Metafor: 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
Metafor
NACE 25.402, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€74,383
2024 · -€261,088+€186,704
Equity
€404,202
2024 · €478,586-€74,383
Cash
€49,592
2024 · €33,387+€16,205
Balance sheet total
€5.0m
2024 · €5.2m-€136,698
Largest movements
Assets
- Tangible fixed assets -€304,720
down €304,720 (-9.5%), from €3.2m to €2.9m
- Stocks and contracts +€122,086
up €122,086 (+21.7%), from €563,876 to €685,962
- Receivables within one year +€57,159
up €57,159 (+4.3%), from €1.3m to €1.4m
of which Trade receivables: +€232,112
Equity and liabilities
- Debts after one year -€661,615
down €661,615 (-24.1%), from €2.7m to €2.1m
- Short-term financial debts +€518,291
up €518,291 (+92.0%), from €563,204 to €1.1m
- Current portion of long-term debt +€155,234
up €155,234 (+30.2%), from €514,330 to €669,564
- Other debts -€139,933
down €139,933 (-100.0%), from €139,960 to €26
- Trade debts +€134,118
up €134,118 (+32.7%), from €410,506 to €544,624
Income statement
- Gross operating margin +€233,168
up €233,168 (+15.2%), from €1.5m to €1.8m
- Financial charges +€28,414
up €28,414 (+29.4%), from €96,697 to €125,111
- Depreciation +€19,694
up €19,694 (+4.8%), from €407,248 to €426,942
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
-€261,088
Gross operating margin
+€233,168
Staff costs
-€5,368
Depreciation
-€19,694
Provisions
+€9,363
Other operating charges
-€637
Financial income
-€2,228
Financial charges
-€28,414
Taxes
+€217
Deferred taxes and other
+€298
Result 2025
-€74,383
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
+€114,994
Investment
-€110,700
Financing
+€11,910
Cash 2024
€33,387
From operations (derived)
+€114,994
Net result for the year
-€74,383
Depreciation
+€426,942
Stocks and contracts
-€122,086
Receivables within one year
-€57,159
Deferred charges and accrued income
+€15,906
Provisions
-€56,258
Trade debts
+€134,118
Tax, wage and social debts
-€12,152
Other debts
-€139,933
Investment (derived)
-€110,700
Investment in fixed assets (net)
-€110,700
Financing
+€11,910
Debts after one year
-€661,615
Current portion of long-term debt
+€155,234
Short-term financial debts
+€518,291
Cash 2025
€49,592
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,174,807 | €5,038,109 | -€136,698 | -2.6% |
| Fixed assets | 21/28 | €3,211,565 | €2,895,323 | -€316,242 | -9.8% |
| Intangible fixed assets | 21 | €18,347 | €6,825 | -€11,522 | -62.8% |
| Tangible fixed assets | 22/27 | €3,193,218 | €2,888,498 | -€304,720 | -9.5% |
| Land and buildings | 22 | €1,782,508 | €1,680,226 | -€102,282 | -5.7% |
| Plant, machinery and equipment | 23 | €1,223,200 | €1,079,045 | -€144,155 | -11.8% |
| Furniture and vehicles | 24 | €68,825 | €47,090 | -€21,735 | -31.6% |
| Leasing and similar rights | 25 | €118,685 | €82,137 | -€36,548 | -30.8% |
| Current assets | 29/58 | €1,963,242 | €2,142,786 | +€179,544 | +9.1% |
| Stocks and contracts in progress | 3 | €563,876 | €685,962 | +€122,086 | +21.7% |
| Stocks | 30/36 | €563,876 | €685,962 | +€122,086 | +21.7% |
| Amounts receivable within one year | 40/41 | €1,323,331 | €1,380,490 | +€57,159 | +4.3% |
| Trade receivables | 40 | €820,702 | €1,052,814 | +€232,112 | +28.3% |
| Other amounts receivable | 41 | €502,630 | €327,676 | -€174,953 | -34.8% |
| Cash at bank and in hand | 54/58 | €33,387 | €49,592 | +€16,205 | +48.5% |
| Deferred charges and accrued income | 490/1 | €42,647 | €26,741 | -€15,906 | -37.3% |
| Total equity and liabilities | 10/49 | €5,174,807 | €5,038,109 | -€136,698 | -2.6% |
| Equity | 10/15 | €478,586 | €404,202 | -€74,383 | -15.5% |
| Contributions | 10/11 | €72,000 | €72,000 | = | 0.0% |
| Capital | 10 | €72,000 | €72,000 | = | 0.0% |
| Issued capital | 100 | €72,000 | €72,000 | = | 0.0% |
| Reserves | 13 | €357,540 | €224,012 | -€133,527 | -37.3% |
| Non-distributable reserves | 130/1 | €38,358 | €38,358 | = | 0.0% |
| Legal reserve | 130 | €37,200 | €37,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,158 | €1,158 | = | 0.0% |
| Tax-exempt reserves | 132 | €241,710 | €108,183 | -€133,527 | -55.2% |
| Distributable reserves | 133 | €77,471 | €77,471 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,046 | €108,190 | +€59,144 | +120.6% |
| Provisions and deferred taxes | 16 | €243,619 | €187,361 | -€56,258 | -23.1% |
| Provisions for liabilities and charges | 160/5 | €170,905 | €159,081 | -€11,825 | -6.9% |
| Other liabilities and charges | 164/5 | €170,905 | €159,081 | -€11,825 | -6.9% |
| Deferred taxes | 168 | €72,714 | €28,281 | -€44,433 | -61.1% |
| Amounts payable | 17/49 | €4,452,602 | €4,446,545 | -€6,057 | -0.1% |
| Amounts payable after more than one year | 17 | €2,747,451 | €2,085,837 | -€661,615 | -24.1% |
| Financial debts | 170/4 | €2,747,451 | €2,085,837 | -€661,615 | -24.1% |
| Amounts payable within one year | 42/48 | €1,705,150 | €2,360,708 | +€655,558 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €514,330 | €669,564 | +€155,234 | +30.2% |
| Financial debts | 43 | €563,204 | €1,081,495 | +€518,291 | +92.0% |
| Credit institutions | 430/8 | €563,204 | €1,081,495 | +€518,291 | +92.0% |
| Trade debts | 44 | €410,506 | €544,624 | +€134,118 | +32.7% |
| Suppliers | 440/4 | €410,506 | €544,624 | +€134,118 | +32.7% |
| Taxes, remuneration and social security | 45 | €77,151 | €64,999 | -€12,152 | -15.8% |
| Taxes | 450/3 | €28,440 | €19,630 | -€8,811 | -31.0% |
| Remuneration and social security | 454/9 | €48,710 | €45,369 | -€3,341 | -6.9% |
| Other amounts payable | 47/48 | €139,960 | €26 | -€139,933 | -100.0% |
| Non-recurring operating income | 76A | - | €6,755 | +€6,755 | |
| Remuneration, social security and pensions | 62 | €1,330,142 | €1,335,510 | +€5,368 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €407,248 | €426,942 | +€19,694 | +4.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,462 | -€11,825 | -€9,363 | -380.3% |
| Other operating charges | 640/8 | €21,555 | €22,192 | +€637 | +3.0% |
| Gross operating margin | 9900 | €1,538,617 | €1,771,785 | +€233,168 | +15.2% |
| Operating profit (loss) | 9901 | -€217,865 | -€1,034 | +€216,831 | +99.5% |
| Financial income | 75/76B | €10,540 | €8,312 | -€2,228 | -21.1% |
| Recurring financial income | 75 | €10,540 | €8,312 | -€2,228 | -21.1% |
| Financial charges | 65/66B | €96,697 | €125,111 | +€28,414 | +29.4% |
| Recurring financial charges | 65 | €96,697 | €125,111 | +€28,414 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | -€304,022 | -€117,832 | +€186,189 | +61.2% |
| Transfer from deferred taxes | 780 | €44,135 | €44,433 | +€298 | +0.7% |
| Income taxes | 67/77 | €1,201 | €984 | -€217 | -18.1% |
| Profit (loss) for the period | 9904 | -€261,088 | -€74,383 | +€186,704 | +71.5% |
| Transfer from tax-exempt reserves | 789 | €135,544 | €133,527 | -€2,017 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,544 | €59,144 | +€184,687 |
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 3 October 2026 via checked.be.