FIRMA STEPMAN: what changed
Two fiscal 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
FIRMA STEPMAN
NACE 42.220, Construction of utility projects for electricity and telecommunications
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€17,374
2024 · €10,654+€6,720
Equity
€64,195
2024 · €46,821+€17,374
Cash
€3,512
2024 · €161+€3,350
Balance sheet total
€445,414
2024 · €501,346-€55,932
Largest movements
Assets
- Receivables within one year -€26,645
down €26,645 (-36.1%), from €73,745 to €47,100
of which Other amounts receivable: -€13,809
- Tangible fixed assets -€22,745
down €22,745 (-7.0%), from €325,785 to €303,040
of which Land and buildings: -€38,333
- Deferred charges and accrued income -€10,792
down €10,792 (-54.8%), from €19,687 to €8,895
Equity and liabilities
- Debts after one year -€39,029
down €39,029 (-11.5%), from €339,250 to €300,221
- Accrued charges and deferred income -€21,992
down €21,992 (-68.4%), from €32,141 to €10,149
- Reserves +€17,374
up €17,374 (+61.6%), from €28,221 to €45,595
- Short-term financial debts -€14,343
down €14,343 (-63.2%), from €22,699 to €8,356
Income statement
- Gross operating margin +€12,168
up €12,168 (+4.1%), from €295,799 to €307,967
- Other operating charges +€10,883
up €10,883 (+42.5%), from €25,605 to €36,488
- Staff costs -€9,469
down €9,469 (-4.9%), from €194,287 to €184,817
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
€10,654
Gross operating margin
+€12,168
Staff costs
+€9,469
Depreciation
-€1,831
Other operating charges
-€10,883
Financial income
-€645
Financial charges
+€1,031
Taxes
-€2,589
Result 2025
€17,374
Cash bridge derived
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
+€72,865
Investment
-€19,674
Financing
-€49,841
Cash 2024
€161
From operations (derived)
+€72,865
Net result for the year
+€17,374
Depreciation
+€42,419
Stocks and contracts
-€900
Receivables within one year
+€26,645
Deferred charges and accrued income
+€10,792
Trade debts
+€611
Tax, wage and social debts
-€2,107
Other debts
+€23
Accrued charges and deferred income
-€21,992
Investment (derived)
-€19,674
Investment in fixed assets (net)
-€19,674
Financing
-€49,841
Debts after one year
-€39,029
Current portion of long-term debt
+€3,531
Short-term financial debts
-€14,343
Cash 2025
€3,512
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €501,346 | €445,414 | -€55,932 | -11.2% |
| Fixed assets | 21/28 | €325,785 | €303,040 | -€22,745 | -7.0% |
| Tangible fixed assets | 22/27 | €325,785 | €303,040 | -€22,745 | -7.0% |
| Land and buildings | 22 | €311,085 | €272,752 | -€38,333 | -12.3% |
| Plant, machinery and equipment | 23 | €9,899 | €23,925 | +€14,026 | +141.7% |
| Furniture and vehicles | 24 | €4,801 | €6,363 | +€1,562 | +32.5% |
| Current assets | 29/58 | €175,561 | €142,374 | -€33,187 | -18.9% |
| Amounts receivable after more than one year | 29 | €42,817 | €42,817 | = | 0.0% |
| Other amounts receivable | 291 | €42,817 | €42,817 | = | 0.0% |
| Stocks and contracts in progress | 3 | €39,150 | €40,050 | +€900 | +2.3% |
| Stocks | 30/36 | €39,150 | €40,050 | +€900 | +2.3% |
| Amounts receivable within one year | 40/41 | €73,745 | €47,100 | -€26,645 | -36.1% |
| Trade receivables | 40 | €52,304 | €39,468 | -€12,836 | -24.5% |
| Other amounts receivable | 41 | €21,441 | €7,632 | -€13,809 | -64.4% |
| Cash at bank and in hand | 54/58 | €161 | €3,512 | +€3,350 | +2074.5% |
| Deferred charges and accrued income | 490/1 | €19,687 | €8,895 | -€10,792 | -54.8% |
| Total equity and liabilities | 10/49 | €501,346 | €445,414 | -€55,932 | -11.2% |
| Equity | 10/15 | €46,821 | €64,195 | +€17,374 | +37.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €28,221 | €45,595 | +€17,374 | +61.6% |
| Distributable reserves | 133 | €28,221 | €45,595 | +€17,374 | +61.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €454,526 | €381,220 | -€73,306 | -16.1% |
| Amounts payable after more than one year | 17 | €339,250 | €300,221 | -€39,029 | -11.5% |
| Financial debts | 170/4 | €339,250 | €300,221 | -€39,029 | -11.5% |
| Amounts payable within one year | 42/48 | €83,135 | €70,849 | -€12,285 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €36,028 | €39,559 | +€3,531 | +9.8% |
| Financial debts | 43 | €22,699 | €8,356 | -€14,343 | -63.2% |
| Credit institutions | 430/8 | €22,699 | €8,356 | -€14,343 | -63.2% |
| Trade debts | 44 | €15,121 | €15,732 | +€611 | +4.0% |
| Suppliers | 440/4 | €15,121 | €15,732 | +€611 | +4.0% |
| Taxes, remuneration and social security | 45 | €9,287 | €7,180 | -€2,107 | -22.7% |
| Taxes | 450/3 | €5,533 | €4,401 | -€1,132 | -20.5% |
| Remuneration and social security | 454/9 | €3,754 | €2,779 | -€975 | -26.0% |
| Other amounts payable | 47/48 | - | €23 | +€23 | |
| Accrued charges and deferred income | 492/3 | €32,141 | €10,149 | -€21,992 | -68.4% |
| Remuneration, social security and pensions | 62 | €194,287 | €184,817 | -€9,469 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,588 | €42,419 | +€1,831 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €25,605 | €36,488 | +€10,883 | +42.5% |
| Gross operating margin | 9900 | €295,799 | €307,967 | +€12,168 | +4.1% |
| Operating profit (loss) | 9901 | €35,320 | €44,243 | +€8,923 | +25.3% |
| Financial income | 75/76B | €3,474 | €2,829 | -€645 | -18.6% |
| Recurring financial income | 75 | €3,474 | €2,829 | -€645 | -18.6% |
| Financial charges | 65/66B | €23,910 | €22,879 | -€1,031 | -4.3% |
| Recurring financial charges | 65 | €23,910 | €22,879 | -€1,031 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €14,885 | €24,194 | +€9,309 | +62.5% |
| Income taxes | 67/77 | €4,231 | €6,820 | +€2,589 | +61.2% |
| Profit (loss) for the period | 9904 | €10,654 | €17,374 | +€6,720 | +63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,654 | €17,374 | +€6,720 | +63.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.