Steelforce Group: 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.
What changed
Steelforce Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.9m
2024 · €19.5m-€10.6m
Equity
€35.9m
2024 · €34.0m+€1.9m
Cash
€43,717
2024 · €13,080+€30,637
Balance sheet total
€45.2m
2024 · €47.2m-€2.0m
Largest movements
Assets
- Receivables within one year -€1.6m
down €1.6m (-10.1%), from €15.8m to €14.2m
of which Other amounts receivable: -€1.9m
- Receivables after one year -€673,790
down €673,790 (-100%), from €673,790 to €0
- Financial fixed assets +€527,000
up €527,000 (+1.7%), from €30.4m to €30.9m
Equity and liabilities
- Current portion of long-term debt -€5.8m
down €5.8m (-74.4%), from €7.9m to €2.0m
- Other debts +€2.0m
up €2.0m (+39.5%), from €5.0m to €7.0m
- Reserves +€1.9m
up €1.9m (+6.1%), from €30.2m to €32.1m
of which Distributable reserves: +€1.9m
Income statement
- Financial income -€11.9m
down €11.9m (-56.4%), from €21.1m to €9.2m
- Financial charges -€854,907
down €854,907 (-84.2%), from €1.0m to €160,015
- Turnover +€353,898
up €353,898 (+33.3%), from €1.1m to €1.4m
- Taxes -€330,777
down €330,777 (-97.0%), from €340,864 to €10,087
- Services and other goods +€300,864
up €300,864 (+22.1%), from €1.4m to €1.7m
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.
Result 2024
€19.5m
Turnover
+€353,898
Other operating income
+€88,583
Services and other goods
-€300,864
Depreciation
+€2,158
Other operating charges
-€21,342
Financial income
-€11.9m
Financial charges
+€854,907
Taxes
+€330,777
Result 2025
€8.9m
raises the resultlowers the result
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.
From operations
+€13.5m
Investment
-€527,000
Financing
-€12.9m
Cash 2024
€13,080
From operations (derived)
+€13.5m
Net result for the year
+€8.9m
Depreciation
+€2,159
Receivables after one year
+€673,790
Receivables within one year
+€1.6m
Deferred charges and accrued income
+€260,404
Trade debts
+€105,106
Smaller working-capital items
+€542
Other debts
+€2.0m
Investment (derived)
-€527,000
Investment in fixed assets (net)
-€527,000
Financing
-€12.9m
Current portion of long-term debt
-€5.8m
Short-term financial debts
-€67,539
Contributions, distributions and other
-€7.0m
Cash 2025
€43,717
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,158,347 | €45,191,708 | -€2.0m | -4.2% |
| Fixed assets | 21/28 | €30,407,073 | €30,931,913 | +€524,841 | +1.7% |
| Tangible fixed assets | 22/27 | €2,159 | €0 | -€2,159 | -100% |
| Furniture and vehicles | 24 | €2,159 | €0 | -€2,159 | -100% |
| Financial fixed assets | 28 | €30,404,913 | €30,931,913 | +€527,000 | +1.7% |
| Affiliated companies | 280/1 | €30,404,913 | €30,931,913 | +€527,000 | +1.7% |
| Participating interests | 280 | €30,404,913 | €30,931,913 | +€527,000 | +1.7% |
| Current assets | 29/58 | €16,751,274 | €14,259,795 | -€2.5m | -14.9% |
| Amounts receivable after more than one year | 29 | €673,790 | €0 | -€673,790 | -100% |
| Other amounts receivable | 291 | €673,790 | €0 | -€673,790 | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €15,763,070 | €14,175,147 | -€1.6m | -10.1% |
| Trade receivables | 40 | €917,846 | €1,230,040 | +€312,193 | +34.0% |
| Other amounts receivable | 41 | €14,845,224 | €12,945,108 | -€1.9m | -12.8% |
| Cash at bank and in hand | 54/58 | €13,080 | €43,717 | +€30,637 | +234% |
| Deferred charges and accrued income | 490/1 | €301,334 | €40,930 | -€260,404 | -86.4% |
| Total equity and liabilities | 10/49 | €47,158,347 | €45,191,708 | -€2.0m | -4.2% |
| Equity | 10/15 | €33,995,709 | €35,853,473 | +€1.9m | +5.5% |
| Contributions | 10/11 | €3,756,300 | €3,756,300 | = | 0.0% |
| Capital | 10 | €1,544,284 | €1,544,284 | = | 0.0% |
| Issued capital | 100 | €1,544,284 | €1,544,284 | = | 0.0% |
| Contributions outside capital | 11 | €2,212,016 | €2,212,016 | = | 0.0% |
| Share premium | 1100/10 | €2,212,016 | €2,212,016 | = | 0.0% |
| Reserves | 13 | €30,239,409 | €32,097,173 | +€1.9m | +6.1% |
| Non-distributable reserves | 130/1 | €154,428 | €154,428 | = | 0.0% |
| Legal reserve | 130 | €154,428 | €154,428 | = | 0.0% |
| Distributable reserves | 133 | €30,084,981 | €31,942,744 | +€1.9m | +6.2% |
| Amounts payable | 17/49 | €13,162,638 | €9,338,235 | -€3.8m | -29.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €13,062,267 | €9,257,944 | -€3.8m | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €7,853,267 | €2,010,198 | -€5.8m | -74.4% |
| Financial debts | 43 | €67,576 | €37 | -€67,539 | -99.9% |
| Credit institutions | 430/8 | €67,576 | €37 | -€67,539 | -99.9% |
| Trade debts | 44 | €81,132 | €186,238 | +€105,106 | +130% |
| Suppliers | 440/4 | €81,132 | €186,238 | +€105,106 | +130% |
| Taxes, remuneration and social security | 45 | €40,849 | €61,471 | +€20,622 | +50.5% |
| Taxes | 450/3 | €40,849 | €61,471 | +€20,622 | +50.5% |
| Other amounts payable | 47/48 | €5,019,444 | €7,000,000 | +€2.0m | +39.5% |
| Accrued charges and deferred income | 492/3 | €100,372 | €80,292 | -€20,080 | -20.0% |
| Operating income | 70/76A | €1,070,995 | €1,513,476 | +€442,481 | +41.3% |
| Turnover | 70 | €1,062,279 | €1,416,177 | +€353,898 | +33.3% |
| Other operating income | 74 | €8,716 | €97,299 | +€88,583 | +1,016% |
| Operating charges | 60/66A | €1,383,932 | €1,703,980 | +€320,048 | +23.1% |
| Services and other goods | 61 | €1,363,026 | €1,663,890 | +€300,864 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,318 | €2,159 | -€2,158 | -50.0% |
| Other operating charges | 640/8 | €16,588 | €37,930 | +€21,342 | +129% |
| Operating profit (loss) | 9901 | -€312,937 | -€190,504 | +€122,433 | +39.1% |
| Financial income | 75/76B | €21,122,664 | €9,218,370 | -€11.9m | -56.4% |
| Recurring financial income | 75 | €21,122,664 | €9,218,370 | -€11.9m | -56.4% |
| Income from financial fixed assets | 750 | €19,791,553 | €8,850,000 | -€10.9m | -55.3% |
| Income from current assets | 751 | €1,035,582 | €250,275 | -€785,307 | -75.8% |
| Other financial income | 752/9 | €295,529 | €118,095 | -€177,434 | -60.0% |
| Financial charges | 65/66B | €1,014,922 | €160,015 | -€854,907 | -84.2% |
| Recurring financial charges | 65 | €1,014,922 | €160,015 | -€854,907 | -84.2% |
| Debt charges | 650 | €806,031 | €138,076 | -€667,955 | -82.9% |
| Other financial charges | 652/9 | €208,891 | €21,939 | -€186,952 | -89.5% |
| Profit (loss) for the period before taxes | 9903 | €19,794,805 | €8,867,851 | -€10.9m | -55.2% |
| Income taxes | 67/77 | €340,864 | €10,087 | -€330,777 | -97.0% |
| Taxes | 670/3 | €340,864 | €10,087 | -€330,777 | -97.0% |
| Profit (loss) for the period | 9904 | €19,453,941 | €8,857,764 | -€10.6m | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,453,941 | €8,857,764 | -€10.6m | -54.5% |
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 30 October 2026 via checked.be.