HVAC: 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.
HVAC
Largest movements
- Receivables within one year +€91,184
up €91,184 (+158.7%), from €57,439 to €148,623
of which Trade receivables: +€93,302
- Tangible fixed assets +€80,193
up €80,193 (+32.8%), from €244,575 to €324,768
of which Leasing and similar rights: +€43,357
- Cash -€36,116
no longer reported in 2025 (was €36,116)
mainly Investment in fixed assets (net) (-€113,176) and Receivables within one year (-€91,184)
- Trade debts +€54,259
up €54,259 (+820.2%), from €6,615 to €60,874
- Reserves +€26,142
up €26,142 (+24.0%), from €108,982 to €135,124
of which Distributable reserves: +€26,142
- Debts after one year +€20,871
up €20,871 (+12.0%), from €173,807 to €194,678
- Tax, wage and social debts +€16,750
up €16,750 (+73.7%), from €22,722 to €39,472
of which Taxes: +€11,773
- Current portion of long-term debt +€10,797
up €10,797 (+50.8%), from €21,259 to €32,056
- Turnover +€335,872
up €335,872 (+71.9%), from €466,851 to €802,723
- Purchases and services +€231,120
up €231,120 (+71.3%), from €324,100 to €555,220
- Gross operating margin +€103,925
up €103,925 (+71.2%), from €146,006 to €249,931
- Staff costs +€40,886
up €40,886 (+49.6%), from €82,420 to €123,306
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 | €347,748 | €482,392 | +€134,644 | +38.7% |
| Fixed assets | 21/28 | €247,882 | €327,459 | +€79,577 | +32.1% |
| Intangible fixed assets | 21 | €1,138 | €522 | -€616 | -54.1% |
| Tangible fixed assets | 22/27 | €244,575 | €324,768 | +€80,193 | +32.8% |
| Land and buildings | 22 | €177,106 | €195,410 | +€18,304 | +10.3% |
| Plant, machinery and equipment | 23 | €21,508 | €28,472 | +€6,964 | +32.4% |
| Furniture and vehicles | 24 | €7,471 | €19,039 | +€11,568 | +154.8% |
| Leasing and similar rights | 25 | €38,490 | €81,847 | +€43,357 | +112.6% |
| Financial fixed assets | 28 | €2,169 | €2,169 | -€0 | 0.0% |
| Current assets | 29/58 | €99,866 | €154,933 | +€55,067 | +55.1% |
| Stocks and contracts in progress | 3 | €6,310 | €6,310 | -€0 | 0.0% |
| Stocks | 30/36 | €6,310 | €6,310 | -€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €57,439 | €148,623 | +€91,184 | +158.7% |
| Trade receivables | 40 | €48,164 | €141,466 | +€93,302 | +193.7% |
| Other amounts receivable | 41 | €9,276 | €7,157 | -€2,119 | -22.8% |
| Cash at bank and in hand | 54/58 | €36,116 | - | -€36,116 | |
| Total equity and liabilities | 10/49 | €347,748 | €482,392 | +€134,644 | +38.7% |
| Equity | 10/15 | €123,344 | €147,820 | +€24,476 | +19.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €108,982 | €135,124 | +€26,142 | +24.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €106,482 | €132,624 | +€26,142 | +24.6% |
| Profit (loss) carried forward | 14 | €8,162 | €6,496 | -€1,666 | -20.4% |
| Amounts payable | 17/49 | €224,403 | €334,572 | +€110,169 | +49.1% |
| Amounts payable after more than one year | 17 | €173,807 | €194,678 | +€20,871 | +12.0% |
| Financial debts | 170/4 | €173,807 | €194,678 | +€20,871 | +12.0% |
| Amounts payable within one year | 42/48 | €50,596 | €139,894 | +€89,298 | +176.5% |
| Current portion of amounts payable after more than one year | 42 | €21,259 | €32,056 | +€10,797 | +50.8% |
| Trade debts | 44 | €6,615 | €60,874 | +€54,259 | +820.2% |
| Suppliers | 440/4 | €6,615 | €60,874 | +€54,259 | +820.2% |
| Taxes, remuneration and social security | 45 | €22,722 | €39,472 | +€16,750 | +73.7% |
| Taxes | 450/3 | €10,360 | €22,133 | +€11,773 | +113.6% |
| Remuneration and social security | 454/9 | €12,363 | €17,339 | +€4,976 | +40.3% |
| Other amounts payable | 47/48 | - | €7,492 | +€7,492 | |
| Turnover | 70 | €466,851 | €802,723 | +€335,872 | +71.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €324,100 | €555,220 | +€231,120 | +71.3% |
| Remuneration, social security and pensions | 62 | €82,420 | €123,306 | +€40,886 | +49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,766 | €33,599 | +€7,833 | +30.4% |
| Other operating charges | 640/8 | €3,837 | €2,125 | -€1,712 | -44.6% |
| Gross operating margin | 9900 | €146,006 | €249,931 | +€103,925 | +71.2% |
| Operating profit (loss) | 9901 | €33,984 | €90,901 | +€56,917 | +167.5% |
| Financial income | 75/76B | €588 | €169 | -€419 | -71.3% |
| Recurring financial income | 75 | €588 | €169 | -€419 | -71.3% |
| Financial charges | 65/66B | €6,716 | €7,771 | +€1,055 | +15.7% |
| Recurring financial charges | 65 | €6,716 | €7,771 | +€1,055 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €27,855 | €83,299 | +€55,444 | +199.0% |
| Income taxes | 67/77 | €16,215 | €24,158 | +€7,943 | +49.0% |
| Profit (loss) for the period | 9904 | €11,640 | €59,141 | +€47,501 | +408.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,640 | €59,141 | +€47,501 | +408.1% |
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 9 October 2026 via checked.be.