SD-Staal: 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.
SD-Staal
Largest movements
- Receivables within one year +€392,182
up €392,182 (+85.3%), from €459,621 to €851,803
of which Trade receivables: +€389,636
- Tangible fixed assets +€62,296
up €62,296 (+42.2%), from €147,459 to €209,755
of which Plant, machinery and equipment: +€73,432
- Stocks and contracts +€45,789
up €45,789 (+36.0%), from €127,250 to €173,039
- Cash +€36,666
up €36,666 (+98.2%), from €37,351 to €74,016
mainly Trade debts (+€424,566) and Net result for the year (+€45,858)
- Trade debts +€424,566
up €424,566 (+129%), from €329,745 to €754,311
- Reserves +€45,858
up €45,858 (+15.3%), from €299,497 to €345,356
- Tax, wage and social debts +€34,001
up €34,001 (+112%), from €30,297 to €64,298
of which Taxes: +€32,804
- Debts after one year +€17,678
up €17,678 (+48.4%), from €36,517 to €54,195
- Gross operating margin -€58,254
down €58,254 (-33.2%), from €175,362 to €117,108
- Taxes -€17,386
down €17,386 (-42.3%), from €41,140 to €23,754
- Staff costs +€10,976
new in 2025: €10,976
- Financial income +€9,137
up €9,137 (+129%), from €7,084 to €16,222
- Depreciation +€6,474
up €6,474 (+19.6%), from €33,026 to €39,499
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 | €778,865 | €1,318,176 | +€539,311 | +69.2% |
| Fixed assets | 21/28 | €148,642 | €210,938 | +€62,296 | +41.9% |
| Tangible fixed assets | 22/27 | €147,459 | €209,755 | +€62,296 | +42.2% |
| Plant, machinery and equipment | 23 | €110,933 | €184,365 | +€73,432 | +66.2% |
| Furniture and vehicles | 24 | €4,131 | €4,259 | +€127 | +3.1% |
| Leasing and similar rights | 25 | €32,394 | €21,131 | -€11,263 | -34.8% |
| Financial fixed assets | 28 | €1,183 | €1,183 | = | 0.0% |
| Current assets | 29/58 | €630,223 | €1,107,239 | +€477,015 | +75.7% |
| Stocks and contracts in progress | 3 | €127,250 | €173,039 | +€45,789 | +36.0% |
| Stocks | 30/36 | €127,250 | €173,039 | +€45,789 | +36.0% |
| Amounts receivable within one year | 40/41 | €459,621 | €851,803 | +€392,182 | +85.3% |
| Trade receivables | 40 | €459,621 | €849,257 | +€389,636 | +84.8% |
| Other amounts receivable | 41 | - | €2,546 | +€2,546 | |
| Cash at bank and in hand | 54/58 | €37,351 | €74,016 | +€36,666 | +98.2% |
| Deferred charges and accrued income | 490/1 | €6,001 | €8,380 | +€2,378 | +39.6% |
| Total equity and liabilities | 10/49 | €778,865 | €1,318,176 | +€539,311 | +69.2% |
| Equity | 10/15 | €309,497 | €355,356 | +€45,858 | +14.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €299,497 | €345,356 | +€45,858 | +15.3% |
| Distributable reserves | 133 | €299,497 | €345,356 | +€45,858 | +15.3% |
| Amounts payable | 17/49 | €469,368 | €962,821 | +€493,453 | +105% |
| Amounts payable after more than one year | 17 | €36,517 | €54,195 | +€17,678 | +48.4% |
| Financial debts | 170/4 | €36,517 | €54,195 | +€17,678 | +48.4% |
| Amounts payable within one year | 42/48 | €432,851 | €908,626 | +€475,775 | +110% |
| Current portion of amounts payable after more than one year | 42 | €18,608 | €28,988 | +€10,380 | +55.8% |
| Trade debts | 44 | €329,745 | €754,311 | +€424,566 | +129% |
| Suppliers | 440/4 | €329,745 | €754,311 | +€424,566 | +129% |
| Advances received on contracts in progress | 46 | €320 | €320 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €30,297 | €64,298 | +€34,001 | +112% |
| Taxes | 450/3 | €26,697 | €59,501 | +€32,804 | +123% |
| Remuneration and social security | 454/9 | €3,600 | €4,797 | +€1,197 | +33.2% |
| Other amounts payable | 47/48 | €53,881 | €60,710 | +€6,829 | +12.7% |
| Remuneration, social security and pensions | 62 | - | €10,976 | +€10,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,026 | €39,499 | +€6,474 | +19.6% |
| Other operating charges | 640/8 | €7,764 | €4,842 | -€2,921 | -37.6% |
| Non-recurring operating charges | 66A | €672 | €1,918 | +€1,246 | +185% |
| Gross operating margin | 9900 | €175,362 | €117,108 | -€58,254 | -33.2% |
| Operating profit (loss) | 9901 | €133,900 | €59,873 | -€74,028 | -55.3% |
| Financial income | 75/76B | €7,084 | €16,222 | +€9,137 | +129% |
| Recurring financial income | 75 | €7,084 | €16,222 | +€9,137 | +129% |
| Financial charges | 65/66B | €3,035 | €6,482 | +€3,447 | +114% |
| Recurring financial charges | 65 | €3,035 | €6,482 | +€3,447 | +114% |
| Profit (loss) for the period before taxes | 9903 | €137,950 | €69,612 | -€68,337 | -49.5% |
| Income taxes | 67/77 | €41,140 | €23,754 | -€17,386 | -42.3% |
| Profit (loss) for the period | 9904 | €96,810 | €45,858 | -€50,951 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,810 | €45,858 | -€50,951 | -52.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.