STEEP&DEEP: what changed
Two fiscal 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.
STEEP&DEEP
Largest movements
- Stocks and contracts +€111,171
up €111,171 (+31.8%), from €349,182 to €460,354
- Receivables within one year +€66,480
up €66,480 (+99.6%), from €66,755 to €133,235
of which Other amounts receivable: +€44,280
- Deferred charges and accrued income +€53,421
up €53,421 (+61.9%), from €86,348 to €139,770
- Cash -€51,404
down €51,404 (-24.1%), from €213,037 to €161,634
mainly Stocks and contracts (-€111,171) and Receivables within one year (-€66,480)
- Tangible fixed assets -€48,486
down €48,486 (-16.0%), from €303,926 to €255,440
of which Other tangible fixed assets: -€35,529
- Reserves +€107,087
up €107,087 (+21.3%), from €502,331 to €609,418
- Accrued charges and deferred income +€47,226
up €47,226 (+55.2%), from €85,624 to €132,850
- Trade debts -€21,595
down €21,595 (-9.0%), from €240,780 to €219,184
- Tax, wage and social debts +€16,602
up €16,602 (+29.6%), from €56,058 to €72,661
of which Taxes: +€15,067
- Debts after one year -€13,429
down €13,429 (-9.0%), from €148,413 to €134,984
of which Financial debts: -€13,429
- Gross operating margin +€102,699
up €102,699 (+32.0%), from €320,660 to €423,359
- Taxes +€27,193
up €27,193 (+135.1%), from €20,127 to €47,320
- Staff costs +€26,733
up €26,733 (+17.4%), from €153,362 to €180,095
- Other operating charges -€5,882
down €5,882 (-51.9%), from €11,322 to €5,441
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 | €1,100,923 | €1,231,051 | +€130,128 | +11.8% |
| Fixed assets | 21/28 | €335,600 | €286,059 | -€49,541 | -14.8% |
| Intangible fixed assets | 21 | €6,724 | €4,309 | -€2,415 | -35.9% |
| Tangible fixed assets | 22/27 | €303,926 | €255,440 | -€48,486 | -16.0% |
| Plant, machinery and equipment | 23 | €2,500 | €2,500 | = | 0.0% |
| Furniture and vehicles | 24 | €116,383 | €103,427 | -€12,956 | -11.1% |
| Other tangible fixed assets | 26 | €185,042 | €149,513 | -€35,529 | -19.2% |
| Financial fixed assets | 28 | €24,950 | €26,310 | +€1,360 | +5.5% |
| Current assets | 29/58 | €765,323 | €944,992 | +€179,669 | +23.5% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €349,182 | €460,354 | +€111,171 | +31.8% |
| Stocks | 30/36 | €349,182 | €460,354 | +€111,171 | +31.8% |
| Amounts receivable within one year | 40/41 | €66,755 | €133,235 | +€66,480 | +99.6% |
| Trade receivables | 40 | - | €22,200 | +€22,200 | |
| Other amounts receivable | 41 | €66,755 | €111,035 | +€44,280 | +66.3% |
| Cash at bank and in hand | 54/58 | €213,037 | €161,634 | -€51,404 | -24.1% |
| Deferred charges and accrued income | 490/1 | €86,348 | €139,770 | +€53,421 | +61.9% |
| Total equity and liabilities | 10/49 | €1,100,923 | €1,231,051 | +€130,128 | +11.8% |
| Equity | 10/15 | €521,018 | €628,055 | +€107,036 | +20.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €502,331 | €609,418 | +€107,087 | +21.3% |
| Distributable reserves | 133 | €502,331 | €609,418 | +€107,087 | +21.3% |
| Profit (loss) carried forward | 14 | €87 | €36 | -€51 | -58.5% |
| Amounts payable | 17/49 | €579,905 | €602,996 | +€23,092 | +4.0% |
| Amounts payable after more than one year | 17 | €148,413 | €134,984 | -€13,429 | -9.0% |
| Financial debts | 170/4 | €129,663 | €116,234 | -€13,429 | -10.4% |
| Other amounts payable | 178/9 | €18,750 | €18,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €345,868 | €335,162 | -€10,705 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €39,440 | €33,219 | -€6,221 | -15.8% |
| Financial debts | 43 | €9,590 | €10,098 | +€508 | +5.3% |
| Credit institutions | 430/8 | €9,590 | €10,098 | +€508 | +5.3% |
| Trade debts | 44 | €240,780 | €219,184 | -€21,595 | -9.0% |
| Suppliers | 440/4 | €240,780 | €219,184 | -€21,595 | -9.0% |
| Taxes, remuneration and social security | 45 | €56,058 | €72,661 | +€16,602 | +29.6% |
| Taxes | 450/3 | €36,806 | €51,874 | +€15,067 | +40.9% |
| Remuneration and social security | 454/9 | €19,252 | €20,787 | +€1,535 | +8.0% |
| Accrued charges and deferred income | 492/3 | €85,624 | €132,850 | +€47,226 | +55.2% |
| Remuneration, social security and pensions | 62 | €153,362 | €180,095 | +€26,733 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,135 | €75,096 | +€2,961 | +4.1% |
| Other operating charges | 640/8 | €11,322 | €5,441 | -€5,882 | -51.9% |
| Non-recurring operating charges | 66A | €1,901 | €0 | -€1,901 | -100.0% |
| Gross operating margin | 9900 | €320,660 | €423,359 | +€102,699 | +32.0% |
| Operating profit (loss) | 9901 | €81,940 | €162,728 | +€80,788 | +98.6% |
| Financial income | 75/76B | €4,124 | €5,997 | +€1,873 | +45.4% |
| Recurring financial income | 75 | €4,124 | €5,997 | +€1,873 | +45.4% |
| Financial charges | 65/66B | €12,550 | €14,368 | +€1,819 | +14.5% |
| Recurring financial charges | 65 | €12,550 | €14,368 | +€1,819 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €73,514 | €154,357 | +€80,842 | +110.0% |
| Income taxes | 67/77 | €20,127 | €47,320 | +€27,193 | +135.1% |
| Profit (loss) for the period | 9904 | €53,387 | €107,036 | +€53,649 | +100.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,387 | €107,036 | +€53,649 | +100.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.