STEF E&C: what changed
Two fiscal 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 E&C
Largest movements
- Cash -€28,831
down €28,831 (-15.6%), from €184,592 to €155,762
mainly Trade debts (-€88,127) and Contributions, distributions and other (-€70,619)
- Tangible fixed assets -€23,093
down €23,093 (-25.8%), from €89,608 to €66,515
of which Furniture and vehicles: -€22,845
- Current investments +€14,208
up €14,208 (+41.1%), from €34,559 to €48,767
- Receivables within one year -€8,850
down €8,850 (-64.3%), from €13,766 to €4,916
of which Trade receivables: -€7,504
- Trade debts -€88,127
down €88,127 (-96.7%), from €91,142 to €3,015
- Debts after one year +€52,104
new in 2025: €52,104
- Reserves -€43,891
down €43,891 (-27.1%), from €162,008 to €118,117
of which Distributable reserves: -€43,891
- Other debts +€25,858
up €25,858 (+56.2%), from €46,040 to €71,898
- Tax, wage and social debts +€6,458
up €6,458 (+206.2%), from €3,132 to €9,590
of which Taxes: +€6,458
- Depreciation +€11,964
up €11,964 (+93.2%), from €12,833 to €24,797
- Gross operating margin +€8,759
up €8,759 (+18.5%), from €47,420 to €56,179
- Financial income +€8,145
up €8,145 (+1826.6%), from €446 to €8,591
- Financial charges -€1,785
down €1,785 (-64.0%), from €2,788 to €1,003
- Other operating charges -€1,361
down €1,361 (-48.4%), from €2,814 to €1,453
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 | €324,851 | €275,960 | -€48,891 | -15.1% |
| Fixed assets | 21/28 | €89,608 | €66,515 | -€23,093 | -25.8% |
| Tangible fixed assets | 22/27 | €89,608 | €66,515 | -€23,093 | -25.8% |
| Plant, machinery and equipment | 23 | €521 | €273 | -€248 | -47.6% |
| Furniture and vehicles | 24 | €89,087 | €66,242 | -€22,845 | -25.6% |
| Current assets | 29/58 | €235,242 | €209,444 | -€25,798 | -11.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €13,766 | €4,916 | -€8,850 | -64.3% |
| Trade receivables | 40 | €12,420 | €4,916 | -€7,504 | -60.4% |
| Other amounts receivable | 41 | €1,346 | €0 | -€1,346 | -100.0% |
| Current investments | 50/53 | €34,559 | €48,767 | +€14,208 | +41.1% |
| Cash at bank and in hand | 54/58 | €184,592 | €155,762 | -€28,831 | -15.6% |
| Deferred charges and accrued income | 490/1 | €2,326 | €0 | -€2,326 | -100.0% |
| Total equity and liabilities | 10/49 | €324,851 | €275,960 | -€48,891 | -15.1% |
| Equity | 10/15 | €183,244 | €139,353 | -€43,891 | -24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162,008 | €118,117 | -€43,891 | -27.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €160,148 | €116,257 | -€43,891 | -27.4% |
| Profit (loss) carried forward | 14 | €2,636 | €2,636 | = | 0.0% |
| Amounts payable | 17/49 | €141,607 | €136,607 | -€5,000 | -3.5% |
| Amounts payable after more than one year | 17 | - | €52,104 | +€52,104 | |
| Financial debts | 170/4 | - | €52,104 | +€52,104 | |
| Amounts payable within one year | 42/48 | €140,313 | €84,503 | -€55,811 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €91,142 | €3,015 | -€88,127 | -96.7% |
| Suppliers | 440/4 | €91,142 | €3,015 | -€88,127 | -96.7% |
| Taxes, remuneration and social security | 45 | €3,132 | €9,590 | +€6,458 | +206.2% |
| Taxes | 450/3 | €3,132 | €9,590 | +€6,458 | +206.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €46,040 | €71,898 | +€25,858 | +56.2% |
| Accrued charges and deferred income | 492/3 | €1,294 | €0 | -€1,294 | -100.0% |
| Non-recurring operating income | 76A | - | €25,000 | +€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,833 | €24,797 | +€11,964 | +93.2% |
| Other operating charges | 640/8 | €2,814 | €1,453 | -€1,361 | -48.4% |
| Gross operating margin | 9900 | €47,420 | €56,179 | +€8,759 | +18.5% |
| Operating profit (loss) | 9901 | €31,773 | €29,930 | -€1,843 | -5.8% |
| Financial income | 75/76B | €446 | €8,591 | +€8,145 | +1826.6% |
| Recurring financial income | 75 | €446 | €8,591 | +€8,145 | +1826.6% |
| Financial charges | 65/66B | €2,788 | €1,003 | -€1,785 | -64.0% |
| Recurring financial charges | 65 | €2,788 | €1,003 | -€1,785 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €29,431 | €37,517 | +€8,087 | +27.5% |
| Income taxes | 67/77 | €10,821 | €10,789 | -€32 | -0.3% |
| Profit (loss) for the period | 9904 | €18,609 | €26,728 | +€8,119 | +43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,609 | €26,728 | +€8,119 | +43.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.