MDH Verwarming: 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.
MDH Verwarming
Largest movements
- Cash +€21,980
up €21,980 (+6.9%), from €319,147 to €341,127
mainly Net result for the year (+€40,810) and Debts after one year (+€26,142)
- Receivables within one year -€10,494
down €10,494 (-6.5%), from €160,660 to €150,166
of which Trade receivables: -€17,762
- Reserves +€290,066
up €290,066 (+169%), from €171,279 to €461,346
- Profit (loss) carried forward -€249,256
no longer reported in 2025 (was €249,256)
- Trade debts -€53,991
down €53,991 (-70.8%), from €76,222 to €22,230
- Debts after one year +€26,142
new in 2025: €26,142
- Tax, wage and social debts -€9,335
down €9,335 (-81.5%), from €11,459 to €2,124
of which Taxes: -€8,076
- Gross operating margin -€114,704
down €114,704 (-59.1%), from €194,112 to €79,408
- Taxes -€23,213
down €23,213 (-56.4%), from €41,182 to €17,968
- Financial income +€4,258
up €4,258 (+317%), from €1,343 to €5,600
- Depreciation +€3,168
up €3,168 (+51.5%), from €6,151 to €9,319
- Financial charges +€3,076
up €3,076 (+211%), from €1,460 to €4,536
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 | €511,216 | €523,463 | +€12,247 | +2.4% |
| Fixed assets | 21/28 | €25,850 | €23,762 | -€2,089 | -8.1% |
| Tangible fixed assets | 22/27 | €25,850 | €23,762 | -€2,089 | -8.1% |
| Land and buildings | 22 | €6,993 | €6,565 | -€428 | -6.1% |
| Plant, machinery and equipment | 23 | €10,572 | €6,513 | -€4,059 | -38.4% |
| Furniture and vehicles | 24 | €3,786 | €6,184 | +€2,398 | +63.3% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €485,366 | €499,701 | +€14,335 | +3.0% |
| Stocks and contracts in progress | 3 | €5,186 | €5,000 | -€186 | -3.6% |
| Stocks | 30/36 | €5,186 | €5,000 | -€186 | -3.6% |
| Amounts receivable within one year | 40/41 | €160,660 | €150,166 | -€10,494 | -6.5% |
| Trade receivables | 40 | €58,955 | €41,193 | -€17,762 | -30.1% |
| Other amounts receivable | 41 | €101,705 | €108,973 | +€7,268 | +7.1% |
| Current investments | 50/53 | €200 | €3,146 | +€2,946 | +1,473% |
| Cash at bank and in hand | 54/58 | €319,147 | €341,127 | +€21,980 | +6.9% |
| Deferred charges and accrued income | 490/1 | €173 | €263 | +€90 | +52.3% |
| Total equity and liabilities | 10/49 | €511,216 | €523,463 | +€12,247 | +2.4% |
| Equity | 10/15 | €423,535 | €464,346 | +€40,810 | +9.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €171,279 | €461,346 | +€290,066 | +169% |
| Distributable reserves | 133 | €171,279 | €461,346 | +€290,066 | +169% |
| Profit (loss) carried forward | 14 | €249,256 | - | -€249,256 | |
| Amounts payable | 17/49 | €87,681 | €59,117 | -€28,564 | -32.6% |
| Amounts payable after more than one year | 17 | - | €26,142 | +€26,142 | |
| Financial debts | 170/4 | - | €26,142 | +€26,142 | |
| Amounts payable within one year | 42/48 | €87,681 | €32,976 | -€54,705 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | - | €8,621 | +€8,621 | |
| Trade debts | 44 | €76,222 | €22,230 | -€53,991 | -70.8% |
| Suppliers | 440/4 | €76,222 | €22,230 | -€53,991 | -70.8% |
| Taxes, remuneration and social security | 45 | €11,459 | €2,124 | -€9,335 | -81.5% |
| Taxes | 450/3 | €8,588 | €513 | -€8,076 | -94.0% |
| Remuneration and social security | 454/9 | €2,870 | €1,611 | -€1,259 | -43.9% |
| Remuneration, social security and pensions | 62 | €8,496 | €8,789 | +€293 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,151 | €9,319 | +€3,168 | +51.5% |
| Other operating charges | 640/8 | €3,084 | €3,586 | +€502 | +16.3% |
| Gross operating margin | 9900 | €194,112 | €79,408 | -€114,704 | -59.1% |
| Operating profit (loss) | 9901 | €176,381 | €57,714 | -€118,667 | -67.3% |
| Financial income | 75/76B | €1,343 | €5,600 | +€4,258 | +317% |
| Recurring financial income | 75 | €1,343 | €5,600 | +€4,258 | +317% |
| Financial charges | 65/66B | €1,460 | €4,536 | +€3,076 | +211% |
| Recurring financial charges | 65 | €1,460 | €4,536 | +€3,076 | +211% |
| Profit (loss) for the period before taxes | 9903 | €176,264 | €58,779 | -€117,485 | -66.7% |
| Income taxes | 67/77 | €41,182 | €17,968 | -€23,213 | -56.4% |
| Profit (loss) for the period | 9904 | €135,082 | €40,810 | -€94,272 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €135,082 | €40,810 | -€94,272 | -69.8% |
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 23 October 2026 via checked.be.