Stål: 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.
Stål
Largest movements
- Receivables within one year +€33,315
up €33,315 (+500%), from €6,663 to €39,977
of which Trade receivables: +€33,949
- Cash -€7,352
down €7,352 (-29.6%), from €24,831 to €17,479
mainly Receivables within one year (-€33,315) and Trade debts (-€10,114)
- Stocks and contracts +€4,680
new in 2025: €4,680
- Profit (loss) carried forward +€40,682
up €40,682 (+282%), from €14,444 to €55,126
- Trade debts -€10,114
down €10,114 (-67.9%), from €14,900 to €4,786
- Other debts -€3,384
down €3,384 (-100%), from €3,384 to €0
- Tax, wage and social debts +€2,515
up €2,515 (+74.0%), from €3,396 to €5,911
of which Remuneration and social security: +€1,992
- Gross operating margin +€36,545
up €36,545 (+174%), from €20,991 to €57,535
- Taxes +€6,663
up €6,663 (+141%), from €4,732 to €11,395
- Other operating charges +€1,842
up €1,842 (+300%), from €615 to €2,457
- Depreciation +€1,794
up €1,794 (+156%), from €1,148 to €2,942
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 | €42,125 | €71,823 | +€29,699 | +70.5% |
| Fixed assets | 21/28 | €10,631 | €9,687 | -€944 | -8.9% |
| Intangible fixed assets | 21 | €1,203 | €948 | -€255 | -21.2% |
| Tangible fixed assets | 22/27 | €9,428 | €8,738 | -€690 | -7.3% |
| Plant, machinery and equipment | 23 | €1,010 | €2,132 | +€1,122 | +111% |
| Furniture and vehicles | 24 | €8,419 | €6,606 | -€1,812 | -21.5% |
| Current assets | 29/58 | €31,494 | €62,137 | +€30,643 | +97.3% |
| Stocks and contracts in progress | 3 | - | €4,680 | +€4,680 | |
| Stocks | 30/36 | - | €4,680 | +€4,680 | |
| Amounts receivable within one year | 40/41 | €6,663 | €39,977 | +€33,315 | +500% |
| Trade receivables | 40 | €558 | €34,507 | +€33,949 | +6,083% |
| Other amounts receivable | 41 | €6,105 | €5,470 | -€634 | -10.4% |
| Cash at bank and in hand | 54/58 | €24,831 | €17,479 | -€7,352 | -29.6% |
| Total equity and liabilities | 10/49 | €42,125 | €71,823 | +€29,699 | +70.5% |
| Equity | 10/15 | €17,444 | €58,126 | +€40,682 | +233% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,444 | €55,126 | +€40,682 | +282% |
| Amounts payable | 17/49 | €24,680 | €13,697 | -€10,983 | -44.5% |
| Amounts payable within one year | 42/48 | €24,680 | €13,697 | -€10,983 | -44.5% |
| Trade debts | 44 | €14,900 | €4,786 | -€10,114 | -67.9% |
| Suppliers | 440/4 | €14,900 | €4,786 | -€10,114 | -67.9% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,396 | €5,911 | +€2,515 | +74.0% |
| Taxes | 450/3 | €3,396 | €3,919 | +€523 | +15.4% |
| Remuneration and social security | 454/9 | - | €1,992 | +€1,992 | |
| Other amounts payable | 47/48 | €3,384 | €0 | -€3,384 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,148 | €2,942 | +€1,794 | +156% |
| Other operating charges | 640/8 | €615 | €2,457 | +€1,842 | +300% |
| Gross operating margin | 9900 | €20,991 | €57,535 | +€36,545 | +174% |
| Operating profit (loss) | 9901 | €19,228 | €52,137 | +€32,909 | +171% |
| Financial income | 75/76B | €74 | €106 | +€32 | +43.1% |
| Recurring financial income | 75 | €74 | €106 | +€32 | +43.1% |
| Financial charges | 65/66B | €126 | €166 | +€40 | +31.6% |
| Recurring financial charges | 65 | €126 | €166 | +€40 | +31.6% |
| Profit (loss) for the period before taxes | 9903 | €19,176 | €52,077 | +€32,901 | +172% |
| Income taxes | 67/77 | €4,732 | €11,395 | +€6,663 | +141% |
| Profit (loss) for the period | 9904 | €14,444 | €40,682 | +€26,238 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €14,444 | €40,682 | +€26,238 | +182% |
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 13 October 2026 via checked.be.