HEATING SYSTEMS BENELUX: 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 BENELUX
Largest movements
- Receivables within one year +€47,686
up €47,686 (+73.5%), from €64,914 to €112,600
of which Trade receivables: +€46,981
- Cash -€24,393
no longer reported in 2025 (was €24,393)
mainly Receivables within one year (-€47,686) and Tax, wage and social debts (-€6,125)
- Tangible fixed assets -€9,181
down €9,181 (-43.6%), from €21,046 to €11,865
of which Furniture and vehicles: -€5,130
- Stocks and contracts -€3,430
down €3,430 (-5.9%), from €58,150 to €54,720
- Profit (loss) carried forward +€11,126
up €11,126 (+43.6%), from -€25,539 to -€14,413
- Other debts +€6,273
up €6,273 (+13.4%), from €46,798 to €53,071
- Tax, wage and social debts -€6,125
no longer reported in 2025 (was €6,125)
- Short-term financial debts +€5,074
new in 2025: €5,074
- Trade debts -€3,966
down €3,966 (-53.8%), from €7,377 to €3,411
- Gross operating margin +€12,081
up €12,081 (+75.0%), from €16,112 to €28,193
- Turnover +€8,064
up €8,064 (+9.5%), from €84,875 to €92,939
- Purchases and services -€6,674
down €6,674 (-8.7%), from €77,093 to €70,419
- Taxes +€1,975
up €1,975 (+235%), from €840 to €2,815
- Other operating charges -€1,047
down €1,047 (-20.1%), from €5,217 to €4,170
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 | €173,061 | €183,194 | +€10,133 | +5.9% |
| Fixed assets | 21/28 | €21,837 | €12,656 | -€9,181 | -42.0% |
| Tangible fixed assets | 22/27 | €21,046 | €11,865 | -€9,181 | -43.6% |
| Land and buildings | 22 | €6,100 | €3,541 | -€2,559 | -42.0% |
| Plant, machinery and equipment | 23 | €3,066 | €1,574 | -€1,492 | -48.7% |
| Furniture and vehicles | 24 | €11,880 | €6,750 | -€5,130 | -43.2% |
| Financial fixed assets | 28 | €791 | €791 | = | 0.0% |
| Current assets | 29/58 | €151,224 | €170,538 | +€19,314 | +12.8% |
| Stocks and contracts in progress | 3 | €58,150 | €54,720 | -€3,430 | -5.9% |
| Stocks | 30/36 | €58,150 | €54,720 | -€3,430 | -5.9% |
| Amounts receivable within one year | 40/41 | €64,914 | €112,600 | +€47,686 | +73.5% |
| Trade receivables | 40 | €59,095 | €106,076 | +€46,981 | +79.5% |
| Other amounts receivable | 41 | €5,819 | €6,524 | +€705 | +12.1% |
| Cash at bank and in hand | 54/58 | €24,393 | - | -€24,393 | |
| Deferred charges and accrued income | 490/1 | €3,767 | €3,218 | -€549 | -14.6% |
| Total equity and liabilities | 10/49 | €173,061 | €183,194 | +€10,133 | +5.9% |
| Equity | 10/15 | €109,306 | €120,432 | +€11,126 | +10.2% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €29,490 | €29,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,311 | €4,311 | = | 0.0% |
| Legal reserve | 130 | €4,311 | €4,311 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,863 | €2,863 | = | 0.0% |
| Distributable reserves | 133 | €22,316 | €22,316 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,539 | -€14,413 | +€11,126 | +43.6% |
| Amounts payable | 17/49 | €63,755 | €62,762 | -€993 | -1.6% |
| Amounts payable within one year | 42/48 | €63,689 | €62,762 | -€927 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €3,389 | €1,206 | -€2,183 | -64.4% |
| Financial debts | 43 | - | €5,074 | +€5,074 | |
| Credit institutions | 430/8 | - | €5,074 | +€5,074 | |
| Trade debts | 44 | €7,377 | €3,411 | -€3,966 | -53.8% |
| Suppliers | 440/4 | €7,377 | €3,411 | -€3,966 | -53.8% |
| Taxes, remuneration and social security | 45 | €6,125 | - | -€6,125 | |
| Taxes | 450/3 | €6,125 | - | -€6,125 | |
| Other amounts payable | 47/48 | €46,798 | €53,071 | +€6,273 | +13.4% |
| Accrued charges and deferred income | 492/3 | €66 | - | -€66 | |
| Turnover | 70 | €84,875 | €92,939 | +€8,064 | +9.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €77,093 | €70,419 | -€6,674 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,181 | €9,181 | = | 0.0% |
| Other operating charges | 640/8 | €5,217 | €4,170 | -€1,047 | -20.1% |
| Gross operating margin | 9900 | €16,112 | €28,193 | +€12,081 | +75.0% |
| Operating profit (loss) | 9901 | €1,714 | €14,842 | +€13,128 | +766% |
| Financial income | 75/76B | €1 | €91 | +€90 | +9,000% |
| Recurring financial income | 75 | €1 | €91 | +€90 | +9,000% |
| Financial charges | 65/66B | €1,015 | €992 | -€23 | -2.3% |
| Recurring financial charges | 65 | €1,015 | €992 | -€23 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €700 | €13,941 | +€13,241 | +1,892% |
| Income taxes | 67/77 | €840 | €2,815 | +€1,975 | +235% |
| Profit (loss) for the period | 9904 | -€140 | €11,126 | +€11,266 | |
| Profit (loss) for the period to be appropriated | 9905 | -€140 | €11,126 | +€11,266 |
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 20 October 2026 via checked.be.