L HEAT: 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.
L HEAT
Largest movements
- Receivables within one year -€38,294
down €38,294 (-33.6%), from €114,092 to €75,798
of which Trade receivables: -€52,587
- Cash +€31,792
up €31,792 (+230%), from €13,825 to €45,618
mainly Net result for the year (+€51,085) and Receivables within one year (+€38,294)
- Trade debts -€53,990
down €53,990 (-86.7%), from €62,247 to €8,257
- Profit (loss) carried forward +€26,085
up €26,085 (+112%), from €23,225 to €49,310
- Other debts +€23,616
up €23,616 (+128%), from €18,500 to €42,116
- Advances received -€18,716
no longer reported in 2025 (was €18,716)
- Tax, wage and social debts +€15,716
up €15,716 (+391%), from €4,017 to €19,733
of which Taxes: +€14,356
- Gross operating margin +€53,382
up €53,382 (+156%), from €34,120 to €87,502
- Staff costs +€13,307
up €13,307 (+267%), from €4,982 to €18,289
- Taxes +€11,219
up €11,219 (+387%), from €2,898 to €14,116
- Other operating charges -€1,623
down €1,623 (-28.1%), from €5,776 to €4,154
- Financial income +€1,111
up €1,111 (+19,083%), from €6 to €1,116
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 | €128,705 | €121,416 | -€7,290 | -5.7% |
| Fixed assets | 21/28 | €788 | - | -€788 | |
| Tangible fixed assets | 22/27 | €788 | - | -€788 | |
| Plant, machinery and equipment | 23 | €788 | - | -€788 | |
| Current assets | 29/58 | €127,918 | €121,416 | -€6,502 | -5.1% |
| Amounts receivable within one year | 40/41 | €114,092 | €75,798 | -€38,294 | -33.6% |
| Trade receivables | 40 | €97,497 | €44,910 | -€52,587 | -53.9% |
| Other amounts receivable | 41 | €16,595 | €30,888 | +€14,292 | +86.1% |
| Cash at bank and in hand | 54/58 | €13,825 | €45,618 | +€31,792 | +230% |
| Total equity and liabilities | 10/49 | €128,705 | €121,416 | -€7,290 | -5.7% |
| Equity | 10/15 | €25,225 | €51,310 | +€26,085 | +103% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Capital | 10 | €2,000 | €2,000 | = | 0.0% |
| Issued capital | 100 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,225 | €49,310 | +€26,085 | +112% |
| Amounts payable | 17/49 | €103,481 | €70,106 | -€33,375 | -32.3% |
| Amounts payable within one year | 42/48 | €103,481 | €70,106 | -€33,375 | -32.3% |
| Trade debts | 44 | €62,247 | €8,257 | -€53,990 | -86.7% |
| Suppliers | 440/4 | €62,247 | €8,257 | -€53,990 | -86.7% |
| Advances received on contracts in progress | 46 | €18,716 | - | -€18,716 | |
| Taxes, remuneration and social security | 45 | €4,017 | €19,733 | +€15,716 | +391% |
| Taxes | 450/3 | €2,025 | €16,381 | +€14,356 | +709% |
| Remuneration and social security | 454/9 | €1,992 | €3,352 | +€1,360 | +68.3% |
| Other amounts payable | 47/48 | €18,500 | €42,116 | +€23,616 | +128% |
| Remuneration, social security and pensions | 62 | €4,982 | €18,289 | +€13,307 | +267% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €788 | €788 | +€0 | 0.0% |
| Other operating charges | 640/8 | €5,776 | €4,154 | -€1,623 | -28.1% |
| Gross operating margin | 9900 | €34,120 | €87,502 | +€53,382 | +156% |
| Operating profit (loss) | 9901 | €22,574 | €64,272 | +€41,698 | +185% |
| Financial income | 75/76B | €6 | €1,116 | +€1,111 | +19,083% |
| Recurring financial income | 75 | €6 | €1,116 | +€1,111 | +19,083% |
| Financial charges | 65/66B | €164 | €187 | +€23 | +14.1% |
| Recurring financial charges | 65 | €164 | €187 | +€23 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €22,416 | €65,201 | +€42,785 | +191% |
| Income taxes | 67/77 | €2,898 | €14,116 | +€11,219 | +387% |
| Profit (loss) for the period | 9904 | €19,519 | €51,085 | +€31,566 | +162% |
| Profit (loss) for the period to be appropriated | 9905 | €19,519 | €51,085 | +€31,566 | +162% |
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 24 October 2026 via checked.be.