Steel Master: what changed
What changed
Steel Master
NACE 25.510, Coating of metals
filed annual accounts (NBB)
Net result for the year
€72,873
2025 · €12,642+€60,231
Equity
€274,526
2025 · €201,653+€72,873
Cash
€226,075
2025 · €185,938+€40,136
Balance sheet total
€1.3m
2025 · €1.2m+€91,501
Largest movements
Assets
- Cash +€40,136
up €40,136 (+21.6%), from €185,938 to €226,075
mainly Net result for the year (+€72,873) and Depreciation (+€46,185)
- Receivables within one year +€32,272
up €32,272 (+85.9%), from €37,559 to €69,831
of which Trade receivables: +€38,512
- Tangible fixed assets +€19,093
up €19,093 (+1.9%), from €1.0m to €1.0m
of which Plant, machinery and equipment: +€62,446
Equity and liabilities
- Reserves +€72,873
up €72,873 (+36.3%), from €200,653 to €273,526
Income statement
- Gross operating margin +€71,580
up €71,580 (+61.1%), from €117,182 to €188,762
- Taxes +€20,524
up €20,524 (+338%), from €6,081 to €26,605
- Depreciation -€12,063
down €12,063 (-20.7%), from €58,248 to €46,185
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2025
€12,642
Gross operating margin
+€71,580
Depreciation
+€12,063
Other operating charges
-€431
Financial income
-€1,669
Financial charges
-€788
Taxes
-€20,524
Result 2026
€72,873
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€82,464
Investment
-€65,278
Financing
+€22,950
Cash 2025
€185,938
From operations (derived)
+€82,464
Net result for the year
+€72,873
Depreciation
+€46,185
Receivables within one year
-€32,272
Trade debts
-€4,541
Tax, wage and social debts
+€5,464
Other debts
-€4,676
Accrued charges and deferred income
-€570
Investment (derived)
-€65,278
Investment in fixed assets (net)
-€65,278
Financing
+€22,950
Debts after one year
+€9,838
Current portion of long-term debt
+€13,112
Cash 2026
€226,075
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,230,793 | €1,322,294 | +€91,501 | +7.4% |
| Fixed assets | 21/28 | €1,007,295 | €1,026,388 | +€19,093 | +1.9% |
| Tangible fixed assets | 22/27 | €1,007,295 | €1,026,388 | +€19,093 | +1.9% |
| Land and buildings | 22 | €972,943 | €941,177 | -€31,767 | -3.3% |
| Plant, machinery and equipment | 23 | €1,744 | €64,190 | +€62,446 | +3,581% |
| Furniture and vehicles | 24 | €32,608 | €21,021 | -€11,587 | -35.5% |
| Current assets | 29/58 | €223,497 | €295,906 | +€72,408 | +32.4% |
| Amounts receivable within one year | 40/41 | €37,559 | €69,831 | +€32,272 | +85.9% |
| Trade receivables | 40 | €22,851 | €61,363 | +€38,512 | +169% |
| Other amounts receivable | 41 | €14,708 | €8,468 | -€6,240 | -42.4% |
| Cash at bank and in hand | 54/58 | €185,938 | €226,075 | +€40,136 | +21.6% |
| Total equity and liabilities | 10/49 | €1,230,793 | €1,322,294 | +€91,501 | +7.4% |
| Equity | 10/15 | €201,653 | €274,526 | +€72,873 | +36.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €200,653 | €273,526 | +€72,873 | +36.3% |
| Distributable reserves | 133 | €200,653 | €273,526 | +€72,873 | +36.3% |
| Amounts payable | 17/49 | €1,029,140 | €1,047,768 | +€18,628 | +1.8% |
| Amounts payable after more than one year | 17 | €893,379 | €903,217 | +€9,838 | +1.1% |
| Financial debts | 170/4 | €693,239 | €702,937 | +€9,698 | +1.4% |
| Other amounts payable | 178/9 | €200,140 | €200,280 | +€140 | +0.1% |
| Amounts payable within one year | 42/48 | €135,191 | €144,551 | +€9,360 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €42,468 | €55,580 | +€13,112 | +30.9% |
| Trade debts | 44 | €22,578 | €18,037 | -€4,541 | -20.1% |
| Suppliers | 440/4 | €22,578 | €18,037 | -€4,541 | -20.1% |
| Taxes, remuneration and social security | 45 | €7,949 | €13,413 | +€5,464 | +68.7% |
| Taxes | 450/3 | €7,949 | €13,413 | +€5,464 | +68.7% |
| Other amounts payable | 47/48 | €62,196 | €57,521 | -€4,676 | -7.5% |
| Accrued charges and deferred income | 492/3 | €570 | - | -€570 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,248 | €46,185 | -€12,063 | -20.7% |
| Other operating charges | 640/8 | €4,493 | €4,923 | +€431 | +9.6% |
| Gross operating margin | 9900 | €117,182 | €188,762 | +€71,580 | +61.1% |
| Operating profit (loss) | 9901 | €54,441 | €137,654 | +€83,212 | +153% |
| Financial income | 75/76B | €2,629 | €959 | -€1,669 | -63.5% |
| Recurring financial income | 75 | €2,629 | €959 | -€1,669 | -63.5% |
| Financial charges | 65/66B | €38,347 | €39,135 | +€788 | +2.1% |
| Recurring financial charges | 65 | €38,347 | €39,135 | +€788 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €18,723 | €99,478 | +€80,756 | +431% |
| Income taxes | 67/77 | €6,081 | €26,605 | +€20,524 | +338% |
| Profit (loss) for the period | 9904 | €12,642 | €72,873 | +€60,231 | +476% |
| Profit (loss) for the period to be appropriated | 9905 | €12,642 | €72,873 | +€60,231 | +476% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.