STEF & DIRK: 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 & DIRK
Largest movements
- Receivables within one year +€16,120
up €16,120 (+17.8%), from €90,583 to €106,703
- Tangible fixed assets -€6,293
down €6,293 (-5.6%), from €112,229 to €105,936
of which Land and buildings: -€6,344
- Profit (loss) carried forward +€8,754
up €8,754 (+9.8%), from -€89,674 to -€80,920
- Debts after one year -€5,344
down €5,344 (-2.3%), from €232,552 to €227,208
of which Financial debts: -€15,762
- Trade debts +€4,282
up €4,282 (+321%), from €1,334 to €5,616
- Short-term financial debts -€3,360
down €3,360 (-61.1%), from €5,496 to €2,136
- Gross operating margin -€7,372
down €7,372 (-8.0%), from €92,058 to €84,686
- Staff costs +€3,503
up €3,503 (+6.0%), from €58,731 to €62,234
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 | €219,063 | €225,620 | +€6,557 | +3.0% |
| Fixed assets | 21/28 | €112,452 | €106,159 | -€6,293 | -5.6% |
| Tangible fixed assets | 22/27 | €112,229 | €105,936 | -€6,293 | -5.6% |
| Land and buildings | 22 | €111,168 | €104,824 | -€6,344 | -5.7% |
| Plant, machinery and equipment | 23 | €1,060 | €1,112 | +€52 | +4.9% |
| Financial fixed assets | 28 | €223 | €223 | = | 0.0% |
| Current assets | 29/58 | €106,611 | €119,461 | +€12,850 | +12.1% |
| Stocks and contracts in progress | 3 | €7,669 | €6,242 | -€1,427 | -18.6% |
| Stocks | 30/36 | €7,669 | €6,242 | -€1,427 | -18.6% |
| Amounts receivable within one year | 40/41 | €90,583 | €106,703 | +€16,120 | +17.8% |
| Trade receivables | 40 | €90,583 | €106,703 | +€16,120 | +17.8% |
| Cash at bank and in hand | 54/58 | €7,886 | €6,033 | -€1,853 | -23.5% |
| Deferred charges and accrued income | 490/1 | €474 | €483 | +€9 | +2.0% |
| Total equity and liabilities | 10/49 | €219,063 | €225,620 | +€6,557 | +3.0% |
| Equity | 10/15 | -€55,589 | -€46,835 | +€8,754 | +15.7% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,674 | -€80,920 | +€8,754 | +9.8% |
| Amounts payable | 17/49 | €274,651 | €272,455 | -€2,196 | -0.8% |
| Amounts payable after more than one year | 17 | €232,552 | €227,208 | -€5,344 | -2.3% |
| Financial debts | 170/4 | €46,111 | €30,349 | -€15,762 | -34.2% |
| Other amounts payable | 178/9 | €186,441 | €196,859 | +€10,417 | +5.6% |
| Amounts payable within one year | 42/48 | €42,099 | €45,247 | +€3,148 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €15,353 | €15,880 | +€527 | +3.4% |
| Financial debts | 43 | €5,496 | €2,136 | -€3,360 | -61.1% |
| Credit institutions | 430/8 | €5,496 | €2,136 | -€3,360 | -61.1% |
| Trade debts | 44 | €1,334 | €5,616 | +€4,282 | +321% |
| Suppliers | 440/4 | €1,334 | €5,616 | +€4,282 | +321% |
| Taxes, remuneration and social security | 45 | €19,916 | €21,615 | +€1,699 | +8.5% |
| Taxes | 450/3 | €5,990 | €9,794 | +€3,803 | +63.5% |
| Remuneration and social security | 454/9 | €13,925 | €11,821 | -€2,104 | -15.1% |
| Remuneration, social security and pensions | 62 | €58,731 | €62,234 | +€3,503 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,993 | €6,953 | -€40 | -0.6% |
| Other operating charges | 640/8 | €1,784 | €1,782 | -€2 | -0.1% |
| Gross operating margin | 9900 | €92,058 | €84,686 | -€7,372 | -8.0% |
| Operating profit (loss) | 9901 | €24,550 | €13,717 | -€10,833 | -44.1% |
| Financial income | 75/76B | €419 | €1 | -€418 | -99.9% |
| Recurring financial income | 75 | €419 | €1 | -€418 | -99.9% |
| Financial charges | 65/66B | €5,574 | €4,964 | -€610 | -10.9% |
| Recurring financial charges | 65 | €5,574 | €4,964 | -€610 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €19,395 | €8,754 | -€10,641 | -54.9% |
| Profit (loss) for the period | 9904 | €19,395 | €8,754 | -€10,641 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,395 | €8,754 | -€10,641 | -54.9% |
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 31 October 2026 via checked.be.