Dr STETENFELD: 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 STETENFELD
Largest movements
- Cash +€141,427
up €141,427 (+43.4%), from €325,735 to €467,162
mainly Net result for the year (+€133,967) and Tax, wage and social debts (+€21,147)
- Receivables within one year -€17,570
down €17,570 (-32.7%), from €53,752 to €36,182
of which Other amounts receivable: -€19,150
- Deferred charges and accrued income -€10,885
down €10,885 (-43.5%), from €25,038 to €14,153
- Tangible fixed assets -€10,823
down €10,823 (-63.6%), from €17,003 to €6,181
of which Other tangible fixed assets: -€9,018
- Reserves +€80,967
up €80,967 (+39.6%), from €204,360 to €285,327
of which Distributable reserves: +€80,967
- Tax, wage and social debts +€21,147
up €21,147, from €0 to €21,147
of which Taxes: +€21,147
- Gross operating margin -€31,876
down €31,876 (-13.4%), from €237,772 to €205,896
- Staff costs -€17,658
down €17,658 (-100%), from €17,658 to €0
- Taxes +€5,658
up €5,658 (+10.0%), from €56,445 to €62,103
- Financial income +€4,113
up €4,113 (+333%), from €1,234 to €5,347
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 | €421,788 | €523,678 | +€101,890 | +24.2% |
| Fixed assets | 21/28 | €17,263 | €6,181 | -€11,083 | -64.2% |
| Tangible fixed assets | 22/27 | €17,003 | €6,181 | -€10,823 | -63.6% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,029 | €659 | -€370 | -36.0% |
| Furniture and vehicles | 24 | €3,055 | €1,621 | -€1,434 | -46.9% |
| Other tangible fixed assets | 26 | €12,919 | €3,901 | -€9,018 | -69.8% |
| Financial fixed assets | 28 | €260 | €0 | -€260 | -100% |
| Current assets | 29/58 | €404,524 | €517,497 | +€112,972 | +27.9% |
| Amounts receivable within one year | 40/41 | €53,752 | €36,182 | -€17,570 | -32.7% |
| Trade receivables | 40 | €3,200 | €4,780 | +€1,580 | +49.4% |
| Other amounts receivable | 41 | €50,552 | €31,402 | -€19,150 | -37.9% |
| Cash at bank and in hand | 54/58 | €325,735 | €467,162 | +€141,427 | +43.4% |
| Deferred charges and accrued income | 490/1 | €25,038 | €14,153 | -€10,885 | -43.5% |
| Total equity and liabilities | 10/49 | €421,788 | €523,678 | +€101,890 | +24.2% |
| Equity | 10/15 | €419,372 | €500,339 | +€80,967 | +19.3% |
| Contributions | 10/11 | €88,000 | €88,000 | = | 0.0% |
| Reserves | 13 | €204,360 | €285,327 | +€80,967 | +39.6% |
| Tax-exempt reserves | 132 | €58,940 | €58,940 | = | 0.0% |
| Distributable reserves | 133 | €145,420 | €226,387 | +€80,967 | +55.7% |
| Profit (loss) carried forward | 14 | €127,012 | €127,012 | = | 0.0% |
| Amounts payable | 17/49 | €2,416 | €23,339 | +€20,923 | +866% |
| Amounts payable within one year | 42/48 | €2,416 | €23,339 | +€20,923 | +866% |
| Trade debts | 44 | €1,756 | €1,532 | -€224 | -12.8% |
| Suppliers | 440/4 | €1,756 | €1,532 | -€224 | -12.8% |
| Taxes, remuneration and social security | 45 | €0 | €21,147 | +€21,147 | |
| Taxes | 450/3 | €0 | €21,147 | +€21,147 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €660 | €660 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €17,658 | €0 | -€17,658 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,960 | €10,823 | -€138 | -1.3% |
| Other operating charges | 640/8 | €2,352 | €972 | -€1,381 | -58.7% |
| Non-recurring operating charges | 66A | €140 | €0 | -€140 | -100% |
| Gross operating margin | 9900 | €237,772 | €205,896 | -€31,876 | -13.4% |
| Operating profit (loss) | 9901 | €206,660 | €194,102 | -€12,558 | -6.1% |
| Financial income | 75/76B | €1,234 | €5,347 | +€4,113 | +333% |
| Recurring financial income | 75 | €1,234 | €5,347 | +€4,113 | +333% |
| Financial charges | 65/66B | €2,993 | €3,379 | +€386 | +12.9% |
| Recurring financial charges | 65 | €2,993 | €3,379 | +€386 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €204,902 | €196,070 | -€8,832 | -4.3% |
| Income taxes | 67/77 | €56,445 | €62,103 | +€5,658 | +10.0% |
| Profit (loss) for the period | 9904 | €148,456 | €133,967 | -€14,489 | -9.8% |
| Transfer to tax-exempt reserves | 689 | €58,940 | €0 | -€58,940 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €89,516 | €133,967 | +€44,451 | +49.7% |
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 15 October 2026 via checked.be.