In this paper, a purposely designed code for the performance analysis of the Water Loop Heat Pump (WLHP) systems is presented. Hourly, daily and seasonal energy system consumptions, operating economic costs and environmental impact assessments are dealt with. For the scope of comparison, the performances of two reference HVAC system are investigated too. For the computation of the building heating and cooling requirements, a suitable dynamic performance simulation model is being developed. All the relevant algorithms are implemented in MATLAB. A case study of an office building undergoing simulation in different European climatic areas is being presented. Here, different building thermal features are considered. In order to maximize the system performance an additional optimization procedure to the operating devices temperatures is carried out. Results show that primary energy savings and avoided CO2 emissions of the WLHP system vary in relation to the compared reference systems and can be obtained only in several European weather zones. The feasibility of the WLHP system strongly depends on electricity and natural gas national costs. (C) 2011 Elsevier Ltd. All rights reserved.