STEPMAX: 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.
STEPMAX
Largest movements
- Cash +€11,306
up €11,306 (+88.5%), from €12,773 to €24,079
mainly Short-term financial debts (+€228,050) and Depreciation (+€10,844)
- Tangible fixed assets -€5,544
down €5,544 (-1.6%), from €348,997 to €343,453
- Short-term financial debts +€228,050
up €228,050 (+160.7%), from €141,950 to €370,000
of which Other loans: +€370,000
- Debts after one year -€200,000
no longer reported in 2025 (was €200,000)
- Profit (loss) carried forward -€17,932
down €17,932 (-304.5%), from -€5,888 to -€23,820
- Financial charges -€4,068
down €4,068 (-25.9%), from €15,728 to €11,659
- Gross operating margin -€3,202
down €3,202 (-34.3%), from €9,342 to €6,139
- Depreciation +€964
up €964 (+9.8%), from €9,880 to €10,844
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 | €362,480 | €368,274 | +€5,793 | +1.6% |
| Fixed assets | 21/28 | €348,997 | €343,453 | -€5,544 | -1.6% |
| Tangible fixed assets | 22/27 | €348,997 | €343,453 | -€5,544 | -1.6% |
| Land and buildings | 22 | €348,997 | €343,453 | -€5,544 | -1.6% |
| Current assets | 29/58 | €13,483 | €24,821 | +€11,338 | +84.1% |
| Cash at bank and in hand | 54/58 | €12,773 | €24,079 | +€11,306 | +88.5% |
| Deferred charges and accrued income | 490/1 | €710 | €742 | +€32 | +4.5% |
| Total equity and liabilities | 10/49 | €362,480 | €368,274 | +€5,793 | +1.6% |
| Equity | 10/15 | €13,282 | -€4,650 | -€17,932 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,888 | -€23,820 | -€17,932 | -304.5% |
| Amounts payable | 17/49 | €349,199 | €372,923 | +€23,725 | +6.8% |
| Amounts payable after more than one year | 17 | €200,000 | - | -€200,000 | |
| Financial debts | 170/4 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €145,975 | €370,402 | +€224,427 | +153.7% |
| Financial debts | 43 | €141,950 | €370,000 | +€228,050 | +160.7% |
| Credit institutions | 430/8 | €141,950 | - | -€141,950 | |
| Other loans | 439 | - | €370,000 | +€370,000 | |
| Trade debts | 44 | €4,025 | €402 | -€3,623 | -90.0% |
| Suppliers | 440/4 | €4,025 | €402 | -€3,623 | -90.0% |
| Accrued charges and deferred income | 492/3 | €3,224 | €2,521 | -€702 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,880 | €10,844 | +€964 | +9.8% |
| Other operating charges | 640/8 | €1,536 | €1,568 | +€32 | +2.1% |
| Gross operating margin | 9900 | €9,342 | €6,139 | -€3,202 | -34.3% |
| Operating profit (loss) | 9901 | -€2,075 | -€6,273 | -€4,198 | -202.4% |
| Financial charges | 65/66B | €15,728 | €11,659 | -€4,068 | -25.9% |
| Recurring financial charges | 65 | €15,728 | €11,659 | -€4,068 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,802 | -€17,932 | -€130 | -0.7% |
| Profit (loss) for the period | 9904 | -€17,802 | -€17,932 | -€130 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,802 | -€17,932 | -€130 | -0.7% |
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 29 September 2026 via checked.be.