Two Coats: 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.
Two Coats
Largest movements
- Cash +€103,749
up €103,749 (+67.2%), from €154,459 to €258,207
mainly Net result for the year (+€86,448) and Depreciation (+€14,592)
- Tangible fixed assets -€14,592
down €14,592 (-28.5%), from €51,228 to €36,637
- Reserves +€86,448
up €86,448 (+52.1%), from €165,899 to €252,347
- Gross operating margin +€5,496
up €5,496 (+4.6%), from €120,462 to €125,959
- Taxes +€1,985
up €1,985 (+9.0%), from €22,034 to €24,019
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 | €223,707 | €313,490 | +€89,783 | +40.1% |
| Fixed assets | 21/28 | €51,228 | €36,637 | -€14,592 | -28.5% |
| Tangible fixed assets | 22/27 | €51,228 | €36,637 | -€14,592 | -28.5% |
| Furniture and vehicles | 24 | €51,228 | €36,637 | -€14,592 | -28.5% |
| Current assets | 29/58 | €172,479 | €276,854 | +€104,375 | +60.5% |
| Amounts receivable within one year | 40/41 | €16,973 | €17,524 | +€550 | +3.2% |
| Trade receivables | 40 | €16,973 | €17,524 | +€550 | +3.2% |
| Cash at bank and in hand | 54/58 | €154,459 | €258,207 | +€103,749 | +67.2% |
| Deferred charges and accrued income | 490/1 | €1,046 | €1,123 | +€76 | +7.3% |
| Total equity and liabilities | 10/49 | €223,707 | €313,490 | +€89,783 | +40.1% |
| Equity | 10/15 | €166,899 | €253,347 | +€86,448 | +51.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €165,899 | €252,347 | +€86,448 | +52.1% |
| Distributable reserves | 133 | €165,899 | €252,347 | +€86,448 | +52.1% |
| Amounts payable | 17/49 | €56,808 | €60,143 | +€3,335 | +5.9% |
| Amounts payable within one year | 42/48 | €56,808 | €60,143 | +€3,335 | +5.9% |
| Trade debts | 44 | €1,940 | €2,943 | +€1,003 | +51.7% |
| Suppliers | 440/4 | €1,940 | €2,943 | +€1,003 | +51.7% |
| Taxes, remuneration and social security | 45 | €54,868 | €57,200 | +€2,332 | +4.2% |
| Taxes | 450/3 | €52,493 | €54,815 | +€2,322 | +4.4% |
| Remuneration and social security | 454/9 | €2,375 | €2,385 | +€10 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,007 | €14,592 | +€585 | +4.2% |
| Other operating charges | 640/8 | €699 | €844 | +€145 | +20.7% |
| Gross operating margin | 9900 | €120,462 | €125,959 | +€5,496 | +4.6% |
| Operating profit (loss) | 9901 | €105,757 | €110,523 | +€4,766 | +4.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €105,703 | €110,468 | +€4,765 | +4.5% |
| Income taxes | 67/77 | €22,034 | €24,019 | +€1,985 | +9.0% |
| Profit (loss) for the period | 9904 | €83,668 | €86,448 | +€2,780 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €83,668 | €86,448 | +€2,780 | +3.3% |
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 26 October 2026 via checked.be.