D.STEEL: what changed
D.STEEL
Largest movements
- Receivables within one year +€115,424
up €115,424 (+238%), from €48,547 to €163,970
of which Trade receivables: +€127,017
- Tangible fixed assets +€16,522
up €16,522 (+61.5%), from €26,861 to €43,383
of which Other tangible fixed assets: +€12,140
- Cash +€13,260
up €13,260 (+22.1%), from €60,077 to €73,337
mainly Net result for the year (+€132,127) and Trade debts (+€37,207)
- Reserves +€55,000
up €55,000 (+48.2%), from €114,000 to €169,000
- Trade debts +€37,207
up €37,207 (+149%), from €24,991 to €62,199
- Tax, wage and social debts +€20,241
up €20,241 (+406%), from €4,991 to €25,232
of which Taxes: +€15,058
- Other debts +€17,788
new in 2025: €17,788
- Profit (loss) carried forward +€12,127
up €12,127 (+472%), from €2,571 to €14,697
- Gross operating margin +€162,357
up €162,357 (+139%), from €116,487 to €278,844
- Taxes +€46,244
up €46,244 (+317%), from €14,589 to €60,833
- Staff costs +€27,782
up €27,782 (+58.8%), from €47,229 to €75,011
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,553 | €298,916 | +€142,364 | +90.9% |
| Fixed assets | 21/28 | €27,061 | €43,583 | +€16,522 | +61.1% |
| Tangible fixed assets | 22/27 | €26,861 | €43,383 | +€16,522 | +61.5% |
| Plant, machinery and equipment | 23 | €13,001 | €9,857 | -€3,145 | -24.2% |
| Furniture and vehicles | 24 | €1,547 | €9,073 | +€7,527 | +487% |
| Other tangible fixed assets | 26 | €12,313 | €24,453 | +€12,140 | +98.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €129,492 | €255,333 | +€125,841 | +97.2% |
| Stocks and contracts in progress | 3 | €17,309 | €16,635 | -€674 | -3.9% |
| Stocks | 30/36 | €17,309 | €16,635 | -€674 | -3.9% |
| Amounts receivable within one year | 40/41 | €48,547 | €163,970 | +€115,424 | +238% |
| Trade receivables | 40 | €1,868 | €128,885 | +€127,017 | +6,798% |
| Other amounts receivable | 41 | €46,679 | €35,086 | -€11,593 | -24.8% |
| Cash at bank and in hand | 54/58 | €60,077 | €73,337 | +€13,260 | +22.1% |
| Deferred charges and accrued income | 490/1 | €3,559 | €1,391 | -€2,168 | -60.9% |
| Total equity and liabilities | 10/49 | €156,553 | €298,916 | +€142,364 | +90.9% |
| Equity | 10/15 | €126,571 | €193,697 | +€67,127 | +53.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €114,000 | €169,000 | +€55,000 | +48.2% |
| Distributable reserves | 133 | €114,000 | €169,000 | +€55,000 | +48.2% |
| Profit (loss) carried forward | 14 | €2,571 | €14,697 | +€12,127 | +472% |
| Amounts payable | 17/49 | €29,982 | €105,219 | +€75,237 | +251% |
| Amounts payable within one year | 42/48 | €29,982 | €105,219 | +€75,237 | +251% |
| Trade debts | 44 | €24,991 | €62,199 | +€37,207 | +149% |
| Suppliers | 440/4 | €24,991 | €62,199 | +€37,207 | +149% |
| Taxes, remuneration and social security | 45 | €4,991 | €25,232 | +€20,241 | +406% |
| Taxes | 450/3 | - | €15,058 | +€15,058 | |
| Remuneration and social security | 454/9 | €4,991 | €10,174 | +€5,184 | +104% |
| Other amounts payable | 47/48 | - | €17,788 | +€17,788 | |
| Remuneration, social security and pensions | 62 | €47,229 | €75,011 | +€27,782 | +58.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,179 | €10,844 | +€1,665 | +18.1% |
| Other operating charges | 640/8 | €402 | €514 | +€113 | +28.0% |
| Gross operating margin | 9900 | €116,487 | €278,844 | +€162,357 | +139% |
| Operating profit (loss) | 9901 | €59,677 | €192,474 | +€132,797 | +223% |
| Financial income | 75/76B | €1,941 | €875 | -€1,066 | -54.9% |
| Recurring financial income | 75 | €1,941 | €875 | -€1,066 | -54.9% |
| Financial charges | 65/66B | €389 | €389 | +€0 | +0.1% |
| Recurring financial charges | 65 | €389 | €389 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €61,229 | €192,960 | +€131,731 | +215% |
| Income taxes | 67/77 | €14,589 | €60,833 | +€46,244 | +317% |
| Profit (loss) for the period | 9904 | €46,640 | €132,127 | +€85,487 | +183% |
| Profit (loss) for the period to be appropriated | 9905 | €46,640 | €132,127 | +€85,487 | +183% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.