METULA: 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.
METULA
Largest movements
- Current investments +€750,000
new in 2025: €750,000
- Cash -€197,818
down €197,818 (-47.4%), from €417,252 to €219,434
mainly Current investments (-€750,000) and Receivables within one year (-€51,091)
- Receivables within one year +€51,091
up €51,091 (+35.2%), from €145,252 to €196,342
of which Trade receivables: +€37,307
- Tangible fixed assets -€28,707
down €28,707 (-3.0%), from €946,391 to €917,684
of which Land and buildings: -€77,823
- Reserves +€510,049
up €510,049 (+33.3%), from €1.5m to €2.0m
- Trade debts +€53,000
up €53,000 (+176.2%), from €30,079 to €83,078
- Current portion of long-term debt +€48,118
up €48,118 (+137.7%), from €34,937 to €83,055
- Gross operating margin +€145,640
up €145,640 (+19.9%), from €733,481 to €879,121
- Taxes +€48,622
up €48,622 (+23.9%), from €203,528 to €252,150
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 | €1,821,366 | €2,395,965 | +€574,599 | +31.5% |
| Fixed assets | 21/28 | €1,256,274 | €1,227,567 | -€28,707 | -2.3% |
| Tangible fixed assets | 22/27 | €946,391 | €917,684 | -€28,707 | -3.0% |
| Land and buildings | 22 | €867,737 | €789,914 | -€77,823 | -9.0% |
| Plant, machinery and equipment | 23 | €42,811 | €30,856 | -€11,955 | -27.9% |
| Furniture and vehicles | 24 | €2,643 | €55,625 | +€52,983 | +2004.8% |
| Other tangible fixed assets | 26 | €33,200 | €41,289 | +€8,088 | +24.4% |
| Financial fixed assets | 28 | €309,883 | €309,883 | = | 0.0% |
| Current assets | 29/58 | €565,092 | €1,168,399 | +€603,307 | +106.8% |
| Amounts receivable within one year | 40/41 | €145,252 | €196,342 | +€51,091 | +35.2% |
| Trade receivables | 40 | €145,252 | €182,559 | +€37,307 | +25.7% |
| Other amounts receivable | 41 | €0 | €13,784 | +€13,784 | |
| Current investments | 50/53 | - | €750,000 | +€750,000 | |
| Cash at bank and in hand | 54/58 | €417,252 | €219,434 | -€197,818 | -47.4% |
| Deferred charges and accrued income | 490/1 | €2,588 | €2,622 | +€34 | +1.3% |
| Total equity and liabilities | 10/49 | €1,821,366 | €2,395,965 | +€574,599 | +31.5% |
| Equity | 10/15 | €1,551,409 | €2,061,458 | +€510,049 | +32.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,531,409 | €2,041,458 | +€510,049 | +33.3% |
| Distributable reserves | 133 | €1,531,409 | €2,041,458 | +€510,049 | +33.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €269,957 | €334,507 | +€64,551 | +23.9% |
| Amounts payable after more than one year | 17 | €63,020 | €57,709 | -€5,311 | -8.4% |
| Financial debts | 170/4 | €63,020 | €57,709 | -€5,311 | -8.4% |
| Amounts payable within one year | 42/48 | €206,936 | €276,798 | +€69,862 | +33.8% |
| Current portion of amounts payable after more than one year | 42 | €34,937 | €83,055 | +€48,118 | +137.7% |
| Financial debts | 43 | €66,289 | €43,562 | -€22,727 | -34.3% |
| Credit institutions | 430/8 | €66,289 | €43,562 | -€22,727 | -34.3% |
| Trade debts | 44 | €30,079 | €83,078 | +€53,000 | +176.2% |
| Suppliers | 440/4 | €30,079 | €83,078 | +€53,000 | +176.2% |
| Taxes, remuneration and social security | 45 | €75,632 | €67,103 | -€8,528 | -11.3% |
| Taxes | 450/3 | €75,632 | €67,103 | -€8,528 | -11.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €193,886 | +€193,886 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,457 | €73,704 | -€4,753 | -6.1% |
| Other operating charges | 640/8 | €4,258 | €4,694 | +€435 | +10.2% |
| Gross operating margin | 9900 | €733,481 | €879,121 | +€145,640 | +19.9% |
| Operating profit (loss) | 9901 | €650,766 | €800,723 | +€149,957 | +23.0% |
| Financial income | 75/76B | €2,015 | €5,347 | +€3,332 | +165.3% |
| Recurring financial income | 75 | €2,015 | €5,347 | +€3,332 | +165.3% |
| Financial charges | 65/66B | €9,598 | €9,527 | -€71 | -0.7% |
| Recurring financial charges | 65 | €9,598 | €9,527 | -€71 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €643,184 | €796,543 | +€153,360 | +23.8% |
| Income taxes | 67/77 | €203,528 | €252,150 | +€48,622 | +23.9% |
| Profit (loss) for the period | 9904 | €439,656 | €544,393 | +€104,737 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €439,656 | €544,393 | +€104,737 | +23.8% |
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 1 October 2026 via checked.be.