Metarec: 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.
Metarec
Largest movements
- Tangible fixed assets -€362,523
down €362,523 (-17.0%), from €2.1m to €1.8m
of which Land and buildings: -€209,029
- Receivables within one year +€308,229
up €308,229 (+201%), from €153,652 to €461,881
of which Other amounts receivable: +€392,479
- Reserves +€85,055
up €85,055 (+4.4%), from €1.9m to €2.0m
- Debts after one year -€77,726
down €77,726 (-39.1%), from €198,680 to €120,954
- Current portion of long-term debt -€38,900
down €38,900 (-32.2%), from €120,792 to €81,892
- Tax, wage and social debts -€38,234
down €38,234 (-68.2%), from €56,083 to €17,849
of which Taxes: -€35,231
- Gross operating margin -€102,308
down €102,308 (-20.5%), from €498,498 to €396,190
- Taxes -€64,396
down €64,396 (-65.5%), from €98,360 to €33,964
- Depreciation -€20,105
down €20,105 (-7.8%), from €258,355 to €238,250
- Other operating charges -€10,948
down €10,948 (-22.6%), from €48,488 to €37,540
- Financial income +€6,897
new in 2025: €6,897
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 | €2,313,643 | €2,246,233 | -€67,410 | -2.9% |
| Fixed assets | 21/28 | €2,126,649 | €1,764,126 | -€362,523 | -17.0% |
| Tangible fixed assets | 22/27 | €2,126,649 | €1,764,126 | -€362,523 | -17.0% |
| Land and buildings | 22 | €1,501,596 | €1,292,567 | -€209,029 | -13.9% |
| Plant, machinery and equipment | 23 | €604,263 | €466,837 | -€137,426 | -22.7% |
| Furniture and vehicles | 24 | €20,790 | €4,722 | -€16,068 | -77.3% |
| Current assets | 29/58 | €186,994 | €482,107 | +€295,113 | +158% |
| Amounts receivable within one year | 40/41 | €153,652 | €461,881 | +€308,229 | +201% |
| Trade receivables | 40 | €84,250 | €0 | -€84,250 | -100% |
| Other amounts receivable | 41 | €69,402 | €461,881 | +€392,479 | +566% |
| Cash at bank and in hand | 54/58 | €31,249 | €18,285 | -€12,964 | -41.5% |
| Deferred charges and accrued income | 490/1 | €2,093 | €1,940 | -€152 | -7.3% |
| Total equity and liabilities | 10/49 | €2,313,643 | €2,246,233 | -€67,410 | -2.9% |
| Equity | 10/15 | €1,931,520 | €2,016,575 | +€85,055 | +4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,911,520 | €1,996,575 | +€85,055 | +4.4% |
| Distributable reserves | 133 | €1,911,520 | €1,996,575 | +€85,055 | +4.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €382,123 | €229,658 | -€152,465 | -39.9% |
| Amounts payable after more than one year | 17 | €198,680 | €120,954 | -€77,726 | -39.1% |
| Financial debts | 170/4 | €198,680 | €120,954 | -€77,726 | -39.1% |
| Amounts payable within one year | 42/48 | €183,443 | €108,704 | -€74,739 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €120,792 | €81,892 | -€38,900 | -32.2% |
| Trade debts | 44 | €2,796 | €2,828 | +€32 | +1.2% |
| Suppliers | 440/4 | €2,796 | €2,828 | +€32 | +1.2% |
| Taxes, remuneration and social security | 45 | €56,083 | €17,849 | -€38,234 | -68.2% |
| Taxes | 450/3 | €53,080 | €17,849 | -€35,231 | -66.4% |
| Remuneration and social security | 454/9 | €3,003 | €0 | -€3,003 | -100% |
| Other amounts payable | 47/48 | €3,772 | €6,134 | +€2,362 | +62.6% |
| Non-recurring operating income | 76A | €207 | €121,427 | +€121,221 | +58,671% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €258,355 | €238,250 | -€20,105 | -7.8% |
| Other operating charges | 640/8 | €48,488 | €37,540 | -€10,948 | -22.6% |
| Gross operating margin | 9900 | €498,498 | €396,190 | -€102,308 | -20.5% |
| Operating profit (loss) | 9901 | €191,655 | €120,400 | -€71,256 | -37.2% |
| Financial income | 75/76B | - | €6,897 | +€6,897 | |
| Recurring financial income | 75 | - | €6,897 | +€6,897 | |
| Financial charges | 65/66B | €12,821 | €8,277 | -€4,544 | -35.4% |
| Recurring financial charges | 65 | €12,821 | €8,277 | -€4,544 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €178,834 | €119,019 | -€59,815 | -33.4% |
| Income taxes | 67/77 | €98,360 | €33,964 | -€64,396 | -65.5% |
| Profit (loss) for the period | 9904 | €80,474 | €85,055 | +€4,581 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,474 | €85,055 | +€4,581 | +5.7% |
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 21 October 2026 via checked.be.