Hydronic System Optimisation: 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.
Hydronic System Optimisation
Largest movements
- Receivables within one year -€304,154
down €304,154 (-42.8%), from €710,008 to €405,853
of which Trade receivables: -€289,187
- Intangible fixed assets -€147,299
down €147,299 (-19.1%), from €770,367 to €623,068
- Financial fixed assets -€125,765
down €125,765 (-83.3%), from €150,939 to €25,174
- Cash +€79,040
up €79,040 (+24.2%), from €326,149 to €405,189
mainly Debts after one year (+€1.9m) and Depreciation (+€497,731)
- Tangible fixed assets -€24,278
down €24,278 (-38.8%), from €62,567 to €38,288
of which Furniture and vehicles: -€17,135
- Profit (loss) carried forward -€2.3m
down €2.3m (-48.7%), from -€4.8m to -€7.1m
- Debts after one year +€1.9m
up €1.9m (+488.9%), from €392,656 to €2.3m
- Accrued charges and deferred income +€151,456
up €151,456 (+34.9%), from €434,000 to €585,456
- Other debts -€114,336
down €114,336 (-43.9%), from €260,507 to €146,171
- Trade debts -€83,966
down €83,966 (-40.2%), from €208,681 to €124,716
- Gross operating margin -€372,198
down €372,198 (-50.7%), from €734,047 to €361,850
- Depreciation +€147,918
up €147,918 (+42.3%), from €349,812 to €497,731
- Financial charges +€87,665
up €87,665 (+182.9%), from €47,918 to €135,583
- Staff costs -€76,283
down €76,283 (-3.6%), from €2.1m to €2.0m
- Financial income -€27,629
down €27,629 (-91.8%), from €30,088 to €2,460
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 | €2,049,742 | €1,530,611 | -€519,132 | -25.3% |
| Fixed assets | 21/28 | €983,873 | €686,531 | -€297,342 | -30.2% |
| Intangible fixed assets | 21 | €770,367 | €623,068 | -€147,299 | -19.1% |
| Tangible fixed assets | 22/27 | €62,567 | €38,288 | -€24,278 | -38.8% |
| Plant, machinery and equipment | 23 | €12,378 | €7,104 | -€5,274 | -42.6% |
| Furniture and vehicles | 24 | €37,187 | €20,051 | -€17,135 | -46.1% |
| Other tangible fixed assets | 26 | €13,002 | €11,133 | -€1,869 | -14.4% |
| Financial fixed assets | 28 | €150,939 | €25,174 | -€125,765 | -83.3% |
| Current assets | 29/58 | €1,065,869 | €844,080 | -€221,789 | -20.8% |
| Amounts receivable within one year | 40/41 | €710,008 | €405,853 | -€304,154 | -42.8% |
| Trade receivables | 40 | €687,374 | €398,186 | -€289,187 | -42.1% |
| Other amounts receivable | 41 | €22,634 | €7,667 | -€14,967 | -66.1% |
| Cash at bank and in hand | 54/58 | €326,149 | €405,189 | +€79,040 | +24.2% |
| Deferred charges and accrued income | 490/1 | €29,713 | €33,038 | +€3,326 | +11.2% |
| Total equity and liabilities | 10/49 | €2,049,742 | €1,530,611 | -€519,132 | -25.3% |
| Equity | 10/15 | €298,145 | -€2,025,282 | -€2.3m | |
| Contributions | 10/11 | €5,067,081 | €5,067,081 | = | 0.0% |
| Capital | 10 | €872,825 | €872,825 | = | 0.0% |
| Issued capital | 100 | €872,825 | €872,825 | = | 0.0% |
| Outside capital | 11 | €4,194,256 | €4,194,256 | = | 0.0% |
| Share premium | 1100/10 | €4,194,256 | €4,194,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,768,936 | -€7,092,363 | -€2.3m | -48.7% |
| Amounts payable | 17/49 | €1,751,598 | €3,555,893 | +€1.8m | +103.0% |
| Amounts payable after more than one year | 17 | €392,656 | €2,312,312 | +€1.9m | +488.9% |
| Financial debts | 170/4 | €392,656 | €2,312,312 | +€1.9m | +488.9% |
| Amounts payable within one year | 42/48 | €924,941 | €658,124 | -€266,817 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €99,852 | €96,344 | -€3,508 | -3.5% |
| Financial debts | 43 | €6,826 | €5,334 | -€1,492 | -21.9% |
| Credit institutions | 430/8 | €6,826 | €5,334 | -€1,492 | -21.9% |
| Trade debts | 44 | €208,681 | €124,716 | -€83,966 | -40.2% |
| Suppliers | 440/4 | €208,681 | €124,716 | -€83,966 | -40.2% |
| Taxes, remuneration and social security | 45 | €349,076 | €285,560 | -€63,515 | -18.2% |
| Taxes | 450/3 | €63,378 | €64,243 | +€865 | +1.4% |
| Remuneration and social security | 454/9 | €285,698 | €221,318 | -€64,380 | -22.5% |
| Other amounts payable | 47/48 | €260,507 | €146,171 | -€114,336 | -43.9% |
| Accrued charges and deferred income | 492/3 | €434,000 | €585,456 | +€151,456 | +34.9% |
| Remuneration, social security and pensions | 62 | €2,126,230 | €2,049,947 | -€76,283 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €349,812 | €497,731 | +€147,918 | +42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,331 | €0 | -€10,331 | -100.0% |
| Other operating charges | 640/8 | €1,394 | €1,617 | +€223 | +16.0% |
| Gross operating margin | 9900 | €734,047 | €361,850 | -€372,198 | -50.7% |
| Operating profit (loss) | 9901 | -€1,753,720 | -€2,187,446 | -€433,726 | -24.7% |
| Financial income | 75/76B | €30,088 | €2,460 | -€27,629 | -91.8% |
| Recurring financial income | 75 | €30,088 | €2,460 | -€27,629 | -91.8% |
| Financial charges | 65/66B | €47,918 | €135,583 | +€87,665 | +182.9% |
| Recurring financial charges | 65 | €47,918 | €135,583 | +€87,665 | +182.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,771,550 | -€2,320,569 | -€549,019 | -31.0% |
| Income taxes | 67/77 | €5,637 | €2,858 | -€2,779 | -49.3% |
| Profit (loss) for the period | 9904 | -€1,777,187 | -€2,323,427 | -€546,240 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,777,187 | -€2,323,427 | -€546,240 | -30.7% |
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 3 October 2026 via checked.be.