A. STEEL: 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.
A. STEEL
Largest movements
- Tangible fixed assets +€54,625
up €54,625 (+36.6%), from €149,268 to €203,893
of which Furniture and vehicles: +€60,009
- Cash -€43,810
down €43,810 (-50.4%), from €86,919 to €43,109
mainly Investment in fixed assets (net) (-€91,141) and Trade debts (-€12,040)
- Receivables within one year +€8,292
up €8,292 (+73.2%), from €11,323 to €19,615
of which Other amounts receivable: +€4,650
- Reserves +€22,590
up €22,590 (+38.6%), from €58,595 to €81,184
of which Distributable reserves: +€22,590
- Debts after one year +€13,221
up €13,221 (+13.2%), from €100,215 to €113,436
- Trade debts -€12,040
down €12,040 (-46.1%), from €26,096 to €14,056
of which Suppliers: -€12,591
- Current portion of long-term debt +€8,278
up €8,278 (+64.3%), from €12,873 to €21,151
- Tax, wage and social debts -€7,231
down €7,231 (-30.5%), from €23,737 to €16,506
of which Remuneration and social security: -€4,121
- Gross operating margin +€46,584
up €46,584 (+22.2%), from €210,276 to €256,860
- Staff costs +€24,126
up €24,126 (+17.0%), from €141,964 to €166,090
- Depreciation +€15,772
up €15,772 (+76.0%), from €20,744 to €36,516
- Other operating charges +€6,490
up €6,490 (+198%), from €3,285 to €9,775
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 | €266,923 | €286,386 | +€19,463 | +7.3% |
| Fixed assets | 21/28 | €149,313 | €203,938 | +€54,625 | +36.6% |
| Tangible fixed assets | 22/27 | €149,268 | €203,893 | +€54,625 | +36.6% |
| Land and buildings | 22 | €92,566 | €86,383 | -€6,184 | -6.7% |
| Plant, machinery and equipment | 23 | €22,310 | €23,109 | +€800 | +3.6% |
| Furniture and vehicles | 24 | €34,392 | €94,401 | +€60,009 | +174% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €117,610 | €82,448 | -€35,162 | -29.9% |
| Stocks and contracts in progress | 3 | €17,226 | €17,500 | +€274 | +1.6% |
| Stocks | 30/36 | €17,226 | €17,500 | +€274 | +1.6% |
| Amounts receivable within one year | 40/41 | €11,323 | €19,615 | +€8,292 | +73.2% |
| Trade receivables | 40 | €10,982 | €14,625 | +€3,642 | +33.2% |
| Other amounts receivable | 41 | €341 | €4,990 | +€4,650 | +1,364% |
| Cash at bank and in hand | 54/58 | €86,919 | €43,109 | -€43,810 | -50.4% |
| Deferred charges and accrued income | 490/1 | €2,142 | €2,224 | +€82 | +3.8% |
| Total equity and liabilities | 10/49 | €266,923 | €286,386 | +€19,463 | +7.3% |
| Equity | 10/15 | €96,112 | €118,702 | +€22,590 | +23.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €58,595 | €81,184 | +€22,590 | +38.6% |
| Tax-exempt reserves | 132 | €3,923 | €3,923 | = | 0.0% |
| Distributable reserves | 133 | €54,672 | €77,261 | +€22,590 | +41.3% |
| Profit (loss) carried forward | 14 | €18,926 | €18,926 | = | 0.0% |
| Amounts payable | 17/49 | €170,811 | €167,684 | -€3,127 | -1.8% |
| Amounts payable after more than one year | 17 | €100,215 | €113,436 | +€13,221 | +13.2% |
| Financial debts | 170/4 | €100,215 | €113,436 | +€13,221 | +13.2% |
| Amounts payable within one year | 42/48 | €70,596 | €54,248 | -€16,348 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €12,873 | €21,151 | +€8,278 | +64.3% |
| Trade debts | 44 | €26,096 | €14,056 | -€12,040 | -46.1% |
| Suppliers | 440/4 | €25,138 | €12,547 | -€12,591 | -50.1% |
| Bills of exchange payable | 441 | €958 | €1,509 | +€551 | +57.6% |
| Taxes, remuneration and social security | 45 | €23,737 | €16,506 | -€7,231 | -30.5% |
| Taxes | 450/3 | €19,615 | €16,506 | -€3,110 | -15.9% |
| Remuneration and social security | 454/9 | €4,121 | - | -€4,121 | |
| Other amounts payable | 47/48 | €7,890 | €2,535 | -€5,355 | -67.9% |
| Remuneration, social security and pensions | 62 | €141,964 | €166,090 | +€24,126 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,744 | €36,516 | +€15,772 | +76.0% |
| Other operating charges | 640/8 | €3,285 | €9,775 | +€6,490 | +198% |
| Gross operating margin | 9900 | €210,276 | €256,860 | +€46,584 | +22.2% |
| Operating profit (loss) | 9901 | €44,283 | €44,478 | +€195 | +0.4% |
| Financial income | 75/76B | €197 | €141 | -€56 | -28.5% |
| Recurring financial income | 75 | €197 | €141 | -€56 | -28.5% |
| Financial charges | 65/66B | €6,186 | €7,316 | +€1,129 | +18.3% |
| Recurring financial charges | 65 | €6,186 | €7,316 | +€1,129 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €38,293 | €37,303 | -€990 | -2.6% |
| Income taxes | 67/77 | €11,000 | €9,882 | -€1,119 | -10.2% |
| Profit (loss) for the period | 9904 | €27,293 | €27,422 | +€129 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,293 | €27,422 | +€129 | +0.5% |
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 29 October 2026 via checked.be.