Heating Projects: 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 Projects
Largest movements
- Tangible fixed assets +€130,611
up €130,611 (+1,462%), from €8,936 to €139,547
of which Land and buildings: +€135,018
- Receivables within one year +€80,031
up €80,031 (+320%), from €25,000 to €105,031
of which Other amounts receivable: +€49,912
- Cash -€24,708
down €24,708 (-100%), from €24,708 to €0
mainly Investment in fixed assets (net) (-€148,125) and Receivables within one year (-€80,031)
- Debts after one year +€124,894
new in 2025: €124,894
- Reserves +€22,737
up €22,737 (+86.7%), from €26,211 to €48,948
- Trade debts +€17,959
up €17,959 (+135%), from €13,277 to €31,237
- Current portion of long-term debt +€8,911
new in 2025: €8,911
- Short-term financial debts +€7,681
new in 2025: €7,681
- Depreciation +€13,228
up €13,228 (+309%), from €4,287 to €17,514
- Gross operating margin +€8,827
up €8,827 (+19.2%), from €45,954 to €54,781
- Financial charges +€6,611
up €6,611 (+318%), from €2,081 to €8,692
- Financial income +€1,940
up €1,940 (+551%), from €352 to €2,292
- Taxes -€760
down €760 (-6.7%), from €11,282 to €10,522
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 | €62,395 | €246,765 | +€184,370 | +295% |
| Fixed assets | 21/28 | €8,936 | €139,547 | +€130,611 | +1,462% |
| Tangible fixed assets | 22/27 | €8,936 | €139,547 | +€130,611 | +1,462% |
| Land and buildings | 22 | - | €135,018 | +€135,018 | |
| Furniture and vehicles | 24 | €8,936 | €4,528 | -€4,408 | -49.3% |
| Current assets | 29/58 | €53,458 | €107,218 | +€53,760 | +101% |
| Stocks and contracts in progress | 3 | €2,500 | €2,100 | -€400 | -16.0% |
| Stocks | 30/36 | €2,500 | €2,100 | -€400 | -16.0% |
| Amounts receivable within one year | 40/41 | €25,000 | €105,031 | +€80,031 | +320% |
| Trade receivables | 40 | €9,145 | €39,264 | +€30,119 | +329% |
| Other amounts receivable | 41 | €15,854 | €65,766 | +€49,912 | +315% |
| Cash at bank and in hand | 54/58 | €24,708 | €0 | -€24,708 | -100% |
| Deferred charges and accrued income | 490/1 | €1,251 | €87 | -€1,164 | -93.0% |
| Total equity and liabilities | 10/49 | €62,395 | €246,765 | +€184,370 | +295% |
| Equity | 10/15 | €33,189 | €51,448 | +€18,259 | +55.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €26,211 | €48,948 | +€22,737 | +86.7% |
| Distributable reserves | 133 | €26,211 | €48,948 | +€22,737 | +86.7% |
| Profit (loss) carried forward | 14 | €4,478 | €0 | -€4,478 | -100% |
| Amounts payable | 17/49 | €29,205 | €195,317 | +€166,111 | +569% |
| Amounts payable after more than one year | 17 | - | €124,894 | +€124,894 | |
| Financial debts | 170/4 | - | €124,894 | +€124,894 | |
| Amounts payable within one year | 42/48 | €29,205 | €70,423 | +€41,217 | +141% |
| Current portion of amounts payable after more than one year | 42 | - | €8,911 | +€8,911 | |
| Financial debts | 43 | - | €7,681 | +€7,681 | |
| Credit institutions | 430/8 | - | €7,681 | +€7,681 | |
| Trade debts | 44 | €13,277 | €31,237 | +€17,959 | +135% |
| Suppliers | 440/4 | €13,277 | €31,237 | +€17,959 | +135% |
| Taxes, remuneration and social security | 45 | €15,928 | €22,594 | +€6,666 | +41.8% |
| Taxes | 450/3 | €15,928 | €22,594 | +€6,666 | +41.8% |
| Non-recurring operating income | 76A | - | €1,636 | +€1,636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,287 | €17,514 | +€13,228 | +309% |
| Other operating charges | 640/8 | €2,333 | €2,086 | -€247 | -10.6% |
| Non-recurring operating charges | 66A | €112 | €0 | -€112 | -100% |
| Gross operating margin | 9900 | €45,954 | €54,781 | +€8,827 | +19.2% |
| Operating profit (loss) | 9901 | €39,222 | €35,180 | -€4,042 | -10.3% |
| Financial income | 75/76B | €352 | €2,292 | +€1,940 | +551% |
| Recurring financial income | 75 | €352 | €2,292 | +€1,940 | +551% |
| Financial charges | 65/66B | €2,081 | €8,692 | +€6,611 | +318% |
| Recurring financial charges | 65 | €2,081 | €8,692 | +€6,611 | +318% |
| Profit (loss) for the period before taxes | 9903 | €37,493 | €28,781 | -€8,713 | -23.2% |
| Income taxes | 67/77 | €11,282 | €10,522 | -€760 | -6.7% |
| Profit (loss) for the period | 9904 | €26,211 | €18,259 | -€7,952 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,211 | €18,259 | -€7,952 | -30.3% |
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 14 October 2026 via checked.be.