STEELS ZANDER: 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.
STEELS ZANDER
Largest movements
- Tangible fixed assets -€14,588
down €14,588 (-18.1%), from €80,698 to €66,110
- Cash +€5,018
up €5,018 (+30.0%), from €16,720 to €21,738
mainly Depreciation (+€15,521) and Trade debts (+€7,461)
- Financial fixed assets +€5,000
new in 2025: €5,000
- Receivables within one year +€1,727
up €1,727 (+10.2%), from €16,915 to €18,642
of which Trade receivables: +€1,352
- Debts after one year -€11,117
down €11,117 (-19.5%), from €57,051 to €45,934
- Trade debts +€7,461
up €7,461 (+101%), from €7,388 to €14,848
- Current portion of long-term debt -€4,350
down €4,350 (-28.1%), from €15,467 to €11,117
- Tax, wage and social debts +€1,754
up €1,754 (+20.4%), from €8,584 to €10,338
of which Taxes: +€1,754
- Reserves +€1,520
up €1,520 (+9.1%), from €16,781 to €18,301
of which Distributable reserves: +€1,520
- Depreciation -€1,507
down €1,507 (-8.9%), from €17,028 to €15,521
- Other operating charges -€797
down €797 (-38.6%), from €2,068 to €1,271
- Taxes +€512
up €512 (+28.1%), from €1,822 to €2,334
- Gross operating margin -€372
down €372 (-1.6%), from €23,281 to €22,909
- Financial charges -€286
down €286 (-14.5%), from €1,977 to €1,691
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 | €118,561 | €114,849 | -€3,712 | -3.1% |
| Fixed assets | 21/28 | €81,683 | €71,162 | -€10,521 | -12.9% |
| Intangible fixed assets | 21 | €985 | €52 | -€933 | -94.8% |
| Tangible fixed assets | 22/27 | €80,698 | €66,110 | -€14,588 | -18.1% |
| Land and buildings | 22 | €67,972 | €61,172 | -€6,800 | -10.0% |
| Plant, machinery and equipment | 23 | €3,021 | €1,636 | -€1,385 | -45.8% |
| Furniture and vehicles | 24 | €6,986 | €986 | -€6,000 | -85.9% |
| Other tangible fixed assets | 26 | €2,719 | €2,316 | -€403 | -14.8% |
| Financial fixed assets | 28 | - | €5,000 | +€5,000 | |
| Current assets | 29/58 | €36,878 | €43,687 | +€6,809 | +18.5% |
| Stocks and contracts in progress | 3 | €1,078 | €1,078 | = | 0.0% |
| Stocks | 30/36 | €1,078 | €1,078 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,915 | €18,642 | +€1,727 | +10.2% |
| Trade receivables | 40 | €16,726 | €18,077 | +€1,352 | +8.1% |
| Other amounts receivable | 41 | €189 | €564 | +€375 | +198% |
| Cash at bank and in hand | 54/58 | €16,720 | €21,738 | +€5,018 | +30.0% |
| Deferred charges and accrued income | 490/1 | €2,166 | €2,229 | +€64 | +2.9% |
| Total equity and liabilities | 10/49 | €118,561 | €114,849 | -€3,712 | -3.1% |
| Equity | 10/15 | €22,274 | €24,501 | +€2,227 | +10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €16,781 | €18,301 | +€1,520 | +9.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,921 | €16,441 | +€1,520 | +10.2% |
| Profit (loss) carried forward | 14 | -€707 | €0 | +€707 | |
| Amounts payable | 17/49 | €96,287 | €90,348 | -€5,939 | -6.2% |
| Amounts payable after more than one year | 17 | €57,051 | €45,934 | -€11,117 | -19.5% |
| Financial debts | 170/4 | €57,051 | €45,934 | -€11,117 | -19.5% |
| Amounts payable within one year | 42/48 | €39,236 | €44,414 | +€5,177 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €15,467 | €11,117 | -€4,350 | -28.1% |
| Trade debts | 44 | €7,388 | €14,848 | +€7,461 | +101% |
| Suppliers | 440/4 | €7,388 | €14,848 | +€7,461 | +101% |
| Taxes, remuneration and social security | 45 | €8,584 | €10,338 | +€1,754 | +20.4% |
| Taxes | 450/3 | €5,804 | €7,558 | +€1,754 | +30.2% |
| Remuneration and social security | 454/9 | €2,780 | €2,780 | = | 0.0% |
| Other amounts payable | 47/48 | €7,798 | €8,110 | +€312 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,028 | €15,521 | -€1,507 | -8.9% |
| Other operating charges | 640/8 | €2,068 | €1,271 | -€797 | -38.6% |
| Gross operating margin | 9900 | €23,281 | €22,909 | -€372 | -1.6% |
| Operating profit (loss) | 9901 | €4,185 | €6,117 | +€1,932 | +46.2% |
| Financial income | 75/76B | €57 | €135 | +€78 | +137% |
| Recurring financial income | 75 | €57 | €135 | +€78 | +137% |
| Financial charges | 65/66B | €1,977 | €1,691 | -€286 | -14.5% |
| Recurring financial charges | 65 | €1,977 | €1,691 | -€286 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €2,265 | €4,561 | +€2,296 | +101% |
| Income taxes | 67/77 | €1,822 | €2,334 | +€512 | +28.1% |
| Profit (loss) for the period | 9904 | €443 | €2,227 | +€1,784 | +403% |
| Profit (loss) for the period to be appropriated | 9905 | €443 | €2,227 | +€1,784 | +403% |
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.