HEATING SYSTEMS: 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 SYSTEMS
Largest movements
- Receivables within one year -€29,464
down €29,464 (-54.8%), from €53,757 to €24,293
of which Trade receivables: -€19,087
- Tangible fixed assets +€10,913
up €10,913 (+40.0%), from €27,256 to €38,170
- Stocks and contracts +€7,378
up €7,378 (+97.5%), from €7,565 to €14,943
of which Contracts in progress: +€10,399
- Cash -€3,239
down €3,239 (-27.6%), from €11,751 to €8,512
mainly Contributions, distributions and other (-€36,936) and Investment in fixed assets (net) (-€20,661)
- Trade debts -€20,436
down €20,436 (-70.7%), from €28,913 to €8,477
- Tax, wage and social debts +€12,790
up €12,790 (+172%), from €7,437 to €20,227
- Reserves -€7,111
down €7,111 (-13.5%), from €52,791 to €45,681
- Gross operating margin +€30,304
up €30,304 (+114%), from €26,586 to €56,890
- Taxes +€7,800
up €7,800 (+155%), from €5,035 to €12,835
- Depreciation +€1,774
up €1,774 (+22.2%), from €7,974 to €9,748
- Other operating charges +€1,710
up €1,710 (+87.5%), from €1,955 to €3,666
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 | €101,142 | €86,445 | -€14,697 | -14.5% |
| Fixed assets | 21/28 | €27,256 | €38,170 | +€10,913 | +40.0% |
| Tangible fixed assets | 22/27 | €27,256 | €38,170 | +€10,913 | +40.0% |
| Furniture and vehicles | 24 | €27,256 | €38,170 | +€10,913 | +40.0% |
| Current assets | 29/58 | €73,885 | €48,275 | -€25,610 | -34.7% |
| Stocks and contracts in progress | 3 | €7,565 | €14,943 | +€7,378 | +97.5% |
| Stocks | 30/36 | €3,021 | €0 | -€3,021 | -100% |
| Contracts in progress | 37 | €4,544 | €14,943 | +€10,399 | +229% |
| Amounts receivable within one year | 40/41 | €53,757 | €24,293 | -€29,464 | -54.8% |
| Trade receivables | 40 | €39,708 | €20,621 | -€19,087 | -48.1% |
| Other amounts receivable | 41 | €14,049 | €3,672 | -€10,378 | -73.9% |
| Cash at bank and in hand | 54/58 | €11,751 | €8,512 | -€3,239 | -27.6% |
| Deferred charges and accrued income | 490/1 | €812 | €527 | -€285 | -35.1% |
| Total equity and liabilities | 10/49 | €101,142 | €86,445 | -€14,697 | -14.5% |
| Equity | 10/15 | €64,791 | €57,681 | -€7,111 | -11.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €52,791 | €45,681 | -€7,111 | -13.5% |
| Distributable reserves | 133 | €52,791 | €45,681 | -€7,111 | -13.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,350 | €28,764 | -€7,586 | -20.9% |
| Amounts payable within one year | 42/48 | €36,350 | €28,704 | -€7,647 | -21.0% |
| Trade debts | 44 | €28,913 | €8,477 | -€20,436 | -70.7% |
| Suppliers | 440/4 | €28,913 | €8,477 | -€20,436 | -70.7% |
| Taxes, remuneration and social security | 45 | €7,437 | €20,227 | +€12,790 | +172% |
| Taxes | 450/3 | €7,437 | €20,227 | +€12,790 | +172% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,974 | €9,748 | +€1,774 | +22.2% |
| Other operating charges | 640/8 | €1,955 | €3,666 | +€1,710 | +87.5% |
| Non-recurring operating charges | 66A | €0 | €500 | +€500 | |
| Gross operating margin | 9900 | €26,586 | €56,890 | +€30,304 | +114% |
| Operating profit (loss) | 9901 | €16,657 | €42,977 | +€26,320 | +158% |
| Financial income | 75/76B | €0 | €148 | +€148 | +494,200% |
| Recurring financial income | 75 | €0 | €148 | +€148 | +494,200% |
| Financial charges | 65/66B | €483 | €465 | -€18 | -3.7% |
| Recurring financial charges | 65 | €483 | €465 | -€18 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €16,175 | €42,660 | +€26,485 | +164% |
| Income taxes | 67/77 | €5,035 | €12,835 | +€7,800 | +155% |
| Profit (loss) for the period | 9904 | €11,139 | €29,825 | +€18,686 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €11,139 | €29,825 | +€18,686 | +168% |
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.