STEEL-CONCEPT: 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-CONCEPT
Largest movements
- Receivables within one year +€169,960
up €169,960 (+77.6%), from €218,972 to €388,932
of which Trade receivables: +€151,004
- Cash -€111,332
down €111,332 (-73.9%), from €150,568 to €39,236
mainly Receivables within one year (-€169,960) and Debts after one year (-€87,589)
- Tangible fixed assets -€76,184
down €76,184 (-14.0%), from €542,811 to €466,627
of which Land and buildings: -€55,267
- Debts after one year -€87,589
down €87,589 (-23.0%), from €380,429 to €292,840
- Trade debts +€37,758
up €37,758 (+36.5%), from €103,380 to €141,138
- Reserves +€30,580
up €30,580 (+10.5%), from €291,169 to €321,749
- Gross operating margin -€109,883
down €109,883 (-24.5%), from €448,835 to €338,952
- Other operating charges -€38,932
down €38,932 (-78.7%), from €49,482 to €10,551
- Taxes -€26,267
down €26,267 (-66.7%), from €39,397 to €13,130
- Staff costs +€22,873
up €22,873 (+14.7%), from €155,231 to €178,104
- Depreciation -€5,580
down €5,580 (-6.1%), from €91,003 to €85,423
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 | €938,460 | €926,633 | -€11,827 | -1.3% |
| Fixed assets | 21/28 | €542,811 | €466,627 | -€76,184 | -14.0% |
| Tangible fixed assets | 22/27 | €542,811 | €466,627 | -€76,184 | -14.0% |
| Land and buildings | 22 | €481,019 | €425,752 | -€55,267 | -11.5% |
| Plant, machinery and equipment | 23 | €50,476 | €37,970 | -€12,506 | -24.8% |
| Furniture and vehicles | 24 | €11,316 | €2,906 | -€8,410 | -74.3% |
| Current assets | 29/58 | €395,649 | €460,006 | +€64,357 | +16.3% |
| Stocks and contracts in progress | 3 | €22,570 | €29,520 | +€6,950 | +30.8% |
| Stocks | 30/36 | €22,570 | €29,520 | +€6,950 | +30.8% |
| Amounts receivable within one year | 40/41 | €218,972 | €388,932 | +€169,960 | +77.6% |
| Trade receivables | 40 | €210,251 | €361,255 | +€151,004 | +71.8% |
| Other amounts receivable | 41 | €8,722 | €27,677 | +€18,955 | +217% |
| Cash at bank and in hand | 54/58 | €150,568 | €39,236 | -€111,332 | -73.9% |
| Deferred charges and accrued income | 490/1 | €3,538 | €2,318 | -€1,220 | -34.5% |
| Total equity and liabilities | 10/49 | €938,460 | €926,633 | -€11,827 | -1.3% |
| Equity | 10/15 | €309,769 | €340,349 | +€30,580 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €291,169 | €321,749 | +€30,580 | +10.5% |
| Distributable reserves | 133 | €291,169 | €321,749 | +€30,580 | +10.5% |
| Amounts payable | 17/49 | €628,691 | €586,284 | -€42,407 | -6.7% |
| Amounts payable after more than one year | 17 | €380,429 | €292,840 | -€87,589 | -23.0% |
| Financial debts | 170/4 | €380,429 | €292,840 | -€87,589 | -23.0% |
| Amounts payable within one year | 42/48 | €248,262 | €293,444 | +€45,182 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €91,210 | €87,589 | -€3,621 | -4.0% |
| Financial debts | 43 | €1,509 | €6,199 | +€4,690 | +311% |
| Credit institutions | 430/8 | €1,509 | €6,199 | +€4,690 | +311% |
| Trade debts | 44 | €103,380 | €141,138 | +€37,758 | +36.5% |
| Suppliers | 440/4 | €103,380 | €141,138 | +€37,758 | +36.5% |
| Taxes, remuneration and social security | 45 | €50,692 | €58,264 | +€7,571 | +14.9% |
| Taxes | 450/3 | €33,745 | €33,718 | -€28 | -0.1% |
| Remuneration and social security | 454/9 | €16,947 | €24,546 | +€7,599 | +44.8% |
| Other amounts payable | 47/48 | €1,472 | €255 | -€1,217 | -82.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €155,231 | €178,104 | +€22,873 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,003 | €85,423 | -€5,580 | -6.1% |
| Other operating charges | 640/8 | €49,482 | €10,551 | -€38,932 | -78.7% |
| Gross operating margin | 9900 | €448,835 | €338,952 | -€109,883 | -24.5% |
| Operating profit (loss) | 9901 | €153,119 | €64,875 | -€88,244 | -57.6% |
| Financial income | 75/76B | €0 | €772 | +€771 | +160,690% |
| Recurring financial income | 75 | €0 | €772 | +€771 | +160,690% |
| Financial charges | 65/66B | €24,949 | €21,936 | -€3,013 | -12.1% |
| Recurring financial charges | 65 | €24,949 | €21,936 | -€3,013 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €128,171 | €43,710 | -€84,460 | -65.9% |
| Income taxes | 67/77 | €39,397 | €13,130 | -€26,267 | -66.7% |
| Profit (loss) for the period | 9904 | €88,773 | €30,580 | -€58,193 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,773 | €30,580 | -€58,193 | -65.6% |
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 31 October 2026 via checked.be.