HEAT-UP: 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-UP
Largest movements
- Receivables within one year -€19,180
down €19,180 (-12.1%), from €158,665 to €139,486
of which Trade receivables: -€22,206
- Tangible fixed assets -€5,076
down €5,076 (-45.4%), from €11,178 to €6,102
of which Furniture and vehicles: -€4,427
- Profit (loss) carried forward -€111,187
down €111,187 (-89.8%), from €123,850 to €12,663
- Trade debts +€88,140
up €88,140 (+254%), from €34,738 to €122,878
- Current portion of long-term debt -€2,213
no longer reported in 2025 (was €2,213)
- Gross operating margin -€149,565
down €149,565, from €69,507 to -€80,058
- Taxes +€21,870
up €21,870, from -€3,056 to €18,814
- Depreciation -€17,976
down €17,976 (-78.0%), from €23,052 to €5,076
- Write-downs +€7,837
new in 2025: €7,837
- Financial charges -€5,578
down €5,578 (-96.1%), from €5,804 to €226
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 | €190,179 | €165,643 | -€24,536 | -12.9% |
| Fixed assets | 21/28 | €11,178 | €6,102 | -€5,076 | -45.4% |
| Tangible fixed assets | 22/27 | €11,178 | €6,102 | -€5,076 | -45.4% |
| Plant, machinery and equipment | 23 | €2,438 | €1,789 | -€649 | -26.6% |
| Furniture and vehicles | 24 | €8,740 | €4,313 | -€4,427 | -50.7% |
| Current assets | 29/58 | €179,001 | €159,541 | -€19,460 | -10.9% |
| Amounts receivable after more than one year | 29 | €19,307 | €19,307 | = | 0.0% |
| Trade receivables | 290 | €19,307 | €19,307 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €158,665 | €139,486 | -€19,180 | -12.1% |
| Trade receivables | 40 | €135,367 | €113,161 | -€22,206 | -16.4% |
| Other amounts receivable | 41 | €23,298 | €26,324 | +€3,026 | +13.0% |
| Cash at bank and in hand | 54/58 | €961 | €18 | -€943 | -98.1% |
| Deferred charges and accrued income | 490/1 | €68 | €730 | +€662 | +977% |
| Total equity and liabilities | 10/49 | €190,179 | €165,643 | -€24,536 | -12.9% |
| Equity | 10/15 | €133,850 | €22,663 | -€111,187 | -83.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | - | -€10,000 | |
| Other | 1109/19 | €10,000 | - | -€10,000 | |
| Profit (loss) carried forward | 14 | €123,850 | €12,663 | -€111,187 | -89.8% |
| Amounts payable | 17/49 | €56,329 | €142,980 | +€86,651 | +154% |
| Amounts payable within one year | 42/48 | €56,329 | €142,980 | +€86,651 | +154% |
| Current portion of amounts payable after more than one year | 42 | €2,213 | - | -€2,213 | |
| Trade debts | 44 | €34,738 | €122,878 | +€88,140 | +254% |
| Suppliers | 440/4 | €34,738 | €122,878 | +€88,140 | +254% |
| Taxes, remuneration and social security | 45 | €7 | - | -€7 | |
| Remuneration and social security | 454/9 | €7 | - | -€7 | |
| Other amounts payable | 47/48 | €19,371 | €20,101 | +€731 | +3.8% |
| Non-recurring operating income | 76A | €32,588 | - | -€32,588 | |
| Remuneration, social security and pensions | 62 | €4,100 | - | -€4,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,052 | €5,076 | -€17,976 | -78.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,837 | +€7,837 | |
| Other operating charges | 640/8 | €2,071 | - | -€2,071 | |
| Non-recurring operating charges | 66A | €39,959 | - | -€39,959 | |
| Gross operating margin | 9900 | €69,507 | -€80,058 | -€149,565 | |
| Operating profit (loss) | 9901 | €325 | -€92,971 | -€93,296 | |
| Financial income | 75/76B | €1 | €823 | +€822 | +57,873% |
| Recurring financial income | 75 | €1 | €823 | +€822 | +57,873% |
| Financial charges | 65/66B | €5,804 | €226 | -€5,578 | -96.1% |
| Recurring financial charges | 65 | €5,804 | €226 | -€5,578 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,477 | -€92,373 | -€86,896 | -1,587% |
| Income taxes | 67/77 | -€3,056 | €18,814 | +€21,870 | |
| Profit (loss) for the period | 9904 | -€2,421 | -€111,187 | -€108,766 | -4,493% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,421 | -€111,187 | -€108,766 | -4,493% |
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 22 October 2026 via checked.be.