VAN STEENLANDT: 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.
What changed
VAN STEENLANDT
NACE 10.712, Artisanal bread and fresh pastry making
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€82,586
2024 · €199,522-€116,936
Equity
€1.2m
2024 · €1.2m+€3,586
Cash
€231,485
2024 · €137,094+€94,391
Balance sheet total
€2.4m
2024 · €2.2m+€251,408
Largest movements
Assets
- Receivables within one year +€258,118
up €258,118 (+196%), from €131,377 to €389,495
of which Other amounts receivable: +€204,511
- Cash +€94,391
up €94,391 (+68.9%), from €137,094 to €231,485
mainly Debts after one year (+€119,298) and Depreciation (+€117,868)
- Receivables after one year -€52,298
down €52,298 (-37.5%), from €139,454 to €87,156
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
Equity and liabilities
- Debts after one year +€119,298
up €119,298 (+21.5%), from €555,332 to €674,630
- Provisions +€116,866
new in 2025: €116,866
- Other debts -€73,934
down €73,934 (-58.7%), from €125,954 to €52,020
- Tax, wage and social debts +€67,916
up €67,916 (+61.4%), from €110,655 to €178,571
of which Taxes: +€78,643
- Short-term financial debts -€32,879
down €32,879 (-93.9%), from €35,016 to €2,137
of which Other loans: -€30,000
Income statement
- Provisions +€116,866
new in 2025: €116,866
- Staff costs +€29,410
up €29,410 (+11.2%), from €261,510 to €290,921
- Gross operating margin +€24,683
up €24,683 (+3.5%), from €706,040 to €730,722
- Depreciation +€13,003
up €13,003 (+12.4%), from €104,865 to €117,868
- Financial income +€10,504
up €10,504 (+116%), from €9,019 to €19,524
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.
Result 2024
€199,522
Gross operating margin
+€24,683
Staff costs
-€29,410
Depreciation
-€13,003
Provisions
-€116,866
Other operating charges
+€3,237
Other operating items
-€2,861
Financial income
+€10,504
Financial charges
-€2,207
Taxes
+€8,988
Result 2025
€82,586
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€134,914
Investment
-€80,694
Financing
+€40,171
Cash 2024
€137,094
From operations (derived)
+€134,914
Net result for the year
+€82,586
Depreciation
+€117,868
Receivables after one year
+€52,298
Stocks and contracts
-€1,804
Receivables within one year
-€258,118
Deferred charges and accrued income
+€13,432
Provisions
+€116,866
Trade debts
+€27,758
Tax, wage and social debts
+€67,916
Other debts
-€73,934
Accrued charges and deferred income
-€9,954
Investment (derived)
-€80,694
Investment in fixed assets (net)
-€130,694
Current investments
+€50,000
Financing
+€40,171
Debts after one year
+€119,298
Current portion of long-term debt
+€32,751
Short-term financial debts
-€32,879
Contributions, distributions and other
-€79,000
Cash 2025
€231,485
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,180,741 | €2,432,150 | +€251,408 | +11.5% |
| Fixed assets | 21/28 | €1,687,992 | €1,700,818 | +€12,826 | +0.8% |
| Tangible fixed assets | 22/27 | €1,681,692 | €1,694,518 | +€12,826 | +0.8% |
| Land and buildings | 22 | €1,365,516 | €1,320,706 | -€44,810 | -3.3% |
| Plant, machinery and equipment | 23 | €255,402 | €319,155 | +€63,752 | +25.0% |
| Furniture and vehicles | 24 | €17,209 | €11,627 | -€5,582 | -32.4% |
| Other tangible fixed assets | 26 | €3,565 | €3,030 | -€534 | -15.0% |
| Assets under construction and advance payments | 27 | €40,000 | €40,000 | = | 0.0% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €492,750 | €731,332 | +€238,582 | +48.4% |
| Amounts receivable after more than one year | 29 | €139,454 | €87,156 | -€52,298 | -37.5% |
| Other amounts receivable | 291 | €139,454 | €87,156 | -€52,298 | -37.5% |
| Stocks and contracts in progress | 3 | €12,662 | €14,466 | +€1,804 | +14.2% |
| Stocks | 30/36 | €12,662 | €14,466 | +€1,804 | +14.2% |
| Amounts receivable within one year | 40/41 | €131,377 | €389,495 | +€258,118 | +196% |
| Trade receivables | 40 | €69,486 | €123,094 | +€53,607 | +77.1% |
| Other amounts receivable | 41 | €61,890 | €266,401 | +€204,511 | +330% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €137,094 | €231,485 | +€94,391 | +68.9% |
| Deferred charges and accrued income | 490/1 | €22,163 | €8,731 | -€13,432 | -60.6% |
| Total equity and liabilities | 10/49 | €2,180,741 | €2,432,150 | +€251,408 | +11.5% |
| Equity | 10/15 | €1,174,921 | €1,178,507 | +€3,586 | +0.3% |
| Contributions | 10/11 | €77,445 | €77,445 | = | 0.0% |
| Reserves | 13 | €1,097,476 | €1,101,062 | +€3,586 | +0.3% |
| Tax-exempt reserves | 132 | €168,489 | €168,489 | = | 0.0% |
| Distributable reserves | 133 | €928,988 | €932,574 | +€3,586 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €116,866 | +€116,866 | |
| Provisions for liabilities and charges | 160/5 | - | €116,866 | +€116,866 | |
| Other liabilities and charges | 164/5 | - | €116,866 | +€116,866 | |
| Amounts payable | 17/49 | €1,005,820 | €1,136,776 | +€130,956 | +13.0% |
| Amounts payable after more than one year | 17 | €555,332 | €674,630 | +€119,298 | +21.5% |
| Financial debts | 170/4 | €555,332 | €674,630 | +€119,298 | +21.5% |
| Amounts payable within one year | 42/48 | €440,489 | €462,100 | +€21,612 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €60,631 | €93,383 | +€32,751 | +54.0% |
| Financial debts | 43 | €35,016 | €2,137 | -€32,879 | -93.9% |
| Credit institutions | 430/8 | €5,016 | €2,137 | -€2,879 | -57.4% |
| Other loans | 439 | €30,000 | €0 | -€30,000 | -100% |
| Trade debts | 44 | €108,232 | €135,990 | +€27,758 | +25.6% |
| Suppliers | 440/4 | €108,232 | €135,990 | +€27,758 | +25.6% |
| Taxes, remuneration and social security | 45 | €110,655 | €178,571 | +€67,916 | +61.4% |
| Taxes | 450/3 | €65,213 | €143,856 | +€78,643 | +121% |
| Remuneration and social security | 454/9 | €45,442 | €34,714 | -€10,728 | -23.6% |
| Other amounts payable | 47/48 | €125,954 | €52,020 | -€73,934 | -58.7% |
| Accrued charges and deferred income | 492/3 | €10,000 | €46 | -€9,954 | -99.5% |
| Non-recurring operating income | 76A | - | €1,178 | +€1,178 | |
| Remuneration, social security and pensions | 62 | €261,510 | €290,921 | +€29,410 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,865 | €117,868 | +€13,003 | +12.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €116,866 | +€116,866 | |
| Other operating charges | 640/8 | €19,178 | €15,941 | -€3,237 | -16.9% |
| Non-recurring operating charges | 66A | €52 | €2,913 | +€2,861 | +5,502% |
| Gross operating margin | 9900 | €706,040 | €730,722 | +€24,683 | +3.5% |
| Operating profit (loss) | 9901 | €320,434 | €186,213 | -€134,221 | -41.9% |
| Financial income | 75/76B | €9,019 | €19,524 | +€10,504 | +116% |
| Recurring financial income | 75 | €9,019 | €19,524 | +€10,504 | +116% |
| Financial charges | 65/66B | €40,873 | €43,080 | +€2,207 | +5.4% |
| Recurring financial charges | 65 | €40,873 | €43,080 | +€2,207 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €288,581 | €162,656 | -€125,924 | -43.6% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €89,059 | €80,070 | -€8,988 | -10.1% |
| Profit (loss) for the period | 9904 | €199,522 | €82,586 | -€116,936 | -58.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €157,422 | €82,586 | -€74,836 | -47.5% |
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 25 October 2026 via checked.be.