STEFCA: 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.
STEFCA
Largest movements
- Tangible fixed assets -€738,366
down €738,366 (-85.0%), from €868,624 to €130,258
of which Land and buildings: -€740,621
- Stocks and contracts +€183,913
new in 2025: €183,913
- Cash +€97,609
up €97,609 (+4254.6%), from €2,294 to €99,903
mainly Investment in fixed assets (net) (+€725,981) and Other debts (+€182,541)
- Debts after one year -€564,221
down €564,221 (-100.0%), from €564,221 to €0
- Other debts +€182,541
up €182,541 (+141.9%), from €128,625 to €311,166
- Reserves -€37,294
down €37,294 (-80.7%), from €46,200 to €8,906
of which Distributable reserves: -€37,294
- Current portion of long-term debt -€34,273
down €34,273 (-100.0%), from €34,273 to €0
- Profit (loss) carried forward -€18,703
new in 2025: -€18,703
- Gross operating margin +€26,230
up €26,230 (+51.7%), from €50,774 to €77,005
- Financial charges +€16,604
up €16,604 (+59.4%), from €27,956 to €44,560
- Depreciation -€15,975
down €15,975 (-56.3%), from €28,360 to €12,385
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 | €872,642 | €416,031 | -€456,611 | -52.3% |
| Fixed assets | 21/28 | €868,624 | €130,258 | -€738,366 | -85.0% |
| Tangible fixed assets | 22/27 | €868,624 | €130,258 | -€738,366 | -85.0% |
| Land and buildings | 22 | €863,515 | €122,894 | -€740,621 | -85.8% |
| Plant, machinery and equipment | 23 | €5,109 | €4,595 | -€514 | -10.1% |
| Other tangible fixed assets | 26 | - | €2,768 | +€2,768 | |
| Current assets | 29/58 | €4,018 | €285,773 | +€281,755 | +7013.0% |
| Stocks and contracts in progress | 3 | - | €183,913 | +€183,913 | |
| Stocks | 30/36 | - | €183,913 | +€183,913 | |
| Amounts receivable within one year | 40/41 | €1,458 | €530 | -€928 | -63.7% |
| Trade receivables | 40 | - | €530 | +€530 | |
| Other amounts receivable | 41 | €1,458 | €0 | -€1,458 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,294 | €99,903 | +€97,609 | +4254.6% |
| Deferred charges and accrued income | 490/1 | €265 | €1,427 | +€1,162 | +437.6% |
| Total equity and liabilities | 10/49 | €872,642 | €416,031 | -€456,611 | -52.3% |
| Equity | 10/15 | €135,257 | €79,259 | -€55,997 | -41.4% |
| Contributions | 10/11 | €89,057 | €89,057 | = | 0.0% |
| Capital | 10 | €89,057 | €89,057 | = | 0.0% |
| Issued capital | 100 | €89,057 | €89,057 | = | 0.0% |
| Reserves | 13 | €46,200 | €8,906 | -€37,294 | -80.7% |
| Non-distributable reserves | 130/1 | €8,906 | €8,906 | = | 0.0% |
| Legal reserve | 130 | €8,906 | €8,906 | = | 0.0% |
| Distributable reserves | 133 | €37,294 | €0 | -€37,294 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€18,703 | -€18,703 | |
| Amounts payable | 17/49 | €737,385 | €336,771 | -€400,614 | -54.3% |
| Amounts payable after more than one year | 17 | €564,221 | €0 | -€564,221 | -100.0% |
| Financial debts | 170/4 | €564,221 | €0 | -€564,221 | -100.0% |
| Amounts payable within one year | 42/48 | €170,269 | €328,863 | +€158,594 | +93.1% |
| Current portion of amounts payable after more than one year | 42 | €34,273 | €0 | -€34,273 | -100.0% |
| Trade debts | 44 | €6,921 | €12,106 | +€5,185 | +74.9% |
| Suppliers | 440/4 | €6,921 | €12,106 | +€5,185 | +74.9% |
| Taxes, remuneration and social security | 45 | €450 | €5,591 | +€5,141 | +1142.4% |
| Taxes | 450/3 | €450 | €2,830 | +€2,380 | +528.9% |
| Remuneration and social security | 454/9 | - | €2,761 | +€2,761 | |
| Other amounts payable | 47/48 | €128,625 | €311,166 | +€182,541 | +141.9% |
| Accrued charges and deferred income | 492/3 | €2,896 | €7,909 | +€5,013 | +173.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,360 | €12,385 | -€15,975 | -56.3% |
| Other operating charges | 640/8 | €1,809 | €2,463 | +€654 | +36.1% |
| Non-recurring operating charges | 66A | - | €73,594 | +€73,594 | |
| Gross operating margin | 9900 | €50,774 | €77,005 | +€26,230 | +51.7% |
| Operating profit (loss) | 9901 | €20,605 | -€11,438 | -€32,043 | |
| Financial charges | 65/66B | €27,956 | €44,560 | +€16,604 | +59.4% |
| Recurring financial charges | 65 | €27,956 | €44,560 | +€16,604 | +59.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,351 | -€55,997 | -€48,647 | -661.8% |
| Profit (loss) for the period | 9904 | -€7,351 | -€55,997 | -€48,647 | -661.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,351 | -€55,997 | -€48,647 | -661.8% |
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 28 September 2026 via checked.be.