METAL 107: 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.
METAL 107
Largest movements
- Financial fixed assets -€2.2m
down €2.2m (-100.0%), from €2.2m to €374
- Cash +€1.2m
up €1.2m (+535%), from €223,991 to €1.4m
mainly Investment in fixed assets (net) (+€997,630) and Receivables within one year (+€241,282)
- Intangible fixed assets +€1.1m
new in 2025: €1.1m
- Receivables within one year -€241,282
down €241,282 (-94.1%), from €256,435 to €15,154
- Current investments -€237,664
down €237,664 (-100%), from €237,664 to €0
- Other debts -€606,275
down €606,275 (-100%), from €606,275 to €0
- Reserves +€120,979
up €120,979 (+24.9%), from €485,407 to €606,386
of which Distributable reserves: +€126,286
- Tax, wage and social debts +€71,124
new in 2025: €71,124
- Financial charges -€752,180
down €752,180 (-92.4%), from €814,080 to €61,899
of which Non-recurring financial charges: -€811,282
- Financial income +€670,884
up €670,884 (+4,046%), from €16,583 to €687,466
- Depreciation +€122,380
up €122,380 (+1,110%), from €11,030 to €133,410
- Taxes +€81,920
new in 2025: €81,920
- Gross operating margin -€39,052
down €39,052, from €3,417 to -€35,635
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 | €3,381,452 | €2,970,140 | -€411,312 | -12.2% |
| Fixed assets | 21/28 | €2,663,362 | €1,532,322 | -€1.1m | -42.5% |
| Intangible fixed assets | 21 | - | €1,102,235 | +€1.1m | |
| Tangible fixed assets | 22/27 | €425,900 | €429,714 | +€3,814 | +0.9% |
| Land and buildings | 22 | €425,880 | €414,960 | -€10,920 | -2.6% |
| Furniture and vehicles | 24 | €20 | €0 | -€20 | -100% |
| Assets under construction and advance payments | 27 | - | €14,754 | +€14,754 | |
| Financial fixed assets | 28 | €2,237,463 | €374 | -€2.2m | -100.0% |
| Current assets | 29/58 | €718,090 | €1,437,818 | +€719,728 | +100% |
| Amounts receivable within one year | 40/41 | €256,435 | €15,154 | -€241,282 | -94.1% |
| Other amounts receivable | 41 | €256,435 | €15,154 | -€241,282 | -94.1% |
| Current investments | 50/53 | €237,664 | €0 | -€237,664 | -100% |
| Cash at bank and in hand | 54/58 | €223,991 | €1,422,664 | +€1.2m | +535% |
| Total equity and liabilities | 10/49 | €3,381,452 | €2,970,140 | -€411,312 | -12.2% |
| Equity | 10/15 | €2,735,284 | €2,856,263 | +€120,979 | +4.4% |
| Contributions | 10/11 | €2,249,877 | €2,249,877 | = | 0.0% |
| Reserves | 13 | €485,407 | €606,386 | +€120,979 | +24.9% |
| Tax-exempt reserves | 132 | €100,840 | €95,533 | -€5,307 | -5.3% |
| Distributable reserves | 133 | €384,567 | €510,854 | +€126,286 | +32.8% |
| Provisions and deferred taxes | 16 | €33,613 | €31,844 | -€1,769 | -5.3% |
| Deferred taxes | 168 | €33,613 | €31,844 | -€1,769 | -5.3% |
| Amounts payable | 17/49 | €612,555 | €82,033 | -€530,522 | -86.6% |
| Amounts payable within one year | 42/48 | €607,055 | €73,033 | -€534,022 | -88.0% |
| Trade debts | 44 | €780 | €1,909 | +€1,129 | +145% |
| Suppliers | 440/4 | €780 | €1,909 | +€1,129 | +145% |
| Taxes, remuneration and social security | 45 | - | €71,124 | +€71,124 | |
| Taxes | 450/3 | - | €71,124 | +€71,124 | |
| Other amounts payable | 47/48 | €606,275 | €0 | -€606,275 | -100% |
| Accrued charges and deferred income | 492/3 | €5,500 | €9,000 | +€3,500 | +63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,030 | €133,410 | +€122,380 | +1,110% |
| Other operating charges | 640/8 | €3,374 | €5,303 | +€1,929 | +57.2% |
| Non-recurring operating charges | 66A | - | €250,088 | +€250,088 | |
| Gross operating margin | 9900 | €3,417 | -€35,635 | -€39,052 | |
| Operating profit (loss) | 9901 | -€10,987 | -€424,437 | -€413,450 | -3,763% |
| Financial income | 75/76B | €16,583 | €687,466 | +€670,884 | +4,046% |
| Recurring financial income | 75 | €16,583 | €687,466 | +€670,884 | +4,046% |
| Financial charges | 65/66B | €814,080 | €61,899 | -€752,180 | -92.4% |
| Recurring financial charges | 65 | €2,798 | €61,899 | +€59,102 | +2,113% |
| Non-recurring financial charges | 66B | €811,282 | €0 | -€811,282 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€808,484 | €201,130 | +€1.0m | |
| Transfer from deferred taxes | 780 | €1,769 | €1,769 | = | 0.0% |
| Income taxes | 67/77 | - | €81,920 | +€81,920 | |
| Profit (loss) for the period | 9904 | -€806,715 | €120,979 | +€927,694 | |
| Transfer from tax-exempt reserves | 789 | €5,307 | €5,307 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€801,407 | €126,286 | +€927,694 |
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 28 October 2026 via checked.be.