HVAC-SYSTEMS: 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.
HVAC-SYSTEMS
Largest movements
- Current investments +€468,957
up €468,957 (+323%), from €145,086 to €614,044
- Cash -€50,903
down €50,903 (-20.6%), from €247,601 to €196,697
mainly Current investments (-€468,957) and Contributions, distributions and other (-€130,000)
- Tangible fixed assets -€36,581
down €36,581 (-10.0%), from €365,042 to €328,462
of which Furniture and vehicles: -€33,715
- Financial fixed assets +€26,000
up €26,000 (+11.8%), from €220,500 to €246,500
- Deferred charges and accrued income -€17,102
down €17,102 (-88.1%), from €19,402 to €2,300
- Reserves +€389,740
up €389,740 (+88.2%), from €441,955 to €831,695
of which Distributable reserves: +€389,740
- Tax, wage and social debts +€46,740
up €46,740 (+376%), from €12,430 to €59,170
- Other debts -€19,393
down €19,393 (-13.6%), from €142,893 to €123,500
- Debts after one year -€19,218
down €19,218 (-11.3%), from €170,628 to €151,409
- Financial income +€508,658
up €508,658 (+504%), from €100,951 to €609,609
of which Non-recurring financial income: +€588,761
- Taxes +€46,514
up €46,514 (+852%), from €5,460 to €51,974
- Gross operating margin +€31,698
up €31,698 (+92.6%), from €34,216 to €65,914
- Depreciation +€23,357
up €23,357 (+35.3%), from €66,110 to €89,467
- Financial charges +€6,766
up €6,766 (+120%), from €5,617 to €12,383
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 | €1,058,460 | €1,458,257 | +€399,797 | +37.8% |
| Fixed assets | 21/28 | €585,542 | €574,962 | -€10,581 | -1.8% |
| Tangible fixed assets | 22/27 | €365,042 | €328,462 | -€36,581 | -10.0% |
| Land and buildings | 22 | €69,925 | €65,583 | -€4,342 | -6.2% |
| Furniture and vehicles | 24 | €295,118 | €261,403 | -€33,715 | -11.4% |
| Other tangible fixed assets | 26 | - | €1,476 | +€1,476 | |
| Financial fixed assets | 28 | €220,500 | €246,500 | +€26,000 | +11.8% |
| Current assets | 29/58 | €472,917 | €883,295 | +€410,378 | +86.8% |
| Amounts receivable within one year | 40/41 | €60,828 | €70,254 | +€9,427 | +15.5% |
| Trade receivables | 40 | €25,130 | €20,662 | -€4,468 | -17.8% |
| Other amounts receivable | 41 | €35,698 | €49,593 | +€13,895 | +38.9% |
| Current investments | 50/53 | €145,086 | €614,044 | +€468,957 | +323% |
| Cash at bank and in hand | 54/58 | €247,601 | €196,697 | -€50,903 | -20.6% |
| Deferred charges and accrued income | 490/1 | €19,402 | €2,300 | -€17,102 | -88.1% |
| Total equity and liabilities | 10/49 | €1,058,460 | €1,458,257 | +€399,797 | +37.8% |
| Equity | 10/15 | €670,390 | €1,060,130 | +€389,740 | +58.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €441,955 | €831,695 | +€389,740 | +88.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €440,100 | €829,840 | +€389,740 | +88.6% |
| Profit (loss) carried forward | 14 | €222,235 | €222,235 | = | 0.0% |
| Amounts payable | 17/49 | €388,070 | €398,127 | +€10,057 | +2.6% |
| Amounts payable after more than one year | 17 | €170,628 | €151,409 | -€19,218 | -11.3% |
| Financial debts | 170/4 | €170,628 | €151,409 | -€19,218 | -11.3% |
| Amounts payable within one year | 42/48 | €217,442 | €246,546 | +€29,104 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €54,180 | €55,831 | +€1,650 | +3.0% |
| Trade debts | 44 | €7,939 | €8,046 | +€107 | +1.3% |
| Suppliers | 440/4 | €7,939 | €8,046 | +€107 | +1.3% |
| Taxes, remuneration and social security | 45 | €12,430 | €59,170 | +€46,740 | +376% |
| Taxes | 450/3 | €12,430 | €59,170 | +€46,740 | +376% |
| Other amounts payable | 47/48 | €142,893 | €123,500 | -€19,393 | -13.6% |
| Accrued charges and deferred income | 492/3 | €0 | €172 | +€172 | |
| Non-recurring operating income | 76A | - | €13,060 | +€13,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,110 | €89,467 | +€23,357 | +35.3% |
| Other operating charges | 640/8 | €1,559 | €1,958 | +€399 | +25.6% |
| Non-recurring operating charges | 66A | €1,485 | €0 | -€1,485 | -100% |
| Gross operating margin | 9900 | €34,216 | €65,914 | +€31,698 | +92.6% |
| Operating profit (loss) | 9901 | -€34,938 | -€25,512 | +€9,427 | +27.0% |
| Financial income | 75/76B | €100,951 | €609,609 | +€508,658 | +504% |
| Recurring financial income | 75 | €100,951 | €20,848 | -€80,103 | -79.3% |
| Non-recurring financial income | 76B | - | €588,761 | +€588,761 | |
| Financial charges | 65/66B | €5,617 | €12,383 | +€6,766 | +120% |
| Recurring financial charges | 65 | €5,617 | €12,383 | +€6,766 | +120% |
| Profit (loss) for the period before taxes | 9903 | €60,395 | €571,714 | +€511,319 | +847% |
| Income taxes | 67/77 | €5,460 | €51,974 | +€46,514 | +852% |
| Profit (loss) for the period | 9904 | €54,935 | €519,740 | +€464,805 | +846% |
| Profit (loss) for the period to be appropriated | 9905 | €54,935 | €519,740 | +€464,805 | +846% |
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 17 October 2026 via checked.be.