DR. STEF. VC: 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.
DR. STEF. VC
Largest movements
- Receivables after one year +€70,000
up €70,000 (+254.5%), from €27,500 to €97,500
- Current investments +€40,000
new in 2025: €40,000
- Receivables within one year +€15,354
up €15,354 (+359.3%), from €4,273 to €19,627
of which Trade receivables: +€16,294
- Tangible fixed assets +€6,554
up €6,554 (+91.3%), from €7,181 to €13,736
of which Other tangible fixed assets: +€3,378
- Reserves +€125,419
up €125,419 (+130.2%), from €96,308 to €221,727
- Tax, wage and social debts +€5,854
up €5,854 (+18.7%), from €31,277 to €37,131
- Gross operating margin +€34,270
up €34,270 (+25.8%), from €132,950 to €167,220
- Taxes +€5,655
up €5,655 (+18.0%), from €31,477 to €37,131
- Depreciation +€2,469
up €2,469 (+95.7%), from €2,580 to €5,049
- Other operating charges -€2,316
down €2,316 (-69.2%), from €3,349 to €1,032
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.
Cash bridge derived
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 | €133,965 | €263,861 | +€129,895 | +97.0% |
| Fixed assets | 21/28 | €7,181 | €13,736 | +€6,554 | +91.3% |
| Tangible fixed assets | 22/27 | €7,181 | €13,736 | +€6,554 | +91.3% |
| Plant, machinery and equipment | 23 | €4,426 | €4,573 | +€147 | +3.3% |
| Furniture and vehicles | 24 | €2,755 | €5,785 | +€3,030 | +110.0% |
| Other tangible fixed assets | 26 | - | €3,378 | +€3,378 | |
| Current assets | 29/58 | €126,784 | €250,125 | +€123,341 | +97.3% |
| Amounts receivable after more than one year | 29 | €27,500 | €97,500 | +€70,000 | +254.5% |
| Other amounts receivable | 291 | €27,500 | €97,500 | +€70,000 | +254.5% |
| Amounts receivable within one year | 40/41 | €4,273 | €19,627 | +€15,354 | +359.3% |
| Trade receivables | 40 | €3,333 | €19,627 | +€16,294 | +488.9% |
| Other amounts receivable | 41 | €940 | - | -€940 | |
| Current investments | 50/53 | - | €40,000 | +€40,000 | |
| Cash at bank and in hand | 54/58 | €95,011 | €92,815 | -€2,196 | -2.3% |
| Deferred charges and accrued income | 490/1 | - | €183 | +€183 | |
| Total equity and liabilities | 10/49 | €133,965 | €263,861 | +€129,895 | +97.0% |
| Equity | 10/15 | €101,308 | €226,727 | +€125,419 | +123.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €96,308 | €221,727 | +€125,419 | +130.2% |
| Distributable reserves | 133 | €96,308 | €221,727 | +€125,419 | +130.2% |
| Amounts payable | 17/49 | €32,658 | €37,134 | +€4,476 | +13.7% |
| Amounts payable within one year | 42/48 | €32,658 | €37,134 | +€4,476 | +13.7% |
| Trade debts | 44 | €562 | - | -€562 | |
| Suppliers | 440/4 | €562 | - | -€562 | |
| Taxes, remuneration and social security | 45 | €31,277 | €37,131 | +€5,854 | +18.7% |
| Taxes | 450/3 | €31,277 | €37,131 | +€5,854 | +18.7% |
| Other amounts payable | 47/48 | €819 | €2 | -€816 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,580 | €5,049 | +€2,469 | +95.7% |
| Other operating charges | 640/8 | €3,349 | €1,032 | -€2,316 | -69.2% |
| Gross operating margin | 9900 | €132,950 | €167,220 | +€34,270 | +25.8% |
| Operating profit (loss) | 9901 | €127,022 | €161,138 | +€34,116 | +26.9% |
| Financial income | 75/76B | €1,010 | €1,563 | +€553 | +54.7% |
| Recurring financial income | 75 | €1,010 | €1,563 | +€553 | +54.7% |
| Financial charges | 65/66B | €247 | €150 | -€97 | -39.3% |
| Recurring financial charges | 65 | €247 | €150 | -€97 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €127,784 | €162,551 | +€34,766 | +27.2% |
| Income taxes | 67/77 | €31,477 | €37,131 | +€5,655 | +18.0% |
| Profit (loss) for the period | 9904 | €96,308 | €125,419 | +€29,112 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €96,308 | €125,419 | +€29,112 | +30.2% |
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 12 October 2026 via checked.be.