STEF TOITURE: what changed
STEF TOITURE
Largest movements
- Receivables within one year +€32,556
up €32,556 (+14.7%), from €221,862 to €254,419
of which Trade receivables: +€52,474
- Cash -€16,919
down €16,919 (-30.7%), from €55,024 to €38,106
mainly Trade debts (-€38,211) and Contributions, distributions and other (-€34,659)
- Stocks and contracts +€9,763
up €9,763 (+141%), from €6,927 to €16,690
- Tangible fixed assets -€7,129
down €7,129 (-30.7%), from €23,194 to €16,066
of which Furniture and vehicles: -€5,822
- Reserves +€42,845
up €42,845 (+32.0%), from €133,940 to €176,785
of which Distributable reserves: +€42,845
- Trade debts -€38,211
down €38,211 (-33.5%), from €114,084 to €75,874
- Other debts +€34,659
new in 2025: €34,659
- Current portion of long-term debt -€29,639
down €29,639 (-76.0%), from €38,987 to €9,347
- Tax, wage and social debts +€15,144
up €15,144 (+170%), from €8,913 to €24,057
of which Taxes: +€7,882
- Gross operating margin +€96,247
up €96,247 (+31.8%), from €302,395 to €398,643
- Staff costs +€44,151
up €44,151 (+21.4%), from €205,978 to €250,129
- Other operating charges -€18,013
down €18,013 (-53.6%), from €33,631 to €15,619
- Taxes +€17,501
up €17,501 (+91.9%), from €19,039 to €36,541
- Financial charges +€5,980
up €5,980 (+122%), from €4,889 to €10,869
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €310,708 | €329,528 | +€18,820 | +6.1% |
| Fixed assets | 21/28 | €26,744 | €19,616 | -€7,129 | -26.7% |
| Tangible fixed assets | 22/27 | €23,194 | €16,066 | -€7,129 | -30.7% |
| Plant, machinery and equipment | 23 | €7,237 | €5,931 | -€1,306 | -18.0% |
| Furniture and vehicles | 24 | €15,957 | €10,135 | -€5,822 | -36.5% |
| Financial fixed assets | 28 | €3,550 | €3,550 | = | 0.0% |
| Current assets | 29/58 | €283,964 | €309,913 | +€25,949 | +9.1% |
| Stocks and contracts in progress | 3 | €6,927 | €16,690 | +€9,763 | +141% |
| Stocks | 30/36 | €6,927 | €16,690 | +€9,763 | +141% |
| Amounts receivable within one year | 40/41 | €221,862 | €254,419 | +€32,556 | +14.7% |
| Trade receivables | 40 | €58,906 | €111,380 | +€52,474 | +89.1% |
| Other amounts receivable | 41 | €162,956 | €143,038 | -€19,917 | -12.2% |
| Cash at bank and in hand | 54/58 | €55,024 | €38,106 | -€16,919 | -30.7% |
| Deferred charges and accrued income | 490/1 | €151 | €699 | +€548 | +364% |
| Total equity and liabilities | 10/49 | €310,708 | €329,528 | +€18,820 | +6.1% |
| Equity | 10/15 | €140,140 | €182,985 | +€42,845 | +30.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €133,940 | €176,785 | +€42,845 | +32.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,518 | €8,518 | = | 0.0% |
| Distributable reserves | 133 | €123,562 | €166,407 | +€42,845 | +34.7% |
| Amounts payable | 17/49 | €170,569 | €146,544 | -€24,025 | -14.1% |
| Amounts payable after more than one year | 17 | €8,585 | €2,606 | -€5,979 | -69.6% |
| Financial debts | 170/4 | €8,585 | €2,606 | -€5,979 | -69.6% |
| Amounts payable within one year | 42/48 | €161,984 | €143,937 | -€18,047 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €38,987 | €9,347 | -€29,639 | -76.0% |
| Trade debts | 44 | €114,084 | €75,874 | -€38,211 | -33.5% |
| Suppliers | 440/4 | €114,084 | €75,874 | -€38,211 | -33.5% |
| Taxes, remuneration and social security | 45 | €8,913 | €24,057 | +€15,144 | +170% |
| Taxes | 450/3 | €3,868 | €11,750 | +€7,882 | +204% |
| Remuneration and social security | 454/9 | €5,044 | €12,306 | +€7,262 | +144% |
| Other amounts payable | 47/48 | - | €34,659 | +€34,659 | |
| Remuneration, social security and pensions | 62 | €205,978 | €250,129 | +€44,151 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,827 | €9,969 | +€2,142 | +27.4% |
| Other operating charges | 640/8 | €33,631 | €15,619 | -€18,013 | -53.6% |
| Gross operating margin | 9900 | €302,395 | €398,643 | +€96,247 | +31.8% |
| Operating profit (loss) | 9901 | €54,959 | €122,927 | +€67,968 | +124% |
| Financial income | 75/76B | €7,653 | €1,988 | -€5,665 | -74.0% |
| Recurring financial income | 75 | €7,653 | €1,988 | -€5,665 | -74.0% |
| Financial charges | 65/66B | €4,889 | €10,869 | +€5,980 | +122% |
| Recurring financial charges | 65 | €4,889 | €10,869 | +€5,980 | +122% |
| Profit (loss) for the period before taxes | 9903 | €57,723 | €114,045 | +€56,323 | +97.6% |
| Income taxes | 67/77 | €19,039 | €36,541 | +€17,501 | +91.9% |
| Profit (loss) for the period | 9904 | €38,684 | €77,505 | +€38,821 | +100% |
| Profit (loss) for the period to be appropriated | 9905 | €38,684 | €77,505 | +€38,821 | +100% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.