Stef VD: 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 VD
Largest movements
- Receivables within one year +€28,642
up €28,642 (+233.8%), from €12,251 to €40,893
of which Trade receivables: +€17,640
- Tangible fixed assets -€8,682
down €8,682 (-38.9%), from €22,343 to €13,661
- Cash +€2,965
up €2,965 (+7.6%), from €39,268 to €42,233
mainly Net result for the year (+€29,666) and Depreciation (+€8,682)
- Profit (loss) carried forward +€29,666
up €29,666 (+87.3%), from €33,966 to €63,631
- Debts after one year -€7,123
no longer reported in 2025 (was €7,123)
- Tax, wage and social debts +€6,097
up €6,097 (+41.2%), from €14,816 to €20,913
- Current portion of long-term debt -€3,003
down €3,003 (-29.7%), from €10,126 to €7,123
- Other debts -€2,746
no longer reported in 2025 (was €2,746)
- Gross operating margin -€5,178
down €5,178 (-9.9%), from €52,224 to €47,046
- Other operating charges -€542
down €542 (-77.2%), from €703 to €161
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 | €74,277 | €96,882 | +€22,606 | +30.4% |
| Fixed assets | 21/28 | €22,343 | €13,661 | -€8,682 | -38.9% |
| Tangible fixed assets | 22/27 | €22,343 | €13,661 | -€8,682 | -38.9% |
| Furniture and vehicles | 24 | €22,343 | €13,661 | -€8,682 | -38.9% |
| Current assets | 29/58 | €51,933 | €83,221 | +€31,288 | +60.2% |
| Amounts receivable within one year | 40/41 | €12,251 | €40,893 | +€28,642 | +233.8% |
| Trade receivables | 40 | €12,251 | €29,891 | +€17,640 | +144.0% |
| Other amounts receivable | 41 | - | €11,002 | +€11,002 | |
| Cash at bank and in hand | 54/58 | €39,268 | €42,233 | +€2,965 | +7.6% |
| Deferred charges and accrued income | 490/1 | €414 | €94 | -€320 | -77.3% |
| Total equity and liabilities | 10/49 | €74,277 | €96,882 | +€22,606 | +30.4% |
| Equity | 10/15 | €38,966 | €68,631 | +€29,666 | +76.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,966 | €63,631 | +€29,666 | +87.3% |
| Amounts payable | 17/49 | €35,311 | €28,251 | -€7,060 | -20.0% |
| Amounts payable after more than one year | 17 | €7,123 | - | -€7,123 | |
| Financial debts | 170/4 | €7,123 | - | -€7,123 | |
| Amounts payable within one year | 42/48 | €28,187 | €28,251 | +€64 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €10,126 | €7,123 | -€3,003 | -29.7% |
| Trade debts | 44 | €499 | €214 | -€284 | -57.0% |
| Suppliers | 440/4 | €499 | €214 | -€284 | -57.0% |
| Taxes, remuneration and social security | 45 | €14,816 | €20,913 | +€6,097 | +41.2% |
| Taxes | 450/3 | €14,816 | €20,913 | +€6,097 | +41.2% |
| Other amounts payable | 47/48 | €2,746 | - | -€2,746 | |
| Remuneration, social security and pensions | 62 | €134 | - | -€134 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,682 | €8,682 | = | 0.0% |
| Other operating charges | 640/8 | €703 | €161 | -€542 | -77.2% |
| Gross operating margin | 9900 | €52,224 | €47,046 | -€5,178 | -9.9% |
| Operating profit (loss) | 9901 | €42,706 | €38,204 | -€4,502 | -10.5% |
| Financial income | 75/76B | €159 | €40 | -€119 | -74.9% |
| Recurring financial income | 75 | €159 | €40 | -€119 | -74.9% |
| Financial charges | 65/66B | €399 | €390 | -€9 | -2.2% |
| Recurring financial charges | 65 | €399 | €390 | -€9 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €42,466 | €37,854 | -€4,612 | -10.9% |
| Income taxes | 67/77 | €8,500 | €8,188 | -€312 | -3.7% |
| Profit (loss) for the period | 9904 | €33,966 | €29,666 | -€4,300 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,966 | €29,666 | -€4,300 | -12.7% |
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 4 October 2026 via checked.be.