STEF DE MAN: 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 DE MAN
Largest movements
- Receivables within one year +€67,105
up €67,105 (+186.4%), from €36,009 to €103,114
of which Other amounts receivable: +€69,060
- Cash -€27,684
down €27,684 (-33.1%), from €83,583 to €55,900
mainly Debts after one year (-€139,022) and Receivables within one year (-€67,105)
- Reserves +€208,893
up €208,893 (+46.9%), from €445,532 to €654,426
- Debts after one year -€139,022
down €139,022 (-10.6%), from €1.3m to €1.2m
of which Financial debts: -€139,022
- Other debts -€44,791
down €44,791 (-85.4%), from €52,422 to €7,631
- Financial income +€83,300
new in 2025: €83,300
- Staff costs +€68,436
new in 2025: €68,436
- Gross operating margin -€54,929
down €54,929 (-16.4%), from €335,565 to €280,636
- Taxes -€29,330
down €29,330 (-44.0%), from €66,609 to €37,279
- Financial charges -€3,720
down €3,720 (-7.2%), from €51,547 to €47,827
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 | €1,977,033 | €2,016,635 | +€39,602 | +2.0% |
| Fixed assets | 21/28 | €1,846,332 | €1,846,332 | = | 0.0% |
| Financial fixed assets | 28 | €1,846,332 | €1,846,332 | = | 0.0% |
| Current assets | 29/58 | €130,701 | €170,303 | +€39,602 | +30.3% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €36,009 | €103,114 | +€67,105 | +186.4% |
| Trade receivables | 40 | €8,260 | €6,305 | -€1,955 | -23.7% |
| Other amounts receivable | 41 | €27,749 | €96,808 | +€69,060 | +248.9% |
| Cash at bank and in hand | 54/58 | €83,583 | €55,900 | -€27,684 | -33.1% |
| Deferred charges and accrued income | 490/1 | €1,109 | €1,289 | +€181 | +16.3% |
| Total equity and liabilities | 10/49 | €1,977,033 | €2,016,635 | +€39,602 | +2.0% |
| Equity | 10/15 | €464,132 | €673,026 | +€208,893 | +45.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €445,532 | €654,426 | +€208,893 | +46.9% |
| Distributable reserves | 133 | €445,532 | €654,426 | +€208,893 | +46.9% |
| Amounts payable | 17/49 | €1,512,901 | €1,343,609 | -€169,292 | -11.2% |
| Amounts payable after more than one year | 17 | €1,306,799 | €1,167,777 | -€139,022 | -10.6% |
| Financial debts | 170/4 | €1,206,799 | €1,067,777 | -€139,022 | -11.5% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €204,016 | €162,234 | -€41,782 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €134,060 | €139,022 | +€4,962 | +3.7% |
| Taxes, remuneration and social security | 45 | €17,534 | €15,581 | -€1,953 | -11.1% |
| Taxes | 450/3 | €17,534 | €5,539 | -€11,995 | -68.4% |
| Remuneration and social security | 454/9 | - | €10,042 | +€10,042 | |
| Other amounts payable | 47/48 | €52,422 | €7,631 | -€44,791 | -85.4% |
| Accrued charges and deferred income | 492/3 | €2,085 | €13,597 | +€11,512 | +552.2% |
| Remuneration, social security and pensions | 62 | - | €68,436 | +€68,436 | |
| Other operating charges | 640/8 | €1,148 | €1,501 | +€353 | +30.8% |
| Gross operating margin | 9900 | €335,565 | €280,636 | -€54,929 | -16.4% |
| Operating profit (loss) | 9901 | €334,418 | €210,699 | -€123,718 | -37.0% |
| Financial income | 75/76B | - | €83,300 | +€83,300 | |
| Recurring financial income | 75 | - | €83,300 | +€83,300 | |
| Financial charges | 65/66B | €51,547 | €47,827 | -€3,720 | -7.2% |
| Recurring financial charges | 65 | €51,547 | €47,827 | -€3,720 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €282,871 | €246,172 | -€36,699 | -13.0% |
| Income taxes | 67/77 | €66,609 | €37,279 | -€29,330 | -44.0% |
| Profit (loss) for the period | 9904 | €216,262 | €208,893 | -€7,369 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €216,262 | €208,893 | -€7,369 | -3.4% |
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 11 October 2026 via checked.be.