PROPATH: what changed
What changed
PROPATH
NACE 25.999, Manufacture of fabricated metal products, except machinery and equipment
filed annual accounts (NBB)
Net result for the year
€77,179
2024 · €99,646-€22,468
Equity
€599,997
2024 · €522,818+€77,179
Cash
€17,435
2024 · €26,751-€9,316
Balance sheet total
€943,031
2024 · €1.1m-€203,044
Largest movements
Assets
- Current investments -€149,485
down €149,485 (-42.8%), from €349,336 to €199,850
- Receivables within one year +€50,569
up €50,569 (+21.4%), from €236,042 to €286,611
of which Trade receivables: +€87,203
- Tangible fixed assets -€39,210
down €39,210 (-26.3%), from €148,989 to €109,778
of which Furniture and vehicles: -€23,850
- Stocks and contracts -€28,948
down €28,948 (-8.2%), from €351,288 to €322,339
- Financial fixed assets -€16,203
down €16,203 (-88.9%), from €18,228 to €2,025
Equity and liabilities
- Other debts -€176,563
down €176,563 (-64.4%), from €274,188 to €97,624
- Advances received -€112,805
no longer reported in 2025 (was €112,805)
- Profit (loss) carried forward +€77,179
up €77,179 (+17.6%), from €438,513 to €515,692
Income statement
- Staff costs +€16,215
up €16,215 (+6.3%), from €255,787 to €272,001
- Financial income -€15,785
down €15,785 (-79.4%), from €19,879 to €4,094
- Other operating charges -€9,057
down €9,057 (-69.2%), from €13,079 to €4,022
- Taxes -€7,154
down €7,154 (-19.2%), from €37,180 to €30,026
- Depreciation +€6,105
up €6,105 (+15.8%), from €38,543 to €44,648
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
€99,646
Gross operating margin
+€4,977
Staff costs
-€16,215
Depreciation
-€6,105
Other operating charges
+€9,057
Financial income
-€15,785
Financial charges
-€5,550
Taxes
+€7,154
Result 2025
€77,179
raises the resultlowers the result
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
-€169,567
Investment
+€160,251
Financing
€0
Cash 2024
€26,751
From operations (derived)
-€169,567
Net result for the year
+€77,179
Depreciation
+€44,648
Stocks and contracts
+€28,948
Receivables within one year
-€50,569
Deferred charges and accrued income
+€10,450
Trade debts
+€10,072
Tax, wage and social debts
-€211
Advances received
-€112,805
Other debts
-€176,563
Accrued charges and deferred income
-€714
Investment (derived)
+€160,251
Investment in fixed assets (net)
+€10,766
Current investments
+€149,485
Cash 2025
€17,435
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,146,075 | €943,031 | -€203,044 | -17.7% |
| Fixed assets | 21/28 | €167,217 | €111,803 | -€55,413 | -33.1% |
| Tangible fixed assets | 22/27 | €148,989 | €109,778 | -€39,210 | -26.3% |
| Plant, machinery and equipment | 23 | €36,304 | €20,944 | -€15,360 | -42.3% |
| Furniture and vehicles | 24 | €112,684 | €88,834 | -€23,850 | -21.2% |
| Financial fixed assets | 28 | €18,228 | €2,025 | -€16,203 | -88.9% |
| Current assets | 29/58 | €978,858 | €831,228 | -€147,631 | -15.1% |
| Stocks and contracts in progress | 3 | €351,288 | €322,339 | -€28,948 | -8.2% |
| Stocks | 30/36 | €351,288 | €322,339 | -€28,948 | -8.2% |
| Amounts receivable within one year | 40/41 | €236,042 | €286,611 | +€50,569 | +21.4% |
| Trade receivables | 40 | €168,371 | €255,575 | +€87,203 | +51.8% |
| Other amounts receivable | 41 | €67,671 | €31,036 | -€36,634 | -54.1% |
| Current investments | 50/53 | €349,336 | €199,850 | -€149,485 | -42.8% |
| Cash at bank and in hand | 54/58 | €26,751 | €17,435 | -€9,316 | -34.8% |
| Deferred charges and accrued income | 490/1 | €15,442 | €4,992 | -€10,450 | -67.7% |
| Total equity and liabilities | 10/49 | €1,146,075 | €943,031 | -€203,044 | -17.7% |
| Equity | 10/15 | €522,818 | €599,997 | +€77,179 | +14.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €65,713 | €65,713 | = | 0.0% |
| Distributable reserves | 133 | €65,713 | €65,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | €438,513 | €515,692 | +€77,179 | +17.6% |
| Amounts payable | 17/49 | €623,257 | €343,034 | -€280,222 | -45.0% |
| Amounts payable within one year | 42/48 | €603,171 | €323,663 | -€279,508 | -46.3% |
| Trade debts | 44 | €192,907 | €202,979 | +€10,072 | +5.2% |
| Suppliers | 440/4 | €192,907 | €202,979 | +€10,072 | +5.2% |
| Advances received on contracts in progress | 46 | €112,805 | - | -€112,805 | |
| Taxes, remuneration and social security | 45 | €23,271 | €23,060 | -€211 | -0.9% |
| Taxes | 450/3 | €23,271 | - | -€23,271 | |
| Remuneration and social security | 454/9 | - | €23,060 | +€23,060 | |
| Other amounts payable | 47/48 | €274,188 | €97,624 | -€176,563 | -64.4% |
| Accrued charges and deferred income | 492/3 | €20,085 | €19,371 | -€714 | -3.6% |
| Non-recurring operating income | 76A | €3,637 | €2,800 | -€837 | -23.0% |
| Remuneration, social security and pensions | 62 | €255,787 | €272,001 | +€16,215 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,543 | €44,648 | +€6,105 | +15.8% |
| Other operating charges | 640/8 | €13,079 | €4,022 | -€9,057 | -69.2% |
| Gross operating margin | 9900 | €424,898 | €429,875 | +€4,977 | +1.2% |
| Operating profit (loss) | 9901 | €117,489 | €109,204 | -€8,286 | -7.1% |
| Financial income | 75/76B | €19,879 | €4,094 | -€15,785 | -79.4% |
| Recurring financial income | 75 | €19,879 | €4,094 | -€15,785 | -79.4% |
| Financial charges | 65/66B | €542 | €6,093 | +€5,550 | +1,023% |
| Recurring financial charges | 65 | €542 | €6,093 | +€5,550 | +1,023% |
| Profit (loss) for the period before taxes | 9903 | €136,826 | €107,205 | -€29,621 | -21.6% |
| Income taxes | 67/77 | €37,180 | €30,026 | -€7,154 | -19.2% |
| Profit (loss) for the period | 9904 | €99,646 | €77,179 | -€22,468 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €99,646 | €77,179 | -€22,468 | -22.5% |
Next steps
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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 1 November 2026 via checked.be.