BEAR METAL DEVELOPMENT: 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.
BEAR METAL DEVELOPMENT
Largest movements
- Receivables within one year +€26,673
up €26,673 (+101.7%), from €26,232 to €52,905
of which Trade receivables: +€26,541
- Cash +€15,842
up €15,842 (+12.2%), from €129,657 to €145,499
mainly Net result for the year (+€75,919) and Other debts (+€24,591)
- Tangible fixed assets +€5,963
up €5,963 (+211.9%), from €2,814 to €8,778
- Other debts +€24,591
up €24,591 (+47.4%), from €51,866 to €76,456
- Tax, wage and social debts +€23,935
up €23,935 (+68.8%), from €34,795 to €58,730
of which Taxes: +€22,287
- Gross operating margin +€9,903
up €9,903 (+10.1%), from €97,966 to €107,869
- Staff costs -€7,975
down €7,975 (-64.7%), from €12,335 to €4,360
- Financial charges +€3,761
up €3,761 (+645.5%), from €583 to €4,344
- Taxes +€2,390
up €2,390 (+13.0%), from €18,369 to €20,758
- Depreciation +€1,161
up €1,161 (+87.4%), from €1,327 to €2,488
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 | €160,403 | €208,882 | +€48,479 | +30.2% |
| Fixed assets | 21/28 | €4,514 | €10,478 | +€5,963 | +132.1% |
| Tangible fixed assets | 22/27 | €2,814 | €8,778 | +€5,963 | +211.9% |
| Furniture and vehicles | 24 | €2,814 | €8,778 | +€5,963 | +211.9% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €155,888 | €198,404 | +€42,515 | +27.3% |
| Amounts receivable within one year | 40/41 | €26,232 | €52,905 | +€26,673 | +101.7% |
| Trade receivables | 40 | €26,126 | €52,667 | +€26,541 | +101.6% |
| Other amounts receivable | 41 | €106 | €239 | +€133 | +125.4% |
| Cash at bank and in hand | 54/58 | €129,657 | €145,499 | +€15,842 | +12.2% |
| Total equity and liabilities | 10/49 | €160,403 | €208,882 | +€48,479 | +30.2% |
| Equity | 10/15 | €73,695 | €73,695 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €71,695 | €71,695 | = | 0.0% |
| Distributable reserves | 133 | €71,695 | €71,695 | = | 0.0% |
| Amounts payable | 17/49 | €86,708 | €135,186 | +€48,479 | +55.9% |
| Amounts payable within one year | 42/48 | €86,708 | €135,186 | +€48,479 | +55.9% |
| Trade debts | 44 | €47 | - | -€47 | |
| Suppliers | 440/4 | €47 | - | -€47 | |
| Taxes, remuneration and social security | 45 | €34,795 | €58,730 | +€23,935 | +68.8% |
| Taxes | 450/3 | €32,075 | €54,362 | +€22,287 | +69.5% |
| Remuneration and social security | 454/9 | €2,720 | €4,368 | +€1,648 | +60.6% |
| Other amounts payable | 47/48 | €51,866 | €76,456 | +€24,591 | +47.4% |
| Remuneration, social security and pensions | 62 | €12,335 | €4,360 | -€7,975 | -64.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,327 | €2,488 | +€1,161 | +87.4% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €97,966 | €107,869 | +€9,903 | +10.1% |
| Operating profit (loss) | 9901 | €83,917 | €101,021 | +€17,104 | +20.4% |
| Financial income | 75/76B | €138 | - | -€138 | |
| Recurring financial income | 75 | €138 | - | -€138 | |
| Financial charges | 65/66B | €583 | €4,344 | +€3,761 | +645.5% |
| Recurring financial charges | 65 | €583 | €4,344 | +€3,761 | +645.5% |
| Profit (loss) for the period before taxes | 9903 | €83,472 | €96,677 | +€13,205 | +15.8% |
| Income taxes | 67/77 | €18,369 | €20,758 | +€2,390 | +13.0% |
| Profit (loss) for the period | 9904 | €65,104 | €75,919 | +€10,815 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,104 | €75,919 | +€10,815 | +16.6% |
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 2 October 2026 via checked.be.