SH HEATING: 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.
SH HEATING
Largest movements
- Cash -€1,402
down €1,402 (-25.6%), from €5,478 to €4,077
mainly Net result for the year (-€7,284) and Other debts (-€5,436)
- Receivables within one year +€1,087
up €1,087 (+6.8%), from €16,034 to €17,121
of which Trade receivables: +€1,767
- Profit (loss) carried forward -€7,284
down €7,284 (-744.4%), from -€978 to -€8,263
- Trade debts +€6,116
up €6,116 (+67.1%), from €9,114 to €15,229
- Tax, wage and social debts +€5,872
up €5,872 (+1167.4%), from €503 to €6,375
of which Remuneration and social security: +€6,375
- Other debts -€5,436
no longer reported in 2025 (was €5,436)
- Current portion of long-term debt +€356
up €356 (+5.9%), from €6,000 to €6,356
- Gross operating margin -€6,516
down €6,516 (-15877.4%), from -€41 to -€6,557
- Depreciation -€770
down €770 (-92.7%), from €831 to €61
- Financial charges +€471
up €471 (+6064.8%), from €8 to €478
- Taxes -€139
no longer reported in 2025 (was €139)
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 | €21,574 | €21,198 | -€376 | -1.7% |
| Formation expenses | 20 | €61 | - | -€61 | |
| Current assets | 29/58 | €21,513 | €21,198 | -€315 | -1.5% |
| Amounts receivable within one year | 40/41 | €16,034 | €17,121 | +€1,087 | +6.8% |
| Trade receivables | 40 | €6,119 | €7,885 | +€1,767 | +28.9% |
| Other amounts receivable | 41 | €9,916 | €9,236 | -€680 | -6.9% |
| Cash at bank and in hand | 54/58 | €5,478 | €4,077 | -€1,402 | -25.6% |
| Total equity and liabilities | 10/49 | €21,574 | €21,198 | -€376 | -1.7% |
| Equity | 10/15 | €522 | -€6,763 | -€7,284 | |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€978 | -€8,263 | -€7,284 | -744.4% |
| Amounts payable | 17/49 | €21,052 | €27,961 | +€6,909 | +32.8% |
| Amounts payable within one year | 42/48 | €21,052 | €27,961 | +€6,909 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €6,000 | €6,356 | +€356 | +5.9% |
| Trade debts | 44 | €9,114 | €15,229 | +€6,116 | +67.1% |
| Suppliers | 440/4 | €9,114 | €15,229 | +€6,116 | +67.1% |
| Taxes, remuneration and social security | 45 | €503 | €6,375 | +€5,872 | +1167.4% |
| Taxes | 450/3 | €503 | - | -€503 | |
| Remuneration and social security | 454/9 | - | €6,375 | +€6,375 | |
| Other amounts payable | 47/48 | €5,436 | - | -€5,436 | |
| Non-recurring operating income | 76A | - | €159 | +€159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €831 | €61 | -€770 | -92.7% |
| Non-recurring operating charges | 66A | - | €189 | +€189 | |
| Gross operating margin | 9900 | -€41 | -€6,557 | -€6,516 | -15877.4% |
| Operating profit (loss) | 9901 | -€872 | -€6,807 | -€5,935 | -680.7% |
| Financial income | 75/76B | €40 | €1 | -€39 | -97.0% |
| Recurring financial income | 75 | €40 | €1 | -€39 | -97.0% |
| Financial charges | 65/66B | €8 | €478 | +€471 | +6064.8% |
| Recurring financial charges | 65 | €8 | €478 | +€471 | +6064.8% |
| Profit (loss) for the period before taxes | 9903 | -€840 | -€7,284 | -€6,445 | -767.5% |
| Income taxes | 67/77 | €139 | - | -€139 | |
| Profit (loss) for the period | 9904 | -€978 | -€7,284 | -€6,306 | -644.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€978 | -€7,284 | -€6,306 | -644.4% |
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 9 October 2026 via checked.be.