T.D. STEEL: what changed
What changed
T.D. STEEL
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
filed annual accounts (NBB)
Net result for the year
€6,334
2024 · €6,664-€330
Equity
€92,280
2024 · €89,646+€2,634
Cash
€14,186
2024 · €18,798-€4,612
Balance sheet total
€188,213
2024 · €235,950-€47,737
Largest movements
Assets
- Receivables within one year -€27,946
down €27,946 (-21.9%), from €127,506 to €99,560
of which Trade receivables: -€37,303
- Tangible fixed assets -€18,657
down €18,657 (-35.8%), from €52,123 to €33,466
of which Furniture and vehicles: -€11,495
- Cash -€4,612
down €4,612 (-24.5%), from €18,798 to €14,186
mainly Trade debts (-€38,267) and Debts after one year (-€11,706)
- Deferred charges and accrued income +€2,928
up €2,928 (+50.6%), from €5,782 to €8,710
Equity and liabilities
- Trade debts -€38,267
down €38,267 (-56.8%), from €67,368 to €29,101
- Debts after one year -€11,706
down €11,706 (-43.0%), from €27,197 to €15,490
- Tax, wage and social debts -€5,531
down €5,531 (-15.1%), from €36,640 to €31,109
of which Remuneration and social security: -€9,324
- Current portion of long-term debt +€3,883
up €3,883 (+30.7%), from €12,649 to €16,532
- Other debts +€3,700
new in 2025: €3,700
Income statement
- Financial charges +€7,812
up €7,812 (+130%), from €5,988 to €13,800
- Depreciation -€4,005
down €4,005 (-15.6%), from €25,627 to €21,622
- Gross operating margin +€3,220
up €3,220 (+1.5%), from €211,636 to €214,856
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€6,664
Gross operating margin
+€3,220
Staff costs
-€1,868
Depreciation
+€4,005
Other operating charges
+€728
Other operating items
+€1,604
Financial income
-€28
Financial charges
-€7,812
Taxes
-€179
Result 2025
€6,334
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9,876
Investment
-€2,965
Financing
-€11,523
Cash 2024
€18,798
From operations (derived)
+€9,876
Net result for the year
+€6,334
Depreciation
+€21,622
Stocks and contracts
-€550
Receivables within one year
+€27,946
Deferred charges and accrued income
-€2,928
Trade debts
-€38,267
Tax, wage and social debts
-€5,531
Other debts
+€3,700
Accrued charges and deferred income
-€2,450
Investment (derived)
-€2,965
Investment in fixed assets (net)
-€2,965
Financing
-€11,523
Debts after one year
-€11,706
Current portion of long-term debt
+€3,883
Contributions, distributions and other
-€3,700
Cash 2025
€14,186
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €235,950 | €188,213 | -€47,737 | -20.2% |
| Fixed assets | 21/28 | €52,173 | €33,516 | -€18,657 | -35.8% |
| Tangible fixed assets | 22/27 | €52,123 | €33,466 | -€18,657 | -35.8% |
| Plant, machinery and equipment | 23 | €27,598 | €20,436 | -€7,162 | -26.0% |
| Furniture and vehicles | 24 | €24,525 | €13,031 | -€11,495 | -46.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €183,777 | €154,698 | -€29,080 | -15.8% |
| Stocks and contracts in progress | 3 | €31,691 | €32,241 | +€550 | +1.7% |
| Stocks | 30/36 | €31,691 | €32,241 | +€550 | +1.7% |
| Amounts receivable within one year | 40/41 | €127,506 | €99,560 | -€27,946 | -21.9% |
| Trade receivables | 40 | €82,662 | €45,359 | -€37,303 | -45.1% |
| Other amounts receivable | 41 | €44,844 | €54,201 | +€9,357 | +20.9% |
| Cash at bank and in hand | 54/58 | €18,798 | €14,186 | -€4,612 | -24.5% |
| Deferred charges and accrued income | 490/1 | €5,782 | €8,710 | +€2,928 | +50.6% |
| Total equity and liabilities | 10/49 | €235,950 | €188,213 | -€47,737 | -20.2% |
| Equity | 10/15 | €89,646 | €92,280 | +€2,634 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,046 | €73,680 | +€2,634 | +3.7% |
| Distributable reserves | 133 | €71,046 | €73,680 | +€2,634 | +3.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €146,304 | €95,933 | -€50,371 | -34.4% |
| Amounts payable after more than one year | 17 | €27,197 | €15,490 | -€11,706 | -43.0% |
| Financial debts | 170/4 | €27,197 | €15,490 | -€11,706 | -43.0% |
| Amounts payable within one year | 42/48 | €116,658 | €80,443 | -€36,215 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €12,649 | €16,532 | +€3,883 | +30.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €67,368 | €29,101 | -€38,267 | -56.8% |
| Suppliers | 440/4 | €67,368 | €29,101 | -€38,267 | -56.8% |
| Taxes, remuneration and social security | 45 | €36,640 | €31,109 | -€5,531 | -15.1% |
| Taxes | 450/3 | €8,557 | €12,350 | +€3,793 | +44.3% |
| Remuneration and social security | 454/9 | €28,083 | €18,759 | -€9,324 | -33.2% |
| Other amounts payable | 47/48 | - | €3,700 | +€3,700 | |
| Accrued charges and deferred income | 492/3 | €2,450 | €0 | -€2,450 | -100% |
| Non-recurring operating income | 76A | €0 | €10,850 | +€10,850 | |
| Remuneration, social security and pensions | 62 | €166,685 | €168,553 | +€1,868 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,627 | €21,622 | -€4,005 | -15.6% |
| Other operating charges | 640/8 | €1,712 | €984 | -€728 | -42.5% |
| Non-recurring operating charges | 66A | €3,623 | €2,018 | -€1,604 | -44.3% |
| Gross operating margin | 9900 | €211,636 | €214,856 | +€3,220 | +1.5% |
| Operating profit (loss) | 9901 | €13,989 | €21,678 | +€7,689 | +55.0% |
| Financial income | 75/76B | €2,380 | €2,351 | -€28 | -1.2% |
| Recurring financial income | 75 | €2,380 | €2,351 | -€28 | -1.2% |
| Financial charges | 65/66B | €5,988 | €13,800 | +€7,812 | +130% |
| Recurring financial charges | 65 | €5,988 | €13,800 | +€7,812 | +130% |
| Profit (loss) for the period before taxes | 9903 | €10,381 | €10,230 | -€151 | -1.5% |
| Income taxes | 67/77 | €3,717 | €3,896 | +€179 | +4.8% |
| Profit (loss) for the period | 9904 | €6,664 | €6,334 | -€330 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,664 | €6,334 | -€330 | -4.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.