COENE GERARDI
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 7 days after the deadline Filed on 7 November 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00563960.
Annual accounts 2025 filed on 07-11-2025 PDF all 5 filings
Turnover
≈ €3.1m
Estimated: probably between €2.1m and €5.0m
Total assets
€1.4m▲ 17.5%
2024 · €1.2m
Net result
€118,649▲ 5.5%
2024 · €112,483
Working capital
-€249,339▼ 0.9%
2024 · -€247,124
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€219,896
▲ 21.8%
2025
20212025
Net result
€118,649
▲ 5.5%
2025
highest quarter of the sector
20212025
Equity
€377,702
▲ 45.8%
2025
middle half of the sector
20212025
Total assets
€1.4m
▲ 17.5%
2025
middle half of the sector
20212025
Debt
€1.0m
▲ 9.5%
2025
20212025
Working capital
-€249,339
▼ 0.9%
2025
lowest quarter of the sector
20212025
Solvency
27.3%
▲ 5.3pp
2025
middle half of the sector
20212025
Current ratio
0.63
▲ 0.12
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
8.6%
▼ 1.0pp
2025
middle half of the sector
20212025
Staff (FTE)
16.3
▲ 61.4%
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.2m-€0.2m▲ 4.9%€0.02m▼ 86.0%€0.2m▲ 683%€0.2m▲ 21.8%
Net result€0.1mabove the sector's middle half-€0.1mwithin the sector's middle half▼ 4.1%€0.003mbelow the sector's middle half▼ 97.2%€0.1mwithin the sector's middle half▲ 35×€0.1mabove the sector's middle half▲ 5.5%
Equity€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 92.1%€0.2mwithin the sector's middle half▲ 1.3%€0.3mwithin the sector's middle half▲ 5.1%€0.4mwithin the sector's middle half▲ 45.8%
Total assets€0.4mbelow the sector's middle half-€0.8mwithin the sector's middle half▲ 134%€0.8mwithin the sector's middle half▲ 2.2%€1.2mwithin the sector's middle half▲ 39.0%€1.4mwithin the sector's middle half▲ 17.5%
Debt€0.2m-€0.6m▲ 158%€0.6m▲ 2.6%€0.9m▲ 52.9%€1.0m▲ 9.5%
Working capital€0.06mwithin the sector's middle half--€0.06mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 91.8%-€0.2mbelow the sector's middle half▼ 105%-€0.2mbelow the sector's middle half▼ 0.9%
Solvency35.7%within the sector's middle half-29.3%within the sector's middle half▼ 6.4pp29.1%within the sector's middle half▼ 0.2pp22.0%within the sector's middle half▼ 7.1pp27.3%within the sector's middle half▲ 5.3pp
Current ratio1.42within the sector's middle half-0.79below the sector's middle half▼ 0.630.66below the sector's middle half▼ 0.130.51below the sector's middle half▼ 0.150.63below the sector's middle half▲ 0.12
Return on assets (ROA)34.3%above the sector's middle half-14.0%above the sector's middle half▼ 20.3pp0.4%below the sector's middle half▼ 13.7pp9.5%within the sector's middle half▲ 9.2pp8.6%within the sector's middle half▼ 1.0pp
Staff (FTE)3.4within the sector's middle half-6.3within the sector's middle half▲ 85.3%8.4above the sector's middle half▲ 33.3%10.1above the sector's middle half▲ 20.2%16.3above the sector's middle half▲ 61.4%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 22% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€954,625 ▲ 3.4%
Current assets
€431,215 ▲ 68.2%
Equity and liabilities €1.4m
Equity
€377,702 ▲ 45.8%
Debt
€1.0m ▲ 9.5%
Debt's share of the balance-sheet total falls from 78.0% to 72.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€253,253▲
2024 · €211,840
Cash flow
€152,006▲
2024 · €143,805
Quick ratio
0.37▲
2024 · 0.33
Debt to equity
2.67▼
2024 · 3.55
ROE
31.4%▼
2024 · 43.4%
Interest coverage
5.02▼
2024 · 9.88
Debt ≤ 1 year
€680,554▲
2024 · €503,450
Debt > 1 year
€325,132▼
2024 · €416,841
Income taxes
€51,463▲
2024 · €47,975
Staff costs
€459,036▲
2024 · €272,521
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 13 | 16 | 23 |
| full-time | 4 | 6 | 7 | 10 |
| part-time | 3 | 7 | 9 | 13 |
| in full-time equivalents | 5.9 | 9 | 12.3 | 18.3 |
| Average over the year, in full-time equivalents | 6.3 | 8.4 | 10.1 | 16.3 |
| On a permanent contract | 5 | 9 | 12 | 16 |
| Joined | 56 | 71 | 51 | 81 |
| Left | 54 | 65 | 48 | 74 |
| Training hours | 506 | 21 | 24 | 24 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €41,532 | €41,721 | €14,347 | €13,043 |
| Financial fixed assets | €415,250 | - | €324,000 | €81,325 |
| Depreciation and write-downs of the year | €19,750 | €24,495 | €31,322 | €33,357 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €4,000 awarded · €4,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,000 | €2,000 |
| 2024 | 1 | €2,000 | €2,000 |
Schemes
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €158,045 | €205,956 | €272,521 | €459,036 | ▲ 68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,612 | €19,750 | €24,495 | €31,322 | €33,357 | ▲ 6.5% |
| Other operating charges640/8 | - | €1,939 | €1,199 | €2,629 | €3,511 | ▲ 33.5% |
| Non-recurring operating charges66A | - | - | - | - | €3,950 | - |
| Gross operating margin9900 | €235,526 | €343,846 | €254,693 | €486,990 | €719,751 | ▲ 47.8% |
| Operating profit (loss)9901 | €156,417 | €164,113 | €23,042 | €180,518 | €219,896 | ▲ 21.8% |
| Financial income75/76B | - | €259 | €1,141 | €1,376 | €630 | ▼ 54.2% |
| Recurring financial income75 | €53 | €259 | €1,141 | €1,376 | €630 | ▼ 54.2% |
| Financial charges65/66B | - | €14,759 | €12,089 | €21,436 | €50,415 | ▲ 135% |
| Recurring financial charges65 | €1,696 | €14,759 | €12,089 | €21,436 | €50,415 | ▲ 135% |
| Profit (loss) for the period before taxes9903 | €154,774 | €149,613 | €12,094 | €160,458 | €170,112 | ▲ 6.0% |
| Income taxes67/77 | €33,127 | €32,941 | €8,842 | €47,975 | €51,463 | ▲ 7.3% |
| Profit (loss) for the period9904 | €121,647 | €116,671 | €3,252 | €112,483 | €118,649 | ▲ 5.5% |
| Profit (loss) for the period to be appropriated9905 | €121,647 | €116,671 | €3,252 | €112,483 | €118,649 | ▲ 5.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.4m | €0.8m | €0.8m | €1.2m | €1.4m | ▲ 17.5% |
| Fixed assets21/28 | €0.2m | €0.6m | €0.6m | €0.9m | €1.0m | ▲ 3.4% |
| Intangible fixed assets21 | €0.1m | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €0.01m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 27.2% |
| Plant, machinery and equipment23 | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 12.8% |
| Furniture and vehicles24 | - | €0.03m | €0.03m | €0.04m | €0.007m | ▼ 81.9% |
| Leasing and similar rights25 | - | €0.005m | €0.03m | €0.03m | €0.02m | ▼ 32.0% |
| Other tangible fixed assets26 | - | €0.006m | €0.005m | €0.003m | €0.007m | ▲ 126% |
| Financial fixed assets28 | - | €0.4m | €0.4m | €0.7m | €0.8m | ▲ 11.0% |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 68.2% |
| Amounts receivable after more than one year29 | - | - | €0.02m | €0.02m | €0.009m | ▼ 39.6% |
| Other amounts receivable291 | - | - | €0.02m | €0.02m | €0.009m | ▼ 39.6% |
| Stocks and contracts in progress3 | €0.05m | €0.07m | €0.09m | €0.09m | €0.2m | ▲ 96.9% |
| Stocks30/36 | - | €0.07m | €0.09m | €0.09m | €0.2m | ▲ 96.9% |
| Amounts receivable within one year40/41 | €0.01m | €0.06m | €0.07m | €0.09m | €0.2m | ▲ 88.6% |
| Trade receivables40 | - | €0.002m | €0.008m | €0.08m | €0.1m | ▲ 30.1% |
| Other amounts receivable41 | - | €0.06m | €0.06m | €0.01m | €0.06m | ▲ 514% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.05m | €0.06m | €0.07m | ▲ 23.9% |
| Deferred charges and accrued income490/1 | - | €0.001m | €0.005m | €0.006m | €0.007m | ▲ 23.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.4m | €0.8m | €0.8m | €1.2m | €1.4m | ▲ 17.5% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 45.8% |
| Contributions10/11 | - | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 46.7% |
| Distributable reserves133 | - | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 46.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €0.2m | €0.6m | €0.6m | €0.9m | €1.0m | ▲ 9.5% |
| Amounts payable after more than one year17 | €0.09m | €0.3m | €0.2m | €0.4m | €0.3m | ▼ 22.0% |
| Financial debts170/4 | - | €0.3m | €0.2m | €0.4m | €0.3m | ▼ 22.0% |
| Amounts payable within one year42/48 | €0.1m | €0.3m | €0.4m | €0.5m | €0.7m | ▲ 35.2% |
| Current portion of amounts payable after more than one year42 | - | €0.05m | €0.07m | €0.1m | €0.1m | ▼ 16.4% |
| Financial debts43 | - | €12 | €80 | €62 | €110 | ▲ 75.6% |
| Credit institutions430/8 | - | €12 | €80 | €62 | €110 | ▲ 75.6% |
| Trade debts44 | €0.08m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 48.2% |
| Suppliers440/4 | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 48.2% |
| Taxes, remuneration and social security45 | - | €0.03m | €0.03m | €0.05m | €0.07m | ▲ 40.9% |
| Taxes450/3 | - | €0 | €0.002m | €0.008m | €0.01m | ▲ 48.6% |
| Remuneration and social security454/9 | - | €0.03m | €0.02m | €0.04m | €0.06m | ▲ 39.3% |
| Other amounts payable47/48 | - | €0.05m | €0.02m | €0.1m | €0.2m | ▲ 67.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.002m | ▲ 349% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €121,647 | €116,671 | €3,252 | €112,483 | €118,649 | ▲ 5.5% |
| + Depreciation and write-downs630 | €4,612 | €19,750 | €24,495 | €31,322 | €33,357 | ▲ 6.5% |
| Operating cash flow (approximation) | €126,259 | €136,421 | €27,747 | €143,805 | €152,006 | ▲ 5.7% |
| Investment in fixed assets (approximation) | - | -€456,782 | -€41,471 | -€338,347 | -€64,418 | ▲ 81.0% |
| Change in cash | - | -€27,497 | -€51,688 | €8,895 | €13,435 | ▲ 51.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 07-11-2025 | 2025-00563960 | |
| 31-03-2024 | abbreviated format | 29-10-2024 | 2024-00519818 | |
| 31-03-2023 | abbreviated format | 30-10-2023 | 2023-00496414 | |
| 31-03-2022 | abbreviated format | 31-10-2022 | 2022-20477794 | |
| 31-03-2021 | abbreviated format | 29-11-2021 | 2021-79200364 |