STEAL: what changed
Two fiscal 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.
STEAL
Largest movements
- Tangible fixed assets -€86,182
down €86,182 (-5.3%), from €1.6m to €1.5m
of which Land and buildings: -€87,341
- Receivables within one year +€32,816
up €32,816 (+66971.8%), from €49 to €32,865
of which Trade receivables: +€25,711
- Current portion of long-term debt +€300,000
new in 2025: €300,000
- Other debts -€151,426
down €151,426 (-68.0%), from €222,562 to €71,136
- Profit (loss) carried forward -€109,634
new in 2025: -€109,634
- Revaluation surpluses -€48,312
down €48,312 (-5.1%), from €944,004 to €895,692
- Reserves +€48,312
up €48,312 (+31.1%), from €155,222 to €203,534
of which Distributable reserves: +€48,312
- Gross operating margin -€53,581
down €53,581 (-92.6%), from €57,862 to €4,281
- Taxes +€39,693
new in 2025: €39,693
- Other operating charges -€29,430
down €29,430 (-71.5%), from €41,171 to €11,741
- Provisions -€29,353
down €29,353 (-155.0%), from -€18,942 to -€48,295
- Financial charges +€16,987
up €16,987 (+263.4%), from €6,448 to €23,436
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.
Cash bridge derived
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 | €1,617,360 | €1,573,731 | -€43,629 | -2.7% |
| Fixed assets | 21/28 | €1,615,074 | €1,528,893 | -€86,182 | -5.3% |
| Tangible fixed assets | 22/27 | €1,615,024 | €1,528,843 | -€86,182 | -5.3% |
| Land and buildings | 22 | €1,613,653 | €1,526,313 | -€87,341 | -5.4% |
| Furniture and vehicles | 24 | €1,371 | €2,530 | +€1,159 | +84.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,286 | €44,838 | +€42,553 | +1861.7% |
| Amounts receivable within one year | 40/41 | €49 | €32,865 | +€32,816 | +66971.8% |
| Trade receivables | 40 | - | €25,711 | +€25,711 | |
| Other amounts receivable | 41 | €49 | €7,154 | +€7,105 | +14500.3% |
| Cash at bank and in hand | 54/58 | €2,237 | €11,973 | +€9,736 | +435.3% |
| Total equity and liabilities | 10/49 | €1,617,360 | €1,573,731 | -€43,629 | -2.7% |
| Equity | 10/15 | €1,130,213 | €1,020,579 | -€109,634 | -9.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Capital | 10 | €30,987 | €30,987 | = | 0.0% |
| Issued capital | 100 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €944,004 | €895,692 | -€48,312 | -5.1% |
| Reserves | 13 | €155,222 | €203,534 | +€48,312 | +31.1% |
| Non-distributable reserves | 130/1 | €9,020 | €9,020 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,922 | €5,922 | = | 0.0% |
| Distributable reserves | 133 | €146,202 | €194,514 | +€48,312 | +33.0% |
| Profit (loss) carried forward | 14 | - | -€109,634 | -€109,634 | |
| Provisions and deferred taxes | 16 | €48,295 | - | -€48,295 | |
| Provisions for liabilities and charges | 160/5 | €48,295 | - | -€48,295 | |
| Major repairs and maintenance | 162 | €48,295 | - | -€48,295 | |
| Amounts payable | 17/49 | €438,852 | €553,152 | +€114,300 | +26.0% |
| Amounts payable within one year | 42/48 | €438,852 | €553,152 | +€114,300 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €194,607 | €161,223 | -€33,384 | -17.2% |
| Suppliers | 440/4 | €194,607 | €161,223 | -€33,384 | -17.2% |
| Advances received on contracts in progress | 46 | €11,165 | €11,165 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,519 | €9,629 | -€890 | -8.5% |
| Taxes | 450/3 | €10,519 | €9,629 | -€890 | -8.5% |
| Other amounts payable | 47/48 | €222,562 | €71,136 | -€151,426 | -68.0% |
| Non-recurring operating income | 76A | €1,045 | - | -€1,045 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,356 | €87,341 | -€1,016 | -1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€18,942 | -€48,295 | -€29,353 | -155.0% |
| Other operating charges | 640/8 | €41,171 | €11,741 | -€29,430 | -71.5% |
| Gross operating margin | 9900 | €57,862 | €4,281 | -€53,581 | -92.6% |
| Operating profit (loss) | 9901 | -€52,724 | -€46,506 | +€6,218 | +11.8% |
| Financial income | 75/76B | €2,592 | - | -€2,592 | |
| Recurring financial income | 75 | €2,592 | - | -€2,592 | |
| Financial charges | 65/66B | €6,448 | €23,436 | +€16,987 | +263.4% |
| Recurring financial charges | 65 | €6,448 | €23,436 | +€16,987 | +263.4% |
| Profit (loss) for the period before taxes | 9903 | -€56,580 | -€69,941 | -€13,361 | -23.6% |
| Income taxes | 67/77 | - | €39,693 | +€39,693 | |
| Profit (loss) for the period | 9904 | -€56,580 | -€109,634 | -€53,054 | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,580 | -€109,634 | -€53,054 | -93.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.