STEAM MASTERS: 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 MASTERS
Largest movements
- Tangible fixed assets +€88,284
up €88,284 (+195%), from €45,187 to €133,470
of which Plant, machinery and equipment: +€95,271
- Cash +€17,931
up €17,931 (+319%), from €5,625 to €23,556
mainly Debts after one year (+€46,792) and Depreciation (+€22,253)
- Receivables within one year -€2,226
down €2,226 (-9.3%), from €23,883 to €21,657
of which Trade receivables: -€6,587
- Debts after one year +€46,792
up €46,792 (+156%), from €29,914 to €76,706
- Trade debts +€20,762
up €20,762 (+140%), from €14,879 to €35,641
- Other debts +€20,000
new in 2025: €20,000
- Current portion of long-term debt +€14,847
up €14,847 (+138%), from €10,741 to €25,588
- Reserves +€4,194
up €4,194 (+23.4%), from €17,886 to €22,080
- Depreciation +€17,651
up €17,651 (+383%), from €4,603 to €22,253
- Taxes -€4,402
no longer reported in 2025 (was €4,402)
- Gross operating margin +€2,600
up €2,600 (+9.0%), from €28,875 to €31,476
- Financial charges +€2,224
up €2,224 (+278%), from €800 to €3,024
- Staff costs +€643
up €643 (+139%), from €462 to €1,104
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 | €78,419 | €185,015 | +€106,595 | +136% |
| Fixed assets | 21/28 | €45,187 | €133,470 | +€88,284 | +195% |
| Tangible fixed assets | 22/27 | €45,187 | €133,470 | +€88,284 | +195% |
| Plant, machinery and equipment | 23 | €4,378 | €99,649 | +€95,271 | +2,176% |
| Furniture and vehicles | 24 | €40,808 | €33,821 | -€6,987 | -17.1% |
| Current assets | 29/58 | €33,233 | €51,545 | +€18,312 | +55.1% |
| Stocks and contracts in progress | 3 | €2,384 | €3,475 | +€1,091 | +45.7% |
| Stocks | 30/36 | €1,475 | €2,860 | +€1,385 | +93.9% |
| Contracts in progress | 37 | €909 | €615 | -€294 | -32.4% |
| Amounts receivable within one year | 40/41 | €23,883 | €21,657 | -€2,226 | -9.3% |
| Trade receivables | 40 | €15,698 | €9,111 | -€6,587 | -42.0% |
| Other amounts receivable | 41 | €8,185 | €12,546 | +€4,362 | +53.3% |
| Cash at bank and in hand | 54/58 | €5,625 | €23,556 | +€17,931 | +319% |
| Deferred charges and accrued income | 490/1 | €1,341 | €2,857 | +€1,516 | +113% |
| Total equity and liabilities | 10/49 | €78,419 | €185,015 | +€106,595 | +136% |
| Equity | 10/15 | €22,886 | €27,080 | +€4,194 | +18.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,886 | €22,080 | +€4,194 | +23.4% |
| Distributable reserves | 133 | €17,886 | €22,080 | +€4,194 | +23.4% |
| Amounts payable | 17/49 | €55,534 | €157,935 | +€102,401 | +184% |
| Amounts payable after more than one year | 17 | €29,914 | €76,706 | +€46,792 | +156% |
| Financial debts | 170/4 | €29,914 | €76,706 | +€46,792 | +156% |
| Amounts payable within one year | 42/48 | €25,620 | €81,229 | +€55,609 | +217% |
| Current portion of amounts payable after more than one year | 42 | €10,741 | €25,588 | +€14,847 | +138% |
| Trade debts | 44 | €14,879 | €35,641 | +€20,762 | +140% |
| Suppliers | 440/4 | €14,879 | €35,641 | +€20,762 | +140% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €462 | €1,104 | +€643 | +139% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,603 | €22,253 | +€17,651 | +383% |
| Other operating charges | 640/8 | €723 | €905 | +€182 | +25.1% |
| Gross operating margin | 9900 | €28,875 | €31,476 | +€2,600 | +9.0% |
| Operating profit (loss) | 9901 | €23,088 | €7,213 | -€15,875 | -68.8% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €800 | €3,024 | +€2,224 | +278% |
| Recurring financial charges | 65 | €800 | €3,024 | +€2,224 | +278% |
| Profit (loss) for the period before taxes | 9903 | €22,288 | €4,194 | -€18,094 | -81.2% |
| Income taxes | 67/77 | €4,402 | - | -€4,402 | |
| Profit (loss) for the period | 9904 | €17,886 | €4,194 | -€13,692 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,886 | €4,194 | -€13,692 | -76.6% |
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.