STEEL: 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.
STEEL
Largest movements
- Receivables within one year -€40,367
down €40,367 (-61.2%), from €65,951 to €25,584
of which Other amounts receivable: -€37,454
- Tangible fixed assets +€12,860
up €12,860 (+145%), from €8,893 to €21,753
of which Plant, machinery and equipment: +€10,997
- Cash +€3,684
up €3,684 (+833%), from €442 to €4,126
mainly Receivables within one year (+€40,367) and Net result for the year (+€4,440)
- Other debts -€19,641
down €19,641 (-67.2%), from €29,243 to €9,602
- Trade debts -€8,494
down €8,494 (-33.4%), from €25,400 to €16,906
- Profit (loss) carried forward +€4,440
up €4,440 (+53.5%), from €8,305 to €12,745
- Depreciation -€7,537
down €7,537 (-78.2%), from €9,639 to €2,103
- Gross operating margin +€3,282
up €3,282 (+39.5%), from €8,309 to €11,591
- Taxes +€1,181
new in 2025: €1,181
- Other operating charges +€583
up €583 (+83.2%), from €701 to €1,283
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 | €75,287 | €51,463 | -€23,824 | -31.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €8,893 | €21,753 | +€12,860 | +145% |
| Tangible fixed assets | 22/27 | €8,893 | €21,753 | +€12,860 | +145% |
| Plant, machinery and equipment | 23 | €3,355 | €14,353 | +€10,997 | +328% |
| Furniture and vehicles | 24 | €5,538 | €7,400 | +€1,862 | +33.6% |
| Current assets | 29/58 | €66,394 | €29,710 | -€36,684 | -55.3% |
| Amounts receivable within one year | 40/41 | €65,951 | €25,584 | -€40,367 | -61.2% |
| Trade receivables | 40 | €27,774 | €24,861 | -€2,913 | -10.5% |
| Other amounts receivable | 41 | €38,178 | €724 | -€37,454 | -98.1% |
| Cash at bank and in hand | 54/58 | €442 | €4,126 | +€3,684 | +833% |
| Total equity and liabilities | 10/49 | €75,287 | €51,463 | -€23,824 | -31.6% |
| Equity | 10/15 | €18,305 | €22,745 | +€4,440 | +24.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,305 | €12,745 | +€4,440 | +53.5% |
| Amounts payable | 17/49 | €56,982 | €28,718 | -€28,264 | -49.6% |
| Amounts payable within one year | 42/48 | €56,982 | €28,718 | -€28,264 | -49.6% |
| Trade debts | 44 | €25,400 | €16,906 | -€8,494 | -33.4% |
| Suppliers | 440/4 | €25,400 | €16,906 | -€8,494 | -33.4% |
| Taxes, remuneration and social security | 45 | €2,339 | €2,210 | -€129 | -5.5% |
| Taxes | 450/3 | €2,339 | €2,210 | -€129 | -5.5% |
| Other amounts payable | 47/48 | €29,243 | €9,602 | -€19,641 | -67.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,639 | €2,103 | -€7,537 | -78.2% |
| Other operating charges | 640/8 | €701 | €1,283 | +€583 | +83.2% |
| Non-recurring operating charges | 66A | - | €2,232 | +€2,232 | |
| Gross operating margin | 9900 | €8,309 | €11,591 | +€3,282 | +39.5% |
| Operating profit (loss) | 9901 | -€2,031 | €5,973 | +€8,003 | |
| Financial charges | 65/66B | €387 | €352 | -€35 | -9.0% |
| Recurring financial charges | 65 | €387 | €352 | -€35 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,418 | €5,621 | +€8,038 | |
| Income taxes | 67/77 | - | €1,181 | +€1,181 | |
| Profit (loss) for the period | 9904 | -€2,418 | €4,440 | +€6,857 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,418 | €4,440 | +€6,857 |
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 23 October 2026 via checked.be.