STEAM: 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.
STEAM
Largest movements
- Financial fixed assets -€64,525
down €64,525 (-43.4%), from €148,800 to €84,275
- Receivables within one year +€60,784
up €60,784 (+124%), from €49,042 to €109,826
of which Other amounts receivable: +€62,286
- Cash +€19,633
up €19,633 (+39.8%), from €49,331 to €68,964
mainly Investment in fixed assets (net) (+€64,525) and Net result for the year (+€31,189)
- Reserves +€31,189
up €31,189 (+17.5%), from €178,517 to €209,706
of which Distributable reserves: +€31,189
- Other debts -€13,094
down €13,094 (-25.6%), from €51,175 to €38,081
- Current portion of long-term debt -€2,864
no longer reported in 2025 (was €2,864)
- Financial income +€60,475
new in 2025: €60,475
- Gross operating margin -€33,195
down €33,195, from €10,027 to -€23,168
- Taxes -€1,286
down €1,286 (-27.0%), from €4,760 to €3,474
- Depreciation -€1,202
down €1,202 (-53.8%), from €2,233 to €1,031
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 | €262,889 | €279,186 | +€16,297 | +6.2% |
| Fixed assets | 21/28 | €153,030 | €87,475 | -€65,556 | -42.8% |
| Tangible fixed assets | 22/27 | €4,230 | €3,200 | -€1,031 | -24.4% |
| Plant, machinery and equipment | 23 | €4,230 | €3,200 | -€1,031 | -24.4% |
| Financial fixed assets | 28 | €148,800 | €84,275 | -€64,525 | -43.4% |
| Current assets | 29/58 | €109,859 | €191,712 | +€81,853 | +74.5% |
| Amounts receivable within one year | 40/41 | €49,042 | €109,826 | +€60,784 | +124% |
| Trade receivables | 40 | €43,802 | €42,300 | -€1,502 | -3.4% |
| Other amounts receivable | 41 | €5,240 | €67,526 | +€62,286 | +1,189% |
| Current investments | 50/53 | €9,600 | €9,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,331 | €68,964 | +€19,633 | +39.8% |
| Deferred charges and accrued income | 490/1 | €1,885 | €3,322 | +€1,437 | +76.2% |
| Total equity and liabilities | 10/49 | €262,889 | €279,186 | +€16,297 | +6.2% |
| Equity | 10/15 | €197,117 | €228,306 | +€31,189 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €178,517 | €209,706 | +€31,189 | +17.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €176,657 | €207,846 | +€31,189 | +17.7% |
| Amounts payable | 17/49 | €65,772 | €50,880 | -€14,891 | -22.6% |
| Amounts payable within one year | 42/48 | €65,772 | €50,880 | -€14,891 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €2,864 | - | -€2,864 | |
| Trade debts | 44 | €3,892 | €5,586 | +€1,694 | +43.5% |
| Suppliers | 440/4 | €3,892 | €5,586 | +€1,694 | +43.5% |
| Taxes, remuneration and social security | 45 | €7,841 | €7,214 | -€627 | -8.0% |
| Taxes | 450/3 | €7,841 | €7,214 | -€627 | -8.0% |
| Other amounts payable | 47/48 | €51,175 | €38,081 | -€13,094 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,233 | €1,031 | -€1,202 | -53.8% |
| Other operating charges | 640/8 | €1,245 | €1,407 | +€161 | +13.0% |
| Gross operating margin | 9900 | €10,027 | -€23,168 | -€33,195 | |
| Operating profit (loss) | 9901 | €6,549 | -€25,606 | -€32,154 | |
| Financial income | 75/76B | - | €60,475 | +€60,475 | |
| Recurring financial income | 75 | - | €60,475 | +€60,475 | |
| Financial charges | 65/66B | €280 | €206 | -€73 | -26.2% |
| Recurring financial charges | 65 | €280 | €206 | -€73 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €6,269 | €34,663 | +€28,394 | +453% |
| Income taxes | 67/77 | €4,760 | €3,474 | -€1,286 | -27.0% |
| Profit (loss) for the period | 9904 | €1,509 | €31,189 | +€29,680 | +1,967% |
| Profit (loss) for the period to be appropriated | 9905 | €1,509 | €31,189 | +€29,680 | +1,967% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.