KOPAL: 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.
What changed
KOPAL
NACE 25.110, Manufacture of metal structures and parts of structures
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.3m
2024 · €2.8m+€567,022
Equity
€13.3m
2024 · €15.1m-€1.8m
Cash
€894,708
2024 · €1.2m-€264,167
Balance sheet total
€19.5m
2024 · €18.3m+€1.1m
Largest movements
Assets
- Receivables within one year +€3.1m
up €3.1m (+76.1%), from €4.1m to €7.2m
of which Other amounts receivable: +€2.6m
- Current investments -€850,000
down €850,000 (-100.0%), from €850,000 to €0
- Tangible fixed assets -€475,385
down €475,385 (-8.4%), from €5.7m to €5.2m
of which Land and buildings: -€313,715
- Stocks and contracts -€443,049
down €443,049 (-7.0%), from €6.4m to €5.9m
- Cash -€264,167
down €264,167 (-22.8%), from €1.2m to €894,708
mainly Contributions, distributions and other (-€5.2m) and Receivables within one year (-€3.1m)
Equity and liabilities
- Other debts +€2.5m
up €2.5m (+217.1%), from €1.2m to €3.7m
- Reserves -€1.8m
down €1.8m (-12.2%), from €14.7m to €12.9m
of which Distributable reserves: -€1.8m
- Trade debts +€417,182
up €417,182 (+33.7%), from €1.2m to €1.7m
Income statement
- Turnover +€2.0m
up €2.0m (+8.0%), from €24.7m to €26.7m
- Services and other goods +€719,390
up €719,390 (+19.8%), from €3.6m to €4.4m
- Goods and materials +€589,351
up €589,351 (+4.8%), from €12.3m to €12.9m
of which Purchases: +€328,610
- Financial charges -€284,226
down €284,226 (-94.2%), from €301,635 to €17,410
of which Non-recurring financial charges: -€268,389
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.
Result 2024
€2.8m
Turnover
+€2.0m
Other operating income
+€19,949
Goods and materials
-€589,351
Services and other goods
-€719,390
Staff costs
-€65,107
Depreciation
+€1,815
Write-downs
-€198,152
Other operating charges
+€6,727
Other operating items
-€259,913
Financial income
-€32,287
Financial charges
+€284,226
Taxes
+€136,094
Result 2025
€3.3m
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.
From operations
+€4.3m
Investment
+€576,867
Financing
-€5.2m
Cash 2024
€1.2m
From operations (derived)
+€4.3m
Net result for the year
+€3.3m
Depreciation
+€664,747
Stocks and contracts
+€443,049
Receivables within one year
-€3.1m
Deferred charges and accrued income
+€20,526
Provisions
-€125,382
Trade debts
+€417,182
Tax, wage and social debts
+€143,813
Smaller working-capital items
-€8,607
Other debts
+€2.5m
Investment (derived)
+€576,867
Investment in fixed assets (net)
-€273,133
Current investments
+€850,000
Financing
-€5.2m
Contributions, distributions and other
-€5.2m
Cash 2025
€894,708
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,333,582 | €19,460,464 | +€1.1m | +6.1% |
| Fixed assets | 21/28 | €5,772,222 | €5,380,608 | -€391,614 | -6.8% |
| Intangible fixed assets | 21 | €92,970 | €181,522 | +€88,552 | +95.2% |
| Tangible fixed assets | 22/27 | €5,670,562 | €5,195,178 | -€475,385 | -8.4% |
| Land and buildings | 22 | €4,005,444 | €3,691,729 | -€313,715 | -7.8% |
| Plant, machinery and equipment | 23 | €1,426,907 | €1,325,730 | -€101,177 | -7.1% |
| Furniture and vehicles | 24 | €238,212 | €177,718 | -€60,493 | -25.4% |
| Financial fixed assets | 28 | €8,690 | €3,909 | -€4,781 | -55.0% |
| Affiliated companies | 280/1 | €0 | - | = | |
| Participating interests | 280 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €8,690 | €3,909 | -€4,781 | -55.0% |
| Amounts receivable and cash guarantees | 285/8 | €8,690 | €3,909 | -€4,781 | -55.0% |
| Current assets | 29/58 | €12,561,360 | €14,079,856 | +€1.5m | +12.1% |
| Stocks and contracts in progress | 3 | €6,359,945 | €5,916,896 | -€443,049 | -7.0% |
| Stocks | 30/36 | €6,359,945 | €5,916,896 | -€443,049 | -7.0% |
| Raw materials and consumables | 30/31 | €2,841,140 | €2,725,295 | -€115,845 | -4.1% |
| Work in progress | 32 | €1,163,715 | €902,277 | -€261,438 | -22.5% |
| Finished goods | 33 | €2,355,090 | €2,289,325 | -€65,766 | -2.8% |
| Amounts receivable within one year | 40/41 | €4,066,704 | €7,162,941 | +€3.1m | +76.1% |
| Trade receivables | 40 | €3,656,425 | €4,108,068 | +€451,643 | +12.4% |
| Other amounts receivable | 41 | €410,279 | €3,054,874 | +€2.6m | +644.6% |
| Current investments | 50/53 | €850,000 | €0 | -€850,000 | -100.0% |
| Other investments | 51/53 | €850,000 | €0 | -€850,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €1,158,875 | €894,708 | -€264,167 | -22.8% |
| Deferred charges and accrued income | 490/1 | €125,836 | €105,310 | -€20,526 | -16.3% |
| Total equity and liabilities | 10/49 | €18,333,582 | €19,460,464 | +€1.1m | +6.1% |
| Equity | 10/15 | €15,086,095 | €13,285,499 | -€1.8m | -11.9% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €14,714,255 | €12,913,659 | -€1.8m | -12.2% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,116,016 | €3,116,016 | = | 0.0% |
| Distributable reserves | 133 | €11,561,055 | €9,760,459 | -€1.8m | -15.6% |
| Provisions and deferred taxes | 16 | €152,147 | €26,765 | -€125,382 | -82.4% |
| Provisions for liabilities and charges | 160/5 | €152,147 | €26,765 | -€125,382 | -82.4% |
| Other liabilities and charges | 164/5 | €152,147 | €26,765 | -€125,382 | -82.4% |
| Amounts payable | 17/49 | €3,095,339 | €6,148,200 | +€3.1m | +98.6% |
| Amounts payable within one year | 42/48 | €3,079,272 | €6,132,808 | +€3.1m | +99.2% |
| Trade debts | 44 | €1,239,545 | €1,656,727 | +€417,182 | +33.7% |
| Suppliers | 440/4 | €1,239,545 | €1,656,727 | +€417,182 | +33.7% |
| Advances received on contracts in progress | 46 | €9,058 | €1,127 | -€7,931 | -87.6% |
| Taxes, remuneration and social security | 45 | €678,644 | €822,457 | +€143,813 | +21.2% |
| Taxes | 450/3 | €120,979 | €184,172 | +€63,193 | +52.2% |
| Remuneration and social security | 454/9 | €557,665 | €638,286 | +€80,621 | +14.5% |
| Other amounts payable | 47/48 | €1,152,025 | €3,652,497 | +€2.5m | +217.1% |
| Accrued charges and deferred income | 492/3 | €16,068 | €15,392 | -€676 | -4.2% |
| Operating income | 70/76A | €25,000,819 | €26,743,089 | +€1.7m | +7.0% |
| Turnover | 70 | €24,703,304 | €26,685,717 | +€2.0m | +8.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €63,150 | -€327,204 | -€390,354 | |
| Other operating income | 74 | €225,177 | €245,126 | +€19,949 | +8.9% |
| Non-recurring operating income | 76A | €9,188 | €139,450 | +€130,262 | +1417.7% |
| Operating charges | 60/66A | €21,539,296 | €23,102,576 | +€1.6m | +7.3% |
| Goods for resale, raw materials and consumables | 60 | €12,333,479 | €12,922,830 | +€589,351 | +4.8% |
| Purchases | 600/8 | €12,478,375 | €12,806,985 | +€328,610 | +2.6% |
| Change in stocks: decrease (increase) | 609 | -€144,896 | €115,845 | +€260,741 | |
| Services and other goods | 61 | €3,640,319 | €4,359,710 | +€719,390 | +19.8% |
| Remuneration, social security and pensions | 62 | €4,931,570 | €4,996,677 | +€65,107 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €666,562 | €664,747 | -€1,815 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€194,742 | €3,410 | +€198,152 | |
| Other operating charges | 640/8 | €135,165 | €128,438 | -€6,727 | -5.0% |
| Non-recurring operating charges | 66A | €26,944 | €26,765 | -€179 | -0.7% |
| Operating profit (loss) | 9901 | €3,461,523 | €3,640,513 | +€178,990 | +5.2% |
| Financial income | 75/76B | €144,231 | €111,944 | -€32,287 | -22.4% |
| Recurring financial income | 75 | €144,231 | €111,944 | -€32,287 | -22.4% |
| Income from financial fixed assets | 750 | €82,772 | €386 | -€82,386 | -99.5% |
| Income from current assets | 751 | €6,431 | €44,165 | +€37,734 | +586.8% |
| Other financial income | 752/9 | €55,028 | €67,393 | +€12,365 | +22.5% |
| Financial charges | 65/66B | €301,635 | €17,410 | -€284,226 | -94.2% |
| Recurring financial charges | 65 | €33,246 | €17,410 | -€15,837 | -47.6% |
| Debt charges | 650 | €728 | €155 | -€573 | -78.7% |
| Other financial charges | 652/9 | €32,518 | €17,254 | -€15,264 | -46.9% |
| Non-recurring financial charges | 66B | €268,389 | €0 | -€268,389 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €3,304,119 | €3,735,047 | +€430,929 | +13.0% |
| Income taxes | 67/77 | €521,737 | €385,643 | -€136,094 | -26.1% |
| Taxes | 670/3 | €522,656 | €385,643 | -€137,012 | -26.2% |
| Tax adjustments and reversals of tax provisions | 77 | €918 | €0 | -€918 | -100.0% |
| Profit (loss) for the period | 9904 | €2,782,382 | €3,349,404 | +€567,022 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,782,382 | €3,349,404 | +€567,022 | +20.4% |
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.