STEERIM: 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.
STEERIM
Largest movements
- Receivables within one year +€594,954
up €594,954 (+527%), from €112,900 to €707,854
of which Other amounts receivable: +€590,719
- Tangible fixed assets -€277,687
down €277,687 (-13.2%), from €2.1m to €1.8m
of which Land and buildings: -€249,044
- Cash -€39,843
down €39,843 (-91.1%), from €43,731 to €3,888
mainly Receivables within one year (-€594,954) and Current portion of long-term debt (-€267,372)
- Reserves +€388,882
new in 2025: €388,882
- Current portion of long-term debt -€267,372
down €267,372 (-68.4%), from €390,706 to €123,334
- Debts after one year -€223,857
down €223,857 (-14.6%), from €1.5m to €1.3m
of which Financial debts: -€223,857
- Short-term financial debts +€219,161
up €219,161 (+260%), from €84,200 to €303,361
- Provisions +€129,627
new in 2025: €129,627
- Gross operating margin +€501,748
up €501,748 (+226%), from €221,645 to €723,394
- Depreciation -€45,740
down €45,740 (-36.1%), from €126,641 to €80,901
- Financial charges +€15,310
up €15,310 (+19.9%), from €76,986 to €92,296
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 | €2,262,628 | €2,537,677 | +€275,049 | +12.2% |
| Fixed assets | 21/28 | €2,103,621 | €1,825,934 | -€277,687 | -13.2% |
| Tangible fixed assets | 22/27 | €2,103,621 | €1,825,934 | -€277,687 | -13.2% |
| Land and buildings | 22 | €2,009,297 | €1,760,252 | -€249,044 | -12.4% |
| Plant, machinery and equipment | 23 | €398 | €224 | -€174 | -43.7% |
| Furniture and vehicles | 24 | €977 | €2,798 | +€1,821 | +186% |
| Other tangible fixed assets | 26 | €92,950 | €62,660 | -€30,289 | -32.6% |
| Current assets | 29/58 | €159,006 | €711,743 | +€552,736 | +348% |
| Amounts receivable within one year | 40/41 | €112,900 | €707,854 | +€594,954 | +527% |
| Trade receivables | 40 | €4,659 | €8,894 | +€4,235 | +90.9% |
| Other amounts receivable | 41 | €108,242 | €698,961 | +€590,719 | +546% |
| Cash at bank and in hand | 54/58 | €43,731 | €3,888 | -€39,843 | -91.1% |
| Deferred charges and accrued income | 490/1 | €2,375 | €0 | -€2,375 | -100% |
| Total equity and liabilities | 10/49 | €2,262,628 | €2,537,677 | +€275,049 | +12.2% |
| Equity | 10/15 | €36,768 | €427,101 | +€390,332 | +1,062% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | - | €388,882 | +€388,882 | |
| Tax-exempt reserves | 132 | - | €388,882 | +€388,882 | |
| Profit (loss) carried forward | 14 | -€24,732 | -€23,281 | +€1,451 | +5.9% |
| Provisions and deferred taxes | 16 | - | €129,627 | +€129,627 | |
| Deferred taxes | 168 | - | €129,627 | +€129,627 | |
| Amounts payable | 17/49 | €2,225,859 | €1,980,949 | -€244,910 | -11.0% |
| Amounts payable after more than one year | 17 | €1,536,759 | €1,312,901 | -€223,857 | -14.6% |
| Financial debts | 170/4 | €1,534,641 | €1,310,784 | -€223,857 | -14.6% |
| Other amounts payable | 178/9 | €2,118 | €2,118 | = | 0.0% |
| Amounts payable within one year | 42/48 | €687,700 | €668,048 | -€19,653 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €390,706 | €123,334 | -€267,372 | -68.4% |
| Financial debts | 43 | €84,200 | €303,361 | +€219,161 | +260% |
| Credit institutions | 430/8 | €84,200 | €303,361 | +€219,161 | +260% |
| Trade debts | 44 | €196,305 | €229,385 | +€33,080 | +16.9% |
| Suppliers | 440/4 | €196,305 | €229,385 | +€33,080 | +16.9% |
| Taxes, remuneration and social security | 45 | €6,786 | €5,839 | -€947 | -14.0% |
| Taxes | 450/3 | €6,786 | €5,839 | -€947 | -14.0% |
| Other amounts payable | 47/48 | €9,704 | €6,129 | -€3,575 | -36.8% |
| Accrued charges and deferred income | 492/3 | €1,400 | €0 | -€1,400 | -100% |
| Non-recurring operating income | 76A | - | €518,603 | +€518,603 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,641 | €80,901 | -€45,740 | -36.1% |
| Other operating charges | 640/8 | €25,290 | €30,258 | +€4,967 | +19.6% |
| Gross operating margin | 9900 | €221,645 | €723,394 | +€501,748 | +226% |
| Operating profit (loss) | 9901 | €69,714 | €612,236 | +€542,521 | +778% |
| Financial income | 75/76B | €124 | €12 | -€112 | -90.4% |
| Recurring financial income | 75 | €124 | €12 | -€112 | -90.4% |
| Financial charges | 65/66B | €76,986 | €92,296 | +€15,310 | +19.9% |
| Recurring financial charges | 65 | €76,986 | €92,296 | +€15,310 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,148 | €519,951 | +€527,099 | |
| Transfer from deferred taxes | 780 | - | €23 | +€23 | |
| Transfer to deferred taxes | 680 | - | €129,651 | +€129,651 | |
| Income taxes | 67/77 | -€5 | -€8 | -€3 | -54.5% |
| Profit (loss) for the period | 9904 | -€7,143 | €390,332 | +€397,475 | |
| Transfer from tax-exempt reserves | 789 | - | €70 | +€70 | |
| Transfer to tax-exempt reserves | 689 | - | €388,952 | +€388,952 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,143 | €1,451 | +€8,594 |
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 13 October 2026 via checked.be.