VAN STEIRTEGEM: what changed
VAN STEIRTEGEM
Largest movements
- Tangible fixed assets -€63,182
down €63,182 (-10.4%), from €606,190 to €543,008
of which Leasing and similar rights: -€49,000
- Cash -€48,543
down €48,543 (-31.7%), from €153,264 to €104,722
mainly Debts after one year (-€183,000) and Investment in fixed assets (net) (-€20,943)
- Stocks and contracts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Receivables within one year -€35,904
down €35,904 (-39.3%), from €91,279 to €55,375
of which Trade receivables: -€27,423
- Debts after one year -€183,000
down €183,000 (-31.9%), from €572,800 to €389,800
of which Other amounts payable: -€183,000
- Trade debts -€17,761
down €17,761 (-37.7%), from €47,100 to €29,339
- Reserves +€14,840
up €14,840 (+7.3%), from €203,157 to €217,998
- Depreciation +€7,510
up €7,510 (+9.8%), from €76,615 to €84,124
- Write-downs -€7,038
down €7,038 (-100%), from €7,038 to €0
- Gross operating margin +€6,848
up €6,848 (+6.6%), from €103,728 to €110,576
- Other operating charges -€2,427
down €2,427 (-21.8%), from €11,141 to €8,714
- Taxes +€2,003
up €2,003 (+222%), from €901 to €2,903
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €906,467 | €718,704 | -€187,763 | -20.7% |
| Fixed assets | 21/28 | €615,375 | €552,193 | -€63,182 | -10.3% |
| Tangible fixed assets | 22/27 | €606,190 | €543,008 | -€63,182 | -10.4% |
| Land and buildings | 22 | €473,584 | €448,108 | -€25,476 | -5.4% |
| Plant, machinery and equipment | 23 | €50,552 | €31,648 | -€18,904 | -37.4% |
| Furniture and vehicles | 24 | €33,054 | €53,036 | +€19,982 | +60.5% |
| Leasing and similar rights | 25 | €49,000 | €0 | -€49,000 | -100% |
| Other tangible fixed assets | 26 | - | €10,216 | +€10,216 | |
| Financial fixed assets | 28 | €9,185 | €9,185 | = | 0.0% |
| Current assets | 29/58 | €291,092 | €166,511 | -€124,581 | -42.8% |
| Stocks and contracts in progress | 3 | €40,000 | €0 | -€40,000 | -100% |
| Contracts in progress | 37 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €91,279 | €55,375 | -€35,904 | -39.3% |
| Trade receivables | 40 | €78,721 | €51,298 | -€27,423 | -34.8% |
| Other amounts receivable | 41 | €12,558 | €4,077 | -€8,481 | -67.5% |
| Cash at bank and in hand | 54/58 | €153,264 | €104,722 | -€48,543 | -31.7% |
| Deferred charges and accrued income | 490/1 | €6,549 | €6,415 | -€134 | -2.0% |
| Total equity and liabilities | 10/49 | €906,467 | €718,704 | -€187,763 | -20.7% |
| Equity | 10/15 | €277,526 | €292,366 | +€14,840 | +5.3% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €203,157 | €217,998 | +€14,840 | +7.3% |
| Distributable reserves | 133 | €203,157 | €217,998 | +€14,840 | +7.3% |
| Amounts payable | 17/49 | €628,941 | €426,338 | -€202,603 | -32.2% |
| Amounts payable after more than one year | 17 | €572,800 | €389,800 | -€183,000 | -31.9% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €572,800 | €389,800 | -€183,000 | -31.9% |
| Amounts payable within one year | 42/48 | €56,141 | €36,538 | -€19,603 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €4,900 | €0 | -€4,900 | -100% |
| Trade debts | 44 | €47,100 | €29,339 | -€17,761 | -37.7% |
| Suppliers | 440/4 | €47,100 | €29,339 | -€17,761 | -37.7% |
| Taxes, remuneration and social security | 45 | €1,369 | €3,808 | +€2,439 | +178% |
| Taxes | 450/3 | €1,369 | €3,808 | +€2,439 | +178% |
| Other amounts payable | 47/48 | €2,772 | €3,391 | +€619 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,615 | €84,124 | +€7,510 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,038 | €0 | -€7,038 | -100% |
| Other operating charges | 640/8 | €11,141 | €8,714 | -€2,427 | -21.8% |
| Gross operating margin | 9900 | €103,728 | €110,576 | +€6,848 | +6.6% |
| Operating profit (loss) | 9901 | €8,934 | €17,737 | +€8,803 | +98.5% |
| Financial income | 75/76B | €111 | €80 | -€30 | -27.5% |
| Recurring financial income | 75 | €111 | €80 | -€30 | -27.5% |
| Financial charges | 65/66B | €150 | €74 | -€76 | -50.9% |
| Recurring financial charges | 65 | €150 | €74 | -€76 | -50.9% |
| Profit (loss) for the period before taxes | 9903 | €8,895 | €17,744 | +€8,849 | +99.5% |
| Income taxes | 67/77 | €901 | €2,903 | +€2,003 | +222% |
| Profit (loss) for the period | 9904 | €7,994 | €14,840 | +€6,846 | +85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,994 | €14,840 | +€6,846 | +85.6% |
Next steps
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 4 November 2026 via checked.be.