STEYAERT ETIENNE: 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.
STEYAERT ETIENNE
Largest movements
- Tangible fixed assets -€110,149
down €110,149 (-6.8%), from €1.6m to €1.5m
of which Other tangible fixed assets: -€104,219
- Current investments -€23,508
down €23,508 (-53.8%), from €43,659 to €20,151
- Reserves -€67,450
down €67,450 (-3.6%), from €1.9m to €1.8m
of which Distributable reserves: -€67,450
- Debts after one year -€66,522
down €66,522 (-32.4%), from €205,109 to €138,587
- Gross operating margin -€52,623
down €52,623 (-40.1%), from €131,076 to €78,453
- Financial charges -€4,012
down €4,012 (-26.5%), from €15,139 to €11,128
- Depreciation -€1,646
down €1,646 (-1.3%), from €122,053 to €120,407
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 | €2,175,015 | €2,038,781 | -€136,234 | -6.3% |
| Fixed assets | 21/28 | €2,065,511 | €1,955,361 | -€110,149 | -5.3% |
| Tangible fixed assets | 22/27 | €1,626,152 | €1,516,002 | -€110,149 | -6.8% |
| Plant, machinery and equipment | 23 | €824 | €9,956 | +€9,132 | +1,109% |
| Furniture and vehicles | 24 | €17,178 | €2,116 | -€15,063 | -87.7% |
| Other tangible fixed assets | 26 | €1,608,150 | €1,503,931 | -€104,219 | -6.5% |
| Financial fixed assets | 28 | €439,359 | €439,359 | = | 0.0% |
| Current assets | 29/58 | €109,504 | €83,419 | -€26,085 | -23.8% |
| Amounts receivable within one year | 40/41 | €21,941 | €18,041 | -€3,900 | -17.8% |
| Trade receivables | 40 | €17,939 | €3,504 | -€14,435 | -80.5% |
| Other amounts receivable | 41 | €4,002 | €14,537 | +€10,535 | +263% |
| Current investments | 50/53 | €43,659 | €20,151 | -€23,508 | -53.8% |
| Cash at bank and in hand | 54/58 | €43,905 | €45,228 | +€1,323 | +3.0% |
| Total equity and liabilities | 10/49 | €2,175,015 | €2,038,781 | -€136,234 | -6.3% |
| Equity | 10/15 | €1,894,431 | €1,830,392 | -€64,039 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,875,799 | €1,808,349 | -€67,450 | -3.6% |
| Non-distributable reserves | 130/1 | €78,360 | €78,360 | = | 0.0% |
| Legal reserve | 130 | €78,360 | €78,360 | = | 0.0% |
| Distributable reserves | 133 | €1,797,439 | €1,729,989 | -€67,450 | -3.8% |
| Profit (loss) carried forward | 14 | €32 | €3,443 | +€3,411 | +10,599% |
| Amounts payable | 17/49 | €280,583 | €208,388 | -€72,195 | -25.7% |
| Amounts payable after more than one year | 17 | €205,109 | €138,587 | -€66,522 | -32.4% |
| Financial debts | 170/4 | €205,109 | €138,587 | -€66,522 | -32.4% |
| Amounts payable within one year | 42/48 | €75,475 | €69,801 | -€5,673 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €66,522 | €66,522 | = | 0.0% |
| Trade debts | 44 | €1,426 | €1,284 | -€142 | -10.0% |
| Suppliers | 440/4 | €1,426 | €1,284 | -€142 | -10.0% |
| Taxes, remuneration and social security | 45 | €5,850 | €1,995 | -€3,855 | -65.9% |
| Taxes | 450/3 | €5,850 | €1,995 | -€3,855 | -65.9% |
| Other amounts payable | 47/48 | €1,677 | - | -€1,677 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,053 | €120,407 | -€1,646 | -1.3% |
| Other operating charges | 640/8 | €10,816 | €11,220 | +€404 | +3.7% |
| Gross operating margin | 9900 | €131,076 | €78,453 | -€52,623 | -40.1% |
| Operating profit (loss) | 9901 | -€1,793 | -€53,174 | -€51,381 | -2,866% |
| Financial income | 75/76B | €219 | €1,351 | +€1,132 | +517% |
| Recurring financial income | 75 | €219 | €1,351 | +€1,132 | +517% |
| Financial charges | 65/66B | €15,139 | €11,128 | -€4,012 | -26.5% |
| Recurring financial charges | 65 | €15,139 | €11,128 | -€4,012 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€16,713 | -€62,950 | -€46,237 | -277% |
| Income taxes | 67/77 | €1,064 | €1,089 | +€25 | +2.4% |
| Profit (loss) for the period | 9904 | -€17,777 | -€64,039 | -€46,262 | -260% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,777 | -€64,039 | -€46,262 | -260% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.