VERWARMING & SERVICE: what changed
VERWARMING & SERVICE
Largest movements
- Receivables within one year +€57,425
up €57,425 (+469%), from €12,236 to €69,661
of which Trade receivables: +€46,234
- Cash -€39,755
down €39,755 (-20.7%), from €192,279 to €152,524
mainly Receivables within one year (-€57,425) and Tax, wage and social debts (-€5,717)
- Reserves +€15,566
up €15,566 (+8.4%), from €184,733 to €200,299
of which Distributable reserves: +€15,566
- Trade debts +€7,444
up €7,444 (+72.6%), from €10,258 to €17,703
- Tax, wage and social debts -€5,717
no longer reported in 2025 (was €5,717)
- Gross operating margin -€4,015
down €4,015 (-12.4%), from €32,253 to €28,238
- Taxes -€1,651
down €1,651 (-17.1%), from €9,630 to €7,980
- Other operating charges -€614
down €614 (-33.5%), from €1,834 to €1,220
- Depreciation +€608
up €608 (+51.9%), from €1,172 to €1,780
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €212,196 | €230,425 | +€18,230 | +8.6% |
| Fixed assets | 21/28 | €5,195 | €6,730 | +€1,534 | +29.5% |
| Tangible fixed assets | 22/27 | €5,195 | €6,730 | +€1,534 | +29.5% |
| Plant, machinery and equipment | 23 | €876 | €2,161 | +€1,285 | +147% |
| Furniture and vehicles | 24 | €4,319 | €4,569 | +€249 | +5.8% |
| Current assets | 29/58 | €207,000 | €223,696 | +€16,695 | +8.1% |
| Stocks and contracts in progress | 3 | €838 | - | -€838 | |
| Stocks | 30/36 | €838 | - | -€838 | |
| Amounts receivable within one year | 40/41 | €12,236 | €69,661 | +€57,425 | +469% |
| Trade receivables | 40 | €9,866 | €56,100 | +€46,234 | +469% |
| Other amounts receivable | 41 | €2,370 | €13,561 | +€11,191 | +472% |
| Cash at bank and in hand | 54/58 | €192,279 | €152,524 | -€39,755 | -20.7% |
| Deferred charges and accrued income | 490/1 | €1,647 | €1,510 | -€137 | -8.3% |
| Total equity and liabilities | 10/49 | €212,196 | €230,425 | +€18,230 | +8.6% |
| Equity | 10/15 | €188,812 | €204,377 | +€15,566 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,733 | €200,299 | +€15,566 | +8.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €182,874 | €198,440 | +€15,566 | +8.5% |
| Profit (loss) carried forward | 14 | -€14,521 | -€14,521 | = | 0.0% |
| Amounts payable | 17/49 | €23,384 | €26,048 | +€2,664 | +11.4% |
| Amounts payable within one year | 42/48 | €23,384 | €26,048 | +€2,664 | +11.4% |
| Trade debts | 44 | €10,258 | €17,703 | +€7,444 | +72.6% |
| Suppliers | 440/4 | €10,258 | €17,703 | +€7,444 | +72.6% |
| Taxes, remuneration and social security | 45 | €5,717 | - | -€5,717 | |
| Taxes | 450/3 | €5,717 | - | -€5,717 | |
| Other amounts payable | 47/48 | €7,408 | €8,345 | +€937 | +12.6% |
| Non-recurring operating income | 76A | €200 | €21,000 | +€20,800 | +10,400% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,172 | €1,780 | +€608 | +51.9% |
| Other operating charges | 640/8 | €1,834 | €1,220 | -€614 | -33.5% |
| Gross operating margin | 9900 | €32,253 | €28,238 | -€4,015 | -12.4% |
| Operating profit (loss) | 9901 | €29,247 | €25,237 | -€4,010 | -13.7% |
| Financial income | 75/76B | €0 | €17 | +€17 | +23,829% |
| Recurring financial income | 75 | €0 | €17 | +€17 | +23,829% |
| Financial charges | 65/66B | €40 | €43 | +€3 | +7.8% |
| Recurring financial charges | 65 | €40 | €43 | +€3 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €29,207 | €25,211 | -€3,996 | -13.7% |
| Income taxes | 67/77 | €9,630 | €7,980 | -€1,651 | -17.1% |
| Profit (loss) for the period | 9904 | €19,577 | €17,232 | -€2,346 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,577 | €17,232 | -€2,346 | -12.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.