StepOne: 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.
StepOne
Largest movements
- Tangible fixed assets -€760,094
down €760,094 (-52.7%), from €1.4m to €682,866
of which Land and buildings: -€761,654
- Receivables within one year +€554,383
up €554,383 (+293%), from €189,161 to €743,544
of which Other amounts receivable: +€531,060
- Current investments +€280,000
new in 2025: €280,000
- Short-term financial debts +€241,076
up €241,076 (+389%), from €62,043 to €303,119
- Debts after one year -€193,988
down €193,988 (-43.9%), from €441,924 to €247,936
- Reserves +€131,000
up €131,000 (+18.0%), from €729,099 to €860,099
of which Distributable reserves: +€131,000
- Trade debts -€118,503
down €118,503 (-82.8%), from €143,197 to €24,693
- Current portion of long-term debt -€33,655
down €33,655 (-52.4%), from €64,283 to €30,628
- Gross operating margin +€103,158
up €103,158 (+29.4%), from €350,350 to €453,508
- Taxes +€54,018
up €54,018 (+123%), from €43,885 to €97,903
- Staff costs -€42,041
down €42,041 (-44.4%), from €94,728 to €52,687
- Financial income +€15,160
up €15,160 (+212%), from €7,145 to €22,304
- Other operating charges -€14,497
down €14,497 (-54.0%), from €26,854 to €12,357
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 | €1,772,911 | €1,829,705 | +€56,794 | +3.2% |
| Fixed assets | 21/28 | €1,449,927 | €685,266 | -€764,661 | -52.7% |
| Tangible fixed assets | 22/27 | €1,442,960 | €682,866 | -€760,094 | -52.7% |
| Land and buildings | 22 | €1,415,780 | €654,127 | -€761,654 | -53.8% |
| Plant, machinery and equipment | 23 | €3,013 | €2,152 | -€861 | -28.6% |
| Furniture and vehicles | 24 | €24,167 | €26,587 | +€2,420 | +10.0% |
| Financial fixed assets | 28 | €6,967 | €2,400 | -€4,567 | -65.6% |
| Current assets | 29/58 | €322,984 | €1,144,439 | +€821,455 | +254% |
| Amounts receivable after more than one year | 29 | €52,715 | €56,010 | +€3,295 | +6.3% |
| Other amounts receivable | 291 | €52,715 | €56,010 | +€3,295 | +6.3% |
| Amounts receivable within one year | 40/41 | €189,161 | €743,544 | +€554,383 | +293% |
| Trade receivables | 40 | €34,708 | €58,031 | +€23,322 | +67.2% |
| Other amounts receivable | 41 | €154,453 | €685,513 | +€531,060 | +344% |
| Current investments | 50/53 | - | €280,000 | +€280,000 | |
| Cash at bank and in hand | 54/58 | €71,794 | €60,786 | -€11,008 | -15.3% |
| Deferred charges and accrued income | 490/1 | €9,314 | €4,100 | -€5,214 | -56.0% |
| Total equity and liabilities | 10/49 | €1,772,911 | €1,829,705 | +€56,794 | +3.2% |
| Equity | 10/15 | €739,826 | €875,523 | +€135,697 | +18.3% |
| Contributions | 10/11 | €6,460 | €6,460 | = | 0.0% |
| Reserves | 13 | €729,099 | €860,099 | +€131,000 | +18.0% |
| Non-distributable reserves | 130/1 | €0 | €8,000 | +€8,000 | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | - | €8,000 | +€8,000 | |
| Tax-exempt reserves | 132 | €8,000 | €0 | -€8,000 | -100% |
| Distributable reserves | 133 | €721,099 | €852,099 | +€131,000 | +18.2% |
| Profit (loss) carried forward | 14 | €4,267 | €8,964 | +€4,697 | +110% |
| Amounts payable | 17/49 | €1,033,085 | €954,182 | -€78,903 | -7.6% |
| Amounts payable after more than one year | 17 | €441,924 | €247,936 | -€193,988 | -43.9% |
| Financial debts | 170/4 | €441,924 | €247,936 | -€193,988 | -43.9% |
| Amounts payable within one year | 42/48 | €459,819 | €550,062 | +€90,244 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €64,283 | €30,628 | -€33,655 | -52.4% |
| Financial debts | 43 | €62,043 | €303,119 | +€241,076 | +389% |
| Credit institutions | 430/8 | €62,043 | €303,119 | +€241,076 | +389% |
| Trade debts | 44 | €143,197 | €24,693 | -€118,503 | -82.8% |
| Suppliers | 440/4 | €143,197 | €24,693 | -€118,503 | -82.8% |
| Taxes, remuneration and social security | 45 | €167,018 | €188,622 | +€21,605 | +12.9% |
| Taxes | 450/3 | €149,687 | €188,622 | +€38,935 | +26.0% |
| Remuneration and social security | 454/9 | €17,330 | €0 | -€17,330 | -100% |
| Other amounts payable | 47/48 | €23,279 | €3,000 | -€20,279 | -87.1% |
| Accrued charges and deferred income | 492/3 | €131,343 | €156,184 | +€24,841 | +18.9% |
| Non-recurring operating income | 76A | €18,000 | €308,068 | +€290,068 | +1,611% |
| Remuneration, social security and pensions | 62 | €94,728 | €52,687 | -€42,041 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,049 | €84,062 | -€987 | -1.2% |
| Other operating charges | 640/8 | €26,854 | €12,357 | -€14,497 | -54.0% |
| Gross operating margin | 9900 | €350,350 | €453,508 | +€103,158 | +29.4% |
| Operating profit (loss) | 9901 | €143,719 | €304,402 | +€160,683 | +112% |
| Financial income | 75/76B | €7,145 | €22,304 | +€15,160 | +212% |
| Recurring financial income | 75 | €7,145 | €22,304 | +€15,160 | +212% |
| Financial charges | 65/66B | €25,961 | €33,107 | +€7,147 | +27.5% |
| Recurring financial charges | 65 | €25,961 | €33,107 | +€7,147 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €124,903 | €293,600 | +€168,697 | +135% |
| Income taxes | 67/77 | €43,885 | €97,903 | +€54,018 | +123% |
| Profit (loss) for the period | 9904 | €81,018 | €195,697 | +€114,679 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €81,018 | €195,697 | +€114,679 | +142% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.