La chaleur & L'eau: 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.
What changed
La chaleur & L'eau
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,726
2024 · €362+€2,364
Equity
€286,671
2024 · €281,644+€5,027
Cash
€85,062
2024 · €85,253-€192
Balance sheet total
€3.7m
2024 · €4.1m-€411,285
Largest movements
Assets
- Stocks and contracts -€179,241
down €179,241 (-23.7%), from €756,068 to €576,827
- Receivables within one year -€107,330
down €107,330 (-7.5%), from €1.4m to €1.3m
of which Trade receivables: -€217,708
- Tangible fixed assets -€104,740
down €104,740 (-23.1%), from €452,791 to €348,050
of which Furniture and vehicles: -€63,101
Equity and liabilities
- Provisions -€528,173
down €528,173 (-35.5%), from €1.5m to €958,604
- Trade debts +€225,243
up €225,243 (+70.1%), from €321,216 to €546,459
- Debts after one year -€165,568
down €165,568 (-18.7%), from €884,521 to €718,953
Income statement
- Provisions -€899,703
down €899,703, from €371,530 to -€528,173
- Gross operating margin -€861,023
down €861,023 (-93.4%), from €922,190 to €61,167
- Staff costs +€95,524
up €95,524 (+27.8%), from €343,855 to €439,379
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.
Result 2024
€362
Gross operating margin
-€861,023
Staff costs
-€95,524
Depreciation
-€6,070
Provisions
+€899,703
Other operating charges
-€955
Other operating items
+€64,513
Financial income
+€339
Financial charges
+€9,140
Taxes
-€7,759
Result 2025
€2,726
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€177,876
Investment
€0
Financing
-€178,067
Cash 2024
€85,253
From operations (derived)
+€177,876
Net result for the year
+€2,726
Depreciation
+€104,740
Stocks and contracts
+€179,241
Receivables within one year
+€107,330
Deferred charges and accrued income
+€19,782
Provisions
-€528,173
Trade debts
+€225,243
Tax, wage and social debts
+€36,459
Other debts
+€30,528
Financing
-€178,067
Debts after one year
-€165,568
Current portion of long-term debt
-€14,801
Contributions, distributions and other
+€2,301
Cash 2025
€85,062
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,096,730 | €3,685,445 | -€411,285 | -10.0% |
| Fixed assets | 21/28 | €1,784,561 | €1,679,820 | -€104,740 | -5.9% |
| Tangible fixed assets | 22/27 | €452,791 | €348,050 | -€104,740 | -23.1% |
| Land and buildings | 22 | €349,582 | €308,417 | -€41,164 | -11.8% |
| Plant, machinery and equipment | 23 | €475 | €0 | -€475 | -100% |
| Furniture and vehicles | 24 | €102,734 | €39,633 | -€63,101 | -61.4% |
| Financial fixed assets | 28 | €1,331,770 | €1,331,770 | = | 0.0% |
| Current assets | 29/58 | €2,312,169 | €2,005,625 | -€306,545 | -13.3% |
| Stocks and contracts in progress | 3 | €756,068 | €576,827 | -€179,241 | -23.7% |
| Stocks | 30/36 | €756,068 | €576,827 | -€179,241 | -23.7% |
| Amounts receivable within one year | 40/41 | €1,430,487 | €1,323,157 | -€107,330 | -7.5% |
| Trade receivables | 40 | €760,299 | €542,591 | -€217,708 | -28.6% |
| Other amounts receivable | 41 | €670,188 | €780,565 | +€110,377 | +16.5% |
| Cash at bank and in hand | 54/58 | €85,253 | €85,062 | -€192 | -0.2% |
| Deferred charges and accrued income | 490/1 | €40,361 | €20,579 | -€19,782 | -49.0% |
| Total equity and liabilities | 10/49 | €4,096,730 | €3,685,445 | -€411,285 | -10.0% |
| Equity | 10/15 | €281,644 | €286,671 | +€5,027 | +1.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | - | €1,859 | +€1,859 | |
| Other | 1319 | €1,859 | - | -€1,859 | |
| Profit (loss) carried forward | 14 | €261,193 | €266,220 | +€5,027 | +1.9% |
| Provisions and deferred taxes | 16 | €1,486,777 | €958,604 | -€528,173 | -35.5% |
| Provisions for liabilities and charges | 160/5 | €1,486,777 | €958,604 | -€528,173 | -35.5% |
| Other liabilities and charges | 164/5 | €1,486,777 | €958,604 | -€528,173 | -35.5% |
| Amounts payable | 17/49 | €2,328,309 | €2,440,170 | +€111,861 | +4.8% |
| Amounts payable after more than one year | 17 | €884,521 | €718,953 | -€165,568 | -18.7% |
| Financial debts | 170/4 | €884,521 | €718,953 | -€165,568 | -18.7% |
| Amounts payable within one year | 42/48 | €1,443,788 | €1,721,216 | +€277,429 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €319,184 | €304,383 | -€14,801 | -4.6% |
| Trade debts | 44 | €321,216 | €546,459 | +€225,243 | +70.1% |
| Suppliers | 440/4 | €321,216 | €546,459 | +€225,243 | +70.1% |
| Taxes, remuneration and social security | 45 | €39,566 | €76,025 | +€36,459 | +92.1% |
| Remuneration and social security | 454/9 | €39,566 | €76,025 | +€36,459 | +92.1% |
| Other amounts payable | 47/48 | €763,822 | €794,350 | +€30,528 | +4.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €343,855 | €439,379 | +€95,524 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,670 | €104,740 | +€6,070 | +6.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €371,530 | -€528,173 | -€899,703 | |
| Other operating charges | 640/8 | €4,704 | €5,659 | +€955 | +20.3% |
| Non-recurring operating charges | 66A | €71,281 | €6,768 | -€64,513 | -90.5% |
| Gross operating margin | 9900 | €922,190 | €61,167 | -€861,023 | -93.4% |
| Operating profit (loss) | 9901 | €32,150 | €32,794 | +€644 | +2.0% |
| Financial income | 75/76B | €9 | €347 | +€339 | +3,950% |
| Recurring financial income | 75 | €9 | €347 | +€339 | +3,950% |
| Financial charges | 65/66B | €39,556 | €30,416 | -€9,140 | -23.1% |
| Recurring financial charges | 65 | €39,556 | €30,416 | -€9,140 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,397 | €2,726 | +€10,123 | |
| Income taxes | 67/77 | -€7,759 | - | +€7,759 | |
| Profit (loss) for the period | 9904 | €362 | €2,726 | +€2,364 | +653% |
| Profit (loss) for the period to be appropriated | 9905 | €362 | €2,726 | +€2,364 | +653% |
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 20 October 2026 via checked.be.