HET STEEN: 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.
HET STEEN
Largest movements
- Stocks and contracts -€152,083
no longer reported in 2025 (was €152,083)
- Receivables within one year +€120,572
up €120,572 (+37.6%), from €320,704 to €441,276
of which Trade receivables: +€112,143
- Debts after one year -€22,288
down €22,288 (-10.1%), from €221,581 to €199,293
of which Financial debts: -€24,288
- Profit (loss) carried forward -€14,389
down €14,389 (-6.4%), from -€225,531 to -€239,920
- Gross operating margin -€24,961
down €24,961 (-75.2%), from €33,185 to €8,224
- Financial charges -€1,341
down €1,341 (-8.7%), from €15,450 to €14,109
- Other operating charges -€494
down €494 (-15.0%), from €3,293 to €2,799
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 | €763,519 | €724,355 | -€39,164 | -5.1% |
| Fixed assets | 21/28 | €288,318 | €282,580 | -€5,738 | -2.0% |
| Tangible fixed assets | 22/27 | €287,673 | €281,935 | -€5,738 | -2.0% |
| Land and buildings | 22 | €287,673 | €281,935 | -€5,738 | -2.0% |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €475,201 | €441,775 | -€33,426 | -7.0% |
| Stocks and contracts in progress | 3 | €152,083 | - | -€152,083 | |
| Stocks | 30/36 | €152,083 | - | -€152,083 | |
| Amounts receivable within one year | 40/41 | €320,704 | €441,276 | +€120,572 | +37.6% |
| Trade receivables | 40 | €318,474 | €430,617 | +€112,143 | +35.2% |
| Other amounts receivable | 41 | €2,230 | €10,659 | +€8,429 | +378% |
| Cash at bank and in hand | 54/58 | €1,317 | - | -€1,317 | |
| Deferred charges and accrued income | 490/1 | €1,097 | €499 | -€598 | -54.5% |
| Total equity and liabilities | 10/49 | €763,519 | €724,355 | -€39,164 | -5.1% |
| Equity | 10/15 | €38,315 | €23,926 | -€14,389 | -37.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Revaluation surpluses | 12 | €237,442 | €237,442 | = | 0.0% |
| Reserves | 13 | €1,615 | €1,615 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,615 | €1,615 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,615 | €1,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€225,531 | -€239,920 | -€14,389 | -6.4% |
| Amounts payable | 17/49 | €725,204 | €700,429 | -€24,775 | -3.4% |
| Amounts payable after more than one year | 17 | €221,581 | €199,293 | -€22,288 | -10.1% |
| Financial debts | 170/4 | €217,155 | €192,867 | -€24,288 | -11.2% |
| Other amounts payable | 178/9 | €4,426 | €6,426 | +€2,000 | +45.2% |
| Amounts payable within one year | 42/48 | €503,623 | €501,136 | -€2,487 | -0.5% |
| Financial debts | 43 | €28,411 | €26,713 | -€1,698 | -6.0% |
| Credit institutions | 430/8 | €28,411 | €26,713 | -€1,698 | -6.0% |
| Trade debts | 44 | €135,242 | €133,410 | -€1,832 | -1.4% |
| Suppliers | 440/4 | €135,242 | €133,410 | -€1,832 | -1.4% |
| Taxes, remuneration and social security | 45 | €1,927 | €1,945 | +€18 | +0.9% |
| Taxes | 450/3 | €1,927 | €1,945 | +€18 | +0.9% |
| Other amounts payable | 47/48 | €338,043 | €339,068 | +€1,025 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,738 | €5,738 | = | 0.0% |
| Other operating charges | 640/8 | €3,293 | €2,799 | -€494 | -15.0% |
| Gross operating margin | 9900 | €33,185 | €8,224 | -€24,961 | -75.2% |
| Operating profit (loss) | 9901 | €24,154 | -€313 | -€24,467 | |
| Financial income | 75/76B | €39 | €33 | -€6 | -15.4% |
| Recurring financial income | 75 | €39 | €33 | -€6 | -15.4% |
| Financial charges | 65/66B | €15,450 | €14,109 | -€1,341 | -8.7% |
| Recurring financial charges | 65 | €15,450 | €14,109 | -€1,341 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €8,743 | -€14,389 | -€23,132 | |
| Profit (loss) for the period | 9904 | €8,743 | -€14,389 | -€23,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,743 | -€14,389 | -€23,132 |
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 19 October 2026 via checked.be.