S-METAL: 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.
S-METAL
Largest movements
- Stocks and contracts +€37,556
up €37,556 (+1,783%), from €2,106 to €39,662
of which Contracts in progress: +€35,000
- Receivables within one year -€25,161
down €25,161 (-46.5%), from €54,064 to €28,903
of which Other amounts receivable: -€17,191
- Cash +€16,218
up €16,218 (+128%), from €12,699 to €28,917
mainly Net result for the year (+€25,511) and Receivables within one year (+€25,161)
- Tangible fixed assets +€6,011
new in 2025: €6,011
of which Plant, machinery and equipment: +€3,789
- Reserves +€25,422
up €25,422 (+113%), from €22,578 to €48,000
- Advances received -€16,298
no longer reported in 2025 (was €16,298)
- Tax, wage and social debts +€13,491
up €13,491 (+143%), from €9,414 to €22,905
of which Taxes: +€7,418
- Trade debts +€9,769
up €9,769 (+65.7%), from €14,867 to €24,636
- Other debts +€1,873
up €1,873 (+145%), from €1,296 to €3,169
- Gross operating margin +€100,182
up €100,182 (+240%), from €41,724 to €141,906
- Staff costs +€96,455
up €96,455 (+963%), from €10,018 to €106,473
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 | €69,453 | €103,799 | +€34,346 | +49.5% |
| Fixed assets | 21/28 | - | €6,011 | +€6,011 | |
| Tangible fixed assets | 22/27 | - | €6,011 | +€6,011 | |
| Plant, machinery and equipment | 23 | - | €3,789 | +€3,789 | |
| Furniture and vehicles | 24 | - | €2,222 | +€2,222 | |
| Current assets | 29/58 | €69,453 | €97,788 | +€28,335 | +40.8% |
| Stocks and contracts in progress | 3 | €2,106 | €39,662 | +€37,556 | +1,783% |
| Stocks | 30/36 | €2,106 | €4,662 | +€2,556 | +121% |
| Contracts in progress | 37 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €54,064 | €28,903 | -€25,161 | -46.5% |
| Trade receivables | 40 | €13,380 | €5,410 | -€7,970 | -59.6% |
| Other amounts receivable | 41 | €40,684 | €23,493 | -€17,191 | -42.3% |
| Cash at bank and in hand | 54/58 | €12,699 | €28,917 | +€16,218 | +128% |
| Deferred charges and accrued income | 490/1 | €584 | €306 | -€278 | -47.6% |
| Total equity and liabilities | 10/49 | €69,453 | €103,799 | +€34,346 | +49.5% |
| Equity | 10/15 | €27,578 | €53,089 | +€25,511 | +92.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €22,578 | €48,000 | +€25,422 | +113% |
| Distributable reserves | 133 | €22,578 | €48,000 | +€25,422 | +113% |
| Profit (loss) carried forward | 14 | - | €89 | +€89 | |
| Amounts payable | 17/49 | €41,875 | €50,710 | +€8,835 | +21.1% |
| Amounts payable within one year | 42/48 | €41,875 | €50,710 | +€8,835 | +21.1% |
| Trade debts | 44 | €14,867 | €24,636 | +€9,769 | +65.7% |
| Suppliers | 440/4 | €14,867 | €24,636 | +€9,769 | +65.7% |
| Advances received on contracts in progress | 46 | €16,298 | - | -€16,298 | |
| Taxes, remuneration and social security | 45 | €9,414 | €22,905 | +€13,491 | +143% |
| Taxes | 450/3 | €8,064 | €15,482 | +€7,418 | +92.0% |
| Remuneration and social security | 454/9 | €1,350 | €7,423 | +€6,073 | +450% |
| Other amounts payable | 47/48 | €1,296 | €3,169 | +€1,873 | +145% |
| Remuneration, social security and pensions | 62 | €10,018 | €106,473 | +€96,455 | +963% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,013 | +€1,013 | |
| Other operating charges | 640/8 | €1,085 | €1,622 | +€537 | +49.5% |
| Gross operating margin | 9900 | €41,724 | €141,906 | +€100,182 | +240% |
| Operating profit (loss) | 9901 | €30,621 | €32,798 | +€2,177 | +7.1% |
| Financial charges | 65/66B | €97 | €247 | +€150 | +155% |
| Recurring financial charges | 65 | €97 | €247 | +€150 | +155% |
| Profit (loss) for the period before taxes | 9903 | €30,524 | €32,551 | +€2,027 | +6.6% |
| Income taxes | 67/77 | €7,946 | €7,040 | -€906 | -11.4% |
| Profit (loss) for the period | 9904 | €22,578 | €25,511 | +€2,933 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,578 | €25,511 | +€2,933 | +13.0% |
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 15 October 2026 via checked.be.