STEPAGELS: 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.
STEPAGELS
Largest movements
- Receivables after one year -€250,000
no longer reported in 2025 (was €250,000)
- Cash -€97,961
down €97,961 (-28.1%), from €349,190 to €251,229
mainly Contributions, distributions and other (-€423,135) and Receivables within one year (-€85,021)
- Receivables within one year +€85,021
up €85,021 (+3340.3%), from €2,545 to €87,566
of which Other amounts receivable: +€84,626
- Tangible fixed assets -€24,898
down €24,898 (-7.3%), from €343,064 to €318,166
of which Other tangible fixed assets: -€33,830
- Reserves -€313,224
down €313,224 (-32.8%), from €955,087 to €641,863
- Advances received +€30,090
up €30,090 (+87.4%), from €34,441 to €64,531
- Current portion of long-term debt -€18,330
no longer reported in 2025 (was €18,330)
- Other debts -€17,887
no longer reported in 2025 (was €17,887)
- Tax, wage and social debts +€17,253
up €17,253 (+36.5%), from €47,316 to €64,569
of which Taxes: +€16,668
- Gross operating margin -€72,208
down €72,208 (-18.8%), from €384,245 to €312,038
- Taxes -€22,015
down €22,015 (-32.6%), from €67,517 to €45,503
- Financial income +€8,409
up €8,409 (+162.7%), from €5,170 to €13,579
- Staff costs +€7,761
up €7,761 (+10.5%), from €73,922 to €81,683
- Financial charges -€5,670
down €5,670 (-60.8%), from €9,326 to €3,657
of which Non-recurring financial charges: -€5,314
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 | €1,163,665 | €864,216 | -€299,450 | -25.7% |
| Fixed assets | 21/28 | €344,607 | €319,314 | -€25,293 | -7.3% |
| Intangible fixed assets | 21 | €907 | €512 | -€395 | -43.6% |
| Tangible fixed assets | 22/27 | €343,064 | €318,166 | -€24,898 | -7.3% |
| Plant, machinery and equipment | 23 | €60,920 | €70,952 | +€10,033 | +16.5% |
| Furniture and vehicles | 24 | €39,284 | €38,184 | -€1,100 | -2.8% |
| Other tangible fixed assets | 26 | €242,860 | €209,030 | -€33,830 | -13.9% |
| Financial fixed assets | 28 | €636 | €636 | = | 0.0% |
| Current assets | 29/58 | €819,059 | €544,901 | -€274,157 | -33.5% |
| Amounts receivable after more than one year | 29 | €250,000 | - | -€250,000 | |
| Other amounts receivable | 291 | €250,000 | - | -€250,000 | |
| Stocks and contracts in progress | 3 | €111,149 | €107,501 | -€3,648 | -3.3% |
| Stocks | 30/36 | €111,149 | €107,501 | -€3,648 | -3.3% |
| Amounts receivable within one year | 40/41 | €2,545 | €87,566 | +€85,021 | +3340.3% |
| Trade receivables | 40 | €2,545 | €2,940 | +€395 | +15.5% |
| Other amounts receivable | 41 | - | €84,626 | +€84,626 | |
| Current investments | 50/53 | €94,530 | €94,530 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €349,190 | €251,229 | -€97,961 | -28.1% |
| Deferred charges and accrued income | 490/1 | €11,645 | €4,076 | -€7,569 | -65.0% |
| Total equity and liabilities | 10/49 | €1,163,665 | €864,216 | -€299,450 | -25.7% |
| Equity | 10/15 | €984,487 | €671,263 | -€313,224 | -31.8% |
| Contributions | 10/11 | €29,400 | €29,400 | = | 0.0% |
| Reserves | 13 | €955,087 | €641,863 | -€313,224 | -32.8% |
| Distributable reserves | 133 | €955,087 | €641,863 | -€313,224 | -32.8% |
| Amounts payable | 17/49 | €179,179 | €192,953 | +€13,774 | +7.7% |
| Amounts payable within one year | 42/48 | €176,771 | €189,529 | +€12,759 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €18,330 | - | -€18,330 | |
| Trade debts | 44 | €58,796 | €60,429 | +€1,633 | +2.8% |
| Suppliers | 440/4 | €58,796 | €60,429 | +€1,633 | +2.8% |
| Advances received on contracts in progress | 46 | €34,441 | €64,531 | +€30,090 | +87.4% |
| Taxes, remuneration and social security | 45 | €47,316 | €64,569 | +€17,253 | +36.5% |
| Taxes | 450/3 | €40,427 | €57,095 | +€16,668 | +41.2% |
| Remuneration and social security | 454/9 | €6,890 | €7,474 | +€585 | +8.5% |
| Other amounts payable | 47/48 | €17,887 | - | -€17,887 | |
| Accrued charges and deferred income | 492/3 | €2,408 | €3,423 | +€1,015 | +42.2% |
| Remuneration, social security and pensions | 62 | €73,922 | €81,683 | +€7,761 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,789 | €82,416 | +€4,627 | +5.9% |
| Other operating charges | 640/8 | €2,799 | €2,446 | -€353 | -12.6% |
| Gross operating margin | 9900 | €384,245 | €312,038 | -€72,208 | -18.8% |
| Operating profit (loss) | 9901 | €229,736 | €145,492 | -€84,244 | -36.7% |
| Financial income | 75/76B | €5,170 | €13,579 | +€8,409 | +162.7% |
| Recurring financial income | 75 | €5,170 | €13,579 | +€8,409 | +162.7% |
| Financial charges | 65/66B | €9,326 | €3,657 | -€5,670 | -60.8% |
| Recurring financial charges | 65 | €4,013 | €3,657 | -€356 | -8.9% |
| Non-recurring financial charges | 66B | €5,314 | - | -€5,314 | |
| Profit (loss) for the period before taxes | 9903 | €225,579 | €155,414 | -€70,165 | -31.1% |
| Income taxes | 67/77 | €67,517 | €45,503 | -€22,015 | -32.6% |
| Profit (loss) for the period | 9904 | €158,062 | €109,911 | -€48,150 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,062 | €109,911 | -€48,150 | -30.5% |
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 10 October 2026 via checked.be.