ERSTEEL: what changed
What changed
ERSTEEL
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€12,185
2024 · -€12,111-€74
Equity
€432,644
2024 · €444,829-€12,185
Cash
€59,222
2024 · €71,861-€12,640
Balance sheet total
€720,167
2024 · €756,417-€36,250
Largest movements
Assets
- Tangible fixed assets -€16,506
down €16,506 (-4.7%), from €348,741 to €332,235
of which Land and buildings: -€12,646
- Cash -€12,640
down €12,640 (-17.6%), from €71,861 to €59,222
mainly Current portion of long-term debt (-€16,274) and Net result for the year (-€12,185)
Equity and liabilities
- Current portion of long-term debt -€16,274
down €16,274 (-71.3%), from €22,836 to €6,562
- Profit (loss) carried forward -€12,185
down €12,185 (-25.6%), from -€47,674 to -€59,859
Income statement
- Financial income -€972
down €972 (-100.0%), from €972 to €0
- Financial charges -€543
down €543 (-2.7%), from €19,920 to €19,377
- Gross operating margin +€369
up €369 (+1.4%), from €26,800 to €27,169
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.
Result 2024
-€12,111
Gross operating margin
+€369
Depreciation
-€42
Other operating charges
+€39
Financial income
-€972
Financial charges
+€543
Taxes
-€11
Result 2025
-€12,185
raises the resultlowers the result
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.
From operations
+€10,964
Investment
€0
Financing
-€23,603
Cash 2024
€71,861
From operations (derived)
+€10,964
Net result for the year
-€12,185
Depreciation
+€16,506
Receivables within one year
+€7,149
Deferred charges and accrued income
-€44
Trade debts
-€1,729
Tax, wage and social debts
+€3,231
Other debts
-€2,061
Accrued charges and deferred income
+€98
Financing
-€23,603
Debts after one year
-€7,330
Current portion of long-term debt
-€16,274
Cash 2025
€59,222
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €756,417 | €720,167 | -€36,250 | -4.8% |
| Fixed assets | 21/28 | €648,741 | €632,235 | -€16,506 | -2.5% |
| Tangible fixed assets | 22/27 | €348,741 | €332,235 | -€16,506 | -4.7% |
| Land and buildings | 22 | €341,883 | €329,237 | -€12,646 | -3.7% |
| Furniture and vehicles | 24 | €6,858 | €2,998 | -€3,860 | -56.3% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €107,676 | €87,932 | -€19,744 | -18.3% |
| Amounts receivable within one year | 40/41 | €34,487 | €27,338 | -€7,149 | -20.7% |
| Trade receivables | 40 | €8,448 | €8,930 | +€482 | +5.7% |
| Other amounts receivable | 41 | €26,039 | €18,408 | -€7,631 | -29.3% |
| Cash at bank and in hand | 54/58 | €71,861 | €59,222 | -€12,640 | -17.6% |
| Deferred charges and accrued income | 490/1 | €1,328 | €1,372 | +€44 | +3.3% |
| Total equity and liabilities | 10/49 | €756,417 | €720,167 | -€36,250 | -4.8% |
| Equity | 10/15 | €444,829 | €432,644 | -€12,185 | -2.7% |
| Contributions | 10/11 | €248,000 | €248,000 | = | 0.0% |
| Capital | 10 | €248,000 | €248,000 | = | 0.0% |
| Issued capital | 100 | €248,000 | €248,000 | = | 0.0% |
| Reserves | 13 | €244,503 | €244,503 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,655 | €17,655 | = | 0.0% |
| Legal reserve | 130 | €17,655 | €17,655 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,789 | €2,789 | = | 0.0% |
| Distributable reserves | 133 | €224,060 | €224,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,674 | -€59,859 | -€12,185 | -25.6% |
| Amounts payable | 17/49 | €311,588 | €287,523 | -€24,065 | -7.7% |
| Amounts payable after more than one year | 17 | €257,313 | €249,984 | -€7,330 | -2.8% |
| Financial debts | 170/4 | €6,562 | €0 | -€6,562 | -100% |
| Other amounts payable | 178/9 | €250,751 | €249,984 | -€767 | -0.3% |
| Amounts payable within one year | 42/48 | €35,348 | €18,515 | -€16,833 | -47.6% |
| Current portion of amounts payable after more than one year | 42 | €22,836 | €6,562 | -€16,274 | -71.3% |
| Trade debts | 44 | €5,123 | €3,394 | -€1,729 | -33.7% |
| Suppliers | 440/4 | €5,123 | €3,394 | -€1,729 | -33.7% |
| Taxes, remuneration and social security | 45 | €5,328 | €8,559 | +€3,231 | +60.6% |
| Taxes | 450/3 | €3,651 | €6,882 | +€3,231 | +88.5% |
| Remuneration and social security | 454/9 | €1,677 | €1,677 | = | 0.0% |
| Other amounts payable | 47/48 | €2,061 | €0 | -€2,061 | -100% |
| Accrued charges and deferred income | 492/3 | €18,926 | €19,024 | +€98 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,464 | €16,506 | +€42 | +0.3% |
| Other operating charges | 640/8 | €3,277 | €3,238 | -€39 | -1.2% |
| Gross operating margin | 9900 | €26,800 | €27,169 | +€369 | +1.4% |
| Operating profit (loss) | 9901 | €7,059 | €7,425 | +€366 | +5.2% |
| Financial income | 75/76B | €972 | €0 | -€972 | -100.0% |
| Recurring financial income | 75 | €972 | €0 | -€972 | -100.0% |
| Financial charges | 65/66B | €19,920 | €19,377 | -€543 | -2.7% |
| Recurring financial charges | 65 | €19,920 | €19,377 | -€543 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,889 | -€11,952 | -€63 | -0.5% |
| Income taxes | 67/77 | €222 | €233 | +€11 | +5.1% |
| Profit (loss) for the period | 9904 | -€12,111 | -€12,185 | -€74 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,111 | -€12,185 | -€74 | -0.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.