KEEP IT SIMPLE WITH STEEL: what changed
KEEP IT SIMPLE WITH STEEL
Largest movements
- Receivables within one year -€20,115
down €20,115 (-30.4%), from €66,211 to €46,097
of which Other amounts receivable: -€21,782
- Cash -€10,565
no longer reported in 2025 (was €10,565)
mainly Trade debts (-€27,311) and Other debts (-€18,669)
- Tangible fixed assets +€3,636
up €3,636 (+24.2%), from €15,031 to €18,667
of which Plant, machinery and equipment: +€8,207
- Trade debts -€27,311
down €27,311 (-76.3%), from €35,777 to €8,466
- Other debts -€18,669
down €18,669 (-95.8%), from €19,488 to €819
- Tax, wage and social debts +€12,512
up €12,512 (+225%), from €5,559 to €18,071
- Profit (loss) carried forward +€9,836
up €9,836 (+88.5%), from -€11,117 to -€1,280
- Short-term financial debts +€5,711
up €5,711 (+1,464,385%), from €0 to €5,711
- Gross operating margin +€9,579
up €9,579 (+52.6%), from €18,200 to €27,779
- Write-downs +€2,811
new in 2025: €2,811
- Taxes +€2,371
up €2,371 (+229%), from €1,034 to €3,405
- Financial charges -€1,355
down €1,355 (-28.1%), from €4,821 to €3,466
- Depreciation +€635
up €635 (+9.4%), from €6,779 to €7,414
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,103 | €66,137 | -€26,966 | -29.0% |
| Fixed assets | 21/28 | €15,781 | €19,417 | +€3,636 | +23.0% |
| Tangible fixed assets | 22/27 | €15,031 | €18,667 | +€3,636 | +24.2% |
| Plant, machinery and equipment | 23 | €3,557 | €11,764 | +€8,207 | +231% |
| Furniture and vehicles | 24 | €11,474 | €6,904 | -€4,570 | -39.8% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €77,322 | €46,720 | -€30,602 | -39.6% |
| Amounts receivable within one year | 40/41 | €66,211 | €46,097 | -€20,115 | -30.4% |
| Trade receivables | 40 | €13,627 | €15,295 | +€1,668 | +12.2% |
| Other amounts receivable | 41 | €52,584 | €30,802 | -€21,782 | -41.4% |
| Cash at bank and in hand | 54/58 | €10,565 | - | -€10,565 | |
| Deferred charges and accrued income | 490/1 | €546 | €623 | +€77 | +14.2% |
| Total equity and liabilities | 10/49 | €93,103 | €66,137 | -€26,966 | -29.0% |
| Equity | 10/15 | €23,233 | €33,070 | +€9,836 | +42.3% |
| Contributions | 10/11 | €33,600 | €33,600 | = | 0.0% |
| Reserves | 13 | €750 | €750 | = | 0.0% |
| Non-distributable reserves | 130/1 | €750 | €750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,117 | -€1,280 | +€9,836 | +88.5% |
| Amounts payable | 17/49 | €69,870 | €33,067 | -€36,802 | -52.7% |
| Amounts payable within one year | 42/48 | €69,870 | €33,067 | -€36,802 | -52.7% |
| Current portion of amounts payable after more than one year | 42 | €3,600 | - | -€3,600 | |
| Financial debts | 43 | €0 | €5,711 | +€5,711 | +1,464,385% |
| Credit institutions | 430/8 | €0 | €5,711 | +€5,711 | +1,464,385% |
| Trade debts | 44 | €35,777 | €8,466 | -€27,311 | -76.3% |
| Suppliers | 440/4 | €35,777 | €8,466 | -€27,311 | -76.3% |
| Advances received on contracts in progress | 46 | €5,445 | - | -€5,445 | |
| Taxes, remuneration and social security | 45 | €5,559 | €18,071 | +€12,512 | +225% |
| Taxes | 450/3 | €5,559 | €18,071 | +€12,512 | +225% |
| Other amounts payable | 47/48 | €19,488 | €819 | -€18,669 | -95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,779 | €7,414 | +€635 | +9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,811 | +€2,811 | |
| Other operating charges | 640/8 | €589 | €859 | +€270 | +45.8% |
| Gross operating margin | 9900 | €18,200 | €27,779 | +€9,579 | +52.6% |
| Operating profit (loss) | 9901 | €10,832 | €16,695 | +€5,863 | +54.1% |
| Financial income | 75/76B | €27 | €13 | -€14 | -51.7% |
| Recurring financial income | 75 | €27 | €13 | -€14 | -51.7% |
| Financial charges | 65/66B | €4,821 | €3,466 | -€1,355 | -28.1% |
| Recurring financial charges | 65 | €4,821 | €3,466 | -€1,355 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €6,037 | €13,242 | +€7,204 | +119% |
| Income taxes | 67/77 | €1,034 | €3,405 | +€2,371 | +229% |
| Profit (loss) for the period | 9904 | €5,004 | €9,836 | +€4,833 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,004 | €9,836 | +€4,833 | +96.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.