STEF VETS & Co: 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.
What changed
STEF VETS & Co
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,329
2024 · -€33,772+€35,101
Equity
€161,143
2024 · €159,814+€1,329
Cash
€2,342
2024 · €2+€2,340
Balance sheet total
€678,071
2024 · €696,248-€18,177
Largest movements
Assets
- Receivables within one year -€14,385
down €14,385 (-80.7%), from €17,817 to €3,432
of which Other amounts receivable: -€11,675
Equity and liabilities
- Debts after one year -€34,797
down €34,797 (-7.6%), from €457,012 to €422,215
- Tax, wage and social debts +€10,414
up €10,414 (+60,655%), from €17 to €10,432
of which Taxes: +€10,414
Income statement
- Gross operating margin +€24,922
up €24,922 (+687%), from €3,625 to €28,548
- Depreciation -€11,314
down €11,314 (-37.2%), from €30,424 to €19,111
- Financial charges +€2,877
up €2,877 (+52.0%), from €5,536 to €8,413
- Financial income +€1,150
up €1,150 (+386%), from €298 to €1,447
- Other operating charges -€593
down €593 (-34.2%), from €1,735 to €1,142
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.
Result 2024
-€33,772
Gross operating margin
+€24,922
Depreciation
+€11,314
Other operating charges
+€593
Financial income
+€1,150
Financial charges
-€2,877
Result 2025
€1,329
raises the resultlowers the result
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.
From operations
+€54,188
Investment
-€16,009
Financing
-€35,838
Cash 2024
€2
From operations (derived)
+€54,188
Net result for the year
+€1,329
Depreciation
+€19,111
Receivables within one year
+€14,385
Deferred charges and accrued income
+€3,031
Trade debts
-€180
Tax, wage and social debts
+€10,414
Other debts
+€3,631
Accrued charges and deferred income
+€2,467
Investment (derived)
-€16,009
Investment in fixed assets (net)
-€14,166
Current investments
-€1,843
Financing
-€35,838
Debts after one year
-€34,797
Current portion of long-term debt
-€926
Short-term financial debts
-€115
Cash 2025
€2,342
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €696,248 | €678,071 | -€18,177 | -2.6% |
| Fixed assets | 21/28 | €642,440 | €637,495 | -€4,945 | -0.8% |
| Tangible fixed assets | 22/27 | €442,440 | €437,495 | -€4,945 | -1.1% |
| Land and buildings | 22 | €107,500 | €107,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,896 | €8,571 | -€325 | -3.7% |
| Furniture and vehicles | 24 | €89,221 | €82,594 | -€6,628 | -7.4% |
| Other tangible fixed assets | 26 | €236,822 | €238,830 | +€2,008 | +0.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €53,808 | €40,576 | -€13,232 | -24.6% |
| Amounts receivable within one year | 40/41 | €17,817 | €3,432 | -€14,385 | -80.7% |
| Trade receivables | 40 | €6,115 | €3,406 | -€2,709 | -44.3% |
| Other amounts receivable | 41 | €11,702 | €26 | -€11,675 | -99.8% |
| Current investments | 50/53 | €0 | €1,843 | +€1,843 | |
| Cash at bank and in hand | 54/58 | €2 | €2,342 | +€2,340 | +117,025% |
| Deferred charges and accrued income | 490/1 | €35,989 | €32,958 | -€3,031 | -8.4% |
| Total equity and liabilities | 10/49 | €696,248 | €678,071 | -€18,177 | -2.6% |
| Equity | 10/15 | €159,814 | €161,143 | +€1,329 | +0.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €236,420 | €236,420 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €230,220 | €230,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,606 | -€137,277 | +€1,329 | +1.0% |
| Amounts payable | 17/49 | €536,434 | €516,927 | -€19,506 | -3.6% |
| Amounts payable after more than one year | 17 | €457,012 | €422,215 | -€34,797 | -7.6% |
| Financial debts | 170/4 | €457,012 | €422,215 | -€34,797 | -7.6% |
| Amounts payable within one year | 42/48 | €75,421 | €88,245 | +€12,824 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €35,723 | €34,797 | -€926 | -2.6% |
| Financial debts | 43 | €115 | €0 | -€115 | -100% |
| Credit institutions | 430/8 | €115 | €0 | -€115 | -100% |
| Trade debts | 44 | €6,988 | €6,807 | -€180 | -2.6% |
| Suppliers | 440/4 | €6,988 | €6,807 | -€180 | -2.6% |
| Taxes, remuneration and social security | 45 | €17 | €10,432 | +€10,414 | +60,655% |
| Taxes | 450/3 | €17 | €10,432 | +€10,414 | +60,655% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €32,579 | €36,210 | +€3,631 | +11.1% |
| Accrued charges and deferred income | 492/3 | €4,000 | €6,467 | +€2,467 | +61.7% |
| Non-recurring operating income | 76A | - | €21,000 | +€21,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,424 | €19,111 | -€11,314 | -37.2% |
| Other operating charges | 640/8 | €1,735 | €1,142 | -€593 | -34.2% |
| Gross operating margin | 9900 | €3,625 | €28,548 | +€24,922 | +687% |
| Operating profit (loss) | 9901 | -€28,534 | €8,295 | +€36,829 | |
| Financial income | 75/76B | €298 | €1,447 | +€1,150 | +386% |
| Recurring financial income | 75 | €298 | €1,447 | +€1,150 | +386% |
| Financial charges | 65/66B | €5,536 | €8,413 | +€2,877 | +52.0% |
| Recurring financial charges | 65 | €5,536 | €8,413 | +€2,877 | +52.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,772 | €1,329 | +€35,101 | |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€33,772 | €1,329 | +€35,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,772 | €1,329 | +€35,101 |
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 21 October 2026 via checked.be.