STEENHOF: 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.
STEENHOF
Largest movements
- Cash +€1.1m
up €1.1m (+1,977%), from €54,358 to €1.1m
mainly Current portion of long-term debt (+€1.5m) and Net result for the year (+€237,707)
- Receivables within one year +€670,160
up €670,160 (+1,905%), from €35,173 to €705,333
of which Other amounts receivable: +€672,615
- Tangible fixed assets +€197,367
up €197,367 (+8.5%), from €2.3m to €2.5m
of which Land and buildings: +€109,696
- Current portion of long-term debt +€1.5m
up €1.5m (+394%), from €392,618 to €1.9m
- Reserves +€237,707
up €237,707 (+105%), from €227,148 to €464,855
- Other debts +€118,186
new in 2025: €118,186
- Gross operating margin +€309,335
up €309,335 (+134%), from €231,654 to €540,989
- Depreciation +€72,236
up €72,236 (+92.4%), from €78,217 to €150,453
- Taxes +€65,895
up €65,895 (+186%), from €35,418 to €101,313
- Financial charges +€22,209
up €22,209 (+78.8%), from €28,191 to €50,400
of which Financial charges: +€22,382
- Financial income +€9,860
up €9,860 (+3,718%), from €265 to €10,125
of which Financial income: +€9,860
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 | €2,403,367 | €4,345,307 | +€1.9m | +80.8% |
| Fixed assets | 21/28 | €2,313,835 | €2,511,202 | +€197,367 | +8.5% |
| Tangible fixed assets | 22/27 | €2,313,835 | €2,511,202 | +€197,367 | +8.5% |
| Land and buildings | 22 | €2,152,560 | €2,262,256 | +€109,696 | +5.1% |
| Plant, machinery and equipment | 23 | €5,476 | €3,291 | -€2,185 | -39.9% |
| Furniture and vehicles | 24 | €155,800 | €142,909 | -€12,890 | -8.3% |
| Other tangible fixed assets | 26 | - | €102,746 | +€102,746 | |
| Current assets | 29/58 | €89,532 | €1,834,105 | +€1.7m | +1,949% |
| Amounts receivable within one year | 40/41 | €35,173 | €705,333 | +€670,160 | +1,905% |
| Trade receivables | 40 | €6,030 | €3,575 | -€2,455 | -40.7% |
| Other amounts receivable | 41 | €29,144 | €701,759 | +€672,615 | +2,308% |
| Cash at bank and in hand | 54/58 | €54,358 | €1,128,772 | +€1.1m | +1,977% |
| Total equity and liabilities | 10/49 | €2,403,367 | €4,345,307 | +€1.9m | +80.8% |
| Equity | 10/15 | €245,748 | €483,455 | +€237,707 | +96.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €227,148 | €464,855 | +€237,707 | +105% |
| Distributable reserves | 133 | €227,148 | €464,855 | +€237,707 | +105% |
| Amounts payable | 17/49 | €2,157,619 | €3,861,852 | +€1.7m | +79.0% |
| Amounts payable after more than one year | 17 | €1,720,803 | €1,714,464 | -€6,339 | -0.4% |
| Financial debts | 170/4 | €1,065,197 | €1,080,188 | +€14,991 | +1.4% |
| Other amounts payable | 178/9 | €655,606 | €634,275 | -€21,331 | -3.3% |
| Amounts payable within one year | 42/48 | €436,816 | €2,147,389 | +€1.7m | +392% |
| Current portion of amounts payable after more than one year | 42 | €392,618 | €1,938,227 | +€1.5m | +394% |
| Trade debts | 44 | €26,526 | €48,082 | +€21,556 | +81.3% |
| Suppliers | 440/4 | €26,526 | €48,082 | +€21,556 | +81.3% |
| Taxes, remuneration and social security | 45 | €17,672 | €42,893 | +€25,221 | +143% |
| Taxes | 450/3 | €17,672 | €42,893 | +€25,221 | +143% |
| Other amounts payable | 47/48 | - | €118,186 | +€118,186 | |
| Non-recurring operating income | 76A | - | €100,820 | +€100,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,217 | €150,453 | +€72,236 | +92.4% |
| Other operating charges | 640/8 | €2,444 | €11,200 | +€8,755 | +358% |
| Non-recurring operating charges | 66A | - | €42 | +€42 | |
| Gross operating margin | 9900 | €231,654 | €540,989 | +€309,335 | +134% |
| Operating profit (loss) | 9901 | €150,993 | €379,295 | +€228,302 | +151% |
| Financial income | 75/76B | €265 | €10,125 | +€9,860 | +3,718% |
| Recurring financial income | 75 | €265 | €10,125 | +€9,860 | +3,718% |
| Non-recurring financial income | 76B | €265 | €0 | -€265 | -100% |
| Financial charges | 65/66B | €28,191 | €50,400 | +€22,209 | +78.8% |
| Recurring financial charges | 65 | €28,018 | €50,400 | +€22,382 | +79.9% |
| Non-recurring financial charges | 66B | €172 | €0 | -€172 | -100% |
| Profit (loss) for the period before taxes | 9903 | €123,068 | €339,020 | +€215,953 | +175% |
| Income taxes | 67/77 | €35,418 | €101,313 | +€65,895 | +186% |
| Profit (loss) for the period | 9904 | €87,650 | €237,707 | +€150,057 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €87,650 | €237,707 | +€150,057 | +171% |
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 23 October 2026 via checked.be.