STAEL: 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.
What changed
STAEL
NACE 50.300, Water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€411,297
2024 · €452,116-€40,819
Equity
€4.4m
2024 · €4.0m+€411,297
Cash
€1.0m
2024 · €922,384+€102,419
Balance sheet total
€4.9m
2024 · €4.6m+€328,121
Largest movements
Assets
- Receivables within one year +€202,361
up €202,361 (+684%), from €29,605 to €231,966
of which Other amounts receivable: +€211,269
- Cash +€102,419
up €102,419 (+11.1%), from €922,384 to €1.0m
mainly Net result for the year (+€411,297) and Depreciation (+€310,505)
Equity and liabilities
- Reserves +€411,297
up €411,297 (+10.4%), from €4.0m to €4.4m
of which Distributable reserves: +€411,297
- Debts after one year -€59,749
down €59,749 (-34.7%), from €172,165 to €112,416
Income statement
- Gross operating margin +€80,021
up €80,021 (+3.4%), from €2.4m to €2.5m
- Depreciation +€60,746
up €60,746 (+24.3%), from €249,759 to €310,505
- Other operating charges +€37,595
up €37,595 (+4.6%), from €821,334 to €858,928
- Taxes -€36,304
down €36,304 (-23.1%), from €157,336 to €121,031
- Financial charges +€27,873
up €27,873 (+165%), from €16,887 to €44,760
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.
Result 2024
€452,116
Gross operating margin
+€80,021
Staff costs
-€26,571
Depreciation
-€60,746
Other operating charges
-€37,595
Other operating items
-€4,182
Financial income
-€179
Financial charges
-€27,873
Taxes
+€36,304
Result 2025
€411,297
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€488,114
Investment
-€326,480
Financing
-€59,216
Cash 2024
€922,384
From operations (derived)
+€488,114
Net result for the year
+€411,297
Depreciation
+€310,505
Stocks and contracts
-€5,458
Receivables within one year
-€202,361
Deferred charges and accrued income
-€1,908
Provisions
-€12,558
Trade debts
-€8,837
Tax, wage and social debts
-€2,564
Investment (derived)
-€326,480
Investment in fixed assets (net)
-€329,070
Current investments
+€2,590
Financing
-€59,216
Debts after one year
-€59,749
Short-term financial debts
+€533
Cash 2025
€1.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,564,574 | €4,892,696 | +€328,121 | +7.2% |
| Fixed assets | 21/28 | €3,194,858 | €3,213,423 | +€18,565 | +0.6% |
| Intangible fixed assets | 21 | €3,718 | €3,718 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,191,139 | €3,209,705 | +€18,565 | +0.6% |
| Land and buildings | 22 | €1,560,232 | €1,542,281 | -€17,951 | -1.2% |
| Plant, machinery and equipment | 23 | €238,686 | €383,335 | +€144,649 | +60.6% |
| Furniture and vehicles | 24 | €101,107 | €124,319 | +€23,211 | +23.0% |
| Other tangible fixed assets | 26 | €1,291,114 | €1,159,770 | -€131,344 | -10.2% |
| Current assets | 29/58 | €1,369,717 | €1,679,273 | +€309,556 | +22.6% |
| Stocks and contracts in progress | 3 | €147,897 | €153,355 | +€5,458 | +3.7% |
| Stocks | 30/36 | €147,897 | €153,355 | +€5,458 | +3.7% |
| Amounts receivable within one year | 40/41 | €29,605 | €231,966 | +€202,361 | +684% |
| Trade receivables | 40 | €14,018 | €5,110 | -€8,908 | -63.5% |
| Other amounts receivable | 41 | €15,587 | €226,856 | +€211,269 | +1,355% |
| Current investments | 50/53 | €247,131 | €244,541 | -€2,590 | -1.0% |
| Cash at bank and in hand | 54/58 | €922,384 | €1,024,803 | +€102,419 | +11.1% |
| Deferred charges and accrued income | 490/1 | €22,699 | €24,608 | +€1,908 | +8.4% |
| Total equity and liabilities | 10/49 | €4,564,574 | €4,892,696 | +€328,121 | +7.2% |
| Equity | 10/15 | €4,038,281 | €4,449,578 | +€411,297 | +10.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €3,694 | €3,694 | = | 0.0% |
| Reserves | 13 | €3,959,587 | €4,370,884 | +€411,297 | +10.4% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,190 | €4,190 | = | 0.0% |
| Distributable reserves | 133 | €3,947,898 | €4,359,194 | +€411,297 | +10.4% |
| Provisions and deferred taxes | 16 | €191,000 | €178,442 | -€12,558 | -6.6% |
| Provisions for liabilities and charges | 160/5 | €191,000 | €178,442 | -€12,558 | -6.6% |
| Other liabilities and charges | 164/5 | €191,000 | €178,442 | -€12,558 | -6.6% |
| Amounts payable | 17/49 | €335,293 | €264,676 | -€70,617 | -21.1% |
| Amounts payable after more than one year | 17 | €172,165 | €112,416 | -€59,749 | -34.7% |
| Financial debts | 170/4 | €172,165 | €112,416 | -€59,749 | -34.7% |
| Amounts payable within one year | 42/48 | €163,129 | €152,260 | -€10,869 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €59,749 | €59,749 | = | 0.0% |
| Financial debts | 43 | - | €533 | +€533 | |
| Credit institutions | 430/8 | - | €533 | +€533 | |
| Trade debts | 44 | €91,110 | €82,273 | -€8,837 | -9.7% |
| Suppliers | 440/4 | €91,110 | €82,273 | -€8,837 | -9.7% |
| Taxes, remuneration and social security | 45 | €12,270 | €9,706 | -€2,564 | -20.9% |
| Taxes | 450/3 | €12,270 | €9,706 | -€2,564 | -20.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €667,315 | €693,886 | +€26,571 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,759 | €310,505 | +€60,746 | +24.3% |
| Other operating charges | 640/8 | €821,334 | €858,928 | +€37,595 | +4.6% |
| Non-recurring operating charges | 66A | €23,459 | €27,640 | +€4,182 | +17.8% |
| Gross operating margin | 9900 | €2,380,362 | €2,460,383 | +€80,021 | +3.4% |
| Operating profit (loss) | 9901 | €618,496 | €569,424 | -€49,072 | -7.9% |
| Financial income | 75/76B | €7,843 | €7,664 | -€179 | -2.3% |
| Recurring financial income | 75 | €7,843 | €7,664 | -€179 | -2.3% |
| Financial charges | 65/66B | €16,887 | €44,760 | +€27,873 | +165% |
| Recurring financial charges | 65 | €16,887 | €44,760 | +€27,873 | +165% |
| Profit (loss) for the period before taxes | 9903 | €609,451 | €532,328 | -€77,124 | -12.7% |
| Income taxes | 67/77 | €157,336 | €121,031 | -€36,304 | -23.1% |
| Profit (loss) for the period | 9904 | €452,116 | €411,297 | -€40,819 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €452,116 | €411,297 | -€40,819 | -9.0% |
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 18 October 2026 via checked.be.