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.
Metalwagen
Largest movements
- Receivables within one year +€50,926
up €50,926 (+17.8%), from €285,688 to €336,614
of which Other amounts receivable: +€34,151
- Stocks and contracts +€16,363
up €16,363 (+12.3%), from €132,951 to €149,314
of which Contracts in progress: +€17,389
- Tangible fixed assets -€12,408
down €12,408 (-21.7%), from €57,050 to €44,642
of which Leasing and similar rights: -€15,380
- Cash -€9,172
down €9,172 (-89.2%), from €10,287 to €1,115
mainly Receivables within one year (-€50,926) and Stocks and contracts (-€16,363)
- Other debts +€62,283
up €62,283 (+19.6%), from €318,229 to €380,512
- Debts after one year -€12,461
down €12,461 (-34.5%), from €36,162 to €23,701
- Trade debts -€7,957
down €7,957 (-10.6%), from €74,974 to €67,018
- Gross operating margin -€16,416
down €16,416 (-40.5%), from €40,548 to €24,131
- Depreciation -€1,539
down €1,539 (-7.5%), from €20,386 to €18,847
- Financial charges -€1,115
down €1,115 (-28.6%), from €3,894 to €2,779
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 | €485,975 | €531,685 | +€45,710 | +9.4% |
| Fixed assets | 21/28 | €57,050 | €44,642 | -€12,408 | -21.7% |
| Tangible fixed assets | 22/27 | €57,050 | €44,642 | -€12,408 | -21.7% |
| Land and buildings | 22 | - | €2,562 | +€2,562 | |
| Plant, machinery and equipment | 23 | - | €2,880 | +€2,880 | |
| Furniture and vehicles | 24 | €3,482 | €1,012 | -€2,470 | -70.9% |
| Leasing and similar rights | 25 | €53,568 | €38,188 | -€15,380 | -28.7% |
| Current assets | 29/58 | €428,925 | €487,043 | +€58,118 | +13.5% |
| Stocks and contracts in progress | 3 | €132,951 | €149,314 | +€16,363 | +12.3% |
| Stocks | 30/36 | €1,026 | €0 | -€1,026 | -100.0% |
| Contracts in progress | 37 | €131,925 | €149,314 | +€17,389 | +13.2% |
| Amounts receivable within one year | 40/41 | €285,688 | €336,614 | +€50,926 | +17.8% |
| Trade receivables | 40 | €237,762 | €254,537 | +€16,775 | +7.1% |
| Other amounts receivable | 41 | €47,926 | €82,077 | +€34,151 | +71.3% |
| Cash at bank and in hand | 54/58 | €10,287 | €1,115 | -€9,172 | -89.2% |
| Total equity and liabilities | 10/49 | €485,975 | €531,685 | +€45,710 | +9.4% |
| Equity | 10/15 | €39,901 | €41,097 | +€1,196 | +3.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Outside capital | 11 | €62,000 | - | -€62,000 | |
| Share premium | 1100/10 | €0 | - | = | |
| Other | 1109/19 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €4,958 | €4,958 | = | 0.0% |
| Distributable reserves | 133 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,057 | -€25,860 | +€1,196 | +4.4% |
| Amounts payable | 17/49 | €446,074 | €490,588 | +€44,514 | +10.0% |
| Amounts payable after more than one year | 17 | €36,162 | €23,701 | -€12,461 | -34.5% |
| Financial debts | 170/4 | €36,162 | €23,701 | -€12,461 | -34.5% |
| Amounts payable within one year | 42/48 | €406,912 | €466,887 | +€59,975 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €11,808 | €12,461 | +€653 | +5.5% |
| Trade debts | 44 | €74,974 | €67,018 | -€7,957 | -10.6% |
| Suppliers | 440/4 | €74,974 | €67,018 | -€7,957 | -10.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,900 | €6,896 | +€4,996 | +263.0% |
| Taxes | 450/3 | €0 | €4,946 | +€4,946 | |
| Remuneration and social security | 454/9 | €1,900 | €1,950 | +€50 | +2.6% |
| Other amounts payable | 47/48 | €318,229 | €380,512 | +€62,283 | +19.6% |
| Accrued charges and deferred income | 492/3 | €3,000 | €0 | -€3,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,386 | €18,847 | -€1,539 | -7.5% |
| Other operating charges | 640/8 | €1,243 | €1,451 | +€207 | +16.7% |
| Non-recurring operating charges | 66A | €2,093 | €0 | -€2,093 | -100.0% |
| Gross operating margin | 9900 | €40,548 | €24,131 | -€16,416 | -40.5% |
| Operating profit (loss) | 9901 | €16,826 | €3,834 | -€12,992 | -77.2% |
| Financial income | 75/76B | €269 | €142 | -€127 | -47.2% |
| Recurring financial income | 75 | €269 | €142 | -€127 | -47.2% |
| Financial charges | 65/66B | €3,894 | €2,779 | -€1,115 | -28.6% |
| Recurring financial charges | 65 | €3,894 | €2,779 | -€1,115 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €13,201 | €1,196 | -€12,004 | -90.9% |
| Profit (loss) for the period | 9904 | €13,201 | €1,196 | -€12,004 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,201 | €1,196 | -€12,004 | -90.9% |
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 26 September 2026 via checked.be.