HVAC Solution: 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 Solution
Largest movements
- Cash +€53,205
up €53,205 (+115.1%), from €46,215 to €99,420
mainly Other debts (+€104,500) and Net result for the year (+€69,604)
- Receivables within one year +€46,645
up €46,645 (+188.3%), from €24,775 to €71,420
of which Trade receivables: +€46,372
- Tangible fixed assets -€15,101
down €15,101 (-4.9%), from €310,094 to €294,993
of which Plant, machinery and equipment: -€11,072
- Other debts +€104,500
up €104,500 (+908.7%), from €11,500 to €116,000
- Profit (loss) carried forward -€58,396
down €58,396 (-37.9%), from €154,147 to €95,751
- Provisions +€34,431
new in 2025: €34,431
- Tax, wage and social debts +€19,881
up €19,881 (+73.6%), from €27,000 to €46,881
- Trade debts -€9,234
down €9,234 (-90.3%), from €10,222 to €988
- Gross operating margin +€94,679
up €94,679 (+146.6%), from €64,603 to €159,282
- Provisions +€34,431
new in 2025: €34,431
- Taxes +€21,990
up €21,990 (+213.6%), from €10,294 to €32,284
- Other operating charges -€2,197
down €2,197 (-44.6%), from €4,925 to €2,728
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 | €381,693 | €466,147 | +€84,454 | +22.1% |
| Formation expenses | 20 | €278 | - | -€278 | |
| Fixed assets | 21/28 | €310,094 | €294,993 | -€15,101 | -4.9% |
| Tangible fixed assets | 22/27 | €310,094 | €294,993 | -€15,101 | -4.9% |
| Land and buildings | 22 | €296,934 | €289,778 | -€7,156 | -2.4% |
| Plant, machinery and equipment | 23 | €11,072 | - | -€11,072 | |
| Furniture and vehicles | 24 | €2,088 | €5,215 | +€3,127 | +149.8% |
| Current assets | 29/58 | €71,321 | €171,154 | +€99,833 | +140.0% |
| Amounts receivable within one year | 40/41 | €24,775 | €71,420 | +€46,645 | +188.3% |
| Trade receivables | 40 | €24,119 | €70,491 | +€46,372 | +192.3% |
| Other amounts receivable | 41 | €656 | €929 | +€273 | +41.6% |
| Cash at bank and in hand | 54/58 | €46,215 | €99,420 | +€53,205 | +115.1% |
| Deferred charges and accrued income | 490/1 | €331 | €314 | -€17 | -5.1% |
| Total equity and liabilities | 10/49 | €381,693 | €466,147 | +€84,454 | +22.1% |
| Equity | 10/15 | €172,747 | €114,351 | -€58,396 | -33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,147 | €95,751 | -€58,396 | -37.9% |
| Provisions and deferred taxes | 16 | - | €34,431 | +€34,431 | |
| Provisions for liabilities and charges | 160/5 | - | €34,431 | +€34,431 | |
| Other liabilities and charges | 164/5 | - | €34,431 | +€34,431 | |
| Amounts payable | 17/49 | €208,946 | €317,365 | +€108,419 | +51.9% |
| Amounts payable after more than one year | 17 | €153,495 | €146,559 | -€6,936 | -4.5% |
| Financial debts | 170/4 | €148,345 | €141,409 | -€6,936 | -4.7% |
| Other amounts payable | 178/9 | €5,150 | €5,150 | = | 0.0% |
| Amounts payable within one year | 42/48 | €55,451 | €170,806 | +€115,355 | +208.0% |
| Current portion of amounts payable after more than one year | 42 | €6,729 | €6,937 | +€208 | +3.1% |
| Trade debts | 44 | €10,222 | €988 | -€9,234 | -90.3% |
| Suppliers | 440/4 | €10,222 | €988 | -€9,234 | -90.3% |
| Taxes, remuneration and social security | 45 | €27,000 | €46,881 | +€19,881 | +73.6% |
| Taxes | 450/3 | €27,000 | €46,881 | +€19,881 | +73.6% |
| Other amounts payable | 47/48 | €11,500 | €116,000 | +€104,500 | +908.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,716 | €11,353 | -€363 | -3.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €34,431 | +€34,431 | |
| Other operating charges | 640/8 | €4,925 | €2,728 | -€2,197 | -44.6% |
| Non-recurring operating charges | 66A | - | €2,807 | +€2,807 | |
| Gross operating margin | 9900 | €64,603 | €159,282 | +€94,679 | +146.6% |
| Operating profit (loss) | 9901 | €47,962 | €107,963 | +€60,001 | +125.1% |
| Financial charges | 65/66B | €6,967 | €6,075 | -€892 | -12.8% |
| Recurring financial charges | 65 | €6,967 | €6,075 | -€892 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €40,995 | €101,888 | +€60,893 | +148.5% |
| Income taxes | 67/77 | €10,294 | €32,284 | +€21,990 | +213.6% |
| Profit (loss) for the period | 9904 | €30,701 | €69,604 | +€38,903 | +126.7% |
| Profit (loss) for the period to be appropriated | 9905 | €30,701 | €69,604 | +€38,903 | +126.7% |
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 29 September 2026 via checked.be.