Galvamétaux: 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.
Galvamétaux
Largest movements
- Cash +€830,889
up €830,889 (+115%), from €720,254 to €1.6m
mainly Net result for the year (+€1.4m) and Depreciation (+€578,715)
- Tangible fixed assets -€197,224
down €197,224 (-4.0%), from €4.9m to €4.7m
of which Assets under construction and advance payments: -€339,457
- Receivables within one year +€148,363
up €148,363 (+8.9%), from €1.7m to €1.8m
of which Trade receivables: +€147,545
- Profit (loss) carried forward +€1.4m
up €1.4m (+81.8%), from €1.7m to €3.2m
- Other debts -€800,000
no longer reported in 2025 (was €800,000)
- Trade debts +€273,724
up €273,724 (+34.8%), from €787,393 to €1.1m
- Debts after one year -€263,018
down €263,018 (-56.0%), from €469,411 to €206,393
- Tax, wage and social debts +€114,185
up €114,185 (+31.1%), from €366,669 to €480,854
of which Remuneration and social security: +€86,437
- Gross operating margin +€900,855
up €900,855 (+21.8%), from €4.1m to €5.0m
- Staff costs +€199,493
up €199,493 (+8.8%), from €2.3m to €2.5m
- Taxes +€124,686
up €124,686 (+35.7%), from €349,344 to €474,030
- Depreciation +€109,260
up €109,260 (+23.3%), from €469,455 to €578,715
- Financial income -€65,696
down €65,696 (-99.5%), from €66,007 to €311
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 | €8,261,947 | €9,038,091 | +€776,144 | +9.4% |
| Fixed assets | 21/28 | €5,053,294 | €4,797,154 | -€256,140 | -5.1% |
| Intangible fixed assets | 21 | €166,141 | €107,225 | -€58,916 | -35.5% |
| Tangible fixed assets | 22/27 | €4,886,153 | €4,688,929 | -€197,224 | -4.0% |
| Land and buildings | 22 | €3,407,583 | €3,254,764 | -€152,819 | -4.5% |
| Plant, machinery and equipment | 23 | €884,474 | €1,251,430 | +€366,956 | +41.5% |
| Furniture and vehicles | 24 | €170,196 | €98,292 | -€71,904 | -42.2% |
| Assets under construction and advance payments | 27 | €423,900 | €84,443 | -€339,457 | -80.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €3,208,653 | €4,240,937 | +€1.0m | +32.2% |
| Stocks and contracts in progress | 3 | €825,181 | €878,536 | +€53,355 | +6.5% |
| Stocks | 30/36 | €825,181 | €878,536 | +€53,355 | +6.5% |
| Amounts receivable within one year | 40/41 | €1,662,596 | €1,810,959 | +€148,363 | +8.9% |
| Trade receivables | 40 | €1,514,645 | €1,662,190 | +€147,545 | +9.7% |
| Other amounts receivable | 41 | €147,951 | €148,769 | +€818 | +0.6% |
| Cash at bank and in hand | 54/58 | €720,254 | €1,551,143 | +€830,889 | +115% |
| Deferred charges and accrued income | 490/1 | €622 | €299 | -€323 | -51.9% |
| Total equity and liabilities | 10/49 | €8,261,947 | €9,038,091 | +€776,144 | +9.4% |
| Equity | 10/15 | €5,477,302 | €6,908,269 | +€1.4m | +26.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €3,348,550 | €3,348,550 | = | 0.0% |
| Non-distributable reserves | 130/1 | €48,550 | €48,550 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Other | 1319 | €23,550 | €23,550 | = | 0.0% |
| Distributable reserves | 133 | €3,300,000 | €3,300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,749,752 | €3,180,719 | +€1.4m | +81.8% |
| Investment grants | 15 | €129,000 | €129,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,784,645 | €2,129,822 | -€654,823 | -23.5% |
| Amounts payable after more than one year | 17 | €469,411 | €206,393 | -€263,018 | -56.0% |
| Financial debts | 170/4 | €469,411 | €206,393 | -€263,018 | -56.0% |
| Amounts payable within one year | 42/48 | €2,315,234 | €1,923,429 | -€391,805 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €297,698 | €263,018 | -€34,680 | -11.6% |
| Financial debts | 43 | €63,474 | €118,440 | +€54,966 | +86.6% |
| Credit institutions | 430/8 | €63,474 | €118,440 | +€54,966 | +86.6% |
| Trade debts | 44 | €787,393 | €1,061,117 | +€273,724 | +34.8% |
| Suppliers | 440/4 | €787,393 | €1,061,117 | +€273,724 | +34.8% |
| Taxes, remuneration and social security | 45 | €366,669 | €480,854 | +€114,185 | +31.1% |
| Taxes | 450/3 | €123,005 | €150,753 | +€27,748 | +22.6% |
| Remuneration and social security | 454/9 | €243,664 | €330,101 | +€86,437 | +35.5% |
| Other amounts payable | 47/48 | €800,000 | - | -€800,000 | |
| Remuneration, social security and pensions | 62 | €2,259,608 | €2,459,101 | +€199,493 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €469,455 | €578,715 | +€109,260 | +23.3% |
| Other operating charges | 640/8 | €71,319 | €68,011 | -€3,308 | -4.6% |
| Non-recurring operating charges | 66A | €1,471 | €4,799 | +€3,328 | +226% |
| Gross operating margin | 9900 | €4,126,245 | €5,027,100 | +€900,855 | +21.8% |
| Operating profit (loss) | 9901 | €1,324,392 | €1,916,474 | +€592,082 | +44.7% |
| Financial income | 75/76B | €66,007 | €311 | -€65,696 | -99.5% |
| Recurring financial income | 75 | €66,007 | €311 | -€65,696 | -99.5% |
| Financial charges | 65/66B | €16,595 | €11,788 | -€4,807 | -29.0% |
| Recurring financial charges | 65 | €16,595 | €11,788 | -€4,807 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €1,373,804 | €1,904,997 | +€531,193 | +38.7% |
| Income taxes | 67/77 | €349,344 | €474,030 | +€124,686 | +35.7% |
| Profit (loss) for the period | 9904 | €1,024,460 | €1,430,967 | +€406,507 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,024,460 | €1,430,967 | +€406,507 | +39.7% |
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 1 November 2026 via checked.be.