STEF - CARS: 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 - CARS
Largest movements
- Stocks and contracts -€67,165
down €67,165 (-31.2%), from €215,314 to €148,149
- Tangible fixed assets -€6,704
down €6,704 (-54.2%), from €12,378 to €5,674
of which Furniture and vehicles: -€5,157
- Cash -€6,697
down €6,697 (-63.5%), from €10,541 to €3,844
mainly Net result for the year (-€53,719) and Debts after one year (-€16,155)
- Profit (loss) carried forward -€53,719
down €53,719 (-56.2%), from -€95,593 to -€149,312
- Debts after one year -€16,155
down €16,155 (-7.2%), from €225,000 to €208,845
- Other debts -€7,476
down €7,476 (-13.6%), from €55,086 to €47,610
- Advances received -€6,000
no longer reported in 2025 (was €6,000)
- Gross operating margin -€24,499
down €24,499 (-145%), from -€16,883 to -€41,382
- Financial charges -€1,990
down €1,990 (-31.4%), from €6,345 to €4,355
- Other operating charges -€1,476
down €1,476 (-63.3%), from €2,334 to €857
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 | €287,608 | €207,042 | -€80,566 | -28.0% |
| Fixed assets | 21/28 | €12,378 | €5,674 | -€6,704 | -54.2% |
| Tangible fixed assets | 22/27 | €12,378 | €5,674 | -€6,704 | -54.2% |
| Plant, machinery and equipment | 23 | €2,924 | €1,376 | -€1,548 | -52.9% |
| Furniture and vehicles | 24 | €9,454 | €4,297 | -€5,157 | -54.5% |
| Current assets | 29/58 | €275,230 | €201,368 | -€73,862 | -26.8% |
| Stocks and contracts in progress | 3 | €215,314 | €148,149 | -€67,165 | -31.2% |
| Stocks | 30/36 | €215,314 | €148,149 | -€67,165 | -31.2% |
| Cash at bank and in hand | 54/58 | €10,541 | €3,844 | -€6,697 | -63.5% |
| Deferred charges and accrued income | 490/1 | €49,375 | €49,375 | = | 0.0% |
| Total equity and liabilities | 10/49 | €287,608 | €207,042 | -€80,566 | -28.0% |
| Equity | 10/15 | -€69,892 | -€123,610 | -€53,719 | -76.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €7,109 | €7,109 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €5,250 | €5,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,593 | -€149,312 | -€53,719 | -56.2% |
| Amounts payable | 17/49 | €357,500 | €330,652 | -€26,848 | -7.5% |
| Amounts payable after more than one year | 17 | €225,000 | €208,845 | -€16,155 | -7.2% |
| Financial debts | 170/4 | €225,000 | €208,845 | -€16,155 | -7.2% |
| Amounts payable within one year | 42/48 | €132,500 | €121,807 | -€10,693 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €15,970 | €16,155 | +€185 | +1.2% |
| Financial debts | 43 | €51,700 | €51,700 | = | 0.0% |
| Other loans | 439 | €51,700 | €51,700 | = | 0.0% |
| Trade debts | 44 | €602 | €1,772 | +€1,170 | +194% |
| Suppliers | 440/4 | €602 | €1,772 | +€1,170 | +194% |
| Advances received on contracts in progress | 46 | €6,000 | - | -€6,000 | |
| Taxes, remuneration and social security | 45 | €3,142 | €4,570 | +€1,428 | +45.4% |
| Taxes | 450/3 | €3,142 | €4,570 | +€1,428 | +45.4% |
| Other amounts payable | 47/48 | €55,086 | €47,610 | -€7,476 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,704 | €6,704 | = | 0.0% |
| Other operating charges | 640/8 | €2,334 | €857 | -€1,476 | -63.3% |
| Gross operating margin | 9900 | -€16,883 | -€41,382 | -€24,499 | -145% |
| Operating profit (loss) | 9901 | -€25,921 | -€48,944 | -€23,022 | -88.8% |
| Financial charges | 65/66B | €6,345 | €4,355 | -€1,990 | -31.4% |
| Recurring financial charges | 65 | €6,345 | €4,355 | -€1,990 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | -€32,266 | -€53,299 | -€21,033 | -65.2% |
| Income taxes | 67/77 | €631 | €420 | -€211 | -33.5% |
| Profit (loss) for the period | 9904 | -€32,897 | -€53,719 | -€20,822 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,897 | -€53,719 | -€20,822 | -63.3% |
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 24 October 2026 via checked.be.