STEYAERT FRANK: 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 FRANK
Largest movements
- Cash -€218,736
down €218,736 (-80.6%), from €271,316 to €52,580
mainly Investment in fixed assets (net) (-€193,516) and Debts after one year (-€101,201)
- Receivables within one year +€82,979
up €82,979 (+60.7%), from €136,803 to €219,782
of which Trade receivables: +€67,027
- Tangible fixed assets +€51,846
up €51,846 (+9.1%), from €568,997 to €620,843
of which Furniture and vehicles: +€67,041
- Debts after one year -€101,201
down €101,201 (-33.4%), from €302,775 to €201,574
- Reserves +€44,333
up €44,333 (+9.7%), from €455,178 to €499,511
of which Distributable reserves: +€52,977
- Other debts -€25,379
down €25,379 (-27.3%), from €92,918 to €67,539
- Trade debts +€15,839
up €15,839 (+115%), from €13,786 to €29,625
- Tax, wage and social debts -€15,341
down €15,341 (-41.0%), from €37,434 to €22,092
of which Taxes: -€8,916
- Depreciation +€64,464
up €64,464 (+83.5%), from €77,206 to €141,670
- Gross operating margin +€22,469
up €22,469 (+6.0%), from €375,179 to €397,648
- Taxes -€12,749
down €12,749 (-40.1%), from €31,766 to €19,017
- Financial charges +€6,400
up €6,400 (+115%), from €5,568 to €11,968
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 | €1,002,777 | €926,590 | -€76,186 | -7.6% |
| Fixed assets | 21/28 | €569,199 | €621,044 | +€51,846 | +9.1% |
| Tangible fixed assets | 22/27 | €568,997 | €620,843 | +€51,846 | +9.1% |
| Land and buildings | 22 | €250,782 | €237,879 | -€12,903 | -5.1% |
| Plant, machinery and equipment | 23 | €9,472 | €7,179 | -€2,292 | -24.2% |
| Furniture and vehicles | 24 | €308,744 | €375,785 | +€67,041 | +21.7% |
| Financial fixed assets | 28 | €202 | €202 | = | 0.0% |
| Current assets | 29/58 | €433,578 | €305,546 | -€128,032 | -29.5% |
| Stocks and contracts in progress | 3 | €12,598 | €14,159 | +€1,561 | +12.4% |
| Stocks | 30/36 | €12,598 | €14,159 | +€1,561 | +12.4% |
| Amounts receivable within one year | 40/41 | €136,803 | €219,782 | +€82,979 | +60.7% |
| Trade receivables | 40 | €136,765 | €203,792 | +€67,027 | +49.0% |
| Other amounts receivable | 41 | €37 | €15,990 | +€15,952 | +42,745% |
| Cash at bank and in hand | 54/58 | €271,316 | €52,580 | -€218,736 | -80.6% |
| Deferred charges and accrued income | 490/1 | €12,861 | €19,025 | +€6,164 | +47.9% |
| Total equity and liabilities | 10/49 | €1,002,777 | €926,590 | -€76,186 | -7.6% |
| Equity | 10/15 | €473,770 | €518,103 | +€44,333 | +9.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €455,178 | €499,511 | +€44,333 | +9.7% |
| Tax-exempt reserves | 132 | €8,644 | €0 | -€8,644 | -100% |
| Distributable reserves | 133 | €446,533 | €499,511 | +€52,977 | +11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,513 | €0 | -€1,513 | -100% |
| Deferred taxes | 168 | €1,513 | €0 | -€1,513 | -100% |
| Amounts payable | 17/49 | €527,494 | €408,488 | -€119,006 | -22.6% |
| Amounts payable after more than one year | 17 | €302,775 | €201,574 | -€101,201 | -33.4% |
| Financial debts | 170/4 | €302,775 | €201,574 | -€101,201 | -33.4% |
| Amounts payable within one year | 42/48 | €224,719 | €206,914 | -€17,806 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €80,582 | €87,658 | +€7,076 | +8.8% |
| Trade debts | 44 | €13,786 | €29,625 | +€15,839 | +115% |
| Suppliers | 440/4 | €13,786 | €29,625 | +€15,839 | +115% |
| Taxes, remuneration and social security | 45 | €37,434 | €22,092 | -€15,341 | -41.0% |
| Taxes | 450/3 | €20,860 | €11,944 | -€8,916 | -42.7% |
| Remuneration and social security | 454/9 | €16,574 | €10,148 | -€6,425 | -38.8% |
| Other amounts payable | 47/48 | €92,918 | €67,539 | -€25,379 | -27.3% |
| Remuneration, social security and pensions | 62 | €168,180 | €168,044 | -€136 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,206 | €141,670 | +€64,464 | +83.5% |
| Other operating charges | 640/8 | €6,219 | €6,128 | -€91 | -1.5% |
| Gross operating margin | 9900 | €375,179 | €397,648 | +€22,469 | +6.0% |
| Operating profit (loss) | 9901 | €123,575 | €81,805 | -€41,769 | -33.8% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €5,568 | €11,968 | +€6,400 | +115% |
| Recurring financial charges | 65 | €5,568 | €11,968 | +€6,400 | +115% |
| Profit (loss) for the period before taxes | 9903 | €118,007 | €69,837 | -€48,169 | -40.8% |
| Transfer from deferred taxes | 780 | €560 | €1,513 | +€953 | +170% |
| Income taxes | 67/77 | €31,766 | €19,017 | -€12,749 | -40.1% |
| Profit (loss) for the period | 9904 | €86,801 | €52,333 | -€34,468 | -39.7% |
| Transfer from tax-exempt reserves | 789 | €3,200 | €8,644 | +€5,444 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €90,001 | €60,977 | -€29,023 | -32.2% |
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 20 October 2026 via checked.be.