Heating Masters: 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 Masters
Largest movements
- Financial fixed assets -€6,900
no longer reported in 2025 (was €6,900)
- Tangible fixed assets -€3,918
down €3,918 (-19.7%), from €19,913 to €15,995
of which Plant, machinery and equipment: -€2,743
- Cash +€3,136
up €3,136 (+92.1%), from €3,404 to €6,540
mainly Investment in fixed assets (net) (+€6,900) and Depreciation (+€4,441)
- Reserves -€4,494
down €4,494 (-9.7%), from €46,515 to €42,021
- Trade debts -€1,659
down €1,659 (-19.8%), from €8,397 to €6,738
- Tax, wage and social debts -€1,340
down €1,340 (-35.3%), from €3,796 to €2,455
of which Remuneration and social security: -€1,850
- Write-downs +€14,615
new in 2025: €14,615
- Gross operating margin +€5,229
up €5,229 (+28.9%), from €18,085 to €23,314
- Depreciation -€5,096
down €5,096 (-53.4%), from €9,537 to €4,441
- Other operating charges +€2,593
up €2,593 (+47.6%), from €5,451 to €8,043
- Taxes -€1,466
down €1,466 (-75.3%), from €1,946 to €480
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 | €77,240 | €69,746 | -€7,494 | -9.7% |
| Fixed assets | 21/28 | €28,452 | €17,111 | -€11,341 | -39.9% |
| Intangible fixed assets | 21 | €1,639 | €1,116 | -€523 | -31.9% |
| Tangible fixed assets | 22/27 | €19,913 | €15,995 | -€3,918 | -19.7% |
| Plant, machinery and equipment | 23 | €17,531 | €14,788 | -€2,743 | -15.6% |
| Furniture and vehicles | 24 | €1,851 | €1,064 | -€787 | -42.5% |
| Leasing and similar rights | 25 | €531 | €144 | -€387 | -73.0% |
| Financial fixed assets | 28 | €6,900 | - | -€6,900 | |
| Current assets | 29/58 | €48,788 | €52,635 | +€3,847 | +7.9% |
| Amounts receivable within one year | 40/41 | €45,384 | €45,366 | -€19 | 0.0% |
| Trade receivables | 40 | €27,196 | €35,930 | +€8,733 | +32.1% |
| Other amounts receivable | 41 | €18,188 | €9,436 | -€8,752 | -48.1% |
| Cash at bank and in hand | 54/58 | €3,404 | €6,540 | +€3,136 | +92.1% |
| Deferred charges and accrued income | 490/1 | - | €729 | +€729 | |
| Total equity and liabilities | 10/49 | €77,240 | €69,746 | -€7,494 | -9.7% |
| Equity | 10/15 | €65,047 | €60,552 | -€4,494 | -6.9% |
| Contributions | 10/11 | €18,532 | €18,532 | = | 0.0% |
| Reserves | 13 | €46,515 | €42,021 | -€4,494 | -9.7% |
| Distributable reserves | 133 | €46,515 | €42,021 | -€4,494 | -9.7% |
| Amounts payable | 17/49 | €12,193 | €9,193 | -€3,000 | -24.6% |
| Amounts payable within one year | 42/48 | €12,193 | €9,193 | -€3,000 | -24.6% |
| Trade debts | 44 | €8,397 | €6,738 | -€1,659 | -19.8% |
| Suppliers | 440/4 | €8,397 | €6,738 | -€1,659 | -19.8% |
| Taxes, remuneration and social security | 45 | €3,796 | €2,455 | -€1,340 | -35.3% |
| Taxes | 450/3 | €1,946 | €2,455 | +€510 | +26.2% |
| Remuneration and social security | 454/9 | €1,850 | - | -€1,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,537 | €4,441 | -€5,096 | -53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,615 | +€14,615 | |
| Other operating charges | 640/8 | €5,451 | €8,043 | +€2,593 | +47.6% |
| Gross operating margin | 9900 | €18,085 | €23,314 | +€5,229 | +28.9% |
| Operating profit (loss) | 9901 | €3,098 | -€3,785 | -€6,883 | |
| Financial income | 75/76B | €483 | €644 | +€160 | +33.2% |
| Recurring financial income | 75 | €483 | €644 | +€160 | +33.2% |
| Financial charges | 65/66B | €862 | €873 | +€10 | +1.2% |
| Recurring financial charges | 65 | €862 | €873 | +€10 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €2,719 | -€4,014 | -€6,733 | |
| Income taxes | 67/77 | €1,946 | €480 | -€1,466 | -75.3% |
| Profit (loss) for the period | 9904 | €773 | -€4,494 | -€5,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €773 | -€4,494 | -€5,267 |
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.