STEFGRAD: 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.
STEFGRAD
Largest movements
- Receivables within one year -€310,196
down €310,196 (-97.4%), from €318,520 to €8,325
of which Trade receivables: -€300,709
- Intangible fixed assets -€70,858
down €70,858 (-42.0%), from €168,620 to €97,762
- Cash -€11,512
down €11,512 (-60.3%), from €19,097 to €7,585
mainly Trade debts (-€134,757) and Net result for the year (-€114,179)
- Trade debts -€134,757
down €134,757 (-86.2%), from €156,401 to €21,644
- Profit (loss) carried forward -€114,179
down €114,179 (-81.7%), from -€139,730 to -€253,909
- Debts after one year -€84,809
down €84,809 (-19.6%), from €432,536 to €347,727
- Other debts -€64,016
no longer reported in 2025 (was €64,016)
- Gross operating margin -€114,973
down €114,973, from €76,791 to -€38,182
- Financial charges -€2,500
down €2,500 (-35.9%), from €6,973 to €4,473
- Depreciation +€959
up €959 (+1.4%), from €70,141 to €71,100
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 | €521,480 | €128,672 | -€392,808 | -75.3% |
| Fixed assets | 21/28 | €183,863 | €112,762 | -€71,100 | -38.7% |
| Intangible fixed assets | 21 | €168,620 | €97,762 | -€70,858 | -42.0% |
| Tangible fixed assets | 22/27 | €242 | - | -€242 | |
| Furniture and vehicles | 24 | €242 | - | -€242 | |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €337,618 | €15,910 | -€321,708 | -95.3% |
| Amounts receivable within one year | 40/41 | €318,520 | €8,325 | -€310,196 | -97.4% |
| Trade receivables | 40 | €309,033 | €8,325 | -€300,709 | -97.3% |
| Other amounts receivable | 41 | €9,487 | - | -€9,487 | |
| Cash at bank and in hand | 54/58 | €19,097 | €7,585 | -€11,512 | -60.3% |
| Total equity and liabilities | 10/49 | €521,480 | €128,672 | -€392,808 | -75.3% |
| Equity | 10/15 | -€137,730 | -€251,909 | -€114,179 | -82.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€139,730 | -€253,909 | -€114,179 | -81.7% |
| Amounts payable | 17/49 | €659,210 | €380,581 | -€278,629 | -42.3% |
| Amounts payable after more than one year | 17 | €432,536 | €347,727 | -€84,809 | -19.6% |
| Other amounts payable | 178/9 | €432,536 | €347,727 | -€84,809 | -19.6% |
| Amounts payable within one year | 42/48 | €226,584 | €32,854 | -€193,730 | -85.5% |
| Trade debts | 44 | €156,401 | €21,644 | -€134,757 | -86.2% |
| Suppliers | 440/4 | €156,401 | €21,644 | -€134,757 | -86.2% |
| Taxes, remuneration and social security | 45 | €6,167 | €11,210 | +€5,043 | +81.8% |
| Taxes | 450/3 | €6,167 | €11,210 | +€5,043 | +81.8% |
| Other amounts payable | 47/48 | €64,016 | - | -€64,016 | |
| Accrued charges and deferred income | 492/3 | €90 | - | -€90 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,141 | €71,100 | +€959 | +1.4% |
| Other operating charges | 640/8 | €687 | €424 | -€264 | -38.4% |
| Gross operating margin | 9900 | €76,791 | -€38,182 | -€114,973 | |
| Operating profit (loss) | 9901 | €5,963 | -€109,706 | -€115,669 | |
| Financial charges | 65/66B | €6,973 | €4,473 | -€2,500 | -35.9% |
| Recurring financial charges | 65 | €6,973 | €4,473 | -€2,500 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,010 | -€114,179 | -€113,169 | -11204.1% |
| Profit (loss) for the period | 9904 | -€1,010 | -€114,179 | -€113,169 | -11204.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,010 | -€114,179 | -€113,169 | -11204.1% |
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 4 October 2026 via checked.be.