STEPS & Co: 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.
What changed
STEPS & Co
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€53,845
2024 · -€14,261+€68,106
Equity
€1.5m
2024 · €1.4m+€53,845
Cash
€76,912
2024 · €35,034+€41,878
Balance sheet total
€2.4m
2024 · €2.4m-€25,059
Largest movements
Assets
- Tangible fixed assets -€52,437
down €52,437 (-3.7%), from €1.4m to €1.4m
of which Land and buildings: -€47,083
- Cash +€41,878
up €41,878 (+119.5%), from €35,034 to €76,912
mainly Depreciation (+€65,471) and Net result for the year (+€53,845)
Equity and liabilities
- Other debts -€60,677
down €60,677 (-79.2%), from €76,580 to €15,904
- Reserves +€53,845
up €53,845 (+4.0%), from €1.4m to €1.4m
of which Distributable reserves: +€80,952
- Debts after one year -€25,000
down €25,000 (-5.9%), from €425,000 to €400,000
Income statement
- Gross operating margin +€79,484
up €79,484 (+126.3%), from €62,951 to €142,435
- Taxes +€24,557
up €24,557 (+383.3%), from €6,406 to €30,964
- Depreciation -€6,906
down €6,906 (-9.5%), from €72,378 to €65,471
- Provisions +€5,000
no longer reported in 2025 (was -€5,000)
- Financial charges -€2,728
down €2,728 (-19.3%), from €14,144 to €11,415
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.
Result 2024
-€14,261
Gross operating margin
+€79,484
Depreciation
+€6,906
Write-downs
+€1,269
Provisions
-€5,000
Other operating charges
-€477
Other operating items
+€7,635
Financial income
+€118
Financial charges
+€2,728
Taxes
-€24,557
Result 2025
€53,845
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.
From operations
+€79,912
Investment
-€13,034
Financing
-€25,000
Cash 2024
€35,034
From operations (derived)
+€79,912
Net result for the year
+€53,845
Depreciation
+€65,471
Receivables within one year
+€15,425
Deferred charges and accrued income
-€925
Provisions
-€7,234
Trade debts
-€3,638
Tax, wage and social debts
+€18,018
Other debts
-€60,677
Accrued charges and deferred income
-€374
Investment (derived)
-€13,034
Investment in fixed assets (net)
-€13,034
Financing
-€25,000
Debts after one year
-€25,000
Cash 2025
€76,912
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,446,975 | €2,421,916 | -€25,059 | -1.0% |
| Fixed assets | 21/28 | €1,429,156 | €1,376,718 | -€52,437 | -3.7% |
| Tangible fixed assets | 22/27 | €1,428,796 | €1,376,358 | -€52,437 | -3.7% |
| Land and buildings | 22 | €1,400,480 | €1,353,397 | -€47,083 | -3.4% |
| Plant, machinery and equipment | 23 | €19,865 | €13,298 | -€6,567 | -33.1% |
| Furniture and vehicles | 24 | €8,451 | €9,663 | +€1,212 | +14.3% |
| Financial fixed assets | 28 | €360 | €360 | = | 0.0% |
| Current assets | 29/58 | €1,017,819 | €1,045,197 | +€27,378 | +2.7% |
| Amounts receivable after more than one year | 29 | €917,619 | €917,619 | = | 0.0% |
| Other amounts receivable | 291 | €917,619 | €917,619 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,000 | €2,000 | = | 0.0% |
| Stocks | 30/36 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €63,166 | €47,741 | -€15,425 | -24.4% |
| Trade receivables | 40 | €4,189 | €8,538 | +€4,349 | +103.8% |
| Other amounts receivable | 41 | €58,977 | €39,203 | -€19,774 | -33.5% |
| Cash at bank and in hand | 54/58 | €35,034 | €76,912 | +€41,878 | +119.5% |
| Deferred charges and accrued income | 490/1 | - | €925 | +€925 | |
| Total equity and liabilities | 10/49 | €2,446,975 | €2,421,916 | -€25,059 | -1.0% |
| Equity | 10/15 | €1,439,785 | €1,493,631 | +€53,845 | +3.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,361,303 | €1,415,148 | +€53,845 | +4.0% |
| Tax-exempt reserves | 132 | €644,634 | €617,527 | -€27,107 | -4.2% |
| Distributable reserves | 133 | €716,669 | €797,621 | +€80,952 | +11.3% |
| Profit (loss) carried forward | 14 | €16,483 | €16,483 | = | 0.0% |
| Provisions and deferred taxes | 16 | €214,033 | €206,799 | -€7,234 | -3.4% |
| Deferred taxes | 168 | €214,033 | €206,799 | -€7,234 | -3.4% |
| Amounts payable | 17/49 | €793,156 | €721,486 | -€71,670 | -9.0% |
| Amounts payable after more than one year | 17 | €425,000 | €400,000 | -€25,000 | -5.9% |
| Other amounts payable | 178/9 | €425,000 | €400,000 | -€25,000 | -5.9% |
| Amounts payable within one year | 42/48 | €367,083 | €320,786 | -€46,297 | -12.6% |
| Financial debts | 43 | €257,500 | €257,500 | = | 0.0% |
| Credit institutions | 430/8 | €257,500 | €257,500 | = | 0.0% |
| Trade debts | 44 | €25,219 | €21,581 | -€3,638 | -14.4% |
| Suppliers | 440/4 | €25,219 | €21,581 | -€3,638 | -14.4% |
| Taxes, remuneration and social security | 45 | €7,784 | €25,802 | +€18,018 | +231.5% |
| Taxes | 450/3 | €7,784 | €25,802 | +€18,018 | +231.5% |
| Other amounts payable | 47/48 | €76,580 | €15,904 | -€60,677 | -79.2% |
| Accrued charges and deferred income | 492/3 | €1,073 | €699 | -€374 | -34.8% |
| Non-recurring operating income | 76A | - | €49,549 | +€49,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,378 | €65,471 | -€6,906 | -9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,269 | - | -€1,269 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,000 | - | +€5,000 | |
| Other operating charges | 640/8 | €9,844 | €10,321 | +€477 | +4.8% |
| Non-recurring operating charges | 66A | €16,362 | €8,727 | -€7,635 | -46.7% |
| Gross operating margin | 9900 | €62,951 | €142,435 | +€79,484 | +126.3% |
| Operating profit (loss) | 9901 | -€31,901 | €57,915 | +€89,817 | |
| Financial income | 75/76B | €30,957 | €31,075 | +€118 | +0.4% |
| Recurring financial income | 75 | €30,957 | €31,075 | +€118 | +0.4% |
| Financial charges | 65/66B | €14,144 | €11,415 | -€2,728 | -19.3% |
| Recurring financial charges | 65 | €14,144 | €11,415 | -€2,728 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,088 | €77,575 | +€92,663 | |
| Transfer from deferred taxes | 780 | €7,234 | €7,234 | = | 0.0% |
| Income taxes | 67/77 | €6,406 | €30,964 | +€24,557 | +383.3% |
| Profit (loss) for the period | 9904 | -€14,261 | €53,845 | +€68,106 | |
| Transfer from tax-exempt reserves | 789 | €27,107 | €27,107 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,846 | €80,952 | +€68,106 | +530.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.