V COAT: what changed
What changed
V COAT
NACE 25.510, Coating of metals
filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · -€725,300-€342,313
Equity
-€491,476
2024 · €576,137-€1.1m
Cash
€426
2024 · €255+€170
Balance sheet total
€8.3m
2024 · €9.8m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€848,902
down €848,902 (-10.7%), from €7.9m to €7.1m
of which Assets under construction and advance payments: -€1.1m
- Deferred charges and accrued income -€221,614
down €221,614 (-98.6%), from €224,843 to €3,229
- Receivables within one year -€221,285
down €221,285 (-20.2%), from €1.1m to €875,320
of which Other amounts receivable: -€150,347
- Stocks and contracts -€139,708
down €139,708 (-28.9%), from €482,655 to €342,947
Equity and liabilities
- Profit (loss) carried forward -€1.1m
down €1.1m, from €306,194 to -€761,419
- Debts after one year -€656,081
down €656,081 (-10.4%), from €6.3m to €5.6m
- Other debts +€567,762
up €567,762 (+51.0%), from €1.1m to €1.7m
- Trade debts -€461,267
down €461,267 (-65.5%), from €704,471 to €243,205
- Current portion of long-term debt +€158,237
up €158,237 (+22.3%), from €708,433 to €866,670
Income statement
- Staff costs -€347,766
down €347,766 (-15.1%), from €2.3m to €2.0m
- Depreciation +€315,028
up €315,028 (+49.0%), from €642,439 to €957,467
- Services and other goods +€178,673
up €178,673 (+13.2%), from €1.3m to €1.5m
- Goods and materials +€93,204
up €93,204 (+16.2%), from €574,804 to €668,008
of which Change in stocks: decrease (increase): +€194,985
- Financial charges +€91,492
up €91,492 (+30.6%), from €298,963 to €390,454
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€725,300
Turnover
+€63,894
Other operating income
-€56,013
Goods and materials
-€93,204
Services and other goods
-€178,673
Staff costs
+€347,766
Depreciation
-€315,028
Other operating charges
-€2,251
Financial income
-€17,132
Financial charges
-€91,492
Taxes
-€179
Result 2025
-€1.1m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€596,839
Investment
-€98,825
Financing
-€497,844
Cash 2024
€255
From operations (derived)
+€596,839
Net result for the year
-€1.1m
Depreciation
+€957,467
Stocks and contracts
+€139,708
Receivables within one year
+€221,285
Deferred charges and accrued income
+€221,614
Trade debts
-€461,267
Tax, wage and social debts
+€2,541
Advances received
+€4,120
Other debts
+€567,762
Accrued charges and deferred income
+€11,221
Investment (derived)
-€98,825
Investment in fixed assets (net)
-€98,825
Financing
-€497,844
Debts after one year
-€656,081
Current portion of long-term debt
+€158,237
Cash 2025
€426
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,771,846 | €8,330,766 | -€1.4m | -14.7% |
| Fixed assets | 21/28 | €7,967,487 | €7,108,844 | -€858,643 | -10.8% |
| Intangible fixed assets | 21 | €17,792 | €8,051 | -€9,740 | -54.7% |
| Tangible fixed assets | 22/27 | €7,949,695 | €7,100,792 | -€848,902 | -10.7% |
| Land and buildings | 22 | €5,011,734 | €4,781,859 | -€229,876 | -4.6% |
| Plant, machinery and equipment | 23 | €1,765,433 | €2,294,894 | +€529,462 | +30.0% |
| Furniture and vehicles | 24 | €19,465 | €5,706 | -€13,759 | -70.7% |
| Other tangible fixed assets | 26 | €26,264 | €18,333 | -€7,931 | -30.2% |
| Assets under construction and advance payments | 27 | €1,126,799 | - | -€1.1m | |
| Current assets | 29/58 | €1,804,359 | €1,221,922 | -€582,437 | -32.3% |
| Stocks and contracts in progress | 3 | €482,655 | €342,947 | -€139,708 | -28.9% |
| Stocks | 30/36 | €482,655 | €342,947 | -€139,708 | -28.9% |
| Raw materials and consumables | 30/31 | €482,655 | €342,947 | -€139,708 | -28.9% |
| Amounts receivable within one year | 40/41 | €1,096,606 | €875,320 | -€221,285 | -20.2% |
| Trade receivables | 40 | €913,693 | €842,754 | -€70,938 | -7.8% |
| Other amounts receivable | 41 | €182,913 | €32,566 | -€150,347 | -82.2% |
| Cash at bank and in hand | 54/58 | €255 | €426 | +€170 | +66.7% |
| Deferred charges and accrued income | 490/1 | €224,843 | €3,229 | -€221,614 | -98.6% |
| Total equity and liabilities | 10/49 | €9,771,846 | €8,330,766 | -€1.4m | -14.7% |
| Equity | 10/15 | €576,137 | -€491,476 | -€1.1m | |
| Contributions | 10/11 | €145,000 | €145,000 | = | 0.0% |
| Capital | 10 | €145,000 | €145,000 | = | 0.0% |
| Issued capital | 100 | €145,000 | €145,000 | = | 0.0% |
| Revaluation surpluses | 12 | €107,250 | €107,250 | = | 0.0% |
| Reserves | 13 | €17,693 | €17,693 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,500 | €14,500 | = | 0.0% |
| Legal reserve | 130 | €14,500 | €14,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,193 | €3,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | €306,194 | -€761,419 | -€1.1m | |
| Amounts payable | 17/49 | €9,195,708 | €8,822,242 | -€373,467 | -4.1% |
| Amounts payable after more than one year | 17 | €6,302,761 | €5,646,680 | -€656,081 | -10.4% |
| Financial debts | 170/4 | €6,302,761 | €5,646,680 | -€656,081 | -10.4% |
| Credit institutions | 173 | €6,302,761 | €5,646,680 | -€656,081 | -10.4% |
| Amounts payable within one year | 42/48 | €2,876,945 | €3,148,339 | +€271,393 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €708,433 | €866,670 | +€158,237 | +22.3% |
| Trade debts | 44 | €704,471 | €243,205 | -€461,267 | -65.5% |
| Suppliers | 440/4 | €704,471 | €243,205 | -€461,267 | -65.5% |
| Advances received on contracts in progress | 46 | - | €4,120 | +€4,120 | |
| Taxes, remuneration and social security | 45 | €350,759 | €353,300 | +€2,541 | +0.7% |
| Taxes | 450/3 | €47,464 | €81,326 | +€33,861 | +71.3% |
| Remuneration and social security | 454/9 | €303,295 | €271,975 | -€31,320 | -10.3% |
| Other amounts payable | 47/48 | €1,113,282 | €1,681,044 | +€567,762 | +51.0% |
| Accrued charges and deferred income | 492/3 | €16,002 | €27,223 | +€11,221 | +70.1% |
| Operating income | 70/76A | €4,473,212 | €4,481,093 | +€7,881 | +0.2% |
| Turnover | 70 | €4,185,302 | €4,249,197 | +€63,894 | +1.5% |
| Other operating income | 74 | €287,910 | €231,896 | -€56,013 | -19.5% |
| Operating charges | 60/66A | €4,916,764 | €5,158,155 | +€241,391 | +4.9% |
| Goods for resale, raw materials and consumables | 60 | €574,804 | €668,008 | +€93,204 | +16.2% |
| Purchases | 600/8 | €630,081 | €528,300 | -€101,781 | -16.2% |
| Change in stocks: decrease (increase) | 609 | -€55,277 | €139,708 | +€194,985 | |
| Services and other goods | 61 | €1,349,622 | €1,528,295 | +€178,673 | +13.2% |
| Remuneration, social security and pensions | 62 | €2,298,441 | €1,950,675 | -€347,766 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €642,439 | €957,467 | +€315,028 | +49.0% |
| Other operating charges | 640/8 | €51,458 | €53,709 | +€2,251 | +4.4% |
| Operating profit (loss) | 9901 | -€443,552 | -€677,062 | -€233,510 | -52.6% |
| Financial income | 75/76B | €17,416 | €284 | -€17,132 | -98.4% |
| Recurring financial income | 75 | €17,416 | €284 | -€17,132 | -98.4% |
| Other financial income | 752/9 | €17,416 | €284 | -€17,132 | -98.4% |
| Financial charges | 65/66B | €298,963 | €390,454 | +€91,492 | +30.6% |
| Recurring financial charges | 65 | €298,963 | €390,454 | +€91,492 | +30.6% |
| Debt charges | 650 | €298,947 | €390,454 | +€91,507 | +30.6% |
| Other financial charges | 652/9 | €16 | - | -€16 | |
| Profit (loss) for the period before taxes | 9903 | -€725,099 | -€1,067,233 | -€342,134 | -47.2% |
| Income taxes | 67/77 | €201 | €380 | +€179 | +89.0% |
| Taxes | 670/3 | €201 | €380 | +€179 | +89.0% |
| Profit (loss) for the period | 9904 | -€725,300 | -€1,067,613 | -€342,313 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€725,300 | -€1,067,613 | -€342,313 | -47.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.