METAL48: 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.
METAL48
Largest movements
- Tangible fixed assets +€48,269
up €48,269 (+13.5%), from €356,548 to €404,816
of which Furniture and vehicles: +€52,137
- Cash -€13,243
down €13,243 (-63.5%), from €20,854 to €7,611
mainly Investment in fixed assets (net) (-€66,458) and Debts after one year (-€29,106)
- Other debts +€58,776
up €58,776 (+27.9%), from €210,318 to €269,095
- Debts after one year -€29,106
down €29,106 (-15.1%), from €193,031 to €163,924
- Current portion of long-term debt +€14,696
up €14,696, from €0 to €14,696
- Profit (loss) carried forward -€11,275
down €11,275 (-26.5%), from -€42,613 to -€53,888
- Financial charges +€17,160
up €17,160 (+11916.7%), from €144 to €17,304
- Depreciation +€3,566
up €3,566 (+24.4%), from €14,624 to €18,190
- Other operating charges -€1,571
down €1,571 (-95.7%), from €1,641 to €70
- Gross operating margin +€1,129
up €1,129 (+4.9%), from €23,160 to €24,289
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €381,335 | €412,427 | +€31,092 | +8.2% |
| Fixed assets | 21/28 | €356,548 | €404,816 | +€48,269 | +13.5% |
| Tangible fixed assets | 22/27 | €356,548 | €404,816 | +€48,269 | +13.5% |
| Land and buildings | 22 | €356,548 | €352,679 | -€3,868 | -1.1% |
| Furniture and vehicles | 24 | - | €52,137 | +€52,137 | |
| Current assets | 29/58 | €24,787 | €7,611 | -€17,176 | -69.3% |
| Amounts receivable within one year | 40/41 | €3,933 | €0 | -€3,933 | -100.0% |
| Other amounts receivable | 41 | €3,933 | €0 | -€3,933 | -100.0% |
| Cash at bank and in hand | 54/58 | €20,854 | €7,611 | -€13,243 | -63.5% |
| Total equity and liabilities | 10/49 | €381,335 | €412,427 | +€31,092 | +8.2% |
| Equity | 10/15 | -€24,013 | -€35,288 | -€11,275 | -47.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,613 | -€53,888 | -€11,275 | -26.5% |
| Amounts payable | 17/49 | €405,348 | €447,715 | +€42,367 | +10.5% |
| Amounts payable after more than one year | 17 | €193,031 | €163,924 | -€29,106 | -15.1% |
| Financial debts | 170/4 | €193,031 | €163,924 | -€29,106 | -15.1% |
| Amounts payable within one year | 42/48 | €211,447 | €283,790 | +€72,343 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €14,696 | +€14,696 | |
| Trade debts | 44 | €1,129 | €0 | -€1,129 | -100.0% |
| Suppliers | 440/4 | €1,129 | €0 | -€1,129 | -100.0% |
| Other amounts payable | 47/48 | €210,318 | €269,095 | +€58,776 | +27.9% |
| Accrued charges and deferred income | 492/3 | €870 | €0 | -€870 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,624 | €18,190 | +€3,566 | +24.4% |
| Other operating charges | 640/8 | €1,641 | €70 | -€1,571 | -95.7% |
| Gross operating margin | 9900 | €23,160 | €24,289 | +€1,129 | +4.9% |
| Operating profit (loss) | 9901 | €6,894 | €6,029 | -€865 | -12.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €144 | €17,304 | +€17,160 | +11916.7% |
| Recurring financial charges | 65 | €144 | €17,304 | +€17,160 | +11916.7% |
| Profit (loss) for the period before taxes | 9903 | €6,750 | -€11,275 | -€18,025 | |
| Profit (loss) for the period | 9904 | €6,750 | -€11,275 | -€18,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,750 | -€11,275 | -€18,025 |
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 9 October 2026 via checked.be.