HEATING CORE: 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.
HEATING CORE
Largest movements
- Tangible fixed assets +€224,659
up €224,659 (+301.1%), from €74,607 to €299,265
of which Assets under construction and advance payments: +€227,396
- Receivables within one year +€31,051
up €31,051 (+47.9%), from €64,823 to €95,874
of which Other amounts receivable: +€22,451
- Cash +€20,236
up €20,236 (+56.7%), from €35,680 to €55,917
mainly Debts after one year (+€210,327) and Trade debts (+€40,064)
- Stocks and contracts -€9,157
down €9,157 (-25.2%), from €36,310 to €27,153
- Debts after one year +€210,327
up €210,327 (+647.3%), from €32,495 to €242,823
- Trade debts +€40,064
up €40,064 (+243.3%), from €16,468 to €56,532
- Other debts +€32,000
new in 2025: €32,000
- Current portion of long-term debt -€27,202
down €27,202 (-52.6%), from €51,704 to €24,503
- Profit (loss) carried forward +€7,824
up €7,824 (+6.8%), from €114,433 to €122,257
- Gross operating margin +€53,387
up €53,387 (+75.3%), from €70,884 to €124,271
- Depreciation -€11,923
down €11,923 (-59.8%), from €19,928 to €8,006
- Taxes +€8,917
up €8,917 (+4866.1%), from €183 to €9,100
- Financial charges +€7,274
up €7,274 (+233.4%), from €3,117 to €10,391
- Staff costs -€6,380
down €6,380 (-11.7%), from €54,687 to €48,308
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 | €224,568 | €489,368 | +€264,800 | +117.9% |
| Fixed assets | 21/28 | €84,856 | €307,574 | +€222,719 | +262.5% |
| Intangible fixed assets | 21 | €2,009 | €69 | -€1,940 | -96.6% |
| Tangible fixed assets | 22/27 | €74,607 | €299,265 | +€224,659 | +301.1% |
| Land and buildings | 22 | €23,991 | €54,287 | +€30,296 | +126.3% |
| Plant, machinery and equipment | 23 | €2,482 | €601 | -€1,881 | -75.8% |
| Furniture and vehicles | 24 | €42,062 | €11,688 | -€30,373 | -72.2% |
| Other tangible fixed assets | 26 | €6,072 | €5,294 | -€778 | -12.8% |
| Assets under construction and advance payments | 27 | - | €227,396 | +€227,396 | |
| Financial fixed assets | 28 | €8,240 | €8,240 | = | 0.0% |
| Current assets | 29/58 | €139,712 | €181,793 | +€42,082 | +30.1% |
| Stocks and contracts in progress | 3 | €36,310 | €27,153 | -€9,157 | -25.2% |
| Stocks | 30/36 | €36,310 | €27,153 | -€9,157 | -25.2% |
| Amounts receivable within one year | 40/41 | €64,823 | €95,874 | +€31,051 | +47.9% |
| Trade receivables | 40 | €6,230 | €14,830 | +€8,600 | +138.0% |
| Other amounts receivable | 41 | €58,592 | €81,044 | +€22,451 | +38.3% |
| Current investments | 50/53 | €114 | €114 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €35,680 | €55,917 | +€20,236 | +56.7% |
| Deferred charges and accrued income | 490/1 | €2,785 | €2,736 | -€49 | -1.8% |
| Total equity and liabilities | 10/49 | €224,568 | €489,368 | +€264,800 | +117.9% |
| Equity | 10/15 | €116,933 | €124,757 | +€7,824 | +6.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,433 | €122,257 | +€7,824 | +6.8% |
| Amounts payable | 17/49 | €107,635 | €364,611 | +€256,976 | +238.7% |
| Amounts payable after more than one year | 17 | €32,495 | €242,823 | +€210,327 | +647.3% |
| Financial debts | 170/4 | €32,495 | €242,823 | +€210,327 | +647.3% |
| Amounts payable within one year | 42/48 | €75,140 | €120,737 | +€45,598 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €51,704 | €24,503 | -€27,202 | -52.6% |
| Trade debts | 44 | €16,468 | €56,532 | +€40,064 | +243.3% |
| Suppliers | 440/4 | €16,468 | €56,532 | +€40,064 | +243.3% |
| Advances received on contracts in progress | 46 | €5,624 | €7,256 | +€1,632 | +29.0% |
| Taxes, remuneration and social security | 45 | €1,343 | €447 | -€897 | -66.8% |
| Taxes | 450/3 | €338 | €26 | -€312 | -92.2% |
| Remuneration and social security | 454/9 | €1,005 | €420 | -€585 | -58.2% |
| Other amounts payable | 47/48 | - | €32,000 | +€32,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,051 | +€1,051 | |
| Non-recurring operating income | 76A | - | €11,398 | +€11,398 | |
| Remuneration, social security and pensions | 62 | €54,687 | €48,308 | -€6,380 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,928 | €8,006 | -€11,923 | -59.8% |
| Other operating charges | 640/8 | €1,260 | €4,513 | +€3,253 | +258.1% |
| Non-recurring operating charges | 66A | €4,422 | €6,583 | +€2,161 | +48.9% |
| Gross operating margin | 9900 | €70,884 | €124,271 | +€53,387 | +75.3% |
| Operating profit (loss) | 9901 | -€9,414 | €56,862 | +€66,276 | |
| Financial income | 75/76B | €845 | €2,453 | +€1,608 | +190.2% |
| Recurring financial income | 75 | €845 | €2,453 | +€1,608 | +190.2% |
| Financial charges | 65/66B | €3,117 | €10,391 | +€7,274 | +233.4% |
| Recurring financial charges | 65 | €3,117 | €10,391 | +€7,274 | +233.4% |
| Profit (loss) for the period before taxes | 9903 | -€11,686 | €48,924 | +€60,610 | |
| Income taxes | 67/77 | €183 | €9,100 | +€8,917 | +4866.1% |
| Profit (loss) for the period | 9904 | -€11,869 | €39,824 | +€51,693 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,869 | €39,824 | +€51,693 |
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 9 October 2026 via checked.be.