WARMTE VERZILVERD: 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.
What changed
WARMTE VERZILVERD
NACE 35.300, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€38,007
2024 · -€66,672+€28,665
Equity
€2.8m
2024 · €2.2m+€537,735
Cash
€194,014
2024 · €194,165-€152
Balance sheet total
€4.2m
2024 · €4.3m-€75,798
Largest movements
Assets
- Tangible fixed assets -€111,218
down €111,218 (-2.8%), from €3.9m to €3.8m
Equity and liabilities
- Investment grants +€575,742
up €575,742 (+79.4%), from €725,435 to €1.3m
- Other debts -€300,000
down €300,000 (-100.0%), from €300,029 to €29
- Debts after one year -€243,785
down €243,785 (-19.2%), from €1.3m to €1.0m
- Trade debts -€79,235
down €79,235 (-36.3%), from €218,230 to €138,995
Income statement
- Financial income +€46,086
up €46,086 (+66.3%), from €69,471 to €115,557
- Depreciation +€23,709
up €23,709 (+6.8%), from €350,665 to €374,374
- Financial charges -€13,448
down €13,448 (-34.4%), from €39,082 to €25,634
- Gross operating margin -€8,084
down €8,084 (-3.2%), from €255,735 to €247,651
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
-€66,672
Gross operating margin
-€8,084
Depreciation
-€23,709
Other operating charges
+€925
Financial income
+€46,086
Financial charges
+€13,448
Result 2025
-€38,007
raises the resultlowers the result
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.
From operations
-€71,980
Investment
-€263,156
Financing
+€334,984
Cash 2024
€194,165
From operations (derived)
-€71,980
Net result for the year
-€38,007
Depreciation
+€374,374
Receivables within one year
-€33,148
Deferred charges and accrued income
-€2,424
Trade debts
-€79,235
Tax, wage and social debts
+€24,459
Other debts
-€300,000
Accrued charges and deferred income
-€18,000
Investment (derived)
-€263,156
Investment in fixed assets (net)
-€263,156
Financing
+€334,984
Debts after one year
-€243,785
Current portion of long-term debt
+€3,028
Short-term financial debts
+€0
Contributions, distributions and other
+€575,742
Cash 2025
€194,014
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,291,528 | €4,215,730 | -€75,798 | -1.8% |
| Fixed assets | 21/28 | €3,940,893 | €3,829,675 | -€111,218 | -2.8% |
| Tangible fixed assets | 22/27 | €3,939,643 | €3,828,425 | -€111,218 | -2.8% |
| Plant, machinery and equipment | 23 | €3,939,643 | €3,828,425 | -€111,218 | -2.8% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €350,635 | €386,055 | +€35,420 | +10.1% |
| Amounts receivable within one year | 40/41 | €140,774 | €173,922 | +€33,148 | +23.5% |
| Trade receivables | 40 | €140,767 | €173,829 | +€33,061 | +23.5% |
| Other amounts receivable | 41 | €7 | €93 | +€87 | +1,301% |
| Cash at bank and in hand | 54/58 | €194,165 | €194,014 | -€152 | -0.1% |
| Deferred charges and accrued income | 490/1 | €15,696 | €18,120 | +€2,424 | +15.4% |
| Total equity and liabilities | 10/49 | €4,291,528 | €4,215,730 | -€75,798 | -1.8% |
| Equity | 10/15 | €2,242,022 | €2,779,758 | +€537,735 | +24.0% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Reserves | 13 | €316,588 | €278,581 | -€38,007 | -12.0% |
| Distributable reserves | 133 | €316,588 | €278,581 | -€38,007 | -12.0% |
| Investment grants | 15 | €725,435 | €1,301,177 | +€575,742 | +79.4% |
| Amounts payable | 17/49 | €2,049,506 | €1,435,972 | -€613,533 | -29.9% |
| Amounts payable after more than one year | 17 | €1,271,475 | €1,027,690 | -€243,785 | -19.2% |
| Financial debts | 170/4 | €1,271,475 | €1,027,690 | -€243,785 | -19.2% |
| Amounts payable within one year | 42/48 | €760,031 | €408,283 | -€351,748 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €240,758 | €243,785 | +€3,028 | +1.3% |
| Financial debts | 43 | - | €0 | +€0 | |
| Credit institutions | 430/8 | - | €0 | +€0 | |
| Trade debts | 44 | €218,230 | €138,995 | -€79,235 | -36.3% |
| Suppliers | 440/4 | €218,230 | €138,995 | -€79,235 | -36.3% |
| Taxes, remuneration and social security | 45 | €1,014 | €25,473 | +€24,459 | +2,412% |
| Taxes | 450/3 | €1,014 | €25,473 | +€24,459 | +2,412% |
| Other amounts payable | 47/48 | €300,029 | €29 | -€300,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €18,000 | €0 | -€18,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €350,665 | €374,374 | +€23,709 | +6.8% |
| Other operating charges | 640/8 | €2,131 | €1,206 | -€925 | -43.4% |
| Gross operating margin | 9900 | €255,735 | €247,651 | -€8,084 | -3.2% |
| Operating profit (loss) | 9901 | -€97,061 | -€127,929 | -€30,869 | -31.8% |
| Financial income | 75/76B | €69,471 | €115,557 | +€46,086 | +66.3% |
| Recurring financial income | 75 | €69,471 | €115,557 | +€46,086 | +66.3% |
| Financial charges | 65/66B | €39,082 | €25,634 | -€13,448 | -34.4% |
| Recurring financial charges | 65 | €39,082 | €25,634 | -€13,448 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | -€66,672 | -€38,007 | +€28,665 | +43.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€66,672 | -€38,007 | +€28,665 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€66,672 | -€38,007 | +€28,665 | +43.0% |
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 13 October 2026 via checked.be.