STEAM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€120,000
no longer reported in 2025 (was €120,000)
- Cash +€78,081
up €78,081 (+257%), from €30,350 to €108,431
mainly Current investments (+€120,000) and Depreciation (+€54,623)
- Tangible fixed assets -€54,623
down €54,623 (-14.6%), from €373,794 to €319,171
of which Land and buildings: -€54,464
- Reserves -€97,572
down €97,572 (-22.8%), from €428,169 to €330,597
of which Distributable reserves: -€69,170
- Other debts +€45,827
up €45,827 (+375%), from €12,220 to €58,047
- Provisions -€18,191
down €18,191 (-54.2%), from €33,546 to €15,354
of which Provisions for liabilities and charges: -€12,591
- Tax, wage and social debts -€17,308
down €17,308 (-92.4%), from €18,726 to €1,418
of which Taxes: -€17,306
- Current portion of long-term debt -€7,390
down €7,390 (-66.4%), from €11,138 to €3,748
- Gross operating margin -€13,934
down €13,934 (-79.3%), from €17,565 to €3,632
- Provisions +€13,409
up €13,409 (+51.6%), from -€26,000 to -€12,591
- Financial income -€2,629
down €2,629 (-73.0%), from €3,603 to €975
- Taxes -€2,496
down €2,496 (-86.2%), from €2,897 to €401
- Financial charges -€713
down €713 (-57.6%), from €1,237 to €524
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 | €528,817 | €434,697 | -€94,120 | -17.8% |
| Fixed assets | 21/28 | €373,794 | €319,171 | -€54,623 | -14.6% |
| Tangible fixed assets | 22/27 | €373,794 | €319,171 | -€54,623 | -14.6% |
| Land and buildings | 22 | €368,461 | €313,997 | -€54,464 | -14.8% |
| Plant, machinery and equipment | 23 | €1,083 | €925 | -€158 | -14.6% |
| Furniture and vehicles | 24 | €4,250 | €4,250 | = | 0.0% |
| Current assets | 29/58 | €155,023 | €115,526 | -€39,498 | -25.5% |
| Amounts receivable within one year | 40/41 | €569 | €2,343 | +€1,775 | +312% |
| Trade receivables | 40 | €2 | €2 | +€1 | +49.7% |
| Other amounts receivable | 41 | €567 | €2,341 | +€1,774 | +313% |
| Current investments | 50/53 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €30,350 | €108,431 | +€78,081 | +257% |
| Deferred charges and accrued income | 490/1 | €4,104 | €4,751 | +€647 | +15.8% |
| Total equity and liabilities | 10/49 | €528,817 | €434,697 | -€94,120 | -17.8% |
| Equity | 10/15 | €446,719 | €349,147 | -€97,572 | -21.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €428,169 | €330,597 | -€97,572 | -22.8% |
| Tax-exempt reserves | 132 | €91,819 | €63,417 | -€28,402 | -30.9% |
| Distributable reserves | 133 | €336,350 | €267,180 | -€69,170 | -20.6% |
| Provisions and deferred taxes | 16 | €33,546 | €15,354 | -€18,191 | -54.2% |
| Provisions for liabilities and charges | 160/5 | €12,591 | - | -€12,591 | |
| Pensions and similar obligations | 160 | €12,591 | - | -€12,591 | |
| Deferred taxes | 168 | €20,955 | €15,354 | -€5,600 | -26.7% |
| Amounts payable | 17/49 | €48,553 | €70,195 | +€21,643 | +44.6% |
| Amounts payable after more than one year | 17 | €3,748 | - | -€3,748 | |
| Financial debts | 170/4 | €3,748 | - | -€3,748 | |
| Amounts payable within one year | 42/48 | €44,149 | €70,188 | +€26,039 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | €11,138 | €3,748 | -€7,390 | -66.4% |
| Trade debts | 44 | €2,065 | €6,975 | +€4,910 | +238% |
| Suppliers | 440/4 | €2,065 | €6,975 | +€4,910 | +238% |
| Taxes, remuneration and social security | 45 | €18,726 | €1,418 | -€17,308 | -92.4% |
| Taxes | 450/3 | €17,656 | €350 | -€17,306 | -98.0% |
| Remuneration and social security | 454/9 | €1,070 | €1,068 | -€2 | -0.2% |
| Other amounts payable | 47/48 | €12,220 | €58,047 | +€45,827 | +375% |
| Accrued charges and deferred income | 492/3 | €656 | €7 | -€648 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,623 | €54,623 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€26,000 | -€12,591 | +€13,409 | +51.6% |
| Other operating charges | 640/8 | €4,044 | €4,163 | +€118 | +2.9% |
| Gross operating margin | 9900 | €17,565 | €3,632 | -€13,934 | -79.3% |
| Operating profit (loss) | 9901 | -€15,102 | -€42,563 | -€27,461 | -182% |
| Financial income | 75/76B | €3,603 | €975 | -€2,629 | -73.0% |
| Recurring financial income | 75 | €3,603 | €975 | -€2,629 | -73.0% |
| Financial charges | 65/66B | €1,237 | €524 | -€713 | -57.6% |
| Recurring financial charges | 65 | €1,237 | €524 | -€713 | -57.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,735 | -€42,112 | -€29,377 | -231% |
| Transfer from deferred taxes | 780 | €3,600 | €7,600 | +€4,000 | +111% |
| Transfer to deferred taxes | 680 | - | €2,000 | +€2,000 | |
| Income taxes | 67/77 | €2,897 | €401 | -€2,496 | -86.2% |
| Profit (loss) for the period | 9904 | -€12,031 | -€36,913 | -€24,881 | -207% |
| Transfer from tax-exempt reserves | 789 | €12,401 | €28,402 | +€16,000 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €370 | -€8,511 | -€8,881 |
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 17 October 2026 via checked.be.