B - 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.
What changed
B - STEEL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€622,316
2024 · €173,387-€795,704
Equity
€36.2m
2024 · €17.0m+€19.2m
Cash
€9.9m
2024 · €446,146+€9.4m
Balance sheet total
€72.8m
2024 · €17.1m+€55.7m
Largest movements
Assets
- Receivables within one year +€23.0m
up €23.0m (+5,743%), from €400,940 to €23.4m
of which Trade receivables: +€21.3m
- Current investments +€11.3m
up €11.3m (+453%), from €2.5m to €13.8m
- Cash +€9.4m
up €9.4m (+2,108%), from €446,146 to €9.9m
mainly Contributions, distributions and other (+€19.8m) and Trade debts (+€13.3m)
- Fixed assets +€6.4m
up €6.4m (+46.7%), from €13.7m to €20.1m
of which Tangible fixed assets: +€13.6m
- Stocks and contracts +€5.0m
new in 2025: €5.0m
of which Contracts in progress: +€4.1m
Equity and liabilities
- Equity +€19.2m
up €19.2m (+113%), from €17.0m to €36.2m
- Trade debts +€13.3m
up €13.3m (+18,139%), from €73,100 to €13.3m
- Advances received +€9.0m
new in 2025: €9.0m
- Debts after one year +€6.8m
new in 2025: €6.8m
- Tax, wage and social debts +€5.0m
up €5.0m (+8,428%), from €59,599 to €5.1m
of which Remuneration and social security: +€3.6m
Income statement
- Turnover +€92.5m
up €92.5m (+13,229%), from €699,536 to €93.2m
- Goods and materials +€35.4m
new in 2025: €35.4m
of which Purchases: +€35.3m
- Services and other goods +€28.1m
up €28.1m (+7,965%), from €352,216 to €28.4m
- Staff costs +€28.0m
up €28.0m (+8,193%), from €342,256 to €28.4m
- Depreciation +€3.0m
up €3.0m (+23,293%), from €13,053 to €3.1m
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.
Result 2024
€173,387
Turnover
+€92.5m
Other operating income
+€2.1m
Goods and materials
-€35.4m
Services and other goods
-€28.1m
Staff costs
-€28.0m
Depreciation
-€3.0m
Write-downs
-€11,542
Provisions
+€2.9m
Other operating charges
-€868,776
Other operating items
-€1.8m
Financial income
+€1.3m
Financial charges
-€2.0m
Taxes
-€492,106
Result 2025
-€622,316
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.0m
Investment
-€20.8m
Financing
+€28.1m
Cash 2024
€446,146
From operations (derived)
+€2.0m
Net result for the year
-€622,316
Depreciation
+€3.1m
Stocks and contracts
-€5.0m
Receivables within one year
-€23.0m
Deferred charges and accrued income
-€521,019
Provisions
+€678,394
Trade debts
+€13.3m
Tax, wage and social debts
+€5.0m
Advances received
+€9.0m
Other debts
-€55
Accrued charges and deferred income
+€239,247
Investment (derived)
-€20.8m
Investment in fixed assets (net)
-€9.4m
Current investments
-€11.3m
Financing
+€28.1m
Debts after one year
+€6.8m
Current portion of long-term debt
+€1.4m
Short-term financial debts
+€143,371
Contributions, distributions and other
+€19.8m
Cash 2025
€9.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,128,883 | €72,824,680 | +€55.7m | +325% |
| Fixed assets | 21/28 | €13,685,642 | €20,074,519 | +€6.4m | +46.7% |
| Intangible fixed assets | 21 | - | €1,547,360 | +€1.5m | |
| Tangible fixed assets | 22/27 | €17,165 | €13,577,571 | +€13.6m | +78,999% |
| Land and buildings | 22 | - | €7,211,890 | +€7.2m | |
| Plant, machinery and equipment | 23 | - | €2,647,949 | +€2.6m | |
| Furniture and vehicles | 24 | €17,165 | €494,027 | +€476,861 | +2,778% |
| Leasing and similar rights | 25 | - | €1,891,043 | +€1.9m | |
| Other tangible fixed assets | 26 | - | €698,717 | +€698,717 | |
| Assets under construction and advance payments | 27 | - | €633,944 | +€633,944 | |
| Financial fixed assets | 28 | €13,668,476 | €546,669 | -€13.1m | -96.0% |
| Affiliated companies | 280/1 | €13,668,476 | - | -€13.7m | |
| Participating interests | 280 | €10,668,476 | - | -€10.7m | |
| Amounts receivable | 281 | €3,000,000 | - | -€3.0m | |
| Other financial fixed assets | 284/8 | - | €546,669 | +€546,669 | |
| Shares | 284 | - | €24,097 | +€24,097 | |
| Amounts receivable and cash guarantees | 285/8 | - | €522,572 | +€522,572 | |
| Current assets | 29/58 | €3,443,242 | €52,750,161 | +€49.3m | +1,432% |
| Stocks and contracts in progress | 3 | - | €5,043,387 | +€5.0m | |
| Stocks | 30/36 | - | €910,247 | +€910,247 | |
| Raw materials and consumables | 30/31 | - | €910,247 | +€910,247 | |
| Contracts in progress | 37 | - | €4,133,140 | +€4.1m | |
| Amounts receivable within one year | 40/41 | €400,940 | €23,425,312 | +€23.0m | +5,743% |
| Trade receivables | 40 | €366,188 | €21,627,738 | +€21.3m | +5,806% |
| Other amounts receivable | 41 | €34,751 | €1,797,573 | +€1.8m | +5,073% |
| Current investments | 50/53 | €2,500,000 | €13,813,545 | +€11.3m | +453% |
| Other investments | 51/53 | €2,500,000 | €13,813,545 | +€11.3m | +453% |
| Cash at bank and in hand | 54/58 | €446,146 | €9,850,742 | +€9.4m | +2,108% |
| Deferred charges and accrued income | 490/1 | €96,156 | €617,174 | +€521,019 | +542% |
| Total equity and liabilities | 10/49 | €17,128,883 | €72,824,680 | +€55.7m | +325% |
| Equity | 10/15 | €16,992,279 | €36,171,852 | +€19.2m | +113% |
| Contributions | 10/11 | €1,802,320 | €5,645,286 | +€3.8m | +213% |
| Capital | 10 | €1,802,320 | €5,645,286 | +€3.8m | +213% |
| Issued capital | 100 | €1,802,320 | €5,645,286 | +€3.8m | +213% |
| Revaluation surpluses | 12 | €40,901 | €82,304 | +€41,403 | +101% |
| Reserves | 13 | €15,149,058 | - | -€15.1m | |
| Non-distributable reserves | 130/1 | €180,232 | - | -€180,232 | |
| Legal reserve | 130 | €180,232 | - | -€180,232 | |
| Tax-exempt reserves | 132 | €3 | - | -€3 | |
| Distributable reserves | 133 | €14,968,823 | - | -€15.0m | |
| Provisions and deferred taxes | 16 | - | €678,394 | +€678,394 | |
| Provisions for liabilities and charges | 160/5 | - | €678,394 | +€678,394 | |
| Pensions and similar obligations | 160 | - | €12,849 | +€12,849 | |
| Other liabilities and charges | 164/5 | - | €665,545 | +€665,545 | |
| Amounts payable | 17/49 | €136,604 | €35,974,434 | +€35.8m | +26,235% |
| Amounts payable after more than one year | 17 | - | €6,809,562 | +€6.8m | |
| Financial debts | 170/4 | - | €6,809,562 | +€6.8m | |
| Leasing and similar obligations | 172 | - | €475,755 | +€475,755 | |
| Credit institutions | 173 | - | €6,333,807 | +€6.3m | |
| Amounts payable within one year | 42/48 | €132,753 | €28,921,773 | +€28.8m | +21,686% |
| Current portion of amounts payable after more than one year | 42 | - | €1,361,249 | +€1.4m | |
| Financial debts | 43 | - | €143,371 | +€143,371 | |
| Other loans | 439 | - | €143,371 | +€143,371 | |
| Trade debts | 44 | €73,100 | €13,332,907 | +€13.3m | +18,139% |
| Suppliers | 440/4 | €73,100 | €13,332,907 | +€13.3m | +18,139% |
| Advances received on contracts in progress | 46 | - | €9,001,596 | +€9.0m | |
| Taxes, remuneration and social security | 45 | €59,599 | €5,082,651 | +€5.0m | +8,428% |
| Taxes | 450/3 | €11,632 | €1,445,701 | +€1.4m | +12,328% |
| Remuneration and social security | 454/9 | €47,966 | €3,636,949 | +€3.6m | +7,482% |
| Other amounts payable | 47/48 | €55 | - | -€55 | |
| Accrued charges and deferred income | 492/3 | €3,851 | €243,098 | +€239,247 | +6,213% |
| Operating income | 70/76A | €744,624 | €94,870,477 | +€94.1m | +12,641% |
| Turnover | 70 | €699,536 | €93,244,343 | +€92.5m | +13,229% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | -€795,618 | -€795,618 | |
| Own construction capitalised | 72 | - | €214,808 | +€214,808 | |
| Other operating income | 74 | €37,539 | €2,175,500 | +€2.1m | +5,695% |
| Non-recurring operating income | 76A | €7,549 | €31,444 | +€23,895 | +317% |
| Operating charges | 60/66A | €709,995 | €94,465,391 | +€93.8m | +13,205% |
| Goods for resale, raw materials and consumables | 60 | - | €35,411,445 | +€35.4m | |
| Purchases | 600/8 | - | €35,259,106 | +€35.3m | |
| Change in stocks: decrease (increase) | 609 | - | €152,338 | +€152,338 | |
| Services and other goods | 61 | €352,216 | €28,404,555 | +€28.1m | +7,965% |
| Remuneration, social security and pensions | 62 | €342,256 | €28,382,889 | +€28.0m | +8,193% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,053 | €3,053,458 | +€3.0m | +23,293% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,542 | +€11,542 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€2,900,382 | -€2.9m | |
| Other operating charges | 640/8 | €2,470 | €871,246 | +€868,776 | +35,167% |
| Non-recurring operating charges | 66A | - | €59,500 | +€59,500 | |
| Operating profit (loss) | 9901 | €34,629 | €405,086 | +€370,458 | +1,070% |
| Financial income | 75/76B | €204,881 | €1,537,408 | +€1.3m | +650% |
| Recurring financial income | 75 | €204,881 | €1,528,427 | +€1.3m | +646% |
| Income from financial fixed assets | 750 | - | €279,021 | +€279,021 | |
| Income from current assets | 751 | €204,881 | €262,439 | +€57,558 | +28.1% |
| Other financial income | 752/9 | - | €986,968 | +€986,968 | |
| Non-recurring financial income | 76B | - | €8,981 | +€8,981 | |
| Financial charges | 65/66B | €1,713 | €2,008,295 | +€2.0m | +117,149% |
| Recurring financial charges | 65 | €1,713 | €2,008,295 | +€2.0m | +117,149% |
| Debt charges | 650 | €67 | €356,562 | +€356,495 | +536,003% |
| Other financial charges | 652/9 | €1,646 | €1,651,733 | +€1.7m | +100,228% |
| Profit (loss) for the period before taxes | 9903 | €237,797 | -€65,801 | -€303,598 | |
| Income taxes | 67/77 | €64,410 | €556,516 | +€492,106 | +764% |
| Taxes | 670/3 | €64,410 | €573,176 | +€508,766 | +790% |
| Tax adjustments and reversals of tax provisions | 77 | - | €16,660 | +€16,660 | |
| Profit (loss) for the period | 9904 | €173,387 | -€622,316 | -€795,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €173,387 | - | -€173,387 |
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.