STEF OPTICAL: 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 OPTICAL
Largest movements
- Receivables within one year -€11,566
down €11,566 (-88.0%), from €13,140 to €1,574
of which Trade receivables: -€10,800
- Stocks and contracts -€2,421
down €2,421 (-23.2%), from €10,437 to €8,016
- Tangible fixed assets +€942
up €942 (+6.9%), from €13,574 to €14,516
of which Plant, machinery and equipment: +€1,617
- Cash -€636
no longer reported in 2025 (was €636)
mainly Tax, wage and social debts (-€6,495) and Net result for the year (-€6,070)
- Short-term financial debts +€11,420
up €11,420 (+381.0%), from €2,998 to €14,418
- Tax, wage and social debts -€6,495
down €6,495 (-61.6%), from €10,541 to €4,046
- Profit (loss) carried forward -€6,070
down €6,070 (-153.8%), from -€3,947 to -€10,017
- Trade debts -€5,670
down €5,670 (-38.4%), from €14,766 to €9,096
- Current portion of long-term debt -€3,043
down €3,043 (-65.6%), from €4,636 to €1,593
- Taxes -€1,480
down €1,480 (-67.9%), from €2,180 to €700
- Gross operating margin +€1,366
up €1,366, from -€1,013 to €354
- Depreciation +€511
up €511 (+65.8%), from €777 to €1,288
- Financial charges -€312
down €312 (-7.8%), from €3,983 to €3,670
- Financial income -€241
down €241 (-87.1%), from €277 to €36
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 | €41,407 | €28,074 | -€13,333 | -32.2% |
| Fixed assets | 21/28 | €16,307 | €17,249 | +€942 | +5.8% |
| Tangible fixed assets | 22/27 | €13,574 | €14,516 | +€942 | +6.9% |
| Land and buildings | 22 | €12,825 | €12,150 | -€675 | -5.3% |
| Plant, machinery and equipment | 23 | €749 | €2,366 | +€1,617 | +215.8% |
| Financial fixed assets | 28 | €2,733 | €2,733 | = | 0.0% |
| Current assets | 29/58 | €25,100 | €10,825 | -€14,275 | -56.9% |
| Stocks and contracts in progress | 3 | €10,437 | €8,016 | -€2,421 | -23.2% |
| Stocks | 30/36 | €10,437 | €8,016 | -€2,421 | -23.2% |
| Amounts receivable within one year | 40/41 | €13,140 | €1,574 | -€11,566 | -88.0% |
| Trade receivables | 40 | €10,800 | €0 | -€10,800 | -100.0% |
| Other amounts receivable | 41 | €2,340 | €1,574 | -€766 | -32.7% |
| Cash at bank and in hand | 54/58 | €636 | - | -€636 | |
| Deferred charges and accrued income | 490/1 | €887 | €1,235 | +€348 | +39.2% |
| Total equity and liabilities | 10/49 | €41,407 | €28,074 | -€13,333 | -32.2% |
| Equity | 10/15 | €4,992 | -€1,079 | -€6,070 | |
| Reserves | 13 | €8,938 | €8,938 | = | 0.0% |
| Distributable reserves | 133 | €8,938 | €8,938 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,947 | -€10,017 | -€6,070 | -153.8% |
| Amounts payable | 17/49 | €36,416 | €29,153 | -€7,263 | -19.9% |
| Amounts payable after more than one year | 17 | €1,593 | €0 | -€1,593 | -100.0% |
| Financial debts | 170/4 | €1,593 | €0 | -€1,593 | -100.0% |
| Amounts payable within one year | 42/48 | €34,823 | €29,153 | -€5,670 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €4,636 | €1,593 | -€3,043 | -65.6% |
| Financial debts | 43 | €2,998 | €14,418 | +€11,420 | +381.0% |
| Credit institutions | 430/8 | €2,998 | €14,418 | +€11,420 | +381.0% |
| Trade debts | 44 | €14,766 | €9,096 | -€5,670 | -38.4% |
| Suppliers | 440/4 | €14,766 | €9,096 | -€5,670 | -38.4% |
| Taxes, remuneration and social security | 45 | €10,541 | €4,046 | -€6,495 | -61.6% |
| Taxes | 450/3 | €10,541 | €4,046 | -€6,495 | -61.6% |
| Other amounts payable | 47/48 | €1,882 | €0 | -€1,882 | -100.0% |
| Non-recurring operating income | 76A | - | €1,655 | +€1,655 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €777 | €1,288 | +€511 | +65.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €993 | €801 | -€192 | -19.4% |
| Gross operating margin | 9900 | -€1,013 | €354 | +€1,366 | |
| Operating profit (loss) | 9901 | -€2,783 | -€1,735 | +€1,047 | +37.6% |
| Financial income | 75/76B | €277 | €36 | -€241 | -87.1% |
| Recurring financial income | 75 | €277 | €36 | -€241 | -87.1% |
| Financial charges | 65/66B | €3,983 | €3,670 | -€312 | -7.8% |
| Recurring financial charges | 65 | €3,983 | €3,670 | -€312 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,488 | -€5,370 | +€1,118 | +17.2% |
| Income taxes | 67/77 | €2,180 | €700 | -€1,480 | -67.9% |
| Profit (loss) for the period | 9904 | -€8,669 | -€6,070 | +€2,598 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,669 | -€6,070 | +€2,598 | +30.0% |
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 5 October 2026 via checked.be.