SV-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.
SV-HEATING
Largest movements
- Tangible fixed assets +€60,889
up €60,889 (+12.9%), from €470,700 to €531,589
of which Furniture and vehicles: +€80,270
- Receivables within one year -€25,895
down €25,895 (-23.0%), from €112,438 to €86,543
of which Trade receivables: -€23,257
- Cash -€21,570
down €21,570 (-53.1%), from €40,656 to €19,086
mainly Investment in fixed assets (net) (-€120,030) and Short-term financial debts (-€40,586)
- Stocks and contracts -€9,716
down €9,716 (-26.1%), from €37,222 to €27,506
- Current portion of long-term debt +€54,138
new in 2025: €54,138
- Short-term financial debts -€40,586
no longer reported in 2025 (was €40,586)
- Debts after one year +€30,070
up €30,070 (+10.0%), from €300,006 to €330,076
- Trade debts -€22,977
down €22,977 (-28.3%), from €81,280 to €58,303
- Reserves -€16,010
down €16,010 (-8.0%), from €201,240 to €185,230
of which Distributable reserves: -€16,010
- Turnover -€37,689
down €37,689 (-6.9%), from €549,477 to €511,788
- Purchases and services -€19,708
down €19,708 (-4.2%), from €473,194 to €453,486
- Gross operating margin -€16,539
down €16,539 (-19.9%), from €83,231 to €66,692
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 | €670,360 | €676,511 | +€6,151 | +0.9% |
| Fixed assets | 21/28 | €473,010 | €533,912 | +€60,902 | +12.9% |
| Tangible fixed assets | 22/27 | €470,700 | €531,589 | +€60,889 | +12.9% |
| Land and buildings | 22 | €403,476 | €386,571 | -€16,905 | -4.2% |
| Plant, machinery and equipment | 23 | €6,211 | €3,735 | -€2,476 | -39.9% |
| Furniture and vehicles | 24 | €61,013 | €141,283 | +€80,270 | +132% |
| Financial fixed assets | 28 | €2,310 | €2,323 | +€13 | +0.6% |
| Current assets | 29/58 | €197,350 | €142,599 | -€54,751 | -27.7% |
| Stocks and contracts in progress | 3 | €37,222 | €27,506 | -€9,716 | -26.1% |
| Stocks | 30/36 | €37,222 | €27,506 | -€9,716 | -26.1% |
| Amounts receivable within one year | 40/41 | €112,438 | €86,543 | -€25,895 | -23.0% |
| Trade receivables | 40 | €101,915 | €78,658 | -€23,257 | -22.8% |
| Other amounts receivable | 41 | €10,523 | €7,885 | -€2,638 | -25.1% |
| Current investments | 50/53 | €355 | €268 | -€87 | -24.5% |
| Cash at bank and in hand | 54/58 | €40,656 | €19,086 | -€21,570 | -53.1% |
| Deferred charges and accrued income | 490/1 | €6,679 | €9,196 | +€2,517 | +37.7% |
| Total equity and liabilities | 10/49 | €670,360 | €676,511 | +€6,151 | +0.9% |
| Equity | 10/15 | €221,240 | €205,230 | -€16,010 | -7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €201,240 | €185,230 | -€16,010 | -8.0% |
| Non-distributable reserves | 130/1 | €8,878 | €8,878 | = | 0.0% |
| Other | 1319 | €8,878 | €8,878 | = | 0.0% |
| Distributable reserves | 133 | €192,362 | €176,352 | -€16,010 | -8.3% |
| Amounts payable | 17/49 | €449,120 | €471,281 | +€22,161 | +4.9% |
| Amounts payable after more than one year | 17 | €300,006 | €330,076 | +€30,070 | +10.0% |
| Financial debts | 170/4 | €300,006 | €330,076 | +€30,070 | +10.0% |
| Amounts payable within one year | 42/48 | €149,114 | €141,205 | -€7,909 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | - | €54,138 | +€54,138 | |
| Financial debts | 43 | €40,586 | - | -€40,586 | |
| Credit institutions | 430/8 | €40,586 | - | -€40,586 | |
| Trade debts | 44 | €81,280 | €58,303 | -€22,977 | -28.3% |
| Suppliers | 440/4 | €81,280 | €58,303 | -€22,977 | -28.3% |
| Taxes, remuneration and social security | 45 | €12,763 | €6,801 | -€5,962 | -46.7% |
| Taxes | 450/3 | €12,763 | €4,401 | -€8,362 | -65.5% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €14,485 | €21,963 | +€7,478 | +51.6% |
| Turnover | 70 | €549,477 | €511,788 | -€37,689 | -6.9% |
| Non-recurring operating income | 76A | €6,948 | €8,390 | +€1,442 | +20.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €473,194 | €453,486 | -€19,708 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,963 | €59,128 | +€5,165 | +9.6% |
| Other operating charges | 640/8 | €4,336 | €4,477 | +€141 | +3.3% |
| Non-recurring operating charges | 66A | €1,361 | €1,022 | -€339 | -24.9% |
| Gross operating margin | 9900 | €83,231 | €66,692 | -€16,539 | -19.9% |
| Operating profit (loss) | 9901 | €23,571 | €2,065 | -€21,506 | -91.2% |
| Financial income | 75/76B | €20 | €17 | -€3 | -15.0% |
| Recurring financial income | 75 | €20 | €17 | -€3 | -15.0% |
| Financial charges | 65/66B | €17,209 | €17,070 | -€139 | -0.8% |
| Recurring financial charges | 65 | €17,209 | €17,070 | -€139 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €6,382 | -€14,988 | -€21,370 | |
| Income taxes | 67/77 | €4,760 | €1,022 | -€3,738 | -78.5% |
| Profit (loss) for the period | 9904 | €1,622 | -€16,010 | -€17,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,622 | -€16,010 | -€17,632 |
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 16 October 2026 via checked.be.