Stef: 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.
Stef
Largest movements
- Stocks and contracts +€663,935
up €663,935 (+147%), from €453,087 to €1.1m
of which Contracts in progress: +€665,445
- Receivables within one year -€337,784
down €337,784 (-84.3%), from €400,614 to €62,830
of which Trade receivables: -€349,769
- Cash +€130,823
up €130,823 (+1,459%), from €8,969 to €139,791
mainly Trade debts (+€592,097) and Receivables within one year (+€337,784)
- Tangible fixed assets -€59,977
down €59,977 (-3.9%), from €1.6m to €1.5m
of which Plant, machinery and equipment: -€91,973
- Trade debts +€592,097
up €592,097 (+198%), from €298,554 to €890,651
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Debts after one year -€86,310
down €86,310 (-8.0%), from €1.1m to €996,383
- Reserves -€45,927
down €45,927 (-13.7%), from €334,188 to €288,261
- Profit (loss) carried forward +€36,902
up €36,902 (+45.7%), from -€80,710 to -€43,808
- Gross operating margin +€407,539
up €407,539 (+29.6%), from €1.4m to €1.8m
- Staff costs +€189,197
up €189,197 (+14.7%), from €1.3m to €1.5m
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 | €2,475,231 | €2,840,686 | +€365,455 | +14.8% |
| Fixed assets | 21/28 | €1,571,132 | €1,502,771 | -€68,361 | -4.4% |
| Intangible fixed assets | 21 | €16,124 | €7,740 | -€8,384 | -52.0% |
| Tangible fixed assets | 22/27 | €1,555,008 | €1,495,031 | -€59,977 | -3.9% |
| Land and buildings | 22 | €959,761 | €902,919 | -€56,842 | -5.9% |
| Plant, machinery and equipment | 23 | €570,402 | €478,429 | -€91,973 | -16.1% |
| Furniture and vehicles | 24 | €24,845 | €20,917 | -€3,928 | -15.8% |
| Leasing and similar rights | 25 | - | €92,766 | +€92,766 | |
| Current assets | 29/58 | €904,099 | €1,337,915 | +€433,816 | +48.0% |
| Stocks and contracts in progress | 3 | €453,087 | €1,117,022 | +€663,935 | +147% |
| Stocks | 30/36 | €86,511 | €85,000 | -€1,511 | -1.7% |
| Contracts in progress | 37 | €366,577 | €1,032,022 | +€665,445 | +182% |
| Amounts receivable within one year | 40/41 | €400,614 | €62,830 | -€337,784 | -84.3% |
| Trade receivables | 40 | €388,685 | €38,916 | -€349,769 | -90.0% |
| Other amounts receivable | 41 | €11,929 | €23,914 | +€11,985 | +100% |
| Cash at bank and in hand | 54/58 | €8,969 | €139,791 | +€130,823 | +1,459% |
| Deferred charges and accrued income | 490/1 | €41,430 | €18,272 | -€23,158 | -55.9% |
| Total equity and liabilities | 10/49 | €2,475,231 | €2,840,686 | +€365,455 | +14.8% |
| Equity | 10/15 | €265,979 | €256,953 | -€9,025 | -3.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €334,188 | €288,261 | -€45,927 | -13.7% |
| Distributable reserves | 133 | €334,188 | €288,261 | -€45,927 | -13.7% |
| Profit (loss) carried forward | 14 | -€80,710 | -€43,808 | +€36,902 | +45.7% |
| Amounts payable | 17/49 | €2,209,252 | €2,583,732 | +€374,480 | +17.0% |
| Amounts payable after more than one year | 17 | €1,082,693 | €996,383 | -€86,310 | -8.0% |
| Financial debts | 170/4 | €1,082,693 | €996,383 | -€86,310 | -8.0% |
| Amounts payable within one year | 42/48 | €1,126,559 | €1,587,349 | +€460,790 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | €167,356 | €178,761 | +€11,405 | +6.8% |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Credit institutions | 430/8 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €298,554 | €890,651 | +€592,097 | +198% |
| Suppliers | 440/4 | €298,554 | €890,651 | +€592,097 | +198% |
| Advances received on contracts in progress | 46 | €391,768 | €361,584 | -€30,185 | -7.7% |
| Taxes, remuneration and social security | 45 | €143,881 | €156,354 | +€12,472 | +8.7% |
| Taxes | 450/3 | €52,210 | €13,895 | -€38,315 | -73.4% |
| Remuneration and social security | 454/9 | €91,671 | €142,459 | +€50,787 | +55.4% |
| Remuneration, social security and pensions | 62 | €1,285,092 | €1,474,289 | +€189,197 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,238 | €178,518 | +€280 | +0.2% |
| Other operating charges | 640/8 | €12,501 | €29,642 | +€17,141 | +137% |
| Gross operating margin | 9900 | €1,375,062 | €1,782,601 | +€407,539 | +29.6% |
| Operating profit (loss) | 9901 | -€100,769 | €100,152 | +€200,921 | |
| Financial income | 75/76B | €483 | €585 | +€102 | +21.2% |
| Recurring financial income | 75 | €483 | €585 | +€102 | +21.2% |
| Financial charges | 65/66B | €47,157 | €63,269 | +€16,111 | +34.2% |
| Recurring financial charges | 65 | €47,157 | €63,269 | +€16,111 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | -€147,443 | €37,469 | +€184,912 | |
| Income taxes | 67/77 | €1,500 | €567 | -€933 | -62.2% |
| Profit (loss) for the period | 9904 | -€148,943 | €36,902 | +€185,845 | |
| Profit (loss) for the period to be appropriated | 9905 | -€148,943 | €36,902 | +€185,845 |
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 14 October 2026 via checked.be.