BETTY DE STEFANO: 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.
BETTY DE STEFANO
Largest movements
- Stocks and contracts +€29,987
up €29,987 (+6.9%), from €435,367 to €465,354
- Cash -€8,247
down €8,247 (-10.7%), from €77,422 to €69,174
mainly Stocks and contracts (-€29,987) and Trade debts (-€23,895)
- Reserves +€40,000
up €40,000 (+95.6%), from €41,860 to €81,860
of which Distributable reserves: +€40,000
- Trade debts -€23,895
down €23,895 (-96.3%), from €24,813 to €919
- Debts after one year -€8,646
no longer reported in 2025 (was €8,646)
- Gross operating margin +€10,068
up €10,068 (+8.5%), from €118,804 to €128,871
- Financial income +€7,319
up €7,319 (+258%), from €2,836 to €10,155
- Staff costs +€4,777
up €4,777 (+17.3%), from €27,685 to €32,461
- Taxes +€3,627
up €3,627 (+13.6%), from €26,750 to €30,378
- Financial charges -€1,539
down €1,539 (-28.0%), from €5,488 to €3,949
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 | €580,238 | €596,707 | +€16,469 | +2.8% |
| Fixed assets | 21/28 | €28,348 | €25,573 | -€2,774 | -9.8% |
| Tangible fixed assets | 22/27 | €24,325 | €21,551 | -€2,774 | -11.4% |
| Land and buildings | 22 | €21,900 | €20,550 | -€1,350 | -6.2% |
| Furniture and vehicles | 24 | €2,425 | €1,001 | -€1,424 | -58.7% |
| Financial fixed assets | 28 | €4,022 | €4,022 | = | 0.0% |
| Current assets | 29/58 | €551,891 | €571,134 | +€19,243 | +3.5% |
| Stocks and contracts in progress | 3 | €435,367 | €465,354 | +€29,987 | +6.9% |
| Stocks | 30/36 | €435,367 | €465,354 | +€29,987 | +6.9% |
| Amounts receivable within one year | 40/41 | €37,299 | €34,655 | -€2,644 | -7.1% |
| Other amounts receivable | 41 | €37,299 | €34,655 | -€2,644 | -7.1% |
| Cash at bank and in hand | 54/58 | €77,422 | €69,174 | -€8,247 | -10.7% |
| Deferred charges and accrued income | 490/1 | €1,803 | €1,951 | +€148 | +8.2% |
| Total equity and liabilities | 10/49 | €580,238 | €596,707 | +€16,469 | +2.8% |
| Equity | 10/15 | €511,057 | €556,849 | +€45,793 | +9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €41,860 | €81,860 | +€40,000 | +95.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €80,000 | +€40,000 | +100% |
| Profit (loss) carried forward | 14 | €450,597 | €456,389 | +€5,793 | +1.3% |
| Amounts payable | 17/49 | €69,182 | €39,858 | -€29,324 | -42.4% |
| Amounts payable after more than one year | 17 | €8,646 | - | -€8,646 | |
| Financial debts | 170/4 | €8,646 | - | -€8,646 | |
| Amounts payable within one year | 42/48 | €60,536 | €39,858 | -€20,678 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €8,410 | €8,646 | +€236 | +2.8% |
| Trade debts | 44 | €24,813 | €919 | -€23,895 | -96.3% |
| Suppliers | 440/4 | €24,813 | €919 | -€23,895 | -96.3% |
| Taxes, remuneration and social security | 45 | €27,312 | €30,212 | +€2,899 | +10.6% |
| Taxes | 450/3 | €22,429 | €25,313 | +€2,884 | +12.9% |
| Remuneration and social security | 454/9 | €4,884 | €4,899 | +€15 | +0.3% |
| Other amounts payable | 47/48 | - | €82 | +€82 | |
| Remuneration, social security and pensions | 62 | €27,685 | €32,461 | +€4,777 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,712 | €2,774 | +€62 | +2.3% |
| Other operating charges | 640/8 | €959 | €1,672 | +€712 | +74.2% |
| Gross operating margin | 9900 | €118,804 | €128,871 | +€10,068 | +8.5% |
| Operating profit (loss) | 9901 | €87,447 | €91,964 | +€4,517 | +5.2% |
| Financial income | 75/76B | €2,836 | €10,155 | +€7,319 | +258% |
| Recurring financial income | 75 | €2,836 | €10,155 | +€7,319 | +258% |
| Financial charges | 65/66B | €5,488 | €3,949 | -€1,539 | -28.0% |
| Recurring financial charges | 65 | €5,488 | €3,949 | -€1,539 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €84,795 | €98,170 | +€13,375 | +15.8% |
| Income taxes | 67/77 | €26,750 | €30,378 | +€3,627 | +13.6% |
| Profit (loss) for the period | 9904 | €58,045 | €67,793 | +€9,748 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €58,045 | €67,793 | +€9,748 | +16.8% |
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 27 October 2026 via checked.be.