Steele: 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.
Steele
Largest movements
- Receivables within one year -€47,700
down €47,700 (-75.0%), from €63,639 to €15,939
- Tangible fixed assets -€24,442
down €24,442 (-14.3%), from €171,165 to €146,723
of which Land and buildings: -€20,336
- Stocks and contracts +€13,040
up €13,040 (+29.4%), from €44,308 to €57,348
- Reserves -€37,104
down €37,104 (-18.7%), from €198,811 to €161,707
of which Distributable reserves: -€37,104
- Other debts +€22,409
up €22,409 (+468.7%), from €4,781 to €27,191
- Debts after one year -€15,413
down €15,413 (-22.6%), from €68,216 to €52,803
- Short-term financial debts -€13,843
down €13,843 (-100.0%), from €13,843 to €0
- Trade debts -€13,564
down €13,564 (-47.3%), from €28,662 to €15,098
- Gross operating margin -€33,234
down €33,234, from €32,842 to -€392
- Financial charges -€2,517
down €2,517 (-39.2%), from €6,427 to €3,910
- Financial income -€1,368
down €1,368 (-76.0%), from €1,800 to €431
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 | €363,118 | €303,188 | -€59,930 | -16.5% |
| Fixed assets | 21/28 | €253,444 | €228,302 | -€25,142 | -9.9% |
| Intangible fixed assets | 21 | €700 | €0 | -€700 | -100.0% |
| Tangible fixed assets | 22/27 | €171,165 | €146,723 | -€24,442 | -14.3% |
| Land and buildings | 22 | €146,592 | €126,256 | -€20,336 | -13.9% |
| Plant, machinery and equipment | 23 | €2,514 | €2,008 | -€506 | -20.1% |
| Other tangible fixed assets | 26 | €22,059 | €18,459 | -€3,600 | -16.3% |
| Financial fixed assets | 28 | €81,579 | €81,579 | = | 0.0% |
| Current assets | 29/58 | €109,673 | €74,885 | -€34,788 | -31.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €44,308 | €57,348 | +€13,040 | +29.4% |
| Stocks | 30/36 | €44,308 | €57,348 | +€13,040 | +29.4% |
| Amounts receivable within one year | 40/41 | €63,639 | €15,939 | -€47,700 | -75.0% |
| Trade receivables | 40 | €63,639 | €15,939 | -€47,700 | -75.0% |
| Cash at bank and in hand | 54/58 | €1,395 | €1,598 | +€203 | +14.6% |
| Deferred charges and accrued income | 490/1 | €331 | €0 | -€331 | -100.0% |
| Total equity and liabilities | 10/49 | €363,118 | €303,188 | -€59,930 | -16.5% |
| Equity | 10/15 | €228,811 | €191,707 | -€37,104 | -16.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €198,811 | €161,707 | -€37,104 | -18.7% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €195,811 | €158,707 | -€37,104 | -18.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €134,307 | €111,481 | -€22,826 | -17.0% |
| Amounts payable after more than one year | 17 | €68,216 | €52,803 | -€15,413 | -22.6% |
| Financial debts | 170/4 | €68,216 | €52,803 | -€15,413 | -22.6% |
| Amounts payable within one year | 42/48 | €66,091 | €58,678 | -€7,413 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €16,424 | €15,413 | -€1,011 | -6.2% |
| Financial debts | 43 | €13,843 | €0 | -€13,843 | -100.0% |
| Credit institutions | 430/8 | €13,843 | €0 | -€13,843 | -100.0% |
| Trade debts | 44 | €28,662 | €15,098 | -€13,564 | -47.3% |
| Suppliers | 440/4 | €28,662 | €15,098 | -€13,564 | -47.3% |
| Taxes, remuneration and social security | 45 | €2,381 | €976 | -€1,405 | -59.0% |
| Taxes | 450/3 | €2,381 | €976 | -€1,405 | -59.0% |
| Other amounts payable | 47/48 | €4,781 | €27,191 | +€22,409 | +468.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €184 | €280 | +€96 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,338 | €25,142 | -€196 | -0.8% |
| Other operating charges | 640/8 | €6,675 | €6,800 | +€125 | +1.9% |
| Non-recurring operating charges | 66A | €1,524 | €869 | -€654 | -42.9% |
| Gross operating margin | 9900 | €32,842 | -€392 | -€33,234 | |
| Operating profit (loss) | 9901 | -€879 | -€33,484 | -€32,605 | -3709.3% |
| Financial income | 75/76B | €1,800 | €431 | -€1,368 | -76.0% |
| Recurring financial income | 75 | €1,800 | €431 | -€1,368 | -76.0% |
| Financial charges | 65/66B | €6,427 | €3,910 | -€2,517 | -39.2% |
| Recurring financial charges | 65 | €6,427 | €3,910 | -€2,517 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,506 | -€36,962 | -€31,456 | -571.3% |
| Income taxes | 67/77 | €134 | €141 | +€7 | +5.4% |
| Profit (loss) for the period | 9904 | -€5,640 | -€37,104 | -€31,463 | -557.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,640 | -€37,104 | -€31,463 | -557.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.