QUANTUM 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.
What changed
QUANTUM HEATING
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€232,599
2024 · €360,554-€127,955
Equity
€1.2m
2024 · €1.1m+€106,238
Cash
€233,812
2024 · €241,690-€7,878
Balance sheet total
€1.9m
2024 · €1.7m+€183,065
Largest movements
Assets
- Current investments +€150,000
up €150,000 (+75.0%), from €200,000 to €350,000
- Receivables within one year +€21,887
up €21,887 (+4.3%), from €507,153 to €529,040
of which Trade receivables: +€15,279
- Stocks and contracts +€21,098
up €21,098 (+5.1%), from €409,814 to €430,912
Equity and liabilities
- Other debts +€137,359
up €137,359 (+52029.9%), from €264 to €137,623
- Profit (loss) carried forward +€106,299
new in 2025: €106,299
- Tax, wage and social debts -€94,747
down €94,747 (-58.0%), from €163,476 to €68,729
of which Taxes: -€80,286
- Trade debts +€66,245
up €66,245 (+22.0%), from €300,683 to €366,928
Income statement
- Staff costs +€226,887
up €226,887 (+40.4%), from €562,217 to €789,104
- Taxes -€67,875
down €67,875 (-42.0%), from €161,499 to €93,624
- Gross operating margin +€54,854
up €54,854 (+4.8%), from €1.2m to €1.2m
- Depreciation +€18,039
up €18,039 (+30.2%), from €59,714 to €77,753
- Financial income -€15,093
down €15,093 (-81.9%), from €18,428 to €3,335
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
€360,554
Gross operating margin
+€54,854
Staff costs
-€226,887
Depreciation
-€18,039
Write-downs
+€10,044
Other operating charges
-€2,425
Other operating items
+€2,744
Financial income
-€15,093
Financial charges
-€1,028
Taxes
+€67,875
Result 2025
€232,599
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.
From operations
+€358,808
Investment
-€208,295
Financing
-€158,391
Cash 2024
€241,690
From operations (derived)
+€358,808
Net result for the year
+€232,599
Depreciation
+€77,753
Stocks and contracts
-€21,098
Receivables within one year
-€21,887
Deferred charges and accrued income
-€17,416
Trade debts
+€66,245
Tax, wage and social debts
-€94,747
Other debts
+€137,359
Investment (derived)
-€208,295
Investment in fixed assets (net)
-€58,295
Current investments
-€150,000
Financing
-€158,391
Debts after one year
-€17,884
Current portion of long-term debt
-€14,052
Short-term financial debts
-€94
Contributions, distributions and other
-€126,361
Cash 2025
€233,812
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,670,846 | €1,853,911 | +€183,065 | +11.0% |
| Fixed assets | 21/28 | €298,608 | €279,150 | -€19,458 | -6.5% |
| Intangible fixed assets | 21 | €2,211 | €1,045 | -€1,166 | -52.7% |
| Tangible fixed assets | 22/27 | €287,025 | €268,693 | -€18,332 | -6.4% |
| Plant, machinery and equipment | 23 | €12,587 | €12,150 | -€437 | -3.5% |
| Furniture and vehicles | 24 | €269,772 | €252,871 | -€16,901 | -6.3% |
| Other tangible fixed assets | 26 | €4,666 | €3,672 | -€994 | -21.3% |
| Financial fixed assets | 28 | €9,372 | €9,412 | +€40 | +0.4% |
| Current assets | 29/58 | €1,372,238 | €1,574,761 | +€202,523 | +14.8% |
| Stocks and contracts in progress | 3 | €409,814 | €430,912 | +€21,098 | +5.1% |
| Stocks | 30/36 | €409,814 | €430,912 | +€21,098 | +5.1% |
| Amounts receivable within one year | 40/41 | €507,153 | €529,040 | +€21,887 | +4.3% |
| Trade receivables | 40 | €290,700 | €305,979 | +€15,279 | +5.3% |
| Other amounts receivable | 41 | €216,453 | €223,061 | +€6,608 | +3.1% |
| Current investments | 50/53 | €200,000 | €350,000 | +€150,000 | +75.0% |
| Cash at bank and in hand | 54/58 | €241,690 | €233,812 | -€7,878 | -3.3% |
| Deferred charges and accrued income | 490/1 | €13,581 | €30,997 | +€17,416 | +128.2% |
| Total equity and liabilities | 10/49 | €1,670,846 | €1,853,911 | +€183,065 | +11.0% |
| Equity | 10/15 | €1,133,486 | €1,239,724 | +€106,238 | +9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,114,886 | €1,114,825 | -€61 | 0.0% |
| Tax-exempt reserves | 132 | €126,300 | €252,600 | +€126,300 | +100.0% |
| Distributable reserves | 133 | €988,586 | €862,225 | -€126,361 | -12.8% |
| Profit (loss) carried forward | 14 | - | €106,299 | +€106,299 | |
| Amounts payable | 17/49 | €537,360 | €614,187 | +€76,827 | +14.3% |
| Amounts payable after more than one year | 17 | €40,908 | €23,024 | -€17,884 | -43.7% |
| Financial debts | 170/4 | €38,908 | €21,024 | -€17,884 | -46.0% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €496,452 | €591,163 | +€94,711 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €31,935 | €17,883 | -€14,052 | -44.0% |
| Financial debts | 43 | €94 | - | -€94 | |
| Credit institutions | 430/8 | €94 | - | -€94 | |
| Trade debts | 44 | €300,683 | €366,928 | +€66,245 | +22.0% |
| Suppliers | 440/4 | €300,683 | €366,928 | +€66,245 | +22.0% |
| Taxes, remuneration and social security | 45 | €163,476 | €68,729 | -€94,747 | -58.0% |
| Taxes | 450/3 | €112,326 | €32,040 | -€80,286 | -71.5% |
| Remuneration and social security | 454/9 | €51,150 | €36,689 | -€14,461 | -28.3% |
| Other amounts payable | 47/48 | €264 | €137,623 | +€137,359 | +52029.9% |
| Remuneration, social security and pensions | 62 | €562,217 | €789,104 | +€226,887 | +40.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,714 | €77,753 | +€18,039 | +30.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,044 | - | -€10,044 | |
| Other operating charges | 640/8 | €4,301 | €6,726 | +€2,425 | +56.4% |
| Non-recurring operating charges | 66A | €2,744 | - | -€2,744 | |
| Gross operating margin | 9900 | €1,152,007 | €1,206,861 | +€54,854 | +4.8% |
| Operating profit (loss) | 9901 | €512,987 | €333,278 | -€179,709 | -35.0% |
| Financial income | 75/76B | €18,428 | €3,335 | -€15,093 | -81.9% |
| Recurring financial income | 75 | €18,428 | €3,335 | -€15,093 | -81.9% |
| Financial charges | 65/66B | €9,362 | €10,390 | +€1,028 | +11.0% |
| Recurring financial charges | 65 | €9,362 | €10,390 | +€1,028 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €522,053 | €326,223 | -€195,830 | -37.5% |
| Income taxes | 67/77 | €161,499 | €93,624 | -€67,875 | -42.0% |
| Profit (loss) for the period | 9904 | €360,554 | €232,599 | -€127,955 | -35.5% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €126,300 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €234,254 | €106,299 | -€127,955 | -54.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.