STEFARO: 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.
STEFARO
Largest movements
- Receivables within one year -€50,653
down €50,653 (-34.1%), from €148,350 to €97,697
of which Other amounts receivable: -€28,711
- Cash -€3,909
no longer reported in 2025 (was €3,909)
mainly Other debts (-€66,903) and Net result for the year (-€12,823)
- Deferred charges and accrued income +€2,129
up €2,129 (+12.2%), from €17,424 to €19,553
- Other debts -€66,903
down €66,903 (-73.0%), from €91,669 to €24,766
- Trade debts +€23,696
up €23,696 (+607%), from €3,901 to €27,597
- Profit (loss) carried forward -€12,823
down €12,823 (-67.6%), from €18,963 to €6,140
- Debts after one year -€7,819
down €7,819 (-85.3%), from €9,171 to €1,351
- Short-term financial debts +€5,828
new in 2025: €5,828
- Gross operating margin -€37,510
down €37,510, from €34,573 to -€2,936
- Staff costs -€14,715
down €14,715 (-89.9%), from €16,375 to €1,660
- Financial charges -€2,968
down €2,968 (-43.6%), from €6,811 to €3,844
- Taxes -€2,901
down €2,901 (-74.7%), from €3,882 to €981
- Other operating charges +€528
up €528 (+20.3%), from €2,605 to €3,134
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 | €170,293 | €118,642 | -€51,651 | -30.3% |
| Fixed assets | 21/28 | €610 | €1,392 | +€782 | +128% |
| Tangible fixed assets | 22/27 | €92 | €875 | +€782 | +846% |
| Furniture and vehicles | 24 | €92 | €875 | +€782 | +846% |
| Financial fixed assets | 28 | €517 | €517 | = | 0.0% |
| Current assets | 29/58 | €169,683 | €117,250 | -€52,433 | -30.9% |
| Amounts receivable within one year | 40/41 | €148,350 | €97,697 | -€50,653 | -34.1% |
| Trade receivables | 40 | €49,423 | €27,480 | -€21,943 | -44.4% |
| Other amounts receivable | 41 | €98,927 | €70,216 | -€28,711 | -29.0% |
| Cash at bank and in hand | 54/58 | €3,909 | - | -€3,909 | |
| Deferred charges and accrued income | 490/1 | €17,424 | €19,553 | +€2,129 | +12.2% |
| Total equity and liabilities | 10/49 | €170,293 | €118,642 | -€51,651 | -30.3% |
| Equity | 10/15 | €44,255 | €31,433 | -€12,823 | -29.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,093 | €19,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,233 | €17,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,963 | €6,140 | -€12,823 | -67.6% |
| Amounts payable | 17/49 | €126,038 | €87,209 | -€38,829 | -30.8% |
| Amounts payable after more than one year | 17 | €9,171 | €1,351 | -€7,819 | -85.3% |
| Financial debts | 170/4 | €9,171 | €1,351 | -€7,819 | -85.3% |
| Amounts payable within one year | 42/48 | €116,867 | €85,458 | -€31,409 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €7,346 | €7,819 | +€474 | +6.5% |
| Financial debts | 43 | - | €5,828 | +€5,828 | |
| Credit institutions | 430/8 | - | €5,828 | +€5,828 | |
| Trade debts | 44 | €3,901 | €27,597 | +€23,696 | +607% |
| Suppliers | 440/4 | €3,901 | €27,597 | +€23,696 | +607% |
| Taxes, remuneration and social security | 45 | €13,952 | €19,448 | +€5,496 | +39.4% |
| Taxes | 450/3 | €11,674 | €19,448 | +€7,774 | +66.6% |
| Remuneration and social security | 454/9 | €2,278 | - | -€2,278 | |
| Other amounts payable | 47/48 | €91,669 | €24,766 | -€66,903 | -73.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €16,375 | €1,660 | -€14,715 | -89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €267 | -€166 | -38.3% |
| Other operating charges | 640/8 | €2,605 | €3,134 | +€528 | +20.3% |
| Non-recurring operating charges | 66A | €2,068 | - | -€2,068 | |
| Gross operating margin | 9900 | €34,573 | -€2,936 | -€37,510 | |
| Operating profit (loss) | 9901 | €13,091 | -€7,998 | -€21,089 | |
| Financial charges | 65/66B | €6,811 | €3,844 | -€2,968 | -43.6% |
| Recurring financial charges | 65 | €6,811 | €3,844 | -€2,968 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €6,280 | -€11,842 | -€18,122 | |
| Income taxes | 67/77 | €3,882 | €981 | -€2,901 | -74.7% |
| Profit (loss) for the period | 9904 | €2,398 | -€12,823 | -€15,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,398 | -€12,823 | -€15,221 |
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 17 October 2026 via checked.be.