Heating Management Services: 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.
Heating Management Services
Largest movements
- Receivables within one year +€591,086
up €591,086 (+339%), from €174,450 to €765,535
of which Other amounts receivable: +€380,284
- Tangible fixed assets +€585,470
up €585,470 (+46.8%), from €1.3m to €1.8m
of which Plant, machinery and equipment: +€610,760
- Deferred charges and accrued income +€354,001
up €354,001 (+204%), from €173,467 to €527,468
- Intangible fixed assets -€53,487
down €53,487 (-57.4%), from €93,120 to €39,633
- Debts after one year +€731,411
up €731,411 (+137%), from €535,014 to €1.3m
of which Financial debts: +€781,411
- Other debts +€356,132
up €356,132 (+706%), from €50,430 to €406,562
- Current portion of long-term debt +€251,219
up €251,219 (+1,446%), from €17,372 to €268,591
- Contributions +€200,000
up €200,000 (+54.2%), from €368,729 to €568,729
- Trade debts -€113,572
down €113,572 (-8.9%), from €1.3m to €1.2m
- Gross operating margin +€449,192
up €449,192 (+293%), from €153,213 to €602,405
- Staff costs +€96,889
up €96,889 (+55.6%), from €174,267 to €271,155
- Depreciation +€56,903
up €56,903 (+27.4%), from €207,504 to €264,407
- Financial charges +€26,935
up €26,935 (+308%), from €8,755 to €35,691
- Financial income -€17,487
down €17,487 (-74.5%), from €23,481 to €5,994
of which Financial income: -€17,487
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 | €1,742,499 | €3,249,741 | +€1.5m | +86.5% |
| Fixed assets | 21/28 | €1,345,219 | €1,897,827 | +€552,608 | +41.1% |
| Intangible fixed assets | 21 | €93,120 | €39,633 | -€53,487 | -57.4% |
| Tangible fixed assets | 22/27 | €1,252,098 | €1,837,569 | +€585,470 | +46.8% |
| Plant, machinery and equipment | 23 | €1,124,564 | €1,735,324 | +€610,760 | +54.3% |
| Furniture and vehicles | 24 | €402 | €154 | -€248 | -61.7% |
| Leasing and similar rights | 25 | €127,132 | €102,090 | -€25,042 | -19.7% |
| Financial fixed assets | 28 | - | €20,625 | +€20,625 | |
| Current assets | 29/58 | €397,280 | €1,351,914 | +€954,634 | +240% |
| Stocks and contracts in progress | 3 | €2,848 | €2,737 | -€111 | -3.9% |
| Stocks | 30/36 | €2,848 | €2,737 | -€111 | -3.9% |
| Amounts receivable within one year | 40/41 | €174,450 | €765,535 | +€591,086 | +339% |
| Trade receivables | 40 | €174,450 | €385,252 | +€210,802 | +121% |
| Other amounts receivable | 41 | €0 | €380,284 | +€380,284 | |
| Cash at bank and in hand | 54/58 | €46,516 | €56,174 | +€9,658 | +20.8% |
| Deferred charges and accrued income | 490/1 | €173,467 | €527,468 | +€354,001 | +204% |
| Total equity and liabilities | 10/49 | €1,742,499 | €3,249,741 | +€1.5m | +86.5% |
| Equity | 10/15 | -€156,495 | €78,538 | +€235,033 | |
| Contributions | 10/11 | €368,729 | €568,729 | +€200,000 | +54.2% |
| Profit (loss) carried forward | 14 | -€525,223 | -€490,191 | +€35,033 | +6.7% |
| Amounts payable | 17/49 | €1,898,993 | €3,171,203 | +€1.3m | +67.0% |
| Amounts payable after more than one year | 17 | €535,014 | €1,266,425 | +€731,411 | +137% |
| Financial debts | 170/4 | €235,014 | €1,016,425 | +€781,411 | +332% |
| Other amounts payable | 178/9 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Amounts payable within one year | 42/48 | €1,362,580 | €1,904,778 | +€542,197 | +39.8% |
| Current portion of amounts payable after more than one year | 42 | €17,372 | €268,591 | +€251,219 | +1,446% |
| Trade debts | 44 | €1,269,766 | €1,156,193 | -€113,572 | -8.9% |
| Suppliers | 440/4 | €1,269,766 | €1,156,193 | -€113,572 | -8.9% |
| Taxes, remuneration and social security | 45 | €25,012 | €73,431 | +€48,419 | +194% |
| Taxes | 450/3 | €4,245 | €7,579 | +€3,334 | +78.5% |
| Remuneration and social security | 454/9 | €20,767 | €65,852 | +€45,085 | +217% |
| Other amounts payable | 47/48 | €50,430 | €406,562 | +€356,132 | +706% |
| Accrued charges and deferred income | 492/3 | €1,399 | €0 | -€1,399 | -100% |
| Non-recurring operating income | 76A | - | €9,097 | +€9,097 | |
| Remuneration, social security and pensions | 62 | €174,267 | €271,155 | +€96,889 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207,504 | €264,407 | +€56,903 | +27.4% |
| Other operating charges | 640/8 | €1,328 | €1,644 | +€316 | +23.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €153,213 | €602,405 | +€449,192 | +293% |
| Operating profit (loss) | 9901 | -€229,887 | €65,198 | +€295,085 | |
| Financial income | 75/76B | €23,481 | €5,994 | -€17,487 | -74.5% |
| Recurring financial income | 75 | €23,481 | €5,994 | -€17,487 | -74.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €8,755 | €35,691 | +€26,935 | +308% |
| Recurring financial charges | 65 | €8,755 | €35,691 | +€26,935 | +308% |
| Profit (loss) for the period before taxes | 9903 | -€215,161 | €35,502 | +€250,663 | |
| Income taxes | 67/77 | €306 | €469 | +€163 | +53.1% |
| Profit (loss) for the period | 9904 | -€215,467 | €35,033 | +€250,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€215,467 | €35,033 | +€250,500 |
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 13 October 2026 via checked.be.