HEATLINK: 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.
HEATLINK
Largest movements
- Receivables within one year -€42,061
down €42,061 (-9.9%), from €423,776 to €381,715
of which Trade receivables: -€80,684
- Cash +€25,061
up €25,061 (+20.9%), from €120,106 to €145,167
mainly Net result for the year (+€74,010) and Receivables within one year (+€42,061)
- Tangible fixed assets -€22,374
down €22,374 (-23.3%), from €96,073 to €73,699
of which Leasing and similar rights: -€14,805
- Receivables after one year -€8,000
down €8,000 (-100.0%), from €8,000 to €0
- Deferred charges and accrued income -€7,255
down €7,255 (-96.8%), from €7,498 to €243
- Trade debts -€31,880
down €31,880 (-11.8%), from €269,873 to €237,993
- Debts after one year -€28,132
down €28,132 (-47.3%), from €59,489 to €31,356
- Tax, wage and social debts -€19,890
down €19,890 (-89.6%), from €22,206 to €2,316
of which Remuneration and social security: -€15,284
- Reserves +€19,010
up €19,010 (+9.4%), from €202,552 to €221,562
of which Distributable reserves: +€19,010
- Other debts +€9,221
up €9,221 (+18.1%), from €50,943 to €60,164
- Gross operating margin +€83,420
up €83,420 (+33.3%), from €250,875 to €334,295
- Staff costs +€35,092
up €35,092 (+20.1%), from €174,786 to €209,879
- Depreciation -€3,351
down €3,351 (-9.7%), from €34,654 to €31,302
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 | €714,508 | €661,379 | -€53,129 | -7.4% |
| Fixed assets | 21/28 | €97,173 | €74,799 | -€22,374 | -23.0% |
| Tangible fixed assets | 22/27 | €96,073 | €73,699 | -€22,374 | -23.3% |
| Land and buildings | 22 | €4,739 | €4,400 | -€339 | -7.1% |
| Plant, machinery and equipment | 23 | €13,884 | €11,158 | -€2,726 | -19.6% |
| Furniture and vehicles | 24 | €4,435 | €6,132 | +€1,697 | +38.3% |
| Leasing and similar rights | 25 | €34,108 | €19,303 | -€14,805 | -43.4% |
| Other tangible fixed assets | 26 | €38,908 | €32,706 | -€6,201 | -15.9% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €617,334 | €586,580 | -€30,755 | -5.0% |
| Amounts receivable after more than one year | 29 | €8,000 | €0 | -€8,000 | -100.0% |
| Other amounts receivable | 291 | €8,000 | €0 | -€8,000 | -100.0% |
| Stocks and contracts in progress | 3 | €57,955 | €59,454 | +€1,500 | +2.6% |
| Stocks | 30/36 | €38,885 | €28,875 | -€10,011 | -25.7% |
| Contracts in progress | 37 | €19,069 | €30,580 | +€11,511 | +60.4% |
| Amounts receivable within one year | 40/41 | €423,776 | €381,715 | -€42,061 | -9.9% |
| Trade receivables | 40 | €423,542 | €342,858 | -€80,684 | -19.0% |
| Other amounts receivable | 41 | €234 | €38,857 | +€38,622 | +16483.5% |
| Cash at bank and in hand | 54/58 | €120,106 | €145,167 | +€25,061 | +20.9% |
| Deferred charges and accrued income | 490/1 | €7,498 | €243 | -€7,255 | -96.8% |
| Total equity and liabilities | 10/49 | €714,508 | €661,379 | -€53,129 | -7.4% |
| Equity | 10/15 | €282,408 | €301,418 | +€19,010 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,552 | €221,562 | +€19,010 | +9.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €200,692 | €219,702 | +€19,010 | +9.5% |
| Profit (loss) carried forward | 14 | €61,256 | €61,256 | = | 0.0% |
| Amounts payable | 17/49 | €432,100 | €359,961 | -€72,139 | -16.7% |
| Amounts payable after more than one year | 17 | €59,489 | €31,356 | -€28,132 | -47.3% |
| Financial debts | 170/4 | €59,489 | €31,356 | -€28,132 | -47.3% |
| Amounts payable within one year | 42/48 | €372,611 | €328,605 | -€44,006 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €29,589 | €28,132 | -€1,457 | -4.9% |
| Trade debts | 44 | €269,873 | €237,993 | -€31,880 | -11.8% |
| Suppliers | 440/4 | €269,873 | €237,993 | -€31,880 | -11.8% |
| Taxes, remuneration and social security | 45 | €22,206 | €2,316 | -€19,890 | -89.6% |
| Taxes | 450/3 | €6,922 | €2,316 | -€4,606 | -66.5% |
| Remuneration and social security | 454/9 | €15,284 | €0 | -€15,284 | -100.0% |
| Other amounts payable | 47/48 | €50,943 | €60,164 | +€9,221 | +18.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €174,786 | €209,879 | +€35,092 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,654 | €31,302 | -€3,351 | -9.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,845 | +€1,845 | |
| Other operating charges | 640/8 | €2,190 | €2,546 | +€356 | +16.3% |
| Non-recurring operating charges | 66A | €0 | €1,405 | +€1,405 | |
| Gross operating margin | 9900 | €250,875 | €334,295 | +€83,420 | +33.3% |
| Operating profit (loss) | 9901 | €39,245 | €87,317 | +€48,072 | +122.5% |
| Financial income | 75/76B | €629 | €447 | -€181 | -28.9% |
| Recurring financial income | 75 | €629 | €447 | -€181 | -28.9% |
| Financial charges | 65/66B | €5,894 | €4,438 | -€1,456 | -24.7% |
| Recurring financial charges | 65 | €5,894 | €4,438 | -€1,456 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €33,980 | €83,326 | +€49,346 | +145.2% |
| Income taxes | 67/77 | €11,078 | €9,316 | -€1,762 | -15.9% |
| Profit (loss) for the period | 9904 | €22,902 | €74,010 | +€51,108 | +223.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,902 | €74,010 | +€51,108 | +223.2% |
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 5 October 2026 via checked.be.