STEFDEC: 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.
STEFDEC
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+1344.7%), from €155,696 to €2.2m
of which Land and buildings: +€2.1m
- Cash -€1.2m
down €1.2m (-95.3%), from €1.2m to €58,413
mainly Investment in fixed assets (net) (-€2.4m) and Current investments (-€875,061)
- Current investments +€875,061
up €875,061 (+170.1%), from €514,313 to €1.4m
- Receivables within one year +€393,277
up €393,277 (+106.6%), from €368,788 to €762,065
of which Trade receivables: +€413,838
- Debts after one year +€1.7m
up €1.7m (+40338.2%), from €4,288 to €1.7m
- Trade debts +€178,810
up €178,810 (+159.4%), from €112,178 to €290,988
- Reserves +€132,605
up €132,605 (+6.1%), from €2.2m to €2.3m
- Current portion of long-term debt +€102,323
up €102,323 (+2195.4%), from €4,661 to €106,983
- Provisions +€50,683
new in 2025: €50,683
- Depreciation +€239,876
up €239,876 (+353.2%), from €67,917 to €307,793
- Taxes -€151,612
down €151,612 (-67.1%), from €226,061 to €74,449
- Gross operating margin -€118,941
down €118,941 (-9.2%), from €1.3m to €1.2m
- Financial charges +€50,752
up €50,752 (+2496.1%), from €2,033 to €52,785
of which Financial charges: +€50,752
- Provisions +€50,683
new in 2025: €50,683
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 | €2,363,702 | €4,565,658 | +€2.2m | +93.2% |
| Fixed assets | 21/28 | €160,460 | €2,256,633 | +€2.1m | +1306.4% |
| Intangible fixed assets | 21 | - | €2,535 | +€2,535 | |
| Tangible fixed assets | 22/27 | €155,696 | €2,249,297 | +€2.1m | +1344.7% |
| Land and buildings | 22 | €17,673 | €2,127,759 | +€2.1m | +11939.8% |
| Plant, machinery and equipment | 23 | €14,358 | €25,318 | +€10,960 | +76.3% |
| Furniture and vehicles | 24 | €101,938 | €81,538 | -€20,399 | -20.0% |
| Leasing and similar rights | 25 | €10,016 | €4,286 | -€5,730 | -57.2% |
| Other tangible fixed assets | 26 | €11,712 | €10,395 | -€1,317 | -11.2% |
| Financial fixed assets | 28 | €4,764 | €4,802 | +€38 | +0.8% |
| Current assets | 29/58 | €2,203,242 | €2,309,025 | +€105,782 | +4.8% |
| Stocks and contracts in progress | 3 | €15,941 | €15,941 | = | 0.0% |
| Stocks | 30/36 | €15,941 | €15,941 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €368,788 | €762,065 | +€393,277 | +106.6% |
| Trade receivables | 40 | €280,715 | €694,553 | +€413,838 | +147.4% |
| Other amounts receivable | 41 | €88,073 | €67,512 | -€20,561 | -23.3% |
| Current investments | 50/53 | €514,313 | €1,389,374 | +€875,061 | +170.1% |
| Cash at bank and in hand | 54/58 | €1,249,437 | €58,413 | -€1.2m | -95.3% |
| Deferred charges and accrued income | 490/1 | €54,764 | €83,232 | +€28,469 | +52.0% |
| Total equity and liabilities | 10/49 | €2,363,702 | €4,565,658 | +€2.2m | +93.2% |
| Equity | 10/15 | €2,179,746 | €2,312,352 | +€132,605 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,167,346 | €2,299,952 | +€132,605 | +6.1% |
| Distributable reserves | 133 | €2,167,346 | €2,299,952 | +€132,605 | +6.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €50,683 | +€50,683 | |
| Provisions for liabilities and charges | 160/5 | - | €50,683 | +€50,683 | |
| Other liabilities and charges | 164/5 | - | €50,683 | +€50,683 | |
| Amounts payable | 17/49 | €183,956 | €2,202,624 | +€2.0m | +1097.4% |
| Amounts payable after more than one year | 17 | €4,288 | €1,733,898 | +€1.7m | +40338.2% |
| Financial debts | 170/4 | €4,288 | €1,733,898 | +€1.7m | +40338.2% |
| Amounts payable within one year | 42/48 | €179,668 | €466,772 | +€287,104 | +159.8% |
| Current portion of amounts payable after more than one year | 42 | €4,661 | €106,983 | +€102,323 | +2195.4% |
| Trade debts | 44 | €112,178 | €290,988 | +€178,810 | +159.4% |
| Suppliers | 440/4 | €112,178 | €290,988 | +€178,810 | +159.4% |
| Taxes, remuneration and social security | 45 | €56,722 | €67,774 | +€11,052 | +19.5% |
| Taxes | 450/3 | €2,196 | €2,299 | +€103 | +4.7% |
| Remuneration and social security | 454/9 | €54,526 | €65,475 | +€10,950 | +20.1% |
| Other amounts payable | 47/48 | €6,107 | €1,027 | -€5,081 | -83.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,954 | +€1,954 | |
| Non-recurring operating income | 76A | €0 | €21,700 | +€21,700 | |
| Remuneration, social security and pensions | 62 | €522,190 | €529,915 | +€7,725 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,917 | €307,793 | +€239,876 | +353.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €50,683 | +€50,683 | |
| Other operating charges | 640/8 | €7,801 | €18,176 | +€10,375 | +133.0% |
| Non-recurring operating charges | 66A | - | €17,673 | +€17,673 | |
| Gross operating margin | 9900 | €1,293,764 | €1,174,823 | -€118,941 | -9.2% |
| Operating profit (loss) | 9901 | €695,856 | €250,584 | -€445,272 | -64.0% |
| Financial income | 75/76B | €30,975 | €9,255 | -€21,721 | -70.1% |
| Recurring financial income | 75 | €12,724 | €9,255 | -€3,470 | -27.3% |
| Non-recurring financial income | 76B | €18,251 | €0 | -€18,251 | -100.0% |
| Financial charges | 65/66B | €2,033 | €52,785 | +€50,752 | +2496.1% |
| Recurring financial charges | 65 | €2,033 | €52,785 | +€50,752 | +2496.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €724,798 | €207,054 | -€517,744 | -71.4% |
| Income taxes | 67/77 | €226,061 | €74,449 | -€151,612 | -67.1% |
| Profit (loss) for the period | 9904 | €498,737 | €132,605 | -€366,132 | -73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €498,737 | €132,605 | -€366,132 | -73.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.