D-COAT: what changed
Two fiscal 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
D-COAT
NACE 25.510, Coating of metals
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€295,201
2024 · €388,119-€92,917
Equity
€806,543
2024 · €1.3m-€504,799
Cash
€351,075
2024 · €319,005+€32,070
Balance sheet total
€2.0m
2024 · €1.9m+€112,779
Largest movements
Assets
- Current investments +€50,000
up €50,000 (+25.0%), from €200,000 to €250,000
- Cash +€32,070
up €32,070 (+10.1%), from €319,005 to €351,075
mainly Other debts (+€800,000) and Net result for the year (+€295,201)
Equity and liabilities
- Other debts +€800,000
up €800,000 (+3200.0%), from €25,000 to €825,000
- Reserves -€505,000
down €505,000 (-41.7%), from €1.2m to €706,000
- Tax, wage and social debts -€89,248
down €89,248 (-48.7%), from €183,207 to €93,959
of which Taxes: -€105,633
- Trade debts -€81,539
down €81,539 (-23.0%), from €353,916 to €272,376
Income statement
- Gross operating margin -€185,203
down €185,203 (-15.1%), from €1.2m to €1.0m
- Taxes -€28,295
down €28,295 (-21.8%), from €129,686 to €101,391
- Staff costs -€19,468
down €19,468 (-3.5%), from €555,706 to €536,238
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
€388,119
Gross operating margin
-€185,203
Staff costs
+€19,468
Depreciation
+€6,924
Write-downs
+€11,611
Other operating charges
+€902
Other operating items
+€12,418
Financial income
+€2,738
Financial charges
+€9,929
Taxes
+€28,295
Result 2025
€295,201
Cash bridge derived
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
+€947,193
Investment
-€115,123
Financing
-€800,000
Cash 2024
€319,005
From operations (derived)
+€947,193
Net result for the year
+€295,201
Depreciation
+€51,024
Stocks and contracts
-€11,683
Receivables within one year
+€511
Deferred charges and accrued income
-€5,437
Trade debts
-€81,539
Tax, wage and social debts
-€89,248
Other debts
+€800,000
Accrued charges and deferred income
-€11,635
Investment (derived)
-€115,123
Investment in fixed assets (net)
-€65,123
Current investments
-€50,000
Financing
-€800,000
Contributions, distributions and other
-€800,000
Cash 2025
€351,075
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,922,032 | €2,034,810 | +€112,779 | +5.9% |
| Fixed assets | 21/28 | €81,627 | €95,726 | +€14,099 | +17.3% |
| Tangible fixed assets | 22/27 | €78,877 | €92,976 | +€14,099 | +17.9% |
| Plant, machinery and equipment | 23 | €27,387 | €30,342 | +€2,955 | +10.8% |
| Furniture and vehicles | 24 | €51,490 | €62,635 | +€11,145 | +21.6% |
| Financial fixed assets | 28 | €2,750 | €2,750 | = | 0.0% |
| Current assets | 29/58 | €1,840,405 | €1,939,084 | +€98,679 | +5.4% |
| Stocks and contracts in progress | 3 | €213,781 | €225,464 | +€11,683 | +5.5% |
| Stocks | 30/36 | €184,167 | €197,138 | +€12,971 | +7.0% |
| Contracts in progress | 37 | €29,614 | €28,326 | -€1,288 | -4.3% |
| Amounts receivable within one year | 40/41 | €1,075,316 | €1,074,805 | -€511 | 0.0% |
| Trade receivables | 40 | €418,706 | €506,638 | +€87,931 | +21.0% |
| Other amounts receivable | 41 | €656,609 | €568,167 | -€88,442 | -13.5% |
| Current investments | 50/53 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €319,005 | €351,075 | +€32,070 | +10.1% |
| Deferred charges and accrued income | 490/1 | €32,303 | €37,741 | +€5,437 | +16.8% |
| Total equity and liabilities | 10/49 | €1,922,032 | €2,034,810 | +€112,779 | +5.9% |
| Equity | 10/15 | €1,311,341 | €806,543 | -€504,799 | -38.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,211,000 | €706,000 | -€505,000 | -41.7% |
| Distributable reserves | 133 | €1,211,000 | €706,000 | -€505,000 | -41.7% |
| Profit (loss) carried forward | 14 | €341 | €543 | +€201 | +59.0% |
| Amounts payable | 17/49 | €610,690 | €1,228,268 | +€617,577 | +101.1% |
| Amounts payable within one year | 42/48 | €562,123 | €1,191,335 | +€629,213 | +111.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €353,916 | €272,376 | -€81,539 | -23.0% |
| Suppliers | 440/4 | €353,916 | €272,376 | -€81,539 | -23.0% |
| Taxes, remuneration and social security | 45 | €183,207 | €93,959 | -€89,248 | -48.7% |
| Taxes | 450/3 | €141,570 | €35,937 | -€105,633 | -74.6% |
| Remuneration and social security | 454/9 | €41,637 | €58,022 | +€16,385 | +39.4% |
| Other amounts payable | 47/48 | €25,000 | €825,000 | +€800,000 | +3200.0% |
| Accrued charges and deferred income | 492/3 | €48,568 | €36,932 | -€11,635 | -24.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €555,706 | €536,238 | -€19,468 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,948 | €51,024 | -€6,924 | -11.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,418 | €12,807 | -€11,611 | -47.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €46,665 | €45,763 | -€902 | -1.9% |
| Non-recurring operating charges | 66A | €12,524 | €107 | -€12,418 | -99.1% |
| Gross operating margin | 9900 | €1,225,147 | €1,039,944 | -€185,203 | -15.1% |
| Operating profit (loss) | 9901 | €527,886 | €394,007 | -€133,879 | -25.4% |
| Financial income | 75/76B | €7,861 | €10,599 | +€2,738 | +34.8% |
| Recurring financial income | 75 | €7,861 | €10,599 | +€2,738 | +34.8% |
| Financial charges | 65/66B | €17,942 | €8,012 | -€9,929 | -55.3% |
| Recurring financial charges | 65 | €17,942 | €8,012 | -€9,929 | -55.3% |
| Profit (loss) for the period before taxes | 9903 | €517,805 | €396,593 | -€121,212 | -23.4% |
| Income taxes | 67/77 | €129,686 | €101,391 | -€28,295 | -21.8% |
| Profit (loss) for the period | 9904 | €388,119 | €295,201 | -€92,917 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €388,119 | €295,201 | -€92,917 | -23.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.