PH-HEATING: 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.
PH-HEATING
Largest movements
- Tangible fixed assets +€24,018
up €24,018 (+26.0%), from €92,459 to €116,476
of which Furniture and vehicles: +€17,855
- Intangible fixed assets +€22,572
new in 2025: €22,572
- Receivables within one year -€20,075
down €20,075 (-13.0%), from €154,490 to €134,415
of which Trade receivables: -€17,480
- Cash +€19,794
up €19,794 (+64.5%), from €30,690 to €50,484
mainly Net result for the year (+€78,093) and Depreciation (+€23,269)
- Stocks and contracts +€7,211
up €7,211 (+8.9%), from €81,325 to €88,536
- Reserves +€78,347
new in 2025: €78,347
- Profit (loss) carried forward -€40,254
down €40,254 (-100.0%), from €40,254 to €0
- Current portion of long-term debt +€17,608
up €17,608 (+101.7%), from €17,318 to €34,926
- Debts after one year +€9,829
up €9,829 (+27.2%), from €36,120 to €45,950
- Trade debts -€9,575
down €9,575 (-7.2%), from €133,273 to €123,698
- Gross operating margin -€12,999
down €12,999 (-7.7%), from €167,872 to €154,874
- Depreciation -€6,525
down €6,525 (-21.9%), from €29,794 to €23,269
- Financial charges +€6,192
up €6,192 (+253.5%), from €2,442 to €8,634
- Taxes -€6,159
down €6,159 (-41.1%), from €14,978 to €8,819
- Financial income +€1,800
up €1,800 (+51.7%), from €3,484 to €5,283
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 | €358,964 | €420,508 | +€61,544 | +17.1% |
| Fixed assets | 21/28 | €92,459 | €146,039 | +€53,580 | +58.0% |
| Intangible fixed assets | 21 | - | €22,572 | +€22,572 | |
| Tangible fixed assets | 22/27 | €92,459 | €116,476 | +€24,018 | +26.0% |
| Plant, machinery and equipment | 23 | €27,533 | €23,846 | -€3,687 | -13.4% |
| Furniture and vehicles | 24 | €64,926 | €82,781 | +€17,855 | +27.5% |
| Assets under construction and advance payments | 27 | - | €9,850 | +€9,850 | |
| Financial fixed assets | 28 | - | €6,990 | +€6,990 | |
| Current assets | 29/58 | €266,505 | €274,469 | +€7,964 | +3.0% |
| Stocks and contracts in progress | 3 | €81,325 | €88,536 | +€7,211 | +8.9% |
| Stocks | 30/36 | €81,325 | €88,536 | +€7,211 | +8.9% |
| Amounts receivable within one year | 40/41 | €154,490 | €134,415 | -€20,075 | -13.0% |
| Trade receivables | 40 | €123,094 | €105,614 | -€17,480 | -14.2% |
| Other amounts receivable | 41 | €31,396 | €28,801 | -€2,595 | -8.3% |
| Cash at bank and in hand | 54/58 | €30,690 | €50,484 | +€19,794 | +64.5% |
| Deferred charges and accrued income | 490/1 | - | €1,034 | +€1,034 | |
| Total equity and liabilities | 10/49 | €358,964 | €420,508 | +€61,544 | +17.1% |
| Equity | 10/15 | €43,254 | €81,347 | +€38,093 | +88.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €78,347 | +€78,347 | |
| Distributable reserves | 133 | - | €78,347 | +€78,347 | |
| Profit (loss) carried forward | 14 | €40,254 | €0 | -€40,254 | -100.0% |
| Amounts payable | 17/49 | €315,710 | €339,161 | +€23,451 | +7.4% |
| Amounts payable after more than one year | 17 | €36,120 | €45,950 | +€9,829 | +27.2% |
| Financial debts | 170/4 | €36,120 | €45,950 | +€9,829 | +27.2% |
| Amounts payable within one year | 42/48 | €278,649 | €290,414 | +€11,765 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €17,318 | €34,926 | +€17,608 | +101.7% |
| Trade debts | 44 | €133,273 | €123,698 | -€9,575 | -7.2% |
| Suppliers | 440/4 | €133,273 | €123,698 | -€9,575 | -7.2% |
| Taxes, remuneration and social security | 45 | €16,611 | €12,702 | -€3,909 | -23.5% |
| Taxes | 450/3 | €16,611 | €12,702 | -€3,909 | -23.5% |
| Other amounts payable | 47/48 | €111,446 | €119,087 | +€7,641 | +6.9% |
| Accrued charges and deferred income | 492/3 | €941 | €2,798 | +€1,857 | +197.4% |
| Remuneration, social security and pensions | 62 | €40,830 | €39,465 | -€1,364 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,794 | €23,269 | -€6,525 | -21.9% |
| Other operating charges | 640/8 | €1,392 | €1,377 | -€15 | -1.1% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €167,872 | €154,874 | -€12,999 | -7.7% |
| Operating profit (loss) | 9901 | €95,857 | €90,262 | -€5,594 | -5.8% |
| Financial income | 75/76B | €3,484 | €5,283 | +€1,800 | +51.7% |
| Recurring financial income | 75 | €3,484 | €5,283 | +€1,800 | +51.7% |
| Financial charges | 65/66B | €2,442 | €8,634 | +€6,192 | +253.5% |
| Recurring financial charges | 65 | €2,442 | €8,634 | +€6,192 | +253.5% |
| Profit (loss) for the period before taxes | 9903 | €96,898 | €86,911 | -€9,987 | -10.3% |
| Income taxes | 67/77 | €14,978 | €8,819 | -€6,159 | -41.1% |
| Profit (loss) for the period | 9904 | €81,920 | €78,093 | -€3,828 | -4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,920 | €78,093 | -€3,828 | -4.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.