STEELCO: 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.
STEELCO
Largest movements
- Stocks and contracts +€2.4m
up €2.4m (+170%), from €1.4m to €3.9m
- Receivables within one year -€418,025
down €418,025 (-33.4%), from €1.3m to €834,571
of which Trade receivables: -€408,683
- Cash +€240,093
up €240,093 (+290%), from €82,650 to €322,743
mainly Debts after one year (+€2.2m) and Trade debts (+€464,303)
- Tangible fixed assets +€79,225
up €79,225 (+45.3%), from €175,069 to €254,294
of which Plant, machinery and equipment: +€41,304
- Intangible fixed assets +€62,585
new in 2025: €62,585
- Debts after one year +€2.2m
up €2.2m (+109%), from €2.0m to €4.2m
of which Other amounts payable: +€1.6m
- Trade debts +€464,303
up €464,303 (+197%), from €235,136 to €699,439
- Profit (loss) carried forward -€268,362
down €268,362 (-6.2%), from -€4.4m to -€4.6m
- Gross operating margin +€399,949
up €399,949, from -€394,869 to €5,080
- Other operating charges +€36,069
up €36,069 (+693%), from €5,205 to €41,274
- Staff costs +€29,087
up €29,087 (+27.6%), from €105,487 to €134,575
- Financial charges +€22,394
up €22,394 (+34.6%), from €64,792 to €87,186
- Depreciation +€9,748
up €9,748 (+1,455%), from €670 to €10,418
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 | €2,964,716 | €5,379,746 | +€2.4m | +81.5% |
| Fixed assets | 21/28 | €191,069 | €335,079 | +€144,010 | +75.4% |
| Intangible fixed assets | 21 | - | €62,585 | +€62,585 | |
| Tangible fixed assets | 22/27 | €175,069 | €254,294 | +€79,225 | +45.3% |
| Land and buildings | 22 | €173,587 | €211,001 | +€37,414 | +21.6% |
| Plant, machinery and equipment | 23 | €1,178 | €42,481 | +€41,304 | +3,508% |
| Furniture and vehicles | 24 | €304 | €811 | +€507 | +167% |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €16,000 | €18,200 | +€2,200 | +13.8% |
| Current assets | 29/58 | €2,773,647 | €5,044,668 | +€2.3m | +81.9% |
| Stocks and contracts in progress | 3 | €1,438,305 | €3,887,353 | +€2.4m | +170% |
| Stocks | 30/36 | €1,438,305 | €3,887,353 | +€2.4m | +170% |
| Amounts receivable within one year | 40/41 | €1,252,597 | €834,571 | -€418,025 | -33.4% |
| Trade receivables | 40 | €1,215,851 | €807,168 | -€408,683 | -33.6% |
| Other amounts receivable | 41 | €36,746 | €27,404 | -€9,342 | -25.4% |
| Cash at bank and in hand | 54/58 | €82,650 | €322,743 | +€240,093 | +290% |
| Deferred charges and accrued income | 490/1 | €95 | - | -€95 | |
| Total equity and liabilities | 10/49 | €2,964,716 | €5,379,746 | +€2.4m | +81.5% |
| Equity | 10/15 | €633,557 | €365,194 | -€268,362 | -42.4% |
| Contributions | 10/11 | €4,991,208 | €4,991,208 | = | 0.0% |
| Capital | 10 | €4,991,208 | €4,991,208 | = | 0.0% |
| Issued capital | 100 | €4,991,208 | €4,991,208 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Legal reserve | 130 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,360,750 | -€4,629,113 | -€268,362 | -6.2% |
| Amounts payable | 17/49 | €2,331,160 | €5,014,552 | +€2.7m | +115% |
| Amounts payable after more than one year | 17 | €2,020,887 | €4,218,924 | +€2.2m | +109% |
| Financial debts | 170/4 | - | €639,168 | +€639,168 | |
| Other amounts payable | 178/9 | €2,020,887 | €3,579,755 | +€1.6m | +77.1% |
| Amounts payable within one year | 42/48 | €245,753 | €711,929 | +€466,176 | +190% |
| Trade debts | 44 | €235,136 | €699,439 | +€464,303 | +197% |
| Suppliers | 440/4 | €235,136 | €699,439 | +€464,303 | +197% |
| Taxes, remuneration and social security | 45 | €10,617 | €12,489 | +€1,872 | +17.6% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €10,617 | €12,489 | +€1,872 | +17.6% |
| Accrued charges and deferred income | 492/3 | €64,520 | €83,700 | +€19,180 | +29.7% |
| Remuneration, social security and pensions | 62 | €105,487 | €134,575 | +€29,087 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €670 | €10,418 | +€9,748 | +1,455% |
| Other operating charges | 640/8 | €5,205 | €41,274 | +€36,069 | +693% |
| Gross operating margin | 9900 | -€394,869 | €5,080 | +€399,949 | |
| Operating profit (loss) | 9901 | -€506,231 | -€181,187 | +€325,044 | +64.2% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €64,792 | €87,186 | +€22,394 | +34.6% |
| Recurring financial charges | 65 | €64,792 | €87,186 | +€22,394 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | -€571,023 | -€268,362 | +€302,661 | +53.0% |
| Profit (loss) for the period | 9904 | -€571,023 | -€268,362 | +€302,661 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€571,023 | -€268,362 | +€302,661 | +53.0% |
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 1 November 2026 via checked.be.