M. VAN STEENWINKEL: 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.
M. VAN STEENWINKEL
Largest movements
- Financial fixed assets -€166,774
down €166,774 (-100%), from €166,774 to €0
- Tangible fixed assets -€36,040
down €36,040 (-5.8%), from €623,213 to €587,173
of which Land and buildings: -€33,679
- Profit (loss) carried forward -€1.9m
down €1.9m, from €275,976 to -€1.7m
- Short-term financial debts +€1.7m
new in 2025: €1.7m
- Accrued charges and deferred income +€35,615
up €35,615 (+7,531%), from €473 to €36,088
- Tax, wage and social debts +€15,216
up €15,216 (+128%), from €11,858 to €27,074
- Financial charges +€2.0m
up €2.0m (+736,259%), from €268 to €2.0m
of which Non-recurring financial charges: +€1.9m
- Financial income +€17,431
up €17,431 (+205%), from €8,503 to €25,934
- Gross operating margin +€8,531
up €8,531 (+13.9%), from €61,231 to €69,762
- Taxes +€6,219
up €6,219 (+71.8%), from €8,659 to €14,878
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 | €791,307 | €598,596 | -€192,711 | -24.4% |
| Fixed assets | 21/28 | €789,987 | €587,173 | -€202,815 | -25.7% |
| Tangible fixed assets | 22/27 | €623,213 | €587,173 | -€36,040 | -5.8% |
| Land and buildings | 22 | €614,234 | €580,555 | -€33,679 | -5.5% |
| Plant, machinery and equipment | 23 | €8,931 | €6,618 | -€2,313 | -25.9% |
| Furniture and vehicles | 24 | €48 | €0 | -€48 | -100% |
| Financial fixed assets | 28 | €166,774 | €0 | -€166,774 | -100% |
| Current assets | 29/58 | €1,319 | €11,423 | +€10,104 | +766% |
| Amounts receivable within one year | 40/41 | - | €3,658 | +€3,658 | |
| Trade receivables | 40 | - | €3,658 | +€3,658 | |
| Cash at bank and in hand | 54/58 | €1,050 | €7,765 | +€6,715 | +639% |
| Deferred charges and accrued income | 490/1 | €269 | - | -€269 | |
| Total equity and liabilities | 10/49 | €791,307 | €598,596 | -€192,711 | -24.4% |
| Equity | 10/15 | €745,260 | -€1,186,528 | -€1.9m | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €450,691 | €449,692 | -€999 | -0.2% |
| Tax-exempt reserves | 132 | €25,475 | €24,476 | -€999 | -3.9% |
| Distributable reserves | 133 | €425,216 | €425,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275,976 | -€1,654,812 | -€1.9m | |
| Provisions and deferred taxes | 16 | €11,314 | €10,790 | -€524 | -4.6% |
| Deferred taxes | 168 | €11,314 | €10,790 | -€524 | -4.6% |
| Amounts payable | 17/49 | €34,733 | €1,774,334 | +€1.7m | +5,009% |
| Amounts payable within one year | 42/48 | €34,260 | €1,738,246 | +€1.7m | +4,974% |
| Current portion of amounts payable after more than one year | 42 | €5,491 | - | -€5,491 | |
| Financial debts | 43 | - | €1,700,000 | +€1.7m | |
| Other loans | 439 | - | €1,700,000 | +€1.7m | |
| Trade debts | 44 | €16,911 | €11,172 | -€5,739 | -33.9% |
| Suppliers | 440/4 | €16,911 | €11,172 | -€5,739 | -33.9% |
| Taxes, remuneration and social security | 45 | €11,858 | €27,074 | +€15,216 | +128% |
| Taxes | 450/3 | €11,858 | €27,074 | +€15,216 | +128% |
| Accrued charges and deferred income | 492/3 | €473 | €36,088 | +€35,615 | +7,531% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,384 | €36,040 | -€344 | -0.9% |
| Other operating charges | 640/8 | €4,301 | €4,458 | +€156 | +3.6% |
| Gross operating margin | 9900 | €61,231 | €69,762 | +€8,531 | +13.9% |
| Operating profit (loss) | 9901 | €20,545 | €29,264 | +€8,719 | +42.4% |
| Financial income | 75/76B | €8,503 | €25,934 | +€17,431 | +205% |
| Recurring financial income | 75 | €8,503 | €25,934 | +€17,431 | +205% |
| Financial charges | 65/66B | €268 | €1,972,632 | +€2.0m | +736,259% |
| Recurring financial charges | 65 | €268 | €36,157 | +€35,889 | +13,397% |
| Non-recurring financial charges | 66B | - | €1,936,475 | +€1.9m | |
| Profit (loss) for the period before taxes | 9903 | €28,781 | -€1,917,434 | -€1.9m | |
| Transfer from deferred taxes | 780 | €1,029 | €524 | -€504 | -49.0% |
| Income taxes | 67/77 | €8,659 | €14,878 | +€6,219 | +71.8% |
| Profit (loss) for the period | 9904 | €21,150 | -€1,931,787 | -€2.0m | |
| Transfer from tax-exempt reserves | 789 | €1,998 | €999 | -€999 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,148 | -€1,930,788 | -€2.0m |
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 25 October 2026 via checked.be.