VM STEEL: 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
VM STEEL
NACE 46.820, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€371,468
2024 · €388,441-€16,973
Equity
€2.8m
2024 · €2.7m+€47,940
Cash
€145,563
2024 · €219,231-€73,668
Balance sheet total
€11.2m
2024 · €8.1m+€3.1m
Largest movements
Assets
- Receivables within one year +€3.2m
up €3.2m (+58.0%), from €5.6m to €8.8m
of which Trade receivables: +€3.4m
Equity and liabilities
- Short-term financial debts +€5.4m
up €5.4m (+373%), from €1.5m to €6.9m
of which Credit institutions: +€5.5m
- Trade debts -€2.5m
down €2.5m (-75.1%), from €3.3m to €827,741
- Other debts +€134,116
up €134,116 (+72.0%), from €186,381 to €320,498
Income statement
- Turnover +€3.9m
up €3.9m (+17.2%), from €22.4m to €26.3m
- Goods and materials +€3.5m
up €3.5m (+17.5%), from €20.1m to €23.7m
of which Purchases: +€3.3m
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
€388,441
Turnover
+€3.9m
Other operating income
-€58,701
Goods and materials
-€3.5m
Services and other goods
-€43,484
Staff costs
-€70,082
Depreciation
+€6,496
Write-downs
-€115,763
Other operating charges
-€10,490
Other operating items
+€46,340
Financial income
+€78,863
Financial charges
-€191,252
Taxes
+€5,208
Result 2025
€371,468
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
-€5.2m
Investment
+€1,084
Financing
+€5.1m
Cash 2024
€219,231
From operations (derived)
-€5.2m
Net result for the year
+€371,468
Depreciation
+€30,434
Stocks and contracts
+€9,980
Receivables within one year
-€3.2m
Deferred charges and accrued income
+€65,928
Trade debts
-€2.5m
Tax, wage and social debts
-€17,815
Advances received
-€99,513
Other debts
+€134,116
Accrued charges and deferred income
+€101,296
Investment (derived)
+€1,084
Investment in fixed assets (net)
+€1,084
Financing
+€5.1m
Debts after one year
-€18,629
Short-term financial debts
+€5.4m
Contributions, distributions and other
-€323,528
Cash 2025
€145,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,127,780 | €11,195,519 | +€3.1m | +37.7% |
| Fixed assets | 21/28 | €114,730 | €83,211 | -€31,518 | -27.5% |
| Intangible fixed assets | 21 | €4,200 | - | -€4,200 | |
| Tangible fixed assets | 22/27 | €73,015 | €45,696 | -€27,318 | -37.4% |
| Plant, machinery and equipment | 23 | €8,285 | €6,380 | -€1,905 | -23.0% |
| Furniture and vehicles | 24 | €64,730 | €37,915 | -€26,816 | -41.4% |
| Other tangible fixed assets | 26 | - | €1,402 | +€1,402 | |
| Financial fixed assets | 28 | €37,515 | €37,515 | = | 0.0% |
| Affiliated companies | 280/1 | €37,440 | €37,440 | = | 0.0% |
| Participating interests | 280 | €37,440 | €37,440 | = | 0.0% |
| Other financial fixed assets | 284/8 | €75 | €75 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €8,013,051 | €11,112,308 | +€3.1m | +38.7% |
| Stocks and contracts in progress | 3 | €2,127,258 | €2,117,278 | -€9,980 | -0.5% |
| Stocks | 30/36 | €2,127,258 | €2,117,278 | -€9,980 | -0.5% |
| Goods purchased for resale | 34 | €1,738,384 | €1,961,305 | +€222,922 | +12.8% |
| Advance payments | 36 | €388,874 | €155,973 | -€232,901 | -59.9% |
| Amounts receivable within one year | 40/41 | €5,596,897 | €8,845,730 | +€3.2m | +58.0% |
| Trade receivables | 40 | €5,411,525 | €8,813,499 | +€3.4m | +62.9% |
| Other amounts receivable | 41 | €185,372 | €32,231 | -€153,141 | -82.6% |
| Cash at bank and in hand | 54/58 | €219,231 | €145,563 | -€73,668 | -33.6% |
| Deferred charges and accrued income | 490/1 | €69,665 | €3,737 | -€65,928 | -94.6% |
| Total equity and liabilities | 10/49 | €8,127,780 | €11,195,519 | +€3.1m | +37.7% |
| Equity | 10/15 | €2,702,060 | €2,750,000 | +€47,940 | +1.8% |
| Contributions | 10/11 | €1,780,000 | €1,780,000 | = | 0.0% |
| Capital | 10 | €1,780,000 | €1,780,000 | = | 0.0% |
| Issued capital | 100 | €1,780,000 | €1,780,000 | = | 0.0% |
| Reserves | 13 | €922,060 | €970,000 | +€47,940 | +5.2% |
| Non-distributable reserves | 130/1 | €178,000 | €178,000 | = | 0.0% |
| Legal reserve | 130 | €178,000 | €178,000 | = | 0.0% |
| Distributable reserves | 133 | €744,060 | €792,000 | +€47,940 | +6.4% |
| Amounts payable | 17/49 | €5,425,720 | €8,445,519 | +€3.0m | +55.7% |
| Amounts payable after more than one year | 17 | €65,796 | €47,167 | -€18,629 | -28.3% |
| Financial debts | 170/4 | €65,796 | €47,167 | -€18,629 | -28.3% |
| Credit institutions | 173 | €65,796 | €47,167 | -€18,629 | -28.3% |
| Amounts payable within one year | 42/48 | €5,223,653 | €8,160,785 | +€2.9m | +56.2% |
| Current portion of amounts payable after more than one year | 42 | €18,629 | €18,629 | = | 0.0% |
| Financial debts | 43 | €1,451,827 | €6,870,301 | +€5.4m | +373% |
| Credit institutions | 430/8 | €1,419,056 | €6,870,301 | +€5.5m | +384% |
| Other loans | 439 | €32,771 | - | -€32,771 | |
| Trade debts | 44 | €3,325,871 | €827,741 | -€2.5m | -75.1% |
| Suppliers | 440/4 | €3,325,871 | €827,741 | -€2.5m | -75.1% |
| Advances received on contracts in progress | 46 | €99,513 | - | -€99,513 | |
| Taxes, remuneration and social security | 45 | €141,432 | €123,617 | -€17,815 | -12.6% |
| Taxes | 450/3 | €43,815 | €66,073 | +€22,259 | +50.8% |
| Remuneration and social security | 454/9 | €97,617 | €57,544 | -€40,074 | -41.1% |
| Other amounts payable | 47/48 | €186,381 | €320,498 | +€134,116 | +72.0% |
| Accrued charges and deferred income | 492/3 | €136,271 | €237,567 | +€101,296 | +74.3% |
| Operating income | 70/76A | €22,512,823 | €26,355,226 | +€3.8m | +17.1% |
| Turnover | 70 | €22,410,561 | €26,265,325 | +€3.9m | +17.2% |
| Other operating income | 74 | €90,347 | €31,647 | -€58,701 | -65.0% |
| Non-recurring operating income | 76A | €11,914 | €58,254 | +€46,340 | +389% |
| Operating charges | 60/66A | €21,555,353 | €25,307,547 | +€3.8m | +17.4% |
| Goods for resale, raw materials and consumables | 60 | €20,138,670 | €23,657,543 | +€3.5m | +17.5% |
| Purchases | 600/8 | €20,546,503 | €23,872,163 | +€3.3m | +16.2% |
| Change in stocks: decrease (increase) | 609 | -€407,833 | -€214,620 | +€193,213 | +47.4% |
| Services and other goods | 61 | €969,274 | €1,012,758 | +€43,484 | +4.5% |
| Remuneration, social security and pensions | 62 | €475,426 | €545,508 | +€70,082 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,931 | €30,434 | -€6,496 | -17.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€76,849 | €38,914 | +€115,763 | |
| Other operating charges | 640/8 | €11,900 | €22,390 | +€10,490 | +88.1% |
| Operating profit (loss) | 9901 | €957,470 | €1,047,678 | +€90,209 | +9.4% |
| Financial income | 75/76B | €1,080 | €79,943 | +€78,863 | +7,299% |
| Recurring financial income | 75 | €1,080 | €79,943 | +€78,863 | +7,299% |
| Income from current assets | 751 | €18 | €30,583 | +€30,565 | +169,805% |
| Other financial income | 752/9 | €1,062 | €49,360 | +€48,298 | +4,546% |
| Financial charges | 65/66B | €429,522 | €620,774 | +€191,252 | +44.5% |
| Recurring financial charges | 65 | €429,522 | €620,774 | +€191,252 | +44.5% |
| Debt charges | 650 | €310,165 | €279,434 | -€30,730 | -9.9% |
| Other financial charges | 652/9 | €119,357 | €341,340 | +€221,983 | +186% |
| Profit (loss) for the period before taxes | 9903 | €529,028 | €506,847 | -€22,181 | -4.2% |
| Income taxes | 67/77 | €140,587 | €135,379 | -€5,208 | -3.7% |
| Taxes | 670/3 | €140,587 | €135,379 | -€5,208 | -3.7% |
| Profit (loss) for the period | 9904 | €388,441 | €371,468 | -€16,973 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €388,441 | €371,468 | -€16,973 | -4.4% |
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 21 October 2026 via checked.be.