HEATREX: 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.
HEATREX
Largest movements
- Tangible fixed assets +€137,315
up €137,315 (+18.0%), from €761,124 to €898,439
of which Furniture and vehicles: +€115,027
- Receivables after one year +€37,806
up €37,806 (+93.1%), from €40,609 to €78,416
- Receivables within one year -€36,312
down €36,312 (-27.1%), from €133,922 to €97,610
of which Trade receivables: -€26,075
- Reserves +€233,860
up €233,860 (+61.5%), from €379,971 to €613,831
- Other debts -€69,849
down €69,849 (-98.1%), from €71,172 to €1,323
- Debts after one year -€39,910
down €39,910 (-10.6%), from €376,383 to €336,474
- Trade debts +€19,520
up €19,520 (+50.2%), from €38,918 to €58,437
- Gross operating margin +€233,082
up €233,082 (+97.6%), from €238,795 to €471,876
- Taxes +€58,550
up €58,550 (+123%), from €47,587 to €106,137
- Staff costs +€50,432
up €50,432, from €0 to €50,432
- Other operating charges +€6,096
up €6,096 (+109%), from €5,573 to €11,669
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 | €987,964 | €1,136,792 | +€148,827 | +15.1% |
| Fixed assets | 21/28 | €766,124 | €903,439 | +€137,315 | +17.9% |
| Tangible fixed assets | 22/27 | €761,124 | €898,439 | +€137,315 | +18.0% |
| Land and buildings | 22 | €684,541 | €707,703 | +€23,162 | +3.4% |
| Plant, machinery and equipment | 23 | €1,510 | €636 | -€874 | -57.9% |
| Furniture and vehicles | 24 | €75,073 | €190,100 | +€115,027 | +153% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €221,840 | €233,352 | +€11,512 | +5.2% |
| Amounts receivable after more than one year | 29 | €40,609 | €78,416 | +€37,806 | +93.1% |
| Other amounts receivable | 291 | €40,609 | €78,416 | +€37,806 | +93.1% |
| Amounts receivable within one year | 40/41 | €133,922 | €97,610 | -€36,312 | -27.1% |
| Trade receivables | 40 | €91,718 | €65,644 | -€26,075 | -28.4% |
| Other amounts receivable | 41 | €42,204 | €31,966 | -€10,237 | -24.3% |
| Cash at bank and in hand | 54/58 | €39,596 | €50,837 | +€11,241 | +28.4% |
| Deferred charges and accrued income | 490/1 | €7,713 | €6,490 | -€1,223 | -15.9% |
| Total equity and liabilities | 10/49 | €987,964 | €1,136,792 | +€148,827 | +15.1% |
| Equity | 10/15 | €392,371 | €632,431 | +€240,060 | +61.2% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €379,971 | €613,831 | +€233,860 | +61.5% |
| Distributable reserves | 133 | €379,971 | €613,831 | +€233,860 | +61.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €595,594 | €504,361 | -€91,233 | -15.3% |
| Amounts payable after more than one year | 17 | €376,383 | €336,474 | -€39,910 | -10.6% |
| Financial debts | 170/4 | €376,383 | €336,474 | -€39,910 | -10.6% |
| Amounts payable within one year | 42/48 | €217,768 | €165,699 | -€52,069 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €39,133 | €39,910 | +€776 | +2.0% |
| Trade debts | 44 | €38,918 | €58,437 | +€19,520 | +50.2% |
| Suppliers | 440/4 | €38,918 | €58,437 | +€19,520 | +50.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €68,546 | €66,030 | -€2,516 | -3.7% |
| Taxes | 450/3 | €66,046 | €60,475 | -€5,571 | -8.4% |
| Remuneration and social security | 454/9 | €2,500 | €5,555 | +€3,055 | +122% |
| Other amounts payable | 47/48 | €71,172 | €1,323 | -€69,849 | -98.1% |
| Accrued charges and deferred income | 492/3 | €1,442 | €2,188 | +€746 | +51.7% |
| Remuneration, social security and pensions | 62 | €0 | €50,432 | +€50,432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,339 | €62,650 | -€3,689 | -5.6% |
| Other operating charges | 640/8 | €5,573 | €11,669 | +€6,096 | +109% |
| Gross operating margin | 9900 | €238,795 | €471,876 | +€233,082 | +97.6% |
| Operating profit (loss) | 9901 | €166,883 | €347,126 | +€180,242 | +108% |
| Financial income | 75/76B | €939 | €3,583 | +€2,645 | +282% |
| Recurring financial income | 75 | €939 | €3,583 | +€2,645 | +282% |
| Financial charges | 65/66B | €7,658 | €10,712 | +€3,054 | +39.9% |
| Recurring financial charges | 65 | €7,658 | €10,712 | +€3,054 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €160,164 | €339,997 | +€179,833 | +112% |
| Income taxes | 67/77 | €47,587 | €106,137 | +€58,550 | +123% |
| Profit (loss) for the period | 9904 | €112,577 | €233,860 | +€121,283 | +108% |
| Profit (loss) for the period to be appropriated | 9905 | €112,577 | €233,860 | +€121,283 | +108% |
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 30 October 2026 via checked.be.