HEATEX: 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.
HEATEX
Largest movements
- Current investments -€253,562
no longer reported in 2025 (was €253,562)
- Tangible fixed assets +€249,357
up €249,357 (+1765.0%), from €14,128 to €263,485
of which Land and buildings: +€214,263
- Cash +€201,767
new in 2025: €201,767
mainly Current investments (+€253,562) and Debts after one year (+€164,490)
- Debts after one year +€164,490
new in 2025: €164,490
- Profit (loss) carried forward +€48,041
up €48,041 (+18.3%), from €262,747 to €310,788
- Tax, wage and social debts -€28,592
down €28,592 (-54.3%), from €52,628 to €24,036
of which Taxes: -€41,391
- Accrued charges and deferred income +€24,768
new in 2025: €24,768
- Trade debts -€16,055
down €16,055 (-56.1%), from €28,618 to €12,563
- Staff costs +€59,310
up €59,310 (+1876.6%), from €3,161 to €62,470
- Taxes -€18,000
down €18,000 (-47.4%), from €38,000 to €20,000
- Depreciation +€7,690
up €7,690 (+191.5%), from €4,017 to €11,706
- Financial charges +€4,759
up €4,759 (+368.5%), from €1,291 to €6,050
- Other operating charges -€1,812
down €1,812 (-46.3%), from €3,911 to €2,100
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 | €350,846 | €553,070 | +€202,223 | +57.6% |
| Fixed assets | 21/28 | €15,208 | €264,565 | +€249,357 | +1639.7% |
| Tangible fixed assets | 22/27 | €14,128 | €263,485 | +€249,357 | +1765.0% |
| Land and buildings | 22 | - | €214,263 | +€214,263 | |
| Plant, machinery and equipment | 23 | €11,948 | €17,164 | +€5,216 | +43.7% |
| Furniture and vehicles | 24 | €2,180 | €32,058 | +€29,878 | +1370.5% |
| Financial fixed assets | 28 | €1,080 | €1,080 | = | 0.0% |
| Current assets | 29/58 | €335,639 | €288,505 | -€47,134 | -14.0% |
| Amounts receivable within one year | 40/41 | €80,521 | €83,501 | +€2,979 | +3.7% |
| Trade receivables | 40 | €70,521 | €16,712 | -€53,810 | -76.3% |
| Other amounts receivable | 41 | €10,000 | €66,789 | +€56,789 | +567.9% |
| Current investments | 50/53 | €253,562 | - | -€253,562 | |
| Cash at bank and in hand | 54/58 | - | €201,767 | +€201,767 | |
| Deferred charges and accrued income | 490/1 | €1,555 | €3,237 | +€1,682 | +108.1% |
| Total equity and liabilities | 10/49 | €350,846 | €553,070 | +€202,223 | +57.6% |
| Equity | 10/15 | €265,747 | €313,788 | +€48,041 | +18.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €262,747 | €310,788 | +€48,041 | +18.3% |
| Amounts payable | 17/49 | €85,099 | €239,282 | +€154,182 | +181.2% |
| Amounts payable after more than one year | 17 | - | €164,490 | +€164,490 | |
| Financial debts | 170/4 | - | €164,490 | +€164,490 | |
| Amounts payable within one year | 42/48 | €85,099 | €50,023 | -€35,076 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | - | €13,080 | +€13,080 | |
| Trade debts | 44 | €28,618 | €12,563 | -€16,055 | -56.1% |
| Suppliers | 440/4 | €28,618 | €12,563 | -€16,055 | -56.1% |
| Advances received on contracts in progress | 46 | €345 | €345 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €52,628 | €24,036 | -€28,592 | -54.3% |
| Taxes | 450/3 | €52,354 | €10,963 | -€41,391 | -79.1% |
| Remuneration and social security | 454/9 | €274 | €13,073 | +€12,799 | +4667.1% |
| Other amounts payable | 47/48 | €3,509 | - | -€3,509 | |
| Accrued charges and deferred income | 492/3 | - | €24,768 | +€24,768 | |
| Remuneration, social security and pensions | 62 | €3,161 | €62,470 | +€59,310 | +1876.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,017 | €11,706 | +€7,690 | +191.5% |
| Other operating charges | 640/8 | €3,911 | €2,100 | -€1,812 | -46.3% |
| Gross operating margin | 9900 | €150,711 | €150,367 | -€344 | -0.2% |
| Operating profit (loss) | 9901 | €139,623 | €74,091 | -€65,532 | -46.9% |
| Financial income | 75/76B | €77 | €0 | -€77 | -100.0% |
| Recurring financial income | 75 | €77 | €0 | -€77 | -100.0% |
| Financial charges | 65/66B | €1,291 | €6,050 | +€4,759 | +368.5% |
| Recurring financial charges | 65 | €1,291 | €6,050 | +€4,759 | +368.5% |
| Profit (loss) for the period before taxes | 9903 | €138,409 | €68,041 | -€70,367 | -50.8% |
| Income taxes | 67/77 | €38,000 | €20,000 | -€18,000 | -47.4% |
| Profit (loss) for the period | 9904 | €100,409 | €48,041 | -€52,367 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,409 | €48,041 | -€52,367 | -52.2% |
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 6 October 2026 via checked.be.