ANN STEENO: 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.
ANN STEENO
Largest movements
- Cash +€112,706
up €112,706 (+49.8%), from €226,270 to €338,976
mainly Net result for the year (+€109,041) and Depreciation (+€18,418)
- Current investments +€20,000
up €20,000 (+5.4%), from €369,032 to €389,032
- Tangible fixed assets -€18,418
down €18,418 (-3.8%), from €489,056 to €470,638
of which Land and buildings: -€15,888
- Reserves +€108,000
up €108,000 (+10.4%), from €1.0m to €1.1m
of which Distributable reserves: +€108,000
- Gross operating margin +€31,515
up €31,515 (+22.2%), from €141,656 to €173,172
- Taxes +€9,188
up €9,188 (+25.8%), from €35,572 to €44,761
- Financial income -€2,579
down €2,579 (-57.3%), from €4,498 to €1,919
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 | €1,091,053 | €1,205,811 | +€114,758 | +10.5% |
| Fixed assets | 21/28 | €489,056 | €470,638 | -€18,418 | -3.8% |
| Tangible fixed assets | 22/27 | €489,056 | €470,638 | -€18,418 | -3.8% |
| Land and buildings | 22 | €478,593 | €462,705 | -€15,888 | -3.3% |
| Plant, machinery and equipment | 23 | €828 | €354 | -€475 | -57.3% |
| Other tangible fixed assets | 26 | €9,635 | €7,579 | -€2,056 | -21.3% |
| Current assets | 29/58 | €601,997 | €735,173 | +€133,176 | +22.1% |
| Amounts receivable within one year | 40/41 | €6,695 | €7,165 | +€470 | +7.0% |
| Trade receivables | 40 | €922 | €1,392 | +€470 | +51.0% |
| Other amounts receivable | 41 | €5,773 | €5,773 | = | 0.0% |
| Current investments | 50/53 | €369,032 | €389,032 | +€20,000 | +5.4% |
| Cash at bank and in hand | 54/58 | €226,270 | €338,976 | +€112,706 | +49.8% |
| Total equity and liabilities | 10/49 | €1,091,053 | €1,205,811 | +€114,758 | +10.5% |
| Equity | 10/15 | €1,067,809 | €1,176,850 | +€109,041 | +10.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,041,698 | €1,149,698 | +€108,000 | +10.4% |
| Non-distributable reserves | 130/1 | €7,698 | €7,698 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,698 | €7,698 | = | 0.0% |
| Distributable reserves | 133 | €1,034,000 | €1,142,000 | +€108,000 | +10.4% |
| Profit (loss) carried forward | 14 | €6,111 | €7,152 | +€1,041 | +17.0% |
| Amounts payable | 17/49 | €23,244 | €28,961 | +€5,717 | +24.6% |
| Amounts payable within one year | 42/48 | €23,244 | €28,961 | +€5,717 | +24.6% |
| Trade debts | 44 | €5,153 | €5,841 | +€688 | +13.3% |
| Suppliers | 440/4 | €5,153 | €5,841 | +€688 | +13.3% |
| Advances received on contracts in progress | 46 | €17,037 | €17,037 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €4,185 | +€4,185 | |
| Taxes | 450/3 | - | €4,185 | +€4,185 | |
| Other amounts payable | 47/48 | €1,054 | €1,898 | +€844 | +80.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,939 | €18,418 | +€1,479 | +8.7% |
| Other operating charges | 640/8 | €2,419 | €2,325 | -€94 | -3.9% |
| Gross operating margin | 9900 | €141,656 | €173,172 | +€31,515 | +22.2% |
| Operating profit (loss) | 9901 | €122,298 | €152,428 | +€30,130 | +24.6% |
| Financial income | 75/76B | €4,498 | €1,919 | -€2,579 | -57.3% |
| Recurring financial income | 75 | €4,498 | €1,919 | -€2,579 | -57.3% |
| Financial charges | 65/66B | €1,174 | €546 | -€629 | -53.5% |
| Recurring financial charges | 65 | €1,174 | €546 | -€629 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €125,621 | €153,801 | +€28,180 | +22.4% |
| Income taxes | 67/77 | €35,572 | €44,761 | +€9,188 | +25.8% |
| Profit (loss) for the period | 9904 | €90,049 | €109,041 | +€18,992 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €90,049 | €109,041 | +€18,992 | +21.1% |
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 22 October 2026 via checked.be.