HQcoating: 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.
HQcoating
Largest movements
- Tangible fixed assets -€43,271
down €43,271 (-8.6%), from €501,953 to €458,682
of which Plant, machinery and equipment: -€42,510
- Current investments -€32,480
no longer reported in 2025 (was €32,480)
- Cash -€20,876
down €20,876 (-78.5%), from €26,593 to €5,717
mainly Debts after one year (-€46,586) and Investment in fixed assets (net) (-€44,524)
- Receivables within one year +€16,051
up €16,051 (+16.9%), from €95,213 to €111,264
of which Trade receivables: +€17,075
- Debts after one year -€46,586
down €46,586 (-16.2%), from €287,187 to €240,600
- Other debts -€34,069
down €34,069 (-30.6%), from €111,487 to €77,418
- Trade debts -€21,091
down €21,091 (-18.6%), from €113,501 to €92,410
- Gross operating margin -€27,505
down €27,505 (-10.5%), from €262,605 to €235,100
- Staff costs -€25,435
down €25,435 (-18.4%), from €137,954 to €112,519
- Depreciation +€8,659
up €8,659 (+9.8%), from €88,046 to €96,705
- Financial charges -€5,931
down €5,931 (-25.7%), from €23,041 to €17,110
- Financial income +€5,332
up €5,332 (+7826.7%), from €68 to €5,400
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €876,038 | €783,801 | -€92,236 | -10.5% |
| Formation expenses | 20 | €19,187 | €12,792 | -€6,396 | -33.3% |
| Fixed assets | 21/28 | €514,463 | €468,678 | -€45,785 | -8.9% |
| Intangible fixed assets | 21 | €12,511 | €9,996 | -€2,515 | -20.1% |
| Tangible fixed assets | 22/27 | €501,953 | €458,682 | -€43,271 | -8.6% |
| Land and buildings | 22 | €286,003 | €256,893 | -€29,111 | -10.2% |
| Plant, machinery and equipment | 23 | €207,714 | €165,204 | -€42,510 | -20.5% |
| Furniture and vehicles | 24 | €8,235 | €36,585 | +€28,350 | +344.3% |
| Current assets | 29/58 | €342,387 | €302,331 | -€40,056 | -11.7% |
| Stocks and contracts in progress | 3 | €188,100 | €185,350 | -€2,750 | -1.5% |
| Stocks | 30/36 | €188,100 | €185,350 | -€2,750 | -1.5% |
| Amounts receivable within one year | 40/41 | €95,213 | €111,264 | +€16,051 | +16.9% |
| Trade receivables | 40 | €94,169 | €111,244 | +€17,075 | +18.1% |
| Other amounts receivable | 41 | €1,044 | €20 | -€1,024 | -98.0% |
| Current investments | 50/53 | €32,480 | - | -€32,480 | |
| Cash at bank and in hand | 54/58 | €26,593 | €5,717 | -€20,876 | -78.5% |
| Total equity and liabilities | 10/49 | €876,038 | €783,801 | -€92,236 | -10.5% |
| Equity | 10/15 | €102,286 | €103,791 | +€1,505 | +1.5% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €42,710 | €42,710 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,223 | €3,223 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,223 | €3,223 | = | 0.0% |
| Distributable reserves | 133 | €39,487 | €39,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,424 | -€48,918 | +€1,505 | +3.0% |
| Amounts payable | 17/49 | €773,752 | €680,010 | -€93,742 | -12.1% |
| Amounts payable after more than one year | 17 | €287,187 | €240,600 | -€46,586 | -16.2% |
| Financial debts | 170/4 | €287,187 | €240,600 | -€46,586 | -16.2% |
| Amounts payable within one year | 42/48 | €486,565 | €439,410 | -€47,155 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €204,107 | €211,119 | +€7,013 | +3.4% |
| Trade debts | 44 | €113,501 | €92,410 | -€21,091 | -18.6% |
| Suppliers | 440/4 | €113,501 | €92,410 | -€21,091 | -18.6% |
| Taxes, remuneration and social security | 45 | €57,470 | €58,462 | +€992 | +1.7% |
| Taxes | 450/3 | €45,556 | €50,796 | +€5,240 | +11.5% |
| Remuneration and social security | 454/9 | €11,914 | €7,666 | -€4,248 | -35.7% |
| Other amounts payable | 47/48 | €111,487 | €77,418 | -€34,069 | -30.6% |
| Non-recurring operating income | 76A | €580 | - | -€580 | |
| Remuneration, social security and pensions | 62 | €137,954 | €112,519 | -€25,435 | -18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,046 | €96,705 | +€8,659 | +9.8% |
| Other operating charges | 640/8 | €12,975 | €7,911 | -€5,064 | -39.0% |
| Gross operating margin | 9900 | €262,605 | €235,100 | -€27,505 | -10.5% |
| Operating profit (loss) | 9901 | €23,630 | €17,965 | -€5,665 | -24.0% |
| Financial income | 75/76B | €68 | €5,400 | +€5,332 | +7826.7% |
| Recurring financial income | 75 | €68 | €5,400 | +€5,332 | +7826.7% |
| Financial charges | 65/66B | €23,041 | €17,110 | -€5,931 | -25.7% |
| Recurring financial charges | 65 | €23,041 | €17,110 | -€5,931 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €658 | €6,255 | +€5,597 | +851.1% |
| Income taxes | 67/77 | €309 | €4,750 | +€4,441 | +1436.1% |
| Profit (loss) for the period | 9904 | €348 | €1,505 | +€1,157 | +332.0% |
| Profit (loss) for the period to be appropriated | 9905 | €348 | €1,505 | +€1,157 | +332.0% |
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 7 October 2026 via checked.be.