STEF MAES: 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 MAES
Largest movements
- Tangible fixed assets +€29,303
up €29,303 (+24.7%), from €118,662 to €147,965
of which Plant, machinery and equipment: +€16,538
- Cash +€23,020
up €23,020 (+304%), from €7,583 to €30,603
mainly Net result for the year (+€29,298) and Depreciation (+€19,069)
- Receivables within one year -€5,794
down €5,794 (-28.6%), from €20,223 to €14,429
of which Trade receivables: -€6,768
- Reserves +€29,298
up €29,298 (+164%), from €17,870 to €47,168
- Other debts +€16,432
up €16,432 (+13.4%), from €122,719 to €139,151
- Gross operating margin +€33,203
up €33,203 (+90.6%), from €36,668 to €69,872
- Depreciation +€8,999
up €8,999 (+89.4%), from €10,070 to €19,069
- Staff costs +€7,325
up €7,325 (+590%), from €1,242 to €8,567
- Taxes +€5,114
up €5,114 (+72.3%), from €7,073 to €12,186
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 | €158,049 | €203,798 | +€45,749 | +28.9% |
| Formation expenses | 20 | €194 | €0 | -€194 | -100% |
| Fixed assets | 21/28 | €128,155 | €156,459 | +€28,303 | +22.1% |
| Intangible fixed assets | 21 | €9,493 | €8,493 | -€1,000 | -10.5% |
| Tangible fixed assets | 22/27 | €118,662 | €147,965 | +€29,303 | +24.7% |
| Plant, machinery and equipment | 23 | €46,816 | €63,354 | +€16,538 | +35.3% |
| Furniture and vehicles | 24 | €71,846 | €84,612 | +€12,765 | +17.8% |
| Current assets | 29/58 | €29,699 | €47,339 | +€17,640 | +59.4% |
| Amounts receivable within one year | 40/41 | €20,223 | €14,429 | -€5,794 | -28.6% |
| Trade receivables | 40 | €19,965 | €13,197 | -€6,768 | -33.9% |
| Other amounts receivable | 41 | €258 | €1,232 | +€974 | +378% |
| Cash at bank and in hand | 54/58 | €7,583 | €30,603 | +€23,020 | +304% |
| Deferred charges and accrued income | 490/1 | €1,893 | €2,307 | +€414 | +21.8% |
| Total equity and liabilities | 10/49 | €158,049 | €203,798 | +€45,749 | +28.9% |
| Equity | 10/15 | €21,370 | €50,668 | +€29,298 | +137% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €17,870 | €47,168 | +€29,298 | +164% |
| Distributable reserves | 133 | €17,870 | €47,168 | +€29,298 | +164% |
| Amounts payable | 17/49 | €136,679 | €153,130 | +€16,451 | +12.0% |
| Amounts payable within one year | 42/48 | €136,679 | €153,130 | +€16,451 | +12.0% |
| Trade debts | 44 | €982 | €555 | -€427 | -43.5% |
| Suppliers | 440/4 | €982 | €555 | -€427 | -43.5% |
| Taxes, remuneration and social security | 45 | €12,978 | €13,424 | +€446 | +3.4% |
| Taxes | 450/3 | €12,978 | €12,817 | -€161 | -1.2% |
| Remuneration and social security | 454/9 | - | €607 | +€607 | |
| Other amounts payable | 47/48 | €122,719 | €139,151 | +€16,432 | +13.4% |
| Remuneration, social security and pensions | 62 | €1,242 | €8,567 | +€7,325 | +590% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,070 | €19,069 | +€8,999 | +89.4% |
| Other operating charges | 640/8 | €275 | €301 | +€26 | +9.4% |
| Gross operating margin | 9900 | €36,668 | €69,872 | +€33,203 | +90.6% |
| Operating profit (loss) | 9901 | €25,081 | €41,935 | +€16,854 | +67.2% |
| Financial income | 75/76B | €0 | €10 | +€10 | +50,050% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +50,050% |
| Financial charges | 65/66B | €139 | €460 | +€322 | +232% |
| Recurring financial charges | 65 | €139 | €460 | +€322 | +232% |
| Profit (loss) for the period before taxes | 9903 | €24,943 | €41,485 | +€16,542 | +66.3% |
| Income taxes | 67/77 | €7,073 | €12,186 | +€5,114 | +72.3% |
| Profit (loss) for the period | 9904 | €17,870 | €29,298 | +€11,428 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,870 | €29,298 | +€11,428 | +64.0% |
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 16 October 2026 via checked.be.