STEELE: what changed
Two fiscal 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.
STEELE
Largest movements
- Cash +€23,686
up €23,686 (+64.8%), from €36,537 to €60,223
mainly Net result for the year (+€86,773) and Other debts (+€29,478)
- Tangible fixed assets -€3,755
down €3,755 (-23.0%), from €16,303 to €12,548
of which Furniture and vehicles: -€2,839
- Receivables within one year +€3,311
up €3,311 (+3.3%), from €100,588 to €103,899
of which Trade receivables: +€3,496
- Other debts +€29,478
up €29,478 (+24.4%), from €121,017 to €150,495
- Profit (loss) carried forward -€10,127
down €10,127 (-37.1%), from €27,303 to €17,176
- Tax, wage and social debts +€7,918
up €7,918 (+33.0%), from €23,985 to €31,903
of which Remuneration and social security: +€7,458
- Gross operating margin +€27,328
up €27,328 (+18.0%), from €152,230 to €179,558
- Staff costs +€14,829
up €14,829 (+24.5%), from €60,610 to €75,439
- Financial income -€5,568
down €5,568 (-21.5%), from €25,910 to €20,343
- Taxes +€5,487
up €5,487 (+21.5%), from €25,546 to €31,033
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.
Cash bridge derived
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 | €196,364 | €220,034 | +€23,670 | +12.1% |
| Formation expenses | 20 | €40,000 | €40,000 | = | 0.0% |
| Fixed assets | 21/28 | €16,303 | €12,548 | -€3,755 | -23.0% |
| Tangible fixed assets | 22/27 | €16,303 | €12,548 | -€3,755 | -23.0% |
| Land and buildings | 22 | €7,387 | €6,336 | -€1,051 | -14.2% |
| Plant, machinery and equipment | 23 | €4,874 | €5,008 | +€135 | +2.8% |
| Furniture and vehicles | 24 | €4,042 | €1,203 | -€2,839 | -70.2% |
| Current assets | 29/58 | €140,062 | €167,487 | +€27,425 | +19.6% |
| Stocks and contracts in progress | 3 | €662 | €132 | -€529 | -80.0% |
| Stocks | 30/36 | €662 | €132 | -€529 | -80.0% |
| Amounts receivable within one year | 40/41 | €100,588 | €103,899 | +€3,311 | +3.3% |
| Trade receivables | 40 | €100,403 | €103,899 | +€3,496 | +3.5% |
| Other amounts receivable | 41 | €185 | - | -€185 | |
| Cash at bank and in hand | 54/58 | €36,537 | €60,223 | +€23,686 | +64.8% |
| Deferred charges and accrued income | 490/1 | €2,275 | €3,233 | +€958 | +42.1% |
| Total equity and liabilities | 10/49 | €196,364 | €220,034 | +€23,670 | +12.1% |
| Equity | 10/15 | €47,763 | €37,636 | -€10,127 | -21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,303 | €17,176 | -€10,127 | -37.1% |
| Amounts payable | 17/49 | €148,601 | €182,398 | +€33,797 | +22.7% |
| Amounts payable within one year | 42/48 | €146,559 | €182,398 | +€35,840 | +24.5% |
| Trade debts | 44 | €1,556 | - | -€1,556 | |
| Suppliers | 440/4 | €1,556 | - | -€1,556 | |
| Taxes, remuneration and social security | 45 | €23,985 | €31,903 | +€7,918 | +33.0% |
| Taxes | 450/3 | €14,030 | €14,490 | +€460 | +3.3% |
| Remuneration and social security | 454/9 | €9,955 | €17,413 | +€7,458 | +74.9% |
| Other amounts payable | 47/48 | €121,017 | €150,495 | +€29,478 | +24.4% |
| Accrued charges and deferred income | 492/3 | €2,043 | - | -€2,043 | |
| Remuneration, social security and pensions | 62 | €60,610 | €75,439 | +€14,829 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,656 | €5,811 | +€155 | +2.7% |
| Other operating charges | 640/8 | €409 | €423 | +€14 | +3.4% |
| Gross operating margin | 9900 | €152,230 | €179,558 | +€27,328 | +18.0% |
| Operating profit (loss) | 9901 | €85,556 | €97,886 | +€12,330 | +14.4% |
| Financial income | 75/76B | €25,910 | €20,343 | -€5,568 | -21.5% |
| Recurring financial income | 75 | €25,910 | €20,343 | -€5,568 | -21.5% |
| Financial charges | 65/66B | €173 | €423 | +€250 | +144.4% |
| Recurring financial charges | 65 | €173 | €423 | +€250 | +144.4% |
| Profit (loss) for the period before taxes | 9903 | €111,293 | €117,806 | +€6,513 | +5.9% |
| Income taxes | 67/77 | €25,546 | €31,033 | +€5,487 | +21.5% |
| Profit (loss) for the period | 9904 | €85,747 | €86,773 | +€1,026 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,747 | €86,773 | +€1,026 | +1.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.