VR-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.
VR-Heating
Largest movements
- Receivables within one year -€10,847
down €10,847 (-16.7%), from €64,897 to €54,050
of which Trade receivables: -€5,562
- Tangible fixed assets -€6,377
down €6,377 (-57.7%), from €11,045 to €4,668
of which Plant, machinery and equipment: -€4,165
- Cash +€3,796
up €3,796 (+11.0%), from €34,661 to €38,457
mainly Net result for the year (+€24,196) and Receivables within one year (+€10,847)
- Deferred charges and accrued income -€2,681
down €2,681 (-22.0%), from €12,158 to €9,477
- Other debts -€35,300
no longer reported in 2025 (was €35,300)
- Reserves +€24,196
up €24,196 (+37.0%), from €65,477 to €89,673
- Tax, wage and social debts -€7,362
down €7,362 (-38.4%), from €19,149 to €11,787
of which Taxes: -€7,362
- Trade debts +€2,179
up €2,179 (+63.5%), from €3,430 to €5,609
- Gross operating margin -€36,876
down €36,876 (-44.2%), from €83,488 to €46,613
- Taxes -€8,229
down €8,229 (-50.1%), from €16,411 to €8,182
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 | €128,356 | €112,070 | -€16,287 | -12.7% |
| Fixed assets | 21/28 | €11,045 | €4,668 | -€6,377 | -57.7% |
| Tangible fixed assets | 22/27 | €11,045 | €4,668 | -€6,377 | -57.7% |
| Plant, machinery and equipment | 23 | €7,933 | €3,768 | -€4,165 | -52.5% |
| Furniture and vehicles | 24 | €3,112 | €900 | -€2,212 | -71.1% |
| Current assets | 29/58 | €117,311 | €107,401 | -€9,910 | -8.4% |
| Stocks and contracts in progress | 3 | €5,595 | €5,417 | -€178 | -3.2% |
| Stocks | 30/36 | €5,595 | €5,417 | -€178 | -3.2% |
| Amounts receivable within one year | 40/41 | €64,897 | €54,050 | -€10,847 | -16.7% |
| Trade receivables | 40 | €58,166 | €52,604 | -€5,562 | -9.6% |
| Other amounts receivable | 41 | €6,731 | €1,446 | -€5,285 | -78.5% |
| Cash at bank and in hand | 54/58 | €34,661 | €38,457 | +€3,796 | +11.0% |
| Deferred charges and accrued income | 490/1 | €12,158 | €9,477 | -€2,681 | -22.0% |
| Total equity and liabilities | 10/49 | €128,356 | €112,070 | -€16,287 | -12.7% |
| Equity | 10/15 | €70,477 | €94,673 | +€24,196 | +34.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,477 | €89,673 | +€24,196 | +37.0% |
| Distributable reserves | 133 | €65,477 | €89,673 | +€24,196 | +37.0% |
| Amounts payable | 17/49 | €57,879 | €17,396 | -€40,483 | -69.9% |
| Amounts payable within one year | 42/48 | €57,879 | €17,396 | -€40,483 | -69.9% |
| Trade debts | 44 | €3,430 | €5,609 | +€2,179 | +63.5% |
| Suppliers | 440/4 | €3,430 | €5,609 | +€2,179 | +63.5% |
| Taxes, remuneration and social security | 45 | €19,149 | €11,787 | -€7,362 | -38.4% |
| Taxes | 450/3 | €16,757 | €9,395 | -€7,362 | -43.9% |
| Remuneration and social security | 454/9 | €2,392 | €2,392 | = | 0.0% |
| Other amounts payable | 47/48 | €35,300 | - | -€35,300 | |
| Non-recurring operating income | 76A | €14,000 | - | -€14,000 | |
| Remuneration, social security and pensions | 62 | €2,266 | €2,266 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,805 | €5,989 | -€816 | -12.0% |
| Other operating charges | 640/8 | €958 | €712 | -€246 | -25.7% |
| Non-recurring operating charges | 66A | - | €3,268 | +€3,268 | |
| Gross operating margin | 9900 | €83,488 | €46,613 | -€36,876 | -44.2% |
| Operating profit (loss) | 9901 | €73,459 | €34,378 | -€39,082 | -53.2% |
| Financial income | 75/76B | €147 | €146 | -€1 | -0.6% |
| Recurring financial income | 75 | €147 | €146 | -€1 | -0.6% |
| Financial charges | 65/66B | €2,611 | €2,145 | -€466 | -17.9% |
| Recurring financial charges | 65 | €2,611 | €2,145 | -€466 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €70,995 | €32,378 | -€38,616 | -54.4% |
| Income taxes | 67/77 | €16,411 | €8,182 | -€8,229 | -50.1% |
| Profit (loss) for the period | 9904 | €54,583 | €24,196 | -€30,387 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,583 | €24,196 | -€30,387 | -55.7% |
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 5 October 2026 via checked.be.