DR. ANN STEPPE: 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.
DR. ANN STEPPE
Largest movements
- Cash +€72,825
up €72,825 (+75.0%), from €97,163 to €169,989
mainly Net result for the year (+€53,430) and Depreciation (+€48,409)
- Tangible fixed assets -€45,794
down €45,794 (-12.2%), from €375,127 to €329,333
- Receivables within one year +€5,637
up €5,637 (+73.8%), from €7,637 to €13,274
- Reserves +€53,430
up €53,430 (+23.8%), from €224,108 to €277,538
- Other debts -€15,321
down €15,321 (-6.8%), from €224,389 to €209,068
- Tax, wage and social debts -€9,857
down €9,857 (-32.7%), from €30,147 to €20,289
of which Taxes: -€12,679
- Gross operating margin -€13,067
down €13,067 (-8.6%), from €152,405 to €139,337
- Financial charges +€6,174
up €6,174 (+69.6%), from €8,871 to €15,045
- Taxes -€5,536
down €5,536 (-21.1%), from €26,242 to €20,706
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 | €497,275 | €525,554 | +€28,279 | +5.7% |
| Fixed assets | 21/28 | €375,127 | €329,333 | -€45,794 | -12.2% |
| Tangible fixed assets | 22/27 | €375,127 | €329,333 | -€45,794 | -12.2% |
| Land and buildings | 22 | €293,163 | €275,546 | -€17,617 | -6.0% |
| Plant, machinery and equipment | 23 | €32,817 | €17,359 | -€15,458 | -47.1% |
| Furniture and vehicles | 24 | €49,148 | €36,429 | -€12,719 | -25.9% |
| Current assets | 29/58 | €122,148 | €196,221 | +€74,073 | +60.6% |
| Amounts receivable within one year | 40/41 | €7,637 | €13,274 | +€5,637 | +73.8% |
| Other amounts receivable | 41 | €7,637 | €13,274 | +€5,637 | +73.8% |
| Cash at bank and in hand | 54/58 | €97,163 | €169,989 | +€72,825 | +75.0% |
| Deferred charges and accrued income | 490/1 | €17,348 | €12,958 | -€4,390 | -25.3% |
| Total equity and liabilities | 10/49 | €497,275 | €525,554 | +€28,279 | +5.7% |
| Equity | 10/15 | €242,739 | €296,170 | +€53,430 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €224,108 | €277,538 | +€53,430 | +23.8% |
| Distributable reserves | 133 | €224,108 | €277,538 | +€53,430 | +23.8% |
| Profit (loss) carried forward | 14 | €31 | €31 | = | 0.0% |
| Amounts payable | 17/49 | €254,536 | €229,385 | -€25,151 | -9.9% |
| Amounts payable within one year | 42/48 | €254,536 | €229,385 | -€25,151 | -9.9% |
| Trade debts | 44 | - | €27 | +€27 | |
| Suppliers | 440/4 | - | €27 | +€27 | |
| Taxes, remuneration and social security | 45 | €30,147 | €20,289 | -€9,857 | -32.7% |
| Taxes | 450/3 | €30,147 | €17,468 | -€12,679 | -42.1% |
| Remuneration and social security | 454/9 | - | €2,821 | +€2,821 | |
| Other amounts payable | 47/48 | €224,389 | €209,068 | -€15,321 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,725 | €48,409 | +€684 | +1.4% |
| Other operating charges | 640/8 | €784 | €1,748 | +€964 | +123% |
| Gross operating margin | 9900 | €152,405 | €139,337 | -€13,067 | -8.6% |
| Operating profit (loss) | 9901 | €103,896 | €89,181 | -€14,715 | -14.2% |
| Financial charges | 65/66B | €8,871 | €15,045 | +€6,174 | +69.6% |
| Recurring financial charges | 65 | €8,871 | €15,045 | +€6,174 | +69.6% |
| Profit (loss) for the period before taxes | 9903 | €95,025 | €74,136 | -€20,889 | -22.0% |
| Income taxes | 67/77 | €26,242 | €20,706 | -€5,536 | -21.1% |
| Profit (loss) for the period | 9904 | €68,784 | €53,430 | -€15,354 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,784 | €53,430 | -€15,354 | -22.3% |
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.