STEFANIA CAFARELLI: 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.
STEFANIA CAFARELLI
Largest movements
- Receivables within one year -€32,440
no longer reported in 2025 (was €32,440)
- Cash +€21,831
up €21,831 (+88.9%), from €24,559 to €46,390
mainly Net result for the year (+€42,171) and Other debts (+€35,653)
- Deferred charges and accrued income +€1,079
new in 2025: €1,079
- Profit (loss) carried forward -€46,652
down €46,652 (-60.7%), from €76,817 to €30,165
- Other debts +€35,653
new in 2025: €35,653
- Tax, wage and social debts +€1,279
up €1,279 (+72.0%), from €1,777 to €3,056
- Gross operating margin +€23,793
up €23,793 (+69.5%), from €34,227 to €58,020
- Taxes +€6,002
up €6,002 (+64.7%), from €9,277 to €15,279
- Depreciation -€614
down €614 (-67.6%), from €908 to €294
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 | €81,768 | €71,944 | -€9,824 | -12.0% |
| Fixed assets | 21/28 | €24,769 | €24,474 | -€294 | -1.2% |
| Tangible fixed assets | 22/27 | €294 | - | -€294 | |
| Furniture and vehicles | 24 | €294 | - | -€294 | |
| Financial fixed assets | 28 | €24,474 | €24,474 | = | 0.0% |
| Current assets | 29/58 | €56,999 | €47,469 | -€9,530 | -16.7% |
| Amounts receivable within one year | 40/41 | €32,440 | - | -€32,440 | |
| Other amounts receivable | 41 | €32,440 | - | -€32,440 | |
| Cash at bank and in hand | 54/58 | €24,559 | €46,390 | +€21,831 | +88.9% |
| Deferred charges and accrued income | 490/1 | - | €1,079 | +€1,079 | |
| Total equity and liabilities | 10/49 | €81,768 | €71,944 | -€9,824 | -12.0% |
| Equity | 10/15 | €78,817 | €32,165 | -€46,652 | -59.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,817 | €30,165 | -€46,652 | -60.7% |
| Amounts payable | 17/49 | €2,951 | €39,779 | +€36,828 | +1,248% |
| Amounts payable within one year | 42/48 | €2,951 | €39,779 | +€36,828 | +1,248% |
| Trade debts | 44 | €1,174 | €1,069 | -€104 | -8.9% |
| Suppliers | 440/4 | €1,174 | €1,069 | -€104 | -8.9% |
| Taxes, remuneration and social security | 45 | €1,777 | €3,056 | +€1,279 | +72.0% |
| Taxes | 450/3 | €1,777 | €3,056 | +€1,279 | +72.0% |
| Other amounts payable | 47/48 | - | €35,653 | +€35,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €908 | €294 | -€614 | -67.6% |
| Other operating charges | 640/8 | €295 | €150 | -€145 | -49.0% |
| Gross operating margin | 9900 | €34,227 | €58,020 | +€23,793 | +69.5% |
| Operating profit (loss) | 9901 | €33,024 | €57,575 | +€24,551 | +74.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €125 | €125 | -€0 | 0.0% |
| Recurring financial charges | 65 | €125 | €125 | -€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €32,899 | €57,450 | +€24,551 | +74.6% |
| Income taxes | 67/77 | €9,277 | €15,279 | +€6,002 | +64.7% |
| Profit (loss) for the period | 9904 | €23,622 | €42,171 | +€18,549 | +78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,622 | €42,171 | +€18,549 | +78.5% |
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 18 October 2026 via checked.be.