STEFFEN ALBERT: 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.
STEFFEN ALBERT
Largest movements
- Cash -€140,388
down €140,388 (-75.2%), from €186,571 to €46,183
mainly Investment in fixed assets (net) (-€146,693) and Trade debts (-€50,879)
- Tangible fixed assets +€93,181
up €93,181 (+41.7%), from €223,635 to €316,815
of which Land and buildings: +€118,552
- Receivables within one year -€54,569
down €54,569 (-48.7%), from €112,084 to €57,515
of which Trade receivables: -€85,240
- Deferred charges and accrued income -€16,800
down €16,800 (-6.9%), from €245,000 to €228,200
- Trade debts -€50,879
down €50,879 (-66.2%), from €76,892 to €26,013
- Other debts -€48,945
down €48,945 (-40.6%), from €120,564 to €71,619
- Debts after one year -€37,121
down €37,121 (-10.1%), from €369,017 to €331,896
- Reserves +€29,388
up €29,388 (+24.6%), from €119,650 to €149,038
- Tax, wage and social debts -€12,898
down €12,898 (-41.7%), from €30,925 to €18,027
of which Taxes: -€10,157
- Gross operating margin -€13,829
down €13,829 (-6.5%), from €214,242 to €200,413
- Depreciation +€13,612
up €13,612 (+32.7%), from €41,657 to €55,269
- Staff costs -€7,298
down €7,298 (-7.1%), from €102,414 to €95,116
- Taxes +€5,243
up €5,243 (+91.7%), from €5,718 to €10,961
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 | €773,837 | €653,714 | -€120,124 | -15.5% |
| Fixed assets | 21/28 | €225,992 | €317,415 | +€91,424 | +40.5% |
| Intangible fixed assets | 21 | €1,757 | - | -€1,757 | |
| Tangible fixed assets | 22/27 | €223,635 | €316,815 | +€93,181 | +41.7% |
| Land and buildings | 22 | €132,680 | €251,232 | +€118,552 | +89.4% |
| Plant, machinery and equipment | 23 | €69,899 | €53,490 | -€16,409 | -23.5% |
| Furniture and vehicles | 24 | €21,056 | €12,093 | -€8,963 | -42.6% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €547,846 | €336,298 | -€211,548 | -38.6% |
| Stocks and contracts in progress | 3 | €4,191 | €4,400 | +€209 | +5.0% |
| Stocks | 30/36 | €4,191 | €4,400 | +€209 | +5.0% |
| Amounts receivable within one year | 40/41 | €112,084 | €57,515 | -€54,569 | -48.7% |
| Trade receivables | 40 | €110,467 | €25,227 | -€85,240 | -77.2% |
| Other amounts receivable | 41 | €1,617 | €32,288 | +€30,671 | +1,897% |
| Cash at bank and in hand | 54/58 | €186,571 | €46,183 | -€140,388 | -75.2% |
| Deferred charges and accrued income | 490/1 | €245,000 | €228,200 | -€16,800 | -6.9% |
| Total equity and liabilities | 10/49 | €773,837 | €653,714 | -€120,124 | -15.5% |
| Equity | 10/15 | €139,650 | €169,038 | +€29,388 | +21.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €119,650 | €149,038 | +€29,388 | +24.6% |
| Distributable reserves | 133 | €119,650 | €149,038 | +€29,388 | +24.6% |
| Amounts payable | 17/49 | €634,187 | €484,676 | -€149,511 | -23.6% |
| Amounts payable after more than one year | 17 | €369,017 | €331,896 | -€37,121 | -10.1% |
| Financial debts | 170/4 | €369,017 | €331,896 | -€37,121 | -10.1% |
| Amounts payable within one year | 42/48 | €265,170 | €152,780 | -€112,390 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €36,790 | €37,121 | +€332 | +0.9% |
| Trade debts | 44 | €76,892 | €26,013 | -€50,879 | -66.2% |
| Suppliers | 440/4 | €76,892 | €26,013 | -€50,879 | -66.2% |
| Taxes, remuneration and social security | 45 | €30,925 | €18,027 | -€12,898 | -41.7% |
| Taxes | 450/3 | €15,874 | €5,718 | -€10,157 | -64.0% |
| Remuneration and social security | 454/9 | €15,050 | €12,309 | -€2,741 | -18.2% |
| Other amounts payable | 47/48 | €120,564 | €71,619 | -€48,945 | -40.6% |
| Remuneration, social security and pensions | 62 | €102,414 | €95,116 | -€7,298 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,657 | €55,269 | +€13,612 | +32.7% |
| Other operating charges | 640/8 | €1,662 | €1,931 | +€270 | +16.2% |
| Gross operating margin | 9900 | €214,242 | €200,413 | -€13,829 | -6.5% |
| Operating profit (loss) | 9901 | €68,510 | €48,097 | -€20,413 | -29.8% |
| Financial income | 75/76B | €1,332 | €656 | -€676 | -50.8% |
| Recurring financial income | 75 | €1,332 | €656 | -€676 | -50.8% |
| Financial charges | 65/66B | €9,750 | €8,405 | -€1,345 | -13.8% |
| Recurring financial charges | 65 | €9,750 | €8,405 | -€1,345 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €60,092 | €40,348 | -€19,744 | -32.9% |
| Income taxes | 67/77 | €5,718 | €10,961 | +€5,243 | +91.7% |
| Profit (loss) for the period | 9904 | €54,374 | €29,388 | -€24,987 | -46.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,374 | €29,388 | -€24,987 | -46.0% |
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 17 October 2026 via checked.be.