STEF FRESH: 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 FRESH
Largest movements
- Cash -€71,993
down €71,993 (-19.4%), from €370,281 to €298,289
mainly Other debts (-€228,277) and Receivables within one year (-€29,686)
- Receivables within one year +€29,686
up €29,686 (+95.6%), from €31,057 to €60,743
of which Trade receivables: +€35,211
- Other debts -€228,277
down €228,277 (-71.1%), from €321,149 to €92,872
- Debts after one year +€155,000
new in 2025: €155,000
- Trade debts +€26,168
up €26,168 (+373%), from €7,007 to €33,175
- Reserves +€8,875
up €8,875 (+6.5%), from €137,331 to €146,206
- Gross operating margin +€22,382
up €22,382 (+30.0%), from €74,493 to €96,876
- Financial income -€11,579
down €11,579 (-84.5%), from €13,700 to €2,121
- Taxes +€2,493
up €2,493 (+105%), from €2,364 to €4,857
- Staff costs +€1,486
up €1,486 (+2.2%), from €66,123 to €67,609
- Depreciation +€1,212
up €1,212 (+45.0%), from €2,697 to €3,910
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 | €512,163 | €470,760 | -€41,403 | -8.1% |
| Fixed assets | 21/28 | €5,934 | €9,082 | +€3,148 | +53.1% |
| Tangible fixed assets | 22/27 | €5,934 | €9,082 | +€3,148 | +53.1% |
| Plant, machinery and equipment | 23 | €2,178 | €2,365 | +€187 | +8.6% |
| Furniture and vehicles | 24 | €3,756 | €6,717 | +€2,961 | +78.8% |
| Current assets | 29/58 | €506,229 | €461,679 | -€44,551 | -8.8% |
| Amounts receivable within one year | 40/41 | €31,057 | €60,743 | +€29,686 | +95.6% |
| Trade receivables | 40 | €23,152 | €58,364 | +€35,211 | +152% |
| Other amounts receivable | 41 | €7,905 | €2,379 | -€5,526 | -69.9% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €370,281 | €298,289 | -€71,993 | -19.4% |
| Deferred charges and accrued income | 490/1 | €4,891 | €2,647 | -€2,244 | -45.9% |
| Total equity and liabilities | 10/49 | €512,163 | €470,760 | -€41,403 | -8.1% |
| Equity | 10/15 | €157,331 | €166,206 | +€8,875 | +5.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €137,331 | €146,206 | +€8,875 | +6.5% |
| Distributable reserves | 133 | €137,331 | €146,206 | +€8,875 | +6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €354,832 | €304,554 | -€50,278 | -14.2% |
| Amounts payable after more than one year | 17 | - | €155,000 | +€155,000 | |
| Other amounts payable | 178/9 | - | €155,000 | +€155,000 | |
| Amounts payable within one year | 42/48 | €339,834 | €138,004 | -€201,830 | -59.4% |
| Trade debts | 44 | €7,007 | €33,175 | +€26,168 | +373% |
| Suppliers | 440/4 | €7,007 | €33,175 | +€26,168 | +373% |
| Taxes, remuneration and social security | 45 | €11,677 | €11,957 | +€280 | +2.4% |
| Taxes | 450/3 | €1,205 | €1,220 | +€15 | +1.3% |
| Remuneration and social security | 454/9 | €10,472 | €10,737 | +€264 | +2.5% |
| Other amounts payable | 47/48 | €321,149 | €92,872 | -€228,277 | -71.1% |
| Accrued charges and deferred income | 492/3 | €14,999 | €11,550 | -€3,448 | -23.0% |
| Remuneration, social security and pensions | 62 | €66,123 | €67,609 | +€1,486 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,697 | €3,910 | +€1,212 | +45.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,048 | €1,014 | -€33 | -3.2% |
| Non-recurring operating charges | 66A | €243 | €0 | -€243 | -100% |
| Gross operating margin | 9900 | €74,493 | €96,876 | +€22,382 | +30.0% |
| Operating profit (loss) | 9901 | €4,382 | €24,342 | +€19,960 | +455% |
| Financial income | 75/76B | €13,700 | €2,121 | -€11,579 | -84.5% |
| Recurring financial income | 75 | €13,700 | €2,121 | -€11,579 | -84.5% |
| Financial charges | 65/66B | €13,902 | €12,732 | -€1,170 | -8.4% |
| Recurring financial charges | 65 | €13,902 | €12,732 | -€1,170 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €4,181 | €13,732 | +€9,551 | +228% |
| Income taxes | 67/77 | €2,364 | €4,857 | +€2,493 | +105% |
| Profit (loss) for the period | 9904 | €1,817 | €8,875 | +€7,058 | +388% |
| Profit (loss) for the period to be appropriated | 9905 | €1,817 | €8,875 | +€7,058 | +388% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.