STEFANDAK: 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.
STEFANDAK
Largest movements
- Cash -€32,273
down €32,273 (-67.7%), from €47,673 to €15,400
mainly Other debts (-€22,198) and Debts after one year (-€17,264)
- Tangible fixed assets -€27,763
down €27,763 (-25.4%), from €109,429 to €81,665
of which Leasing and similar rights: -€22,378
- Receivables within one year -€7,137
down €7,137 (-42.2%), from €16,897 to €9,761
of which Other amounts receivable: -€14,549
- Other debts -€22,198
down €22,198 (-91.8%), from €24,169 to €1,971
- Debts after one year -€17,264
down €17,264 (-30.1%), from €57,357 to €40,093
- Contributions -€15,000
no longer reported in 2025 (was €15,000)
- Profit (loss) carried forward -€10,819
new in 2025: -€10,819
- Current portion of long-term debt -€2,371
down €2,371 (-12.1%), from €19,635 to €17,264
- Gross operating margin -€48,423
down €48,423 (-65.1%), from €74,404 to €25,980
- Depreciation -€11,235
down €11,235 (-28.0%), from €40,063 to €28,828
- Taxes -€6,802
down €6,802 (-95.7%), from €7,111 to €309
- Other operating charges -€4,317
down €4,317 (-46.4%), from €9,301 to €4,984
- Financial income -€1,243
down €1,243 (-58.1%), from €2,141 to €898
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,429 | €107,164 | -€67,265 | -38.6% |
| Fixed assets | 21/28 | €109,429 | €81,665 | -€27,763 | -25.4% |
| Tangible fixed assets | 22/27 | €109,429 | €81,665 | -€27,763 | -25.4% |
| Land and buildings | 22 | €24,131 | €20,277 | -€3,855 | -16.0% |
| Plant, machinery and equipment | 23 | €4,522 | €4,004 | -€518 | -11.5% |
| Furniture and vehicles | 24 | €2,368 | €1,355 | -€1,013 | -42.8% |
| Leasing and similar rights | 25 | €78,408 | €56,030 | -€22,378 | -28.5% |
| Current assets | 29/58 | €65,000 | €25,499 | -€39,501 | -60.8% |
| Amounts receivable within one year | 40/41 | €16,897 | €9,761 | -€7,137 | -42.2% |
| Trade receivables | 40 | - | €7,413 | +€7,413 | |
| Other amounts receivable | 41 | €16,897 | €2,348 | -€14,549 | -86.1% |
| Cash at bank and in hand | 54/58 | €47,673 | €15,400 | -€32,273 | -67.7% |
| Deferred charges and accrued income | 490/1 | €430 | €338 | -€92 | -21.4% |
| Total equity and liabilities | 10/49 | €174,429 | €107,164 | -€67,265 | -38.6% |
| Equity | 10/15 | €70,383 | €44,565 | -€25,819 | -36.7% |
| Contributions | 10/11 | €15,000 | - | -€15,000 | |
| Reserves | 13 | €55,383 | €55,383 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €53,523 | €55,383 | +€1,860 | +3.5% |
| Profit (loss) carried forward | 14 | - | -€10,819 | -€10,819 | |
| Amounts payable | 17/49 | €104,046 | €62,600 | -€41,446 | -39.8% |
| Amounts payable after more than one year | 17 | €57,357 | €40,093 | -€17,264 | -30.1% |
| Financial debts | 170/4 | €57,357 | €40,093 | -€17,264 | -30.1% |
| Amounts payable within one year | 42/48 | €46,689 | €22,507 | -€24,182 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €19,635 | €17,264 | -€2,371 | -12.1% |
| Trade debts | 44 | €681 | €2,963 | +€2,282 | +335% |
| Suppliers | 440/4 | €681 | €2,963 | +€2,282 | +335% |
| Taxes, remuneration and social security | 45 | €2,204 | €309 | -€1,895 | -86.0% |
| Taxes | 450/3 | €2,204 | €309 | -€1,895 | -86.0% |
| Other amounts payable | 47/48 | €24,169 | €1,971 | -€22,198 | -91.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,063 | €28,828 | -€11,235 | -28.0% |
| Other operating charges | 640/8 | €9,301 | €4,984 | -€4,317 | -46.4% |
| Gross operating margin | 9900 | €74,404 | €25,980 | -€48,423 | -65.1% |
| Operating profit (loss) | 9901 | €25,040 | -€7,832 | -€32,871 | |
| Financial income | 75/76B | €2,141 | €898 | -€1,243 | -58.1% |
| Recurring financial income | 75 | €2,141 | €898 | -€1,243 | -58.1% |
| Financial charges | 65/66B | €3,865 | €3,577 | -€289 | -7.5% |
| Recurring financial charges | 65 | €3,865 | €3,577 | -€289 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €23,316 | -€10,510 | -€33,826 | |
| Income taxes | 67/77 | €7,111 | €309 | -€6,802 | -95.7% |
| Profit (loss) for the period | 9904 | €16,205 | -€10,819 | -€27,024 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,205 | -€10,819 | -€27,024 |
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 14 October 2026 via checked.be.