BARE METAL: 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.
BARE METAL
Largest movements
- Receivables within one year +€4,889
up €4,889 (+139%), from €3,518 to €8,407
of which Trade receivables: +€2,686
- Tangible fixed assets -€4,814
down €4,814 (-11.6%), from €41,489 to €36,674
of which Furniture and vehicles: -€3,000
- Cash -€3,401
down €3,401 (-34.3%), from €9,928 to €6,527
mainly Trade debts (-€15,323) and Receivables within one year (-€4,889)
- Deferred charges and accrued income +€561
new in 2025: €561
- Trade debts -€15,323
down €15,323 (-82.3%), from €18,620 to €3,296
- Debts after one year +€8,087
up €8,087 (+185%), from €4,383 to €12,470
- Current portion of long-term debt +€3,085
up €3,085 (+135%), from €2,287 to €5,371
- Tax, wage and social debts +€900
up €900 (+30.0%), from €3,005 to €3,905
- Gross operating margin -€23,378
down €23,378 (-77.7%), from €30,087 to €6,709
- Depreciation -€8,625
down €8,625 (-64.2%), from €13,440 to €4,814
- Taxes -€2,737
down €2,737 (-91.1%), from €3,005 to €268
- Financial charges +€616
up €616 (+219%), from €281 to €897
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 | €54,935 | €52,170 | -€2,765 | -5.0% |
| Fixed assets | 21/28 | €41,489 | €36,674 | -€4,814 | -11.6% |
| Tangible fixed assets | 22/27 | €41,489 | €36,674 | -€4,814 | -11.6% |
| Plant, machinery and equipment | 23 | €23,152 | €21,829 | -€1,323 | -5.7% |
| Furniture and vehicles | 24 | €10,734 | €7,734 | -€3,000 | -27.9% |
| Leasing and similar rights | 25 | €7,602 | €7,111 | -€491 | -6.5% |
| Current assets | 29/58 | €13,447 | €15,495 | +€2,049 | +15.2% |
| Amounts receivable within one year | 40/41 | €3,518 | €8,407 | +€4,889 | +139% |
| Trade receivables | 40 | €0 | €2,686 | +€2,686 | |
| Other amounts receivable | 41 | €3,518 | €5,721 | +€2,203 | +62.6% |
| Cash at bank and in hand | 54/58 | €9,928 | €6,527 | -€3,401 | -34.3% |
| Deferred charges and accrued income | 490/1 | - | €561 | +€561 | |
| Total equity and liabilities | 10/49 | €54,935 | €52,170 | -€2,765 | -5.0% |
| Equity | 10/15 | €26,641 | €27,127 | +€486 | +1.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €22,641 | €23,127 | +€486 | +2.1% |
| Distributable reserves | 133 | €22,641 | €23,127 | +€486 | +2.1% |
| Amounts payable | 17/49 | €28,294 | €25,043 | -€3,252 | -11.5% |
| Amounts payable after more than one year | 17 | €4,383 | €12,470 | +€8,087 | +185% |
| Financial debts | 170/4 | €4,383 | €12,470 | +€8,087 | +185% |
| Amounts payable within one year | 42/48 | €23,911 | €12,573 | -€11,339 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €2,287 | €5,371 | +€3,085 | +135% |
| Trade debts | 44 | €18,620 | €3,296 | -€15,323 | -82.3% |
| Suppliers | 440/4 | €18,620 | €3,296 | -€15,323 | -82.3% |
| Taxes, remuneration and social security | 45 | €3,005 | €3,905 | +€900 | +30.0% |
| Taxes | 450/3 | €3,005 | €3,905 | +€900 | +30.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,440 | €4,814 | -€8,625 | -64.2% |
| Other operating charges | 640/8 | €402 | €409 | +€8 | +1.9% |
| Gross operating margin | 9900 | €30,087 | €6,709 | -€23,378 | -77.7% |
| Operating profit (loss) | 9901 | €16,246 | €1,486 | -€14,760 | -90.9% |
| Financial income | 75/76B | €1 | €166 | +€165 | +32,425% |
| Recurring financial income | 75 | €1 | €166 | +€165 | +32,425% |
| Financial charges | 65/66B | €281 | €897 | +€616 | +219% |
| Recurring financial charges | 65 | €281 | €897 | +€616 | +219% |
| Profit (loss) for the period before taxes | 9903 | €15,965 | €754 | -€15,211 | -95.3% |
| Income taxes | 67/77 | €3,005 | €268 | -€2,737 | -91.1% |
| Profit (loss) for the period | 9904 | €12,960 | €486 | -€12,474 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,960 | €486 | -€12,474 | -96.2% |
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 18 October 2026 via checked.be.