INNES & STEVEN: 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.
INNES & STEVEN
Largest movements
- Stocks and contracts -€274,174
down €274,174 (-29.7%), from €922,865 to €648,691
- Tangible fixed assets +€85,424
up €85,424 (+21.7%), from €394,395 to €479,819
- Other debts -€194,549
down €194,549 (-58.9%), from €330,523 to €135,974
- Reserves +€24,411
up €24,411 (+5.9%), from €415,314 to €439,725
- Debts after one year -€13,338
down €13,338 (-3.1%), from €426,941 to €413,603
of which Financial debts: -€13,338
- Depreciation -€42,909
down €42,909 (-81.8%), from €52,485 to €9,576
- Gross operating margin -€31,251
down €31,251 (-28.7%), from €108,726 to €77,475
- Taxes +€9,274
up €9,274 (+438%), from €2,118 to €11,392
- Financial charges +€4,372
up €4,372 (+17.4%), from €25,072 to €29,444
- Other operating charges +€1,127
up €1,127 (+73.9%), from €1,525 to €2,652
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 | €1,329,749 | €1,146,439 | -€183,310 | -13.8% |
| Fixed assets | 21/28 | €394,395 | €479,819 | +€85,424 | +21.7% |
| Tangible fixed assets | 22/27 | €394,395 | €479,819 | +€85,424 | +21.7% |
| Land and buildings | 22 | €394,395 | €479,819 | +€85,424 | +21.7% |
| Current assets | 29/58 | €935,354 | €666,620 | -€268,734 | -28.7% |
| Stocks and contracts in progress | 3 | €922,865 | €648,691 | -€274,174 | -29.7% |
| Stocks | 30/36 | €922,865 | €648,691 | -€274,174 | -29.7% |
| Amounts receivable within one year | 40/41 | €10,382 | €10,990 | +€608 | +5.9% |
| Other amounts receivable | 41 | €10,382 | €10,990 | +€608 | +5.9% |
| Cash at bank and in hand | 54/58 | €1,927 | €1,712 | -€215 | -11.1% |
| Deferred charges and accrued income | 490/1 | €180 | €5,227 | +€5,047 | +2,804% |
| Total equity and liabilities | 10/49 | €1,329,749 | €1,146,439 | -€183,310 | -13.8% |
| Equity | 10/15 | €433,914 | €458,325 | +€24,411 | +5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €415,314 | €439,725 | +€24,411 | +5.9% |
| Distributable reserves | 133 | €415,314 | €439,725 | +€24,411 | +5.9% |
| Amounts payable | 17/49 | €895,835 | €688,115 | -€207,721 | -23.2% |
| Amounts payable after more than one year | 17 | €426,941 | €413,603 | -€13,338 | -3.1% |
| Financial debts | 170/4 | €231,941 | €218,603 | -€13,338 | -5.8% |
| Other amounts payable | 178/9 | €195,000 | €195,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €468,894 | €274,512 | -€194,383 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €12,847 | €13,338 | +€492 | +3.8% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €524 | €199 | -€325 | -62.0% |
| Suppliers | 440/4 | €524 | €199 | -€325 | -62.0% |
| Other amounts payable | 47/48 | €330,523 | €135,974 | -€194,549 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,485 | €9,576 | -€42,909 | -81.8% |
| Other operating charges | 640/8 | €1,525 | €2,652 | +€1,127 | +73.9% |
| Gross operating margin | 9900 | €108,726 | €77,475 | -€31,251 | -28.7% |
| Operating profit (loss) | 9901 | €54,716 | €65,247 | +€10,531 | +19.2% |
| Financial charges | 65/66B | €25,072 | €29,444 | +€4,372 | +17.4% |
| Recurring financial charges | 65 | €25,072 | €29,444 | +€4,372 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €29,644 | €35,803 | +€6,159 | +20.8% |
| Income taxes | 67/77 | €2,118 | €11,392 | +€9,274 | +438% |
| Profit (loss) for the period | 9904 | €27,526 | €24,411 | -€3,115 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,526 | €24,411 | -€3,115 | -11.3% |
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 15 October 2026 via checked.be.