VAN STEIRTEGHEM: 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.
VAN STEIRTEGHEM
Largest movements
- Cash -€20,896
down €20,896 (-59.4%), from €35,197 to €14,301
mainly Trade debts (-€60,624) and Investment in fixed assets (net) (-€57,891)
- Stocks and contracts -€20,415
down €20,415 (-15.6%), from €131,102 to €110,687
- Receivables within one year +€12,766
up €12,766 (+19.5%), from €65,467 to €78,234
of which Other amounts receivable: +€12,640
- Trade debts -€60,624
down €60,624 (-54.5%), from €111,321 to €50,697
- Debts after one year +€29,444
up €29,444 (+47.5%), from €61,944 to €91,388
- Reserves +€21,635
up €21,635 (+14.7%), from €146,689 to €168,323
of which Distributable reserves: +€21,635
- Short-term financial debts -€13,916
down €13,916 (-11.2%), from €123,828 to €109,912
- Current portion of long-term debt +€8,396
up €8,396 (+56.0%), from €14,992 to €23,387
- Gross operating margin +€10,739
up €10,739 (+6.7%), from €161,380 to €172,119
- Taxes +€5,017
up €5,017 (+65.0%), from €7,723 to €12,740
- Financial charges -€3,701
down €3,701 (-22.0%), from €16,804 to €13,104
- Staff costs +€3,029
up €3,029 (+5.0%), from €60,945 to €63,974
- Depreciation +€2,592
up €2,592 (+4.8%), from €53,841 to €56,433
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 | €514,989 | €492,679 | -€22,309 | -4.3% |
| Fixed assets | 21/28 | €276,120 | €277,578 | +€1,458 | +0.5% |
| Tangible fixed assets | 22/27 | €261,164 | €262,622 | +€1,458 | +0.6% |
| Land and buildings | 22 | €90,913 | €82,649 | -€8,265 | -9.1% |
| Plant, machinery and equipment | 23 | €98,389 | €81,687 | -€16,702 | -17.0% |
| Furniture and vehicles | 24 | €71,862 | €73,752 | +€1,890 | +2.6% |
| Leasing and similar rights | 25 | - | €24,535 | +€24,535 | |
| Financial fixed assets | 28 | €14,956 | €14,956 | = | 0.0% |
| Current assets | 29/58 | €238,869 | €215,101 | -€23,767 | -9.9% |
| Stocks and contracts in progress | 3 | €131,102 | €110,687 | -€20,415 | -15.6% |
| Stocks | 30/36 | €131,102 | €110,687 | -€20,415 | -15.6% |
| Amounts receivable within one year | 40/41 | €65,467 | €78,234 | +€12,766 | +19.5% |
| Trade receivables | 40 | €64,177 | €64,304 | +€127 | +0.2% |
| Other amounts receivable | 41 | €1,290 | €13,929 | +€12,640 | +980% |
| Cash at bank and in hand | 54/58 | €35,197 | €14,301 | -€20,896 | -59.4% |
| Deferred charges and accrued income | 490/1 | €7,103 | €11,880 | +€4,777 | +67.3% |
| Total equity and liabilities | 10/49 | €514,989 | €492,679 | -€22,309 | -4.3% |
| Equity | 10/15 | €152,889 | €174,523 | +€21,635 | +14.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €146,689 | €168,323 | +€21,635 | +14.7% |
| Tax-exempt reserves | 132 | €242 | €242 | = | 0.0% |
| Distributable reserves | 133 | €146,446 | €168,081 | +€21,635 | +14.8% |
| Provisions and deferred taxes | 16 | €25,000 | €25,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Environmental obligations | 163 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable | 17/49 | €337,100 | €293,156 | -€43,944 | -13.0% |
| Amounts payable after more than one year | 17 | €61,944 | €91,388 | +€29,444 | +47.5% |
| Financial debts | 170/4 | €61,944 | €91,388 | +€29,444 | +47.5% |
| Amounts payable within one year | 42/48 | €269,180 | €200,541 | -€68,639 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €14,992 | €23,387 | +€8,396 | +56.0% |
| Financial debts | 43 | €123,828 | €109,912 | -€13,916 | -11.2% |
| Credit institutions | 430/8 | €123,828 | €109,912 | -€13,916 | -11.2% |
| Trade debts | 44 | €111,321 | €50,697 | -€60,624 | -54.5% |
| Suppliers | 440/4 | €111,321 | €50,697 | -€60,624 | -54.5% |
| Taxes, remuneration and social security | 45 | €17,474 | €16,545 | -€930 | -5.3% |
| Taxes | 450/3 | €13,021 | €10,047 | -€2,974 | -22.8% |
| Remuneration and social security | 454/9 | €4,454 | €6,498 | +€2,044 | +45.9% |
| Other amounts payable | 47/48 | €1,565 | - | -€1,565 | |
| Accrued charges and deferred income | 492/3 | €5,976 | €1,227 | -€4,749 | -79.5% |
| Non-recurring operating income | 76A | €25,100 | €17,174 | -€7,926 | -31.6% |
| Remuneration, social security and pensions | 62 | €60,945 | €63,974 | +€3,029 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,841 | €56,433 | +€2,592 | +4.8% |
| Other operating charges | 640/8 | €4,756 | €5,987 | +€1,231 | +25.9% |
| Gross operating margin | 9900 | €161,380 | €172,119 | +€10,739 | +6.7% |
| Operating profit (loss) | 9901 | €41,839 | €45,726 | +€3,888 | +9.3% |
| Financial income | 75/76B | €1,163 | €1,752 | +€590 | +50.7% |
| Recurring financial income | 75 | €1,163 | €1,752 | +€590 | +50.7% |
| Financial charges | 65/66B | €16,804 | €13,104 | -€3,701 | -22.0% |
| Recurring financial charges | 65 | €16,804 | €13,104 | -€3,701 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €26,197 | €34,375 | +€8,178 | +31.2% |
| Income taxes | 67/77 | €7,723 | €12,740 | +€5,017 | +65.0% |
| Profit (loss) for the period | 9904 | €18,473 | €21,635 | +€3,161 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,473 | €21,635 | +€3,161 | +17.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.