Caveat: I know very little about heat pumps.
Are you reading that display correctly? It looks to me as if the heat pump itself is idle, the fan and heat pump electronics are consuming 18.8 W, (± measurement errors) which seems on the verge of plausible. I.E, the immersion power is included in the heat pump total, and the difference is the fan etc. Even if this is right, it’s still nearly 8% lower than your smart meter.
[Edit]
The true solution is in post no.5: The display was being fed the wrong information.
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