Steelforce Packaging: 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 Packaging
NACE 46.820, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3.3m
2024 · €5.4m-€8.7m
Equity
€14.9m
2024 · €19.3m-€4.4m
Cash
€450,774
2024 · €18,276+€432,498
Balance sheet total
€208.2m
2024 · €159.2m+€49.0m
Largest movements
Assets
- Receivables within one year +€43.6m
up €43.6m (+81.4%), from €53.6m to €97.2m
of which Trade receivables: +€44.0m
- Deferred charges and accrued income +€14.4m
up €14.4m (+211%), from €6.8m to €21.2m
- Stocks and contracts -€9.6m
down €9.6m (-9.9%), from €97.1m to €87.5m
Equity and liabilities
- Current portion of long-term debt +€43.2m
up €43.2m (+9,276%), from €465,592 to €43.7m
- Short-term financial debts +€15.1m
up €15.1m (+13.5%), from €111.4m to €126.5m
of which Credit institutions: +€15.1m
- Reserves -€4.4m
down €4.4m (-30.5%), from €14.3m to €9.9m
of which Distributable reserves: -€4.4m
- Accrued charges and deferred income -€2.9m
down €2.9m (-65.1%), from €4.4m to €1.5m
Income statement
- Goods and materials +€98.2m
up €98.2m (+37.3%), from €262.9m to €361.1m
of which Purchases: +€71.6m
- Turnover +€86.6m
up €86.6m (+31.7%), from €273.6m to €360.2m
- Financial income +€24.2m
up €24.2m (+196%), from €12.4m to €36.6m
- Financial charges +€23.0m
up €23.0m (+193%), from €11.9m to €34.9m
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
€5.4m
Turnover
+€86.6m
Other operating income
-€107,425
Goods and materials
-€98.2m
Services and other goods
+€54,748
Staff costs
-€121,479
Other operating charges
-€11,594
Financial income
+€24.2m
Financial charges
-€23.0m
Taxes
+€1.8m
Result 2025
-€3.3m
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
-€55.9m
Investment
-€107,872
Financing
+€56.5m
Cash 2024
€18,276
From operations (derived)
-€55.9m
Net result for the year
-€3.3m
Depreciation
+€746
Stocks and contracts
+€9.6m
Receivables within one year
-€43.6m
Deferred charges and accrued income
-€14.4m
Trade debts
-€829,859
Tax, wage and social debts
-€201,757
Other debts
-€232,870
Accrued charges and deferred income
-€2.9m
Investment (derived)
-€107,872
Investment in fixed assets (net)
-€10,000
Current investments
-€97,872
Financing
+€56.5m
Debts after one year
-€793,371
Current portion of long-term debt
+€43.2m
Short-term financial debts
+€15.1m
Contributions, distributions and other
-€1.0m
Cash 2025
€450,774
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €159,187,021 | €208,180,849 | +€49.0m | +30.8% |
| Formation expenses | 20 | €1,926 | €1,181 | -€746 | -38.7% |
| Fixed assets | 21/28 | €1,675,240 | €1,685,240 | +€10,000 | +0.6% |
| Financial fixed assets | 28 | €1,675,240 | €1,685,240 | +€10,000 | +0.6% |
| Affiliated companies | 280/1 | €1,675,240 | €1,685,240 | +€10,000 | +0.6% |
| Participating interests | 280 | €1,675,240 | €1,685,240 | +€10,000 | +0.6% |
| Current assets | 29/58 | €157,509,855 | €206,494,428 | +€49.0m | +31.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €97,065,380 | €87,474,428 | -€9.6m | -9.9% |
| Stocks | 30/36 | €97,065,380 | €87,474,428 | -€9.6m | -9.9% |
| Goods purchased for resale | 34 | €97,065,380 | €87,474,428 | -€9.6m | -9.9% |
| Amounts receivable within one year | 40/41 | €53,599,790 | €97,243,877 | +€43.6m | +81.4% |
| Trade receivables | 40 | €46,856,894 | €90,884,247 | +€44.0m | +94.0% |
| Other amounts receivable | 41 | €6,742,896 | €6,359,629 | -€383,267 | -5.7% |
| Current investments | 50/53 | - | €97,872 | +€97,872 | |
| Other investments | 51/53 | - | €97,872 | +€97,872 | |
| Cash at bank and in hand | 54/58 | €18,276 | €450,774 | +€432,498 | +2,367% |
| Deferred charges and accrued income | 490/1 | €6,826,409 | €21,227,477 | +€14.4m | +211% |
| Total equity and liabilities | 10/49 | €159,187,021 | €208,180,849 | +€49.0m | +30.8% |
| Equity | 10/15 | €19,257,186 | €14,906,328 | -€4.4m | -22.6% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €14,257,186 | €9,906,328 | -€4.4m | -30.5% |
| Tax-exempt reserves | 132 | €1,995,540 | €1,995,540 | = | 0.0% |
| Distributable reserves | 133 | €12,261,646 | €7,910,788 | -€4.4m | -35.5% |
| Amounts payable | 17/49 | €139,929,835 | €193,274,521 | +€53.3m | +38.1% |
| Amounts payable after more than one year | 17 | €4,534,408 | €3,741,037 | -€793,371 | -17.5% |
| Financial debts | 170/4 | €4,534,408 | €3,741,037 | -€793,371 | -17.5% |
| Subordinated loans | 170 | €3,000,000 | €2,700,000 | -€300,000 | -10.0% |
| Credit institutions | 173 | €1,534,408 | €1,041,037 | -€493,371 | -32.2% |
| Amounts payable within one year | 42/48 | €130,977,652 | €187,991,419 | +€57.0m | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €465,592 | €43,656,086 | +€43.2m | +9,276% |
| Financial debts | 43 | €111,434,818 | €126,522,577 | +€15.1m | +13.5% |
| Credit institutions | 430/8 | €111,434,818 | €126,522,577 | +€15.1m | +13.5% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €17,464,419 | €16,634,561 | -€829,859 | -4.8% |
| Suppliers | 440/4 | €17,464,419 | €16,634,561 | -€829,859 | -4.8% |
| Taxes, remuneration and social security | 45 | €368,682 | €166,925 | -€201,757 | -54.7% |
| Taxes | 450/3 | €266,329 | €21,277 | -€245,051 | -92.0% |
| Remuneration and social security | 454/9 | €102,353 | €145,648 | +€43,294 | +42.3% |
| Other amounts payable | 47/48 | €1,244,141 | €1,011,271 | -€232,870 | -18.7% |
| Accrued charges and deferred income | 492/3 | €4,417,775 | €1,542,065 | -€2.9m | -65.1% |
| Operating income | 70/76A | €273,736,876 | €360,229,064 | +€86.5m | +31.6% |
| Turnover | 70 | €273,585,506 | €360,185,118 | +€86.6m | +31.7% |
| Other operating income | 74 | €151,371 | €43,945 | -€107,425 | -71.0% |
| Operating charges | 60/66A | €267,012,332 | €365,259,497 | +€98.2m | +36.8% |
| Goods for resale, raw materials and consumables | 60 | €262,926,575 | €361,095,414 | +€98.2m | +37.3% |
| Purchases | 600/8 | €291,456,727 | €363,045,707 | +€71.6m | +24.6% |
| Change in stocks: decrease (increase) | 609 | -€28,530,152 | -€1,950,293 | +€26.6m | +93.2% |
| Services and other goods | 61 | €3,454,094 | €3,399,346 | -€54,748 | -1.6% |
| Remuneration, social security and pensions | 62 | €630,599 | €752,079 | +€121,479 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €746 | €746 | = | 0.0% |
| Other operating charges | 640/8 | €318 | €11,912 | +€11,594 | +3,646% |
| Operating profit (loss) | 9901 | €6,724,544 | -€5,030,433 | -€11.8m | |
| Financial income | 75/76B | €12,353,979 | €36,597,649 | +€24.2m | +196% |
| Recurring financial income | 75 | €12,353,979 | €36,597,649 | +€24.2m | +196% |
| Income from current assets | 751 | €8,135,579 | €11,999,219 | +€3.9m | +47.5% |
| Other financial income | 752/9 | €4,218,399 | €24,598,430 | +€20.4m | +483% |
| Financial charges | 65/66B | €11,921,244 | €34,906,804 | +€23.0m | +193% |
| Recurring financial charges | 65 | €11,921,244 | €34,906,804 | +€23.0m | +193% |
| Debt charges | 650 | €6,831,152 | €10,656,764 | +€3.8m | +56.0% |
| Other financial charges | 652/9 | €5,090,092 | €24,250,040 | +€19.2m | +376% |
| Profit (loss) for the period before taxes | 9903 | €7,157,279 | -€3,339,588 | -€10.5m | |
| Income taxes | 67/77 | €1,794,168 | €0 | -€1.8m | -100% |
| Taxes | 670/3 | €1,794,168 | €0 | -€1.8m | -100% |
| Profit (loss) for the period | 9904 | €5,363,111 | -€3,339,588 | -€8.7m | |
| Transfer to tax-exempt reserves | 689 | €997,770 | €0 | -€997,770 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €4,365,341 | -€3,339,588 | -€7.7m |
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 20 October 2026 via checked.be.