Steel Construct: 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 Construct
Largest movements
- Cash -€32,327
down €32,327 (-57.5%), from €56,201 to €23,874
mainly Contributions, distributions and other (-€141,767) and Short-term financial debts (-€18,176)
- Receivables within one year -€25,059
down €25,059 (-24.3%), from €103,060 to €78,001
of which Trade receivables: -€38,187
- Tangible fixed assets -€11,827
down €11,827 (-7.0%), from €168,406 to €156,579
of which Furniture and vehicles: -€5,986
- Current investments -€10,630
down €10,630 (-18.0%), from €59,145 to €48,515
- Deferred charges and accrued income -€8,232
down €8,232 (-97.9%), from €8,412 to €180
- Reserves -€107,212
down €107,212 (-37.1%), from €289,346 to €182,134
of which Distributable reserves: -€107,212
- Other debts +€34,609
up €34,609 (+109%), from €31,662 to €66,271
- Short-term financial debts -€18,176
down €18,176 (-81.4%), from €22,317 to €4,141
- Gross operating margin -€43,000
down €43,000 (-19.5%), from €220,196 to €177,196
- Taxes -€11,105
down €11,105 (-41.2%), from €26,930 to €15,825
- Staff costs +€10,819
up €10,819 (+10.7%), from €100,870 to €111,689
- Depreciation -€6,150
down €6,150 (-30.5%), from €20,165 to €14,015
- Financial income +€4,096
up €4,096 (+192%), from €2,132 to €6,229
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 | €398,521 | €309,447 | -€89,074 | -22.4% |
| Fixed assets | 21/28 | €168,703 | €156,876 | -€11,827 | -7.0% |
| Tangible fixed assets | 22/27 | €168,406 | €156,579 | -€11,827 | -7.0% |
| Land and buildings | 22 | €152,411 | €146,570 | -€5,841 | -3.8% |
| Furniture and vehicles | 24 | €15,995 | €10,009 | -€5,986 | -37.4% |
| Financial fixed assets | 28 | €297 | €297 | = | 0.0% |
| Current assets | 29/58 | €229,818 | €152,570 | -€77,248 | -33.6% |
| Amounts receivable after more than one year | 29 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Other amounts receivable | 291 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Amounts receivable within one year | 40/41 | €103,060 | €78,001 | -€25,059 | -24.3% |
| Trade receivables | 40 | €96,415 | €58,229 | -€38,187 | -39.6% |
| Other amounts receivable | 41 | €6,645 | €19,772 | +€13,127 | +198% |
| Current investments | 50/53 | €59,145 | €48,515 | -€10,630 | -18.0% |
| Cash at bank and in hand | 54/58 | €56,201 | €23,874 | -€32,327 | -57.5% |
| Deferred charges and accrued income | 490/1 | €8,412 | €180 | -€8,232 | -97.9% |
| Total equity and liabilities | 10/49 | €398,521 | €309,447 | -€89,074 | -22.4% |
| Equity | 10/15 | €308,346 | €201,134 | -€107,212 | -34.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €289,346 | €182,134 | -€107,212 | -37.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €289,346 | €182,134 | -€107,212 | -37.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,175 | €108,312 | +€18,137 | +20.1% |
| Amounts payable within one year | 42/48 | €89,184 | €108,312 | +€19,129 | +21.4% |
| Financial debts | 43 | €22,317 | €4,141 | -€18,176 | -81.4% |
| Credit institutions | 430/8 | €22,317 | €4,141 | -€18,176 | -81.4% |
| Trade debts | 44 | €12,184 | €12,267 | +€83 | +0.7% |
| Suppliers | 440/4 | €12,184 | €12,267 | +€83 | +0.7% |
| Taxes, remuneration and social security | 45 | €23,020 | €25,633 | +€2,614 | +11.4% |
| Taxes | 450/3 | €10,768 | €11,418 | +€649 | +6.0% |
| Remuneration and social security | 454/9 | €12,252 | €14,216 | +€1,964 | +16.0% |
| Other amounts payable | 47/48 | €31,662 | €66,271 | +€34,609 | +109% |
| Accrued charges and deferred income | 492/3 | €991 | €0 | -€991 | -100% |
| Remuneration, social security and pensions | 62 | €100,870 | €111,689 | +€10,819 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,165 | €14,015 | -€6,150 | -30.5% |
| Other operating charges | 640/8 | €4,515 | €4,603 | +€88 | +1.9% |
| Gross operating margin | 9900 | €220,196 | €177,196 | -€43,000 | -19.5% |
| Operating profit (loss) | 9901 | €94,646 | €46,889 | -€47,757 | -50.5% |
| Financial income | 75/76B | €2,132 | €6,229 | +€4,096 | +192% |
| Recurring financial income | 75 | €2,132 | €6,229 | +€4,096 | +192% |
| Financial charges | 65/66B | €3,076 | €2,737 | -€339 | -11.0% |
| Recurring financial charges | 65 | €3,076 | €2,737 | -€339 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €93,702 | €50,380 | -€43,322 | -46.2% |
| Income taxes | 67/77 | €26,930 | €15,825 | -€11,105 | -41.2% |
| Profit (loss) for the period | 9904 | €66,772 | €34,555 | -€32,217 | -48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,772 | €34,555 | -€32,217 | -48.2% |
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 13 October 2026 via checked.be.