Stijn Coudeville: 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.
What changed
Stijn Coudeville
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€304,117
2024 · €272,318+€31,799
Equity
€1.9m
2024 · €1.6m+€303,284
Cash
€304,779
2024 · €191,448+€113,332
Balance sheet total
€2.8m
2024 · €2.4m+€402,530
Largest movements
Assets
- Current investments +€250,000
up €250,000 (+16.6%), from €1.5m to €1.8m
- Cash +€113,332
up €113,332 (+59.2%), from €191,448 to €304,779
mainly Net result for the year (+€304,117) and Tax, wage and social debts (+€56,001)
- Tangible fixed assets +€54,525
up €54,525 (+23.3%), from €234,333 to €288,858
of which Furniture and vehicles: +€68,159
Equity and liabilities
- Reserves +€303,284
up €303,284 (+19.4%), from €1.6m to €1.9m
of which Distributable reserves: +€282,446
- Tax, wage and social debts +€56,001
up €56,001 (+28.4%), from €196,873 to €252,874
of which Taxes: +€56,925
- Other debts +€45,194
up €45,194 (+10.5%), from €432,322 to €477,516
Income statement
- Gross operating margin +€81,248
up €81,248 (+15.4%), from €527,311 to €608,559
- Write-downs +€42,046
new in 2025: €42,046
- Staff costs -€13,432
down €13,432 (-19.1%), from €70,209 to €56,777
- Financial income -€10,426
down €10,426 (-39.3%), from €26,559 to €16,133
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
€272,318
Gross operating margin
+€81,248
Staff costs
+€13,432
Depreciation
+€1,205
Write-downs
-€42,046
Other operating charges
-€764
Financial income
-€10,426
Financial charges
+€249
Taxes
-€4,151
Deferred taxes and other
-€6,946
Result 2025
€304,117
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€462,908
Investment
-€333,163
Financing
-€16,414
Cash 2024
€191,448
From operations (derived)
+€462,908
Net result for the year
+€304,117
Depreciation
+€28,637
Smaller working-capital items
-€570
Receivables within one year
+€15,897
Provisions
+€6,946
Trade debts
+€1,748
Tax, wage and social debts
+€56,001
Advances received
+€4,938
Other debts
+€45,194
Investment (derived)
-€333,163
Investment in fixed assets (net)
-€83,163
Current investments
-€250,000
Financing
-€16,414
Debts after one year
-€16,307
Current portion of long-term debt
+€726
Contributions, distributions and other
-€833
Cash 2025
€304,779
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,397,328 | €2,799,858 | +€402,530 | +16.8% |
| Fixed assets | 21/28 | €234,333 | €288,858 | +€54,525 | +23.3% |
| Tangible fixed assets | 22/27 | €234,333 | €288,858 | +€54,525 | +23.3% |
| Land and buildings | 22 | €15,500 | €7,750 | -€7,750 | -50.0% |
| Plant, machinery and equipment | 23 | €2,298 | €2,758 | +€460 | +20.0% |
| Furniture and vehicles | 24 | €42,453 | €110,612 | +€68,159 | +161% |
| Other tangible fixed assets | 26 | €174,082 | €167,738 | -€6,344 | -3.6% |
| Current assets | 29/58 | €2,162,995 | €2,511,001 | +€348,005 | +16.1% |
| Stocks and contracts in progress | 3 | €7,865 | €8,258 | +€393 | +5.0% |
| Stocks | 30/36 | €7,865 | €8,258 | +€393 | +5.0% |
| Amounts receivable within one year | 40/41 | €448,427 | €432,531 | -€15,897 | -3.5% |
| Trade receivables | 40 | €238,820 | €198,926 | -€39,894 | -16.7% |
| Other amounts receivable | 41 | €209,607 | €233,604 | +€23,997 | +11.4% |
| Current investments | 50/53 | €1,509,126 | €1,759,126 | +€250,000 | +16.6% |
| Cash at bank and in hand | 54/58 | €191,448 | €304,779 | +€113,332 | +59.2% |
| Deferred charges and accrued income | 490/1 | €6,129 | €6,306 | +€177 | +2.9% |
| Total equity and liabilities | 10/49 | €2,397,328 | €2,799,858 | +€402,530 | +16.8% |
| Equity | 10/15 | €1,582,895 | €1,886,180 | +€303,284 | +19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,564,295 | €1,867,580 | +€303,284 | +19.4% |
| Tax-exempt reserves | 132 | €189,450 | €210,289 | +€20,839 | +11.0% |
| Distributable reserves | 133 | €1,374,845 | €1,657,291 | +€282,446 | +20.5% |
| Provisions and deferred taxes | 16 | - | €6,946 | +€6,946 | |
| Deferred taxes | 168 | - | €6,946 | +€6,946 | |
| Amounts payable | 17/49 | €814,432 | €906,732 | +€92,300 | +11.3% |
| Amounts payable after more than one year | 17 | €55,826 | €39,519 | -€16,307 | -29.2% |
| Financial debts | 170/4 | €55,826 | €39,519 | -€16,307 | -29.2% |
| Amounts payable within one year | 42/48 | €758,606 | €867,213 | +€108,607 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €15,581 | €16,307 | +€726 | +4.7% |
| Trade debts | 44 | €113,830 | €115,578 | +€1,748 | +1.5% |
| Suppliers | 440/4 | €113,830 | €115,578 | +€1,748 | +1.5% |
| Advances received on contracts in progress | 46 | - | €4,938 | +€4,938 | |
| Taxes, remuneration and social security | 45 | €196,873 | €252,874 | +€56,001 | +28.4% |
| Taxes | 450/3 | €194,507 | €251,433 | +€56,925 | +29.3% |
| Remuneration and social security | 454/9 | €2,366 | €1,441 | -€925 | -39.1% |
| Other amounts payable | 47/48 | €432,322 | €477,516 | +€45,194 | +10.5% |
| Non-recurring operating income | 76A | - | €29,260 | +€29,260 | |
| Remuneration, social security and pensions | 62 | €70,209 | €56,777 | -€13,432 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,842 | €28,637 | -€1,205 | -4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €42,046 | +€42,046 | |
| Other operating charges | 640/8 | €6,765 | €7,528 | +€764 | +11.3% |
| Gross operating margin | 9900 | €527,311 | €608,559 | +€81,248 | +15.4% |
| Operating profit (loss) | 9901 | €420,495 | €473,570 | +€53,075 | +12.6% |
| Financial income | 75/76B | €26,559 | €16,133 | -€10,426 | -39.3% |
| Recurring financial income | 75 | €26,559 | €16,133 | -€10,426 | -39.3% |
| Financial charges | 65/66B | €36,656 | €36,407 | -€249 | -0.7% |
| Recurring financial charges | 65 | €36,656 | €36,407 | -€249 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €410,399 | €453,295 | +€42,897 | +10.5% |
| Transfer from deferred taxes | 780 | - | €369 | +€369 | |
| Transfer to deferred taxes | 680 | - | €7,315 | +€7,315 | |
| Income taxes | 67/77 | €138,081 | €142,232 | +€4,151 | +3.0% |
| Profit (loss) for the period | 9904 | €272,318 | €304,117 | +€31,799 | +11.7% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €64,256 | +€1,106 | +1.8% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €85,095 | +€21,945 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €272,318 | €283,279 | +€10,961 | +4.0% |
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 23 October 2026 via checked.be.