Dr. P.H. STEGER: 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. P.H. STEGER
Largest movements
- Receivables within one year -€128,380
down €128,380 (-70.7%), from €181,485 to €53,105
- Cash -€27,299
down €27,299 (-92.7%), from €29,460 to €2,160
mainly Other debts (-€117,785) and Contributions, distributions and other (-€84,327)
- Tangible fixed assets +€21,900
up €21,900 (+538%), from €4,067 to €25,966
- Current investments +€11,414
up €11,414 (+3.7%), from €307,344 to €318,757
- Other debts -€117,785
down €117,785 (-58.3%), from €202,112 to €84,327
- Reserves -€11,857
down €11,857 (-4.2%), from €282,529 to €270,672
of which Distributable reserves: -€11,857
- Trade debts +€5,579
up €5,579 (+935%), from €597 to €6,176
- Gross operating margin -€44,588
down €44,588 (-29.0%), from €153,561 to €108,973
- Taxes -€8,064
down €8,064 (-17.5%), from €46,134 to €38,070
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 | €522,937 | €400,576 | -€122,361 | -23.4% |
| Fixed assets | 21/28 | €4,544 | €26,443 | +€21,900 | +482% |
| Tangible fixed assets | 22/27 | €4,067 | €25,966 | +€21,900 | +538% |
| Furniture and vehicles | 24 | €4,067 | €25,966 | +€21,900 | +538% |
| Financial fixed assets | 28 | €477 | €477 | = | 0.0% |
| Current assets | 29/58 | €518,393 | €374,132 | -€144,261 | -27.8% |
| Amounts receivable within one year | 40/41 | €181,485 | €53,105 | -€128,380 | -70.7% |
| Other amounts receivable | 41 | €181,485 | €53,105 | -€128,380 | -70.7% |
| Current investments | 50/53 | €307,344 | €318,757 | +€11,414 | +3.7% |
| Cash at bank and in hand | 54/58 | €29,460 | €2,160 | -€27,299 | -92.7% |
| Deferred charges and accrued income | 490/1 | €104 | €109 | +€5 | +4.8% |
| Total equity and liabilities | 10/49 | €522,937 | €400,576 | -€122,361 | -23.4% |
| Equity | 10/15 | €295,029 | €283,172 | -€11,857 | -4.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €282,529 | €270,672 | -€11,857 | -4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €280,669 | €268,812 | -€11,857 | -4.2% |
| Amounts payable | 17/49 | €227,907 | €117,403 | -€110,504 | -48.5% |
| Amounts payable within one year | 42/48 | €227,907 | €117,403 | -€110,504 | -48.5% |
| Trade debts | 44 | €597 | €6,176 | +€5,579 | +935% |
| Suppliers | 440/4 | €597 | €6,176 | +€5,579 | +935% |
| Taxes, remuneration and social security | 45 | €25,198 | €26,900 | +€1,702 | +6.8% |
| Taxes | 450/3 | €19,946 | €21,606 | +€1,660 | +8.3% |
| Remuneration and social security | 454/9 | €5,252 | €5,294 | +€42 | +0.8% |
| Other amounts payable | 47/48 | €202,112 | €84,327 | -€117,785 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,593 | €6,576 | -€16 | -0.2% |
| Other operating charges | 640/8 | €1,260 | €1,339 | +€79 | +6.3% |
| Gross operating margin | 9900 | €153,561 | €108,973 | -€44,588 | -29.0% |
| Operating profit (loss) | 9901 | €145,709 | €101,058 | -€44,650 | -30.6% |
| Financial income | 75/76B | €11,249 | €11,305 | +€57 | +0.5% |
| Recurring financial income | 75 | €11,249 | €11,305 | +€57 | +0.5% |
| Financial charges | 65/66B | €2,002 | €1,824 | -€178 | -8.9% |
| Recurring financial charges | 65 | €2,002 | €1,824 | -€178 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €154,955 | €110,539 | -€44,416 | -28.7% |
| Income taxes | 67/77 | €46,134 | €38,070 | -€8,064 | -17.5% |
| Profit (loss) for the period | 9904 | €108,821 | €72,470 | -€36,351 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €108,821 | €72,470 | -€36,351 | -33.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.