Stefanco: 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.
Stefanco
Largest movements
- Cash -€100,329
down €100,329 (-37.9%), from €264,448 to €164,119
mainly Contributions, distributions and other (-€133,810) and Tax, wage and social debts (-€29,543)
- Tangible fixed assets -€19,531
down €19,531 (-11.4%), from €171,995 to €152,464
of which Furniture and vehicles: -€16,388
- Receivables within one year +€15,529
up €15,529 (+6.4%), from €240,915 to €256,444
of which Other amounts receivable: +€15,529
- Reserves -€110,588
down €110,588 (-39.0%), from €283,810 to €173,222
- Other debts +€61,506
up €61,506 (+30.8%), from €199,419 to €260,924
- Tax, wage and social debts -€29,543
down €29,543 (-78.5%), from €37,658 to €8,114
- Debts after one year -€15,420
down €15,420 (-13.9%), from €110,742 to €95,322
- Accrued charges and deferred income -€12,452
down €12,452 (-100.0%), from €12,452 to €0
- Gross operating margin -€154,123
down €154,123 (-73.6%), from €209,490 to €55,367
- Write-downs -€64,755
down €64,755 (-100.0%), from €64,755 to €0
- Taxes -€15,206
down €15,206 (-69.1%), from €21,991 to €6,785
- Financial charges -€12,281
down €12,281 (-81.0%), from €15,154 to €2,873
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 | €679,827 | €575,679 | -€104,148 | -15.3% |
| Fixed assets | 21/28 | €172,970 | €152,839 | -€20,131 | -11.6% |
| Intangible fixed assets | 21 | €975 | €375 | -€600 | -61.5% |
| Tangible fixed assets | 22/27 | €171,995 | €152,464 | -€19,531 | -11.4% |
| Plant, machinery and equipment | 23 | - | €2,858 | +€2,858 | |
| Furniture and vehicles | 24 | €57,290 | €40,902 | -€16,388 | -28.6% |
| Other tangible fixed assets | 26 | €114,705 | €108,705 | -€6,000 | -5.2% |
| Current assets | 29/58 | €506,857 | €422,840 | -€84,017 | -16.6% |
| Amounts receivable within one year | 40/41 | €240,915 | €256,444 | +€15,529 | +6.4% |
| Trade receivables | 40 | €91,952 | €91,952 | = | 0.0% |
| Other amounts receivable | 41 | €148,964 | €164,493 | +€15,529 | +10.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €264,448 | €164,119 | -€100,329 | -37.9% |
| Deferred charges and accrued income | 490/1 | €1,493 | €2,276 | +€783 | +52.5% |
| Total equity and liabilities | 10/49 | €679,827 | €575,679 | -€104,148 | -15.3% |
| Equity | 10/15 | €302,410 | €191,822 | -€110,588 | -36.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €283,810 | €173,222 | -€110,588 | -39.0% |
| Distributable reserves | 133 | €283,810 | €173,222 | -€110,588 | -39.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €377,416 | €383,857 | +€6,441 | +1.7% |
| Amounts payable after more than one year | 17 | €110,742 | €95,322 | -€15,420 | -13.9% |
| Financial debts | 170/4 | €110,742 | €95,322 | -€15,420 | -13.9% |
| Amounts payable within one year | 42/48 | €254,223 | €288,535 | +€34,313 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €14,910 | €15,420 | +€511 | +3.4% |
| Trade debts | 44 | €2,237 | €4,076 | +€1,840 | +82.2% |
| Suppliers | 440/4 | €2,237 | €4,076 | +€1,840 | +82.2% |
| Taxes, remuneration and social security | 45 | €37,658 | €8,114 | -€29,543 | -78.5% |
| Taxes | 450/3 | €37,658 | €8,114 | -€29,543 | -78.5% |
| Other amounts payable | 47/48 | €199,419 | €260,924 | +€61,506 | +30.8% |
| Accrued charges and deferred income | 492/3 | €12,452 | €0 | -€12,452 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,344 | €23,765 | -€579 | -2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €64,755 | €0 | -€64,755 | -100.0% |
| Other operating charges | 640/8 | €1,889 | €1,648 | -€241 | -12.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €209,490 | €55,367 | -€154,123 | -73.6% |
| Operating profit (loss) | 9901 | €118,503 | €29,954 | -€88,549 | -74.7% |
| Financial income | 75/76B | €4,575 | €2,926 | -€1,649 | -36.0% |
| Recurring financial income | 75 | €4,575 | €2,926 | -€1,649 | -36.0% |
| Financial charges | 65/66B | €15,154 | €2,873 | -€12,281 | -81.0% |
| Recurring financial charges | 65 | €15,154 | €2,873 | -€12,281 | -81.0% |
| Profit (loss) for the period before taxes | 9903 | €107,924 | €30,007 | -€77,917 | -72.2% |
| Income taxes | 67/77 | €21,991 | €6,785 | -€15,206 | -69.1% |
| Profit (loss) for the period | 9904 | €85,933 | €23,222 | -€62,711 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,933 | €23,222 | -€62,711 | -73.0% |
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 6 October 2026 via checked.be.