INSTAL HEATING: 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.
INSTAL HEATING
Largest movements
- Intangible fixed assets -€72,947
down €72,947 (-10.4%), from €698,378 to €625,431
- Receivables within one year -€33,784
down €33,784 (-4.4%), from €773,802 to €740,018
of which Trade receivables: -€33,500
- Reserves -€157,523
down €157,523 (-15.4%), from €1.0m to €865,795
of which Distributable reserves: -€84,576
- Contributions +€72,947
up €72,947 (+42.6%), from €171,092 to €244,039
of which Contributions outside capital: +€72,947
- Debts after one year -€16,676
down €16,676 (-42.8%), from €38,978 to €22,302
- Financial charges -€353,291
down €353,291 (-99.2%), from €356,282 to €2,991
of which Non-recurring financial charges: -€351,900
- Depreciation +€41,855
up €41,855 (+134.6%), from €31,092 to €72,947
- Gross operating margin -€35,191
down €35,191, from €27,756 to -€7,434
- Other operating charges -€10,345
down €10,345 (-89.6%), from €11,551 to €1,206
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 | €1,597,563 | €1,491,205 | -€106,358 | -6.7% |
| Fixed assets | 21/28 | €823,378 | €750,431 | -€72,947 | -8.9% |
| Intangible fixed assets | 21 | €698,378 | €625,431 | -€72,947 | -10.4% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €774,185 | €740,774 | -€33,411 | -4.3% |
| Amounts receivable within one year | 40/41 | €773,802 | €740,018 | -€33,784 | -4.4% |
| Trade receivables | 40 | €407,152 | €373,652 | -€33,500 | -8.2% |
| Other amounts receivable | 41 | €366,650 | €366,366 | -€284 | -0.1% |
| Cash at bank and in hand | 54/58 | €383 | €756 | +€373 | +97.4% |
| Total equity and liabilities | 10/49 | €1,597,563 | €1,491,205 | -€106,358 | -6.7% |
| Equity | 10/15 | €1,194,410 | €1,109,834 | -€84,576 | -7.1% |
| Contributions | 10/11 | €171,092 | €244,039 | +€72,947 | +42.6% |
| Capital | 10 | €140,000 | €140,000 | = | 0.0% |
| Issued capital | 100 | €140,000 | €140,000 | = | 0.0% |
| Contributions outside capital | 11 | €31,092 | €104,039 | +€72,947 | +234.6% |
| Other | 1109/19 | €31,092 | €104,039 | +€72,947 | +234.6% |
| Reserves | 13 | €1,023,318 | €865,795 | -€157,523 | -15.4% |
| Non-distributable reserves | 130/1 | €14,000 | €14,000 | = | 0.0% |
| Legal reserve | 130 | €14,000 | €14,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €698,378 | €625,431 | -€72,947 | -10.4% |
| Distributable reserves | 133 | €310,940 | €226,364 | -€84,576 | -27.2% |
| Amounts payable | 17/49 | €403,153 | €381,371 | -€21,782 | -5.4% |
| Amounts payable after more than one year | 17 | €38,978 | €22,302 | -€16,676 | -42.8% |
| Financial debts | 170/4 | €38,978 | €22,302 | -€16,676 | -42.8% |
| Amounts payable within one year | 42/48 | €363,095 | €358,029 | -€5,066 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €15,705 | €16,676 | +€971 | +6.2% |
| Taxes, remuneration and social security | 45 | €10,400 | - | -€10,400 | |
| Taxes | 450/3 | €10,400 | - | -€10,400 | |
| Other amounts payable | 47/48 | €336,989 | €341,353 | +€4,364 | +1.3% |
| Accrued charges and deferred income | 492/3 | €1,080 | €1,040 | -€40 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,092 | €72,947 | +€41,855 | +134.6% |
| Other operating charges | 640/8 | €11,551 | €1,206 | -€10,345 | -89.6% |
| Gross operating margin | 9900 | €27,756 | -€7,434 | -€35,191 | |
| Operating profit (loss) | 9901 | -€14,887 | -€81,588 | -€66,701 | -448.1% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €356,282 | €2,991 | -€353,291 | -99.2% |
| Recurring financial charges | 65 | €4,382 | €2,991 | -€1,391 | -31.8% |
| Non-recurring financial charges | 66B | €351,900 | - | -€351,900 | |
| Profit (loss) for the period before taxes | 9903 | -€371,169 | -€84,576 | +€286,593 | +77.2% |
| Transfer to deferred taxes | 680 | €729,470 | - | -€729,470 | |
| Profit (loss) for the period | 9904 | -€1,100,639 | -€84,576 | +€1.0m | +92.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,100,639 | -€84,576 | +€1.0m | +92.3% |
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 10 October 2026 via checked.be.