STEDAFIN: 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.
STEDAFIN
Largest movements
- Intangible fixed assets -€389,932
down €389,932 (-15.4%), from €2.5m to €2.1m
- Deferred charges and accrued income +€298,419
up €298,419 (+53.0%), from €562,723 to €861,142
- Cash +€127,474
new in 2025: €127,474
mainly Net result for the year (+€777,302) and Other debts (+€522,141)
- Other debts +€522,141
up €522,141 (+154%), from €339,025 to €861,166
- Short-term financial debts -€296,204
down €296,204 (-100%), from €296,204 to €0
- Debts after one year -€239,261
down €239,261 (-12.0%), from €2.0m to €1.8m
- Reserves +€45,302
up €45,302 (+38.1%), from €118,758 to €164,061
- Gross operating margin +€404,787
up €404,787 (+25.0%), from €1.6m to €2.0m
- Staff costs -€93,873
down €93,873 (-11.2%), from €835,467 to €741,593
- Financial charges -€22,385
down €22,385 (-22.0%), from €101,955 to €79,570
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 | €3,117,476 | €3,148,867 | +€31,391 | +1.0% |
| Fixed assets | 21/28 | €2,553,708 | €2,159,915 | -€393,793 | -15.4% |
| Intangible fixed assets | 21 | €2,537,760 | €2,147,828 | -€389,932 | -15.4% |
| Tangible fixed assets | 22/27 | €15,600 | €11,738 | -€3,862 | -24.8% |
| Furniture and vehicles | 24 | €7,099 | €5,262 | -€1,836 | -25.9% |
| Other tangible fixed assets | 26 | €8,501 | €6,476 | -€2,026 | -23.8% |
| Financial fixed assets | 28 | €349 | €349 | = | 0.0% |
| Current assets | 29/58 | €563,768 | €988,952 | +€425,184 | +75.4% |
| Amounts receivable within one year | 40/41 | €1,045 | €336 | -€709 | -67.9% |
| Trade receivables | 40 | €8 | €3 | -€5 | -66.3% |
| Other amounts receivable | 41 | €1,037 | €333 | -€704 | -67.9% |
| Cash at bank and in hand | 54/58 | - | €127,474 | +€127,474 | |
| Deferred charges and accrued income | 490/1 | €562,723 | €861,142 | +€298,419 | +53.0% |
| Total equity and liabilities | 10/49 | €3,117,476 | €3,148,867 | +€31,391 | +1.0% |
| Equity | 10/15 | €130,758 | €176,061 | +€45,302 | +34.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €118,758 | €164,061 | +€45,302 | +38.1% |
| Distributable reserves | 133 | €118,758 | €164,061 | +€45,302 | +38.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,986,718 | €2,972,806 | -€13,912 | -0.5% |
| Amounts payable after more than one year | 17 | €1,996,124 | €1,756,863 | -€239,261 | -12.0% |
| Financial debts | 170/4 | €1,996,124 | €1,756,863 | -€239,261 | -12.0% |
| Amounts payable within one year | 42/48 | €984,166 | €1,214,411 | +€230,246 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €231,709 | €245,109 | +€13,400 | +5.8% |
| Financial debts | 43 | €296,204 | €0 | -€296,204 | -100% |
| Credit institutions | 430/8 | €296,204 | €0 | -€296,204 | -100% |
| Trade debts | 44 | €16,953 | €23,318 | +€6,364 | +37.5% |
| Suppliers | 440/4 | €16,953 | €23,318 | +€6,364 | +37.5% |
| Taxes, remuneration and social security | 45 | €100,274 | €84,818 | -€15,456 | -15.4% |
| Taxes | 450/3 | €17,907 | €16,006 | -€1,901 | -10.6% |
| Remuneration and social security | 454/9 | €82,367 | €68,812 | -€13,555 | -16.5% |
| Other amounts payable | 47/48 | €339,025 | €861,166 | +€522,141 | +154% |
| Accrued charges and deferred income | 492/3 | €6,429 | €1,532 | -€4,896 | -76.2% |
| Remuneration, social security and pensions | 62 | €835,467 | €741,593 | -€93,873 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €393,607 | €393,793 | +€186 | 0.0% |
| Other operating charges | 640/8 | €873 | €1,578 | +€705 | +80.7% |
| Gross operating margin | 9900 | €1,619,077 | €2,023,864 | +€404,787 | +25.0% |
| Operating profit (loss) | 9901 | €389,130 | €886,900 | +€497,770 | +128% |
| Financial income | 75/76B | €61 | €0 | -€61 | -100% |
| Recurring financial income | 75 | €61 | €0 | -€61 | -100% |
| Financial charges | 65/66B | €101,955 | €79,570 | -€22,385 | -22.0% |
| Recurring financial charges | 65 | €101,955 | €79,570 | -€22,385 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €287,236 | €807,330 | +€520,094 | +181% |
| Income taxes | 67/77 | €29,667 | €30,028 | +€361 | +1.2% |
| Profit (loss) for the period | 9904 | €257,569 | €777,302 | +€519,733 | +202% |
| Profit (loss) for the period to be appropriated | 9905 | €257,569 | €777,302 | +€519,733 | +202% |
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 29 October 2026 via checked.be.