Marcel HALLOIN: 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.
What changed
Marcel HALLOIN
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€88,617
2024 · -€10,346+€98,963
Equity
€887,560
2024 · €799,890+€87,670
Cash
€972,567
2024 · €583,351+€389,216
Balance sheet total
€2.5m
2024 · €2.4m+€85,003
Largest movements
Assets
- Cash +€389,216
up €389,216 (+66.7%), from €583,351 to €972,567
mainly Depreciation (+€267,438) and Stocks and contracts (+€108,780)
- Tangible fixed assets -€174,811
down €174,811 (-30.8%), from €567,185 to €392,374
of which Plant, machinery and equipment: -€151,389
- Stocks and contracts -€108,780
down €108,780 (-25.7%), from €424,061 to €315,281
of which Stocks: -€101,612
Equity and liabilities
- Trade debts -€106,494
down €106,494 (-50.5%), from €210,877 to €104,384
- Reserves +€88,617
up €88,617 (+13.9%), from €638,587 to €727,204
of which Distributable reserves: +€107,892
- Tax, wage and social debts +€46,710
up €46,710 (+14.0%), from €334,700 to €381,409
of which Taxes: +€36,796
Income statement
- Gross operating margin +€256,687
up €256,687 (+9.8%), from €2.6m to €2.9m
- Staff costs +€59,058
up €59,058 (+2.5%), from €2.4m to €2.4m
- Depreciation +€42,596
up €42,596 (+18.9%), from €224,842 to €267,438
- Taxes +€40,890
up €40,890 (+266%), from €15,347 to €56,238
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
-€10,346
Gross operating margin
+€256,687
Staff costs
-€59,058
Depreciation
-€42,596
Provisions
-€17,242
Other operating charges
+€328
Financial income
+€3,127
Financial charges
-€1,393
Taxes
-€40,890
Result 2025
€88,617
raises the resultlowers the result
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.
From operations
+€461,415
Investment
-€92,627
Financing
+€20,429
Cash 2024
€583,351
From operations (derived)
+€461,415
Net result for the year
+€88,617
Depreciation
+€267,438
Stocks and contracts
+€108,780
Receivables within one year
+€20,378
Deferred charges and accrued income
+€244
Provisions
+€2,760
Trade debts
-€106,494
Tax, wage and social debts
+€46,710
Advances received
+€17,182
Other debts
+€13,875
Accrued charges and deferred income
+€1,924
Investment (derived)
-€92,627
Investment in fixed assets (net)
-€92,627
Financing
+€20,429
Debts after one year
+€6,639
Current portion of long-term debt
+€14,736
Contributions, distributions and other
-€947
Cash 2025
€972,567
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,403,294 | €2,488,296 | +€85,003 | +3.5% |
| Fixed assets | 21/28 | €576,533 | €401,722 | -€174,811 | -30.3% |
| Tangible fixed assets | 22/27 | €567,185 | €392,374 | -€174,811 | -30.8% |
| Plant, machinery and equipment | 23 | €350,727 | €199,338 | -€151,389 | -43.2% |
| Furniture and vehicles | 24 | €195,397 | €178,014 | -€17,383 | -8.9% |
| Other tangible fixed assets | 26 | €21,062 | €15,022 | -€6,040 | -28.7% |
| Financial fixed assets | 28 | €9,348 | €9,348 | = | 0.0% |
| Current assets | 29/58 | €1,826,761 | €2,086,574 | +€259,814 | +14.2% |
| Stocks and contracts in progress | 3 | €424,061 | €315,281 | -€108,780 | -25.7% |
| Stocks | 30/36 | €398,488 | €296,876 | -€101,612 | -25.5% |
| Contracts in progress | 37 | €25,573 | €18,405 | -€7,168 | -28.0% |
| Amounts receivable within one year | 40/41 | €791,470 | €771,091 | -€20,378 | -2.6% |
| Trade receivables | 40 | €516,093 | €503,227 | -€12,866 | -2.5% |
| Other amounts receivable | 41 | €275,377 | €267,865 | -€7,512 | -2.7% |
| Cash at bank and in hand | 54/58 | €583,351 | €972,567 | +€389,216 | +66.7% |
| Deferred charges and accrued income | 490/1 | €27,879 | €27,635 | -€244 | -0.9% |
| Total equity and liabilities | 10/49 | €2,403,294 | €2,488,296 | +€85,003 | +3.5% |
| Equity | 10/15 | €799,890 | €887,560 | +€87,670 | +11.0% |
| Contributions | 10/11 | €160,356 | €160,356 | = | 0.0% |
| Reserves | 13 | €638,587 | €727,204 | +€88,617 | +13.9% |
| Non-distributable reserves | 130/1 | €19,275 | - | -€19,275 | |
| Reserves not available under the articles | 1311 | €19,275 | - | -€19,275 | |
| Distributable reserves | 133 | €619,312 | €727,204 | +€107,892 | +17.4% |
| Investment grants | 15 | €947 | - | -€947 | |
| Provisions and deferred taxes | 16 | €97,893 | €100,654 | +€2,760 | +2.8% |
| Provisions for liabilities and charges | 160/5 | €97,893 | €100,654 | +€2,760 | +2.8% |
| Other liabilities and charges | 164/5 | €97,893 | €100,654 | +€2,760 | +2.8% |
| Amounts payable | 17/49 | €1,505,511 | €1,500,083 | -€5,427 | -0.4% |
| Amounts payable after more than one year | 17 | €619,919 | €626,558 | +€6,639 | +1.1% |
| Financial debts | 170/4 | €119,919 | €126,558 | +€6,639 | +5.5% |
| Other amounts payable | 178/9 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €885,592 | €871,601 | -€13,991 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €34,073 | €48,810 | +€14,736 | +43.2% |
| Trade debts | 44 | €210,877 | €104,384 | -€106,494 | -50.5% |
| Suppliers | 440/4 | €210,877 | €104,384 | -€106,494 | -50.5% |
| Advances received on contracts in progress | 46 | €47,300 | €64,482 | +€17,182 | +36.3% |
| Taxes, remuneration and social security | 45 | €334,700 | €381,409 | +€46,710 | +14.0% |
| Taxes | 450/3 | €21,941 | €58,736 | +€36,796 | +168% |
| Remuneration and social security | 454/9 | €312,759 | €322,673 | +€9,914 | +3.2% |
| Other amounts payable | 47/48 | €258,642 | €272,517 | +€13,875 | +5.4% |
| Accrued charges and deferred income | 492/3 | - | €1,924 | +€1,924 | |
| Non-recurring operating income | 76A | €26,545 | €3,306 | -€23,240 | -87.5% |
| Remuneration, social security and pensions | 62 | €2,379,811 | €2,438,869 | +€59,058 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,842 | €267,438 | +€42,596 | +18.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,481 | €2,760 | +€17,242 | |
| Other operating charges | 640/8 | €4,972 | €4,644 | -€328 | -6.6% |
| Gross operating margin | 9900 | €2,615,961 | €2,872,648 | +€256,687 | +9.8% |
| Operating profit (loss) | 9901 | €20,818 | €158,936 | +€138,118 | +663% |
| Financial income | 75/76B | €14,444 | €17,571 | +€3,127 | +21.7% |
| Recurring financial income | 75 | €14,444 | €17,571 | +€3,127 | +21.7% |
| Financial charges | 65/66B | €30,260 | €31,653 | +€1,393 | +4.6% |
| Recurring financial charges | 65 | €29,832 | €31,509 | +€1,677 | +5.6% |
| Non-recurring financial charges | 66B | €428 | €144 | -€284 | -66.4% |
| Profit (loss) for the period before taxes | 9903 | €5,001 | €144,854 | +€139,853 | +2,796% |
| Income taxes | 67/77 | €15,347 | €56,238 | +€40,890 | +266% |
| Profit (loss) for the period | 9904 | -€10,346 | €88,617 | +€98,963 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,346 | €88,617 | +€98,963 |
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 20 October 2026 via checked.be.