,472 | -€202,091 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,620 | -€121,472 | -€202,091 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.