B-COAT: 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.
B-COAT
Largest movements
- Financial fixed assets -€934,296
no longer reported in 2025 (was €934,296)
- Receivables within one year -€760,369
down €760,369 (-45.4%), from €1.7m to €914,987
of which Trade receivables: -€651,954
- Tangible fixed assets -€368,424
down €368,424 (-84.9%), from €433,920 to €65,496
of which Plant, machinery and equipment: -€370,123
- Stocks and contracts -€226,230
down €226,230 (-58.5%), from €386,470 to €160,240
- Deferred charges and accrued income -€66,386
down €66,386 (-92.0%), from €72,140 to €5,753
- Short-term financial debts -€743,918
no longer reported in 2025 (was €743,918)
- Trade debts -€672,828
down €672,828 (-84.6%), from €795,030 to €122,202
- Other debts -€537,034
down €537,034 (-81.9%), from €655,864 to €118,830
- Tax, wage and social debts -€448,189
down €448,189 (-96.2%), from €465,937 to €17,748
of which Remuneration and social security: -€425,766
- Current portion of long-term debt +€423,901
new in 2025: €423,901
- Gross operating margin -€645,700
down €645,700 (-82.9%), from €778,986 to €133,286
- Staff costs -€307,278
down €307,278 (-48.9%), from €629,009 to €321,731
- Financial income -€150,489
down €150,489 (-99.9%), from €150,609 to €119
- Depreciation -€93,585
down €93,585 (-86.0%), from €108,857 to €15,272
- Financial charges -€46,038
down €46,038 (-51.7%), from €89,062 to €43,024
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,552,180 | €1,150,154 | -€2.4m | -67.6% |
| Fixed assets | 21/28 | €1,368,658 | €65,496 | -€1.3m | -95.2% |
| Intangible fixed assets | 21 | €442 | - | -€442 | |
| Tangible fixed assets | 22/27 | €433,920 | €65,496 | -€368,424 | -84.9% |
| Plant, machinery and equipment | 23 | €400,264 | €30,141 | -€370,123 | -92.5% |
| Furniture and vehicles | 24 | €19,814 | €26,942 | +€7,128 | +36.0% |
| Leasing and similar rights | 25 | €8,792 | €4,530 | -€4,262 | -48.5% |
| Other tangible fixed assets | 26 | €5,049 | €3,882 | -€1,167 | -23.1% |
| Financial fixed assets | 28 | €934,296 | - | -€934,296 | |
| Current assets | 29/58 | €2,183,522 | €1,084,658 | -€1.1m | -50.3% |
| Stocks and contracts in progress | 3 | €386,470 | €160,240 | -€226,230 | -58.5% |
| Stocks | 30/36 | €386,470 | €160,240 | -€226,230 | -58.5% |
| Amounts receivable within one year | 40/41 | €1,675,356 | €914,987 | -€760,369 | -45.4% |
| Trade receivables | 40 | €1,278,020 | €626,066 | -€651,954 | -51.0% |
| Other amounts receivable | 41 | €397,336 | €288,921 | -€108,415 | -27.3% |
| Cash at bank and in hand | 54/58 | €49,556 | €3,678 | -€45,878 | -92.6% |
| Deferred charges and accrued income | 490/1 | €72,140 | €5,753 | -€66,386 | -92.0% |
| Total equity and liabilities | 10/49 | €3,552,180 | €1,150,154 | -€2.4m | -67.6% |
| Equity | 10/15 | €824,917 | €467,473 | -€357,443 | -43.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €180,100 | €180,100 | = | 0.0% |
| Distributable reserves | 133 | €180,100 | €180,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €594,817 | €237,373 | -€357,443 | -60.1% |
| Amounts payable | 17/49 | €2,727,264 | €682,681 | -€2.0m | -75.0% |
| Amounts payable after more than one year | 17 | €66,515 | - | -€66,515 | |
| Financial debts | 170/4 | €66,515 | - | -€66,515 | |
| Amounts payable within one year | 42/48 | €2,660,749 | €682,681 | -€2.0m | -74.3% |
| Current portion of amounts payable after more than one year | 42 | - | €423,901 | +€423,901 | |
| Financial debts | 43 | €743,918 | - | -€743,918 | |
| Credit institutions | 430/8 | €743,918 | - | -€743,918 | |
| Trade debts | 44 | €795,030 | €122,202 | -€672,828 | -84.6% |
| Suppliers | 440/4 | €795,030 | €122,202 | -€672,828 | -84.6% |
| Taxes, remuneration and social security | 45 | €465,937 | €17,748 | -€448,189 | -96.2% |
| Taxes | 450/3 | €35,000 | €12,577 | -€22,423 | -64.1% |
| Remuneration and social security | 454/9 | €430,937 | €5,171 | -€425,766 | -98.8% |
| Other amounts payable | 47/48 | €655,864 | €118,830 | -€537,034 | -81.9% |
| Non-recurring operating income | 76A | - | €102,442 | +€102,442 | |
| Remuneration, social security and pensions | 62 | €629,009 | €321,731 | -€307,278 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,857 | €15,272 | -€93,585 | -86.0% |
| Other operating charges | 640/8 | €71,094 | €35,124 | -€35,971 | -50.6% |
| Non-recurring operating charges | 66A | - | €88,455 | +€88,455 | |
| Gross operating margin | 9900 | €778,986 | €133,286 | -€645,700 | -82.9% |
| Operating profit (loss) | 9901 | -€29,973 | -€327,296 | -€297,322 | -992% |
| Financial income | 75/76B | €150,609 | €119 | -€150,489 | -99.9% |
| Recurring financial income | 75 | €150,609 | €119 | -€150,489 | -99.9% |
| Financial charges | 65/66B | €89,062 | €43,024 | -€46,038 | -51.7% |
| Recurring financial charges | 65 | €89,062 | €43,024 | -€46,038 | -51.7% |
| Profit (loss) for the period before taxes | 9903 | €31,573 | -€370,201 | -€401,773 | |
| Income taxes | 67/77 | €8,809 | -€12,757 | -€21,566 | |
| Profit (loss) for the period | 9904 | €22,764 | -€357,443 | -€380,207 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,764 | -€357,443 | -€380,207 |
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 25 October 2026 via checked.be.