't Stee: 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.
't Stee
Largest movements
- Tangible fixed assets +€58,811
up €58,811 (+10.8%), from €542,112 to €600,924
of which Plant, machinery and equipment: +€105,793
- Cash -€16,355
down €16,355 (-5.0%), from €325,006 to €308,652
mainly Investment in fixed assets (net) (-€138,263) and Debts after one year (-€32,854)
- Intangible fixed assets +€9,997
new in 2025: €9,997
- Stocks and contracts +€9,654
up €9,654 (+147.0%), from €6,568 to €16,222
- Reserves +€67,532
up €67,532 (+21.2%), from €319,273 to €386,805
- Other debts +€39,589
up €39,589 (+28.6%), from €138,266 to €177,855
- Debts after one year -€32,854
down €32,854 (-9.8%), from €335,968 to €303,114
- Tax, wage and social debts -€14,114
down €14,114 (-33.1%), from €42,647 to €28,533
of which Taxes: -€15,003
- Gross operating margin -€38,022
down €38,022 (-14.8%), from €256,135 to €218,114
- Taxes -€13,214
down €13,214 (-32.9%), from €40,207 to €26,993
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €877,657 | €944,813 | +€67,156 | +7.7% |
| Fixed assets | 21/28 | €542,458 | €611,267 | +€68,808 | +12.7% |
| Intangible fixed assets | 21 | - | €9,997 | +€9,997 | |
| Tangible fixed assets | 22/27 | €542,112 | €600,924 | +€58,811 | +10.8% |
| Land and buildings | 22 | €514,368 | €459,642 | -€54,726 | -10.6% |
| Plant, machinery and equipment | 23 | €24,954 | €130,747 | +€105,793 | +424.0% |
| Furniture and vehicles | 24 | €2,791 | €10,535 | +€7,745 | +277.5% |
| Financial fixed assets | 28 | €346 | €346 | = | 0.0% |
| Current assets | 29/58 | €335,199 | €333,546 | -€1,653 | -0.5% |
| Stocks and contracts in progress | 3 | €6,568 | €16,222 | +€9,654 | +147.0% |
| Stocks | 30/36 | €6,568 | €16,222 | +€9,654 | +147.0% |
| Amounts receivable within one year | 40/41 | €1,201 | €7,287 | +€6,086 | +506.7% |
| Trade receivables | 40 | €243 | €7,287 | +€7,044 | +2904.8% |
| Other amounts receivable | 41 | €958 | €0 | -€958 | -100.0% |
| Cash at bank and in hand | 54/58 | €325,006 | €308,652 | -€16,355 | -5.0% |
| Deferred charges and accrued income | 490/1 | €2,423 | €1,387 | -€1,037 | -42.8% |
| Total equity and liabilities | 10/49 | €877,657 | €944,813 | +€67,156 | +7.7% |
| Equity | 10/15 | €320,982 | €388,514 | +€67,532 | +21.0% |
| Contributions | 10/11 | €1,709 | €1,709 | = | 0.0% |
| Reserves | 13 | €319,273 | €386,805 | +€67,532 | +21.2% |
| Distributable reserves | 133 | €319,273 | €386,805 | +€67,532 | +21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €556,675 | €556,299 | -€376 | -0.1% |
| Amounts payable after more than one year | 17 | €335,968 | €303,114 | -€32,854 | -9.8% |
| Financial debts | 170/4 | €335,968 | €303,114 | -€32,854 | -9.8% |
| Amounts payable within one year | 42/48 | €219,957 | €246,077 | +€26,120 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €31,947 | €32,854 | +€907 | +2.8% |
| Trade debts | 44 | €7,097 | €6,835 | -€262 | -3.7% |
| Suppliers | 440/4 | €7,097 | €6,835 | -€262 | -3.7% |
| Taxes, remuneration and social security | 45 | €42,647 | €28,533 | -€14,114 | -33.1% |
| Taxes | 450/3 | €33,341 | €18,338 | -€15,003 | -45.0% |
| Remuneration and social security | 454/9 | €9,307 | €10,195 | +€888 | +9.5% |
| Other amounts payable | 47/48 | €138,266 | €177,855 | +€39,589 | +28.6% |
| Accrued charges and deferred income | 492/3 | €750 | €7,108 | +€6,358 | +847.8% |
| Remuneration, social security and pensions | 62 | €26,881 | €28,867 | +€1,986 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,594 | €69,455 | +€860 | +1.3% |
| Other operating charges | 640/8 | €3,363 | €3,277 | -€86 | -2.5% |
| Gross operating margin | 9900 | €256,135 | €218,114 | -€38,022 | -14.8% |
| Operating profit (loss) | 9901 | €157,297 | €116,515 | -€40,782 | -25.9% |
| Financial income | 75/76B | €1,434 | €1,707 | +€273 | +19.0% |
| Recurring financial income | 75 | €1,434 | €1,707 | +€273 | +19.0% |
| Financial charges | 65/66B | €21,333 | €23,697 | +€2,364 | +11.1% |
| Recurring financial charges | 65 | €21,333 | €23,697 | +€2,364 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €137,399 | €94,525 | -€42,873 | -31.2% |
| Income taxes | 67/77 | €40,207 | €26,993 | -€13,214 | -32.9% |
| Profit (loss) for the period | 9904 | €97,191 | €67,532 | -€29,659 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,191 | €67,532 | -€29,659 | -30.5% |
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 9 October 2026 via checked.be.