STEFF: 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.
STEFF
Largest movements
- Receivables within one year -€59,327
down €59,327 (-78.7%), from €75,365 to €16,038
of which Trade receivables: -€58,962
- Cash +€42,182
up €42,182 (+193%), from €21,804 to €63,986
mainly Other debts (+€164,254) and Receivables within one year (+€59,327)
- Tangible fixed assets -€10,662
down €10,662 (-4.1%), from €258,011 to €247,349
of which Land and buildings: -€9,630
- Current investments +€4,550
up €4,550 (+6.0%), from €76,231 to €80,781
- Other debts +€164,254
up €164,254 (+1,214%), from €13,529 to €177,783
- Reserves -€138,126
down €138,126 (-52.6%), from €262,597 to €124,472
- Debts after one year -€57,000
down €57,000 (-49.6%), from €115,000 to €58,000
- Tax, wage and social debts +€12,508
up €12,508 (+153%), from €8,194 to €20,702
of which Taxes: +€12,507
- Gross operating margin +€16,422
up €16,422 (+27.3%), from €60,130 to €76,552
- Depreciation -€7,489
down €7,489 (-33.6%), from €22,321 to €14,832
- Financial income -€5,198
down €5,198 (-50.9%), from €10,216 to €5,018
- Taxes +€4,445
up €4,445 (+38.2%), from €11,635 to €16,080
- Financial charges -€1,856
down €1,856 (-19.5%), from €9,517 to €7,661
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 | €431,721 | €409,590 | -€22,132 | -5.1% |
| Fixed assets | 21/28 | €258,011 | €247,349 | -€10,662 | -4.1% |
| Tangible fixed assets | 22/27 | €258,011 | €247,349 | -€10,662 | -4.1% |
| Land and buildings | 22 | €239,261 | €229,630 | -€9,630 | -4.0% |
| Plant, machinery and equipment | 23 | €9,064 | €10,969 | +€1,905 | +21.0% |
| Furniture and vehicles | 24 | €9,686 | €6,749 | -€2,936 | -30.3% |
| Current assets | 29/58 | €173,711 | €162,241 | -€11,470 | -6.6% |
| Amounts receivable within one year | 40/41 | €75,365 | €16,038 | -€59,327 | -78.7% |
| Trade receivables | 40 | €75,000 | €16,038 | -€58,962 | -78.6% |
| Other amounts receivable | 41 | €365 | - | -€365 | |
| Current investments | 50/53 | €76,231 | €80,781 | +€4,550 | +6.0% |
| Cash at bank and in hand | 54/58 | €21,804 | €63,986 | +€42,182 | +193% |
| Deferred charges and accrued income | 490/1 | €310 | €1,435 | +€1,125 | +362% |
| Total equity and liabilities | 10/49 | €431,721 | €409,590 | -€22,132 | -5.1% |
| Equity | 10/15 | €281,197 | €143,072 | -€138,126 | -49.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €262,597 | €124,472 | -€138,126 | -52.6% |
| Distributable reserves | 133 | €262,597 | €124,472 | -€138,126 | -52.6% |
| Amounts payable | 17/49 | €150,524 | €266,518 | +€115,994 | +77.1% |
| Amounts payable after more than one year | 17 | €115,000 | €58,000 | -€57,000 | -49.6% |
| Other amounts payable | 178/9 | €115,000 | €58,000 | -€57,000 | -49.6% |
| Amounts payable within one year | 42/48 | €35,524 | €208,518 | +€172,994 | +487% |
| Financial debts | 43 | €6,000 | €6,000 | = | 0.0% |
| Other loans | 439 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €7,802 | €4,033 | -€3,768 | -48.3% |
| Suppliers | 440/4 | €7,802 | €4,033 | -€3,768 | -48.3% |
| Taxes, remuneration and social security | 45 | €8,194 | €20,702 | +€12,508 | +153% |
| Taxes | 450/3 | €6,151 | €18,658 | +€12,507 | +203% |
| Remuneration and social security | 454/9 | €2,043 | €2,044 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €13,529 | €177,783 | +€164,254 | +1,214% |
| Non-recurring operating income | 76A | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,321 | €14,832 | -€7,489 | -33.6% |
| Other operating charges | 640/8 | €4,053 | €2,887 | -€1,165 | -28.8% |
| Gross operating margin | 9900 | €60,130 | €76,552 | +€16,422 | +27.3% |
| Operating profit (loss) | 9901 | €33,756 | €58,833 | +€25,076 | +74.3% |
| Financial income | 75/76B | €10,216 | €5,018 | -€5,198 | -50.9% |
| Recurring financial income | 75 | €10,216 | €5,018 | -€5,198 | -50.9% |
| Financial charges | 65/66B | €9,517 | €7,661 | -€1,856 | -19.5% |
| Recurring financial charges | 65 | €9,517 | €7,661 | -€1,856 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €34,455 | €56,189 | +€21,734 | +63.1% |
| Income taxes | 67/77 | €11,635 | €16,080 | +€4,445 | +38.2% |
| Profit (loss) for the period | 9904 | €22,821 | €40,110 | +€17,289 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,821 | €40,110 | +€17,289 | +75.8% |
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 15 October 2026 via checked.be.