STEPS VASTGOED: 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.
STEPS VASTGOED
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+14.4%), from €7.2m to €8.2m
of which Land and buildings: +€908,296
- Receivables within one year -€409,297
down €409,297 (-75.1%), from €545,316 to €136,019
of which Trade receivables: -€371,222
- Cash +€301,038
up €301,038 (+324%), from €92,993 to €394,032
mainly Depreciation (+€877,459) and Debts after one year (+€557,837)
- Deferred charges and accrued income -€105,661
down €105,661 (-51.1%), from €206,767 to €101,106
- Debts after one year +€557,837
up €557,837 (+14.6%), from €3.8m to €4.4m
- Other debts +€323,639
up €323,639 (+23.6%), from €1.4m to €1.7m
- Trade debts -€214,329
down €214,329 (-53.4%), from €401,191 to €186,862
- Current portion of long-term debt +€130,277
up €130,277 (+24.5%), from €531,837 to €662,114
- Depreciation +€259,015
up €259,015 (+41.9%), from €618,444 to €877,459
- Gross operating margin +€249,521
up €249,521 (+19.5%), from €1.3m to €1.5m
- Taxes +€42,450
up €42,450 (+89.3%), from €47,558 to €90,008
- Staff costs -€39,801
down €39,801 (-77.0%), from €51,696 to €11,896
- Financial charges +€23,315
up €23,315 (+15.9%), from €146,831 to €170,145
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 | €8,048,676 | €8,871,600 | +€822,923 | +10.2% |
| Fixed assets | 21/28 | €7,203,600 | €8,240,443 | +€1.0m | +14.4% |
| Tangible fixed assets | 22/27 | €7,190,377 | €8,227,943 | +€1.0m | +14.4% |
| Land and buildings | 22 | €5,494,585 | €6,402,882 | +€908,296 | +16.5% |
| Plant, machinery and equipment | 23 | €218,567 | €185,458 | -€33,110 | -15.1% |
| Furniture and vehicles | 24 | €633,796 | €461,339 | -€172,456 | -27.2% |
| Leasing and similar rights | 25 | €724,440 | €1,016,056 | +€291,617 | +40.3% |
| Other tangible fixed assets | 26 | €118,989 | €95,191 | -€23,798 | -20.0% |
| Assets under construction and advance payments | 27 | - | €67,017 | +€67,017 | |
| Financial fixed assets | 28 | €13,223 | €12,500 | -€723 | -5.5% |
| Current assets | 29/58 | €845,077 | €631,157 | -€213,920 | -25.3% |
| Amounts receivable within one year | 40/41 | €545,316 | €136,019 | -€409,297 | -75.1% |
| Trade receivables | 40 | €505,013 | €133,790 | -€371,222 | -73.5% |
| Other amounts receivable | 41 | €40,303 | €2,229 | -€38,074 | -94.5% |
| Cash at bank and in hand | 54/58 | €92,993 | €394,032 | +€301,038 | +324% |
| Deferred charges and accrued income | 490/1 | €206,767 | €101,106 | -€105,661 | -51.1% |
| Total equity and liabilities | 10/49 | €8,048,676 | €8,871,600 | +€822,923 | +10.2% |
| Equity | 10/15 | €1,904,666 | €1,908,800 | +€4,133 | +0.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €767,759 | €767,759 | = | 0.0% |
| Tax-exempt reserves | 132 | €265,900 | €265,900 | = | 0.0% |
| Distributable reserves | 133 | €501,859 | €501,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,118,315 | €1,122,448 | +€4,133 | +0.4% |
| Amounts payable | 17/49 | €6,144,010 | €6,962,800 | +€818,790 | +13.3% |
| Amounts payable after more than one year | 17 | €3,828,002 | €4,385,839 | +€557,837 | +14.6% |
| Financial debts | 170/4 | €3,828,002 | €4,385,839 | +€557,837 | +14.6% |
| Amounts payable within one year | 42/48 | €2,316,008 | €2,576,961 | +€260,953 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €531,837 | €662,114 | +€130,277 | +24.5% |
| Trade debts | 44 | €401,191 | €186,862 | -€214,329 | -53.4% |
| Suppliers | 440/4 | €401,191 | €186,862 | -€214,329 | -53.4% |
| Taxes, remuneration and social security | 45 | €9,056 | €30,422 | +€21,366 | +236% |
| Taxes | 450/3 | €1,426 | €30,422 | +€28,996 | +2,033% |
| Remuneration and social security | 454/9 | €7,630 | - | -€7,630 | |
| Other amounts payable | 47/48 | €1,373,924 | €1,697,563 | +€323,639 | +23.6% |
| Non-recurring operating income | 76A | €43,968 | €50,741 | +€6,773 | +15.4% |
| Remuneration, social security and pensions | 62 | €51,696 | €11,896 | -€39,801 | -77.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €618,444 | €877,459 | +€259,015 | +41.9% |
| Other operating charges | 640/8 | €42,276 | €51,882 | +€9,607 | +22.7% |
| Non-recurring operating charges | 66A | - | €20,870 | +€20,870 | |
| Gross operating margin | 9900 | €1,281,024 | €1,530,545 | +€249,521 | +19.5% |
| Operating profit (loss) | 9901 | €568,608 | €568,439 | -€169 | 0.0% |
| Financial income | 75/76B | €315 | €20,848 | +€20,532 | +6,508% |
| Recurring financial income | 75 | €315 | €6,527 | +€6,211 | +1,969% |
| Non-recurring financial income | 76B | - | €14,321 | +€14,321 | |
| Financial charges | 65/66B | €146,831 | €170,145 | +€23,315 | +15.9% |
| Recurring financial charges | 65 | €146,831 | €170,145 | +€23,315 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €422,093 | €419,141 | -€2,951 | -0.7% |
| Income taxes | 67/77 | €47,558 | €90,008 | +€42,450 | +89.3% |
| Profit (loss) for the period | 9904 | €374,535 | €329,133 | -€45,401 | -12.1% |
| Transfer to tax-exempt reserves | 689 | €168,400 | - | -€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €206,135 | €329,133 | +€122,999 | +59.7% |
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 14 October 2026 via checked.be.