PARTNER REFRACTORIES GUNITING: what changed
What changed
PARTNER REFRACTORIES GUNITING
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€4.3m
2024 · €438,134+€3.9m
Equity
€546,956
2024 · €1.5m-€908,374
Cash
€4.7m
2024 · €889,996+€3.8m
Balance sheet total
€12.5m
2024 · €3.3m+€9.2m
Largest movements
Assets
- Stocks and contracts +€5.4m
up €5.4m (+753%), from €711,636 to €6.1m
of which Contracts in progress: +€5.4m
- Cash +€3.8m
up €3.8m (+430%), from €889,996 to €4.7m
mainly Other debts (+€5.2m) and Advances received (+€4.5m)
- Receivables within one year -€176,457
down €176,457 (-20.8%), from €847,262 to €670,805
of which Trade receivables: -€179,936
- Tangible fixed assets +€137,549
up €137,549 (+17.6%), from €783,650 to €921,199
of which Plant, machinery and equipment: +€196,949
Equity and liabilities
- Other debts +€5.2m
new in 2025: €5.2m
- Advances received +€4.5m
up €4.5m (+722%), from €621,815 to €5.1m
- Profit (loss) carried forward -€908,374
down €908,374 (-65.5%), from €1.4m to €478,756
- Tax, wage and social debts +€330,314
up €330,314 (+134%), from €246,120 to €576,434
of which Remuneration and social security: +€247,257
Income statement
- Financial income +€3.5m
up €3.5m (+27,831%), from €12,550 to €3.5m
- Gross operating margin +€2.0m
up €2.0m (+99.3%), from €2.0m to €4.0m
- Staff costs +€1.4m
up €1.4m (+119%), from €1.2m to €2.6m
- Taxes +€166,416
up €166,416 (+102%), from €162,782 to €329,199
- Depreciation +€51,202
up €51,202 (+24.1%), from €212,378 to €263,580
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€438,134
Gross operating margin
+€2.0m
Staff costs
-€1.4m
Depreciation
-€51,202
Provisions
+€7,797
Other operating charges
-€11,390
Other operating items
-€15,882
Financial income
+€3.5m
Financial charges
-€4,240
Taxes
-€166,416
Deferred taxes and other
-€243
Result 2025
€4.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9.4m
Investment
-€400,169
Financing
-€5.2m
Cash 2024
€889,996
From operations (derived)
+€9.4m
Net result for the year
+€4.3m
Depreciation
+€263,580
Stocks and contracts
-€5.4m
Receivables within one year
+€176,457
Deferred charges and accrued income
-€22,142
Smaller working-capital items
-€5,138
Trade debts
+€80,122
Tax, wage and social debts
+€330,314
Advances received
+€4.5m
Other debts
+€5.2m
Investment (derived)
-€400,169
Investment in fixed assets (net)
-€400,169
Financing
-€5.2m
Debts after one year
-€19,500
Current portion of long-term debt
+€393
Short-term financial debts
+€637
Contributions, distributions and other
-€5.2m
Cash 2025
€4.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,341,322 | €12,508,503 | +€9.2m | +274% |
| Fixed assets | 21/28 | €879,515 | €1,016,104 | +€136,589 | +15.5% |
| Intangible fixed assets | 21 | €1,642 | €682 | -€960 | -58.5% |
| Tangible fixed assets | 22/27 | €783,650 | €921,199 | +€137,549 | +17.6% |
| Land and buildings | 22 | €362,285 | €343,847 | -€18,438 | -5.1% |
| Plant, machinery and equipment | 23 | €144,658 | €341,607 | +€196,949 | +136% |
| Furniture and vehicles | 24 | €271,862 | €235,746 | -€36,117 | -13.3% |
| Assets under construction and advance payments | 27 | €4,844 | - | -€4,844 | |
| Financial fixed assets | 28 | €94,223 | €94,223 | = | 0.0% |
| Current assets | 29/58 | €2,461,807 | €11,492,399 | +€9.0m | +367% |
| Stocks and contracts in progress | 3 | €711,636 | €6,072,695 | +€5.4m | +753% |
| Stocks | 30/36 | €69,778 | €74,660 | +€4,882 | +7.0% |
| Contracts in progress | 37 | €641,858 | €5,998,036 | +€5.4m | +834% |
| Amounts receivable within one year | 40/41 | €847,262 | €670,805 | -€176,457 | -20.8% |
| Trade receivables | 40 | €676,763 | €496,827 | -€179,936 | -26.6% |
| Other amounts receivable | 41 | €170,500 | €173,978 | +€3,479 | +2.0% |
| Cash at bank and in hand | 54/58 | €889,996 | €4,713,844 | +€3.8m | +430% |
| Deferred charges and accrued income | 490/1 | €12,912 | €35,054 | +€22,142 | +171% |
| Total equity and liabilities | 10/49 | €3,341,322 | €12,508,503 | +€9.2m | +274% |
| Equity | 10/15 | €1,455,330 | €546,956 | -€908,374 | -62.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,387,130 | €478,756 | -€908,374 | -65.5% |
| Provisions and deferred taxes | 16 | €522,669 | €514,872 | -€7,797 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €522,669 | €514,872 | -€7,797 | -1.5% |
| Other liabilities and charges | 164/5 | €522,669 | €514,872 | -€7,797 | -1.5% |
| Amounts payable | 17/49 | €1,363,323 | €11,446,675 | +€10.1m | +740% |
| Amounts payable after more than one year | 17 | €150,794 | €131,295 | -€19,500 | -12.9% |
| Financial debts | 170/4 | €150,794 | €131,295 | -€19,500 | -12.9% |
| Amounts payable within one year | 42/48 | €1,202,927 | €11,303,120 | +€10.1m | +840% |
| Current portion of amounts payable after more than one year | 42 | €19,106 | €19,500 | +€393 | +2.1% |
| Financial debts | 43 | - | €637 | +€637 | |
| Credit institutions | 430/8 | - | €637 | +€637 | |
| Trade debts | 44 | €315,885 | €396,007 | +€80,122 | +25.4% |
| Suppliers | 440/4 | €315,885 | €396,007 | +€80,122 | +25.4% |
| Advances received on contracts in progress | 46 | €621,815 | €5,110,542 | +€4.5m | +722% |
| Taxes, remuneration and social security | 45 | €246,120 | €576,434 | +€330,314 | +134% |
| Taxes | 450/3 | €117,133 | €200,190 | +€83,057 | +70.9% |
| Remuneration and social security | 454/9 | €128,987 | €376,244 | +€247,257 | +192% |
| Other amounts payable | 47/48 | - | €5,200,000 | +€5.2m | |
| Accrued charges and deferred income | 492/3 | €9,602 | €12,261 | +€2,659 | +27.7% |
| Non-recurring operating income | 76A | €35,129 | - | -€35,129 | |
| Remuneration, social security and pensions | 62 | €1,174,549 | €2,567,527 | +€1.4m | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,378 | €263,580 | +€51,202 | +24.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€7,797 | -€7,797 | |
| Other operating charges | 640/8 | €24,760 | €36,150 | +€11,390 | +46.0% |
| Non-recurring operating charges | 66A | €257 | €16,139 | +€15,882 | +6,184% |
| Gross operating margin | 9900 | €2,008,889 | €4,004,229 | +€2.0m | +99.3% |
| Operating profit (loss) | 9901 | €596,945 | €1,128,631 | +€531,685 | +89.1% |
| Financial income | 75/76B | €12,550 | €3,505,255 | +€3.5m | +27,831% |
| Recurring financial income | 75 | €12,550 | €3,505,255 | +€3.5m | +27,831% |
| Financial charges | 65/66B | €8,822 | €13,062 | +€4,240 | +48.1% |
| Recurring financial charges | 65 | €8,822 | €13,062 | +€4,240 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €600,674 | €4,620,824 | +€4.0m | +669% |
| Transfer from deferred taxes | 780 | €243 | - | -€243 | |
| Income taxes | 67/77 | €162,782 | €329,199 | +€166,416 | +102% |
| Profit (loss) for the period | 9904 | €438,134 | €4,291,626 | +€3.9m | +880% |
| Profit (loss) for the period to be appropriated | 9905 | €438,134 | €4,291,626 | +€3.9m | +880% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.