STEFIMAT: 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.
STEFIMAT
Largest movements
- Stocks and contracts -€10,515
down €10,515 (-22.0%), from €47,814 to €37,299
- Receivables within one year -€7,955
down €7,955 (-37.9%), from €21,007 to €13,051
of which Other amounts receivable: -€8,338
- Cash -€3,700
down €3,700 (-7.2%), from €51,203 to €47,503
mainly Contributions, distributions and other (-€15,400) and Investment in fixed assets (net) (-€9,584)
- Reserves -€15,400
down €15,400 (-7.6%), from €201,600 to €186,200
- Tax, wage and social debts -€8,963
down €8,963 (-69.5%), from €12,902 to €3,939
of which Taxes: -€8,963
- Profit (loss) carried forward +€2,303
up €2,303 (+35.5%), from -€6,491 to -€4,188
- Depreciation -€19,260
down €19,260 (-68.6%), from €28,057 to €8,797
- Gross operating margin -€7,110
down €7,110 (-31.9%), from €22,255 to €15,145
- Financial income -€820
down €820 (-49.9%), from €1,643 to €823
- Other operating charges -€369
down €369 (-22.1%), from €1,668 to €1,299
- Financial charges +€358
up €358 (+12.5%), from €2,860 to €3,218
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 | €223,381 | €201,868 | -€21,513 | -9.6% |
| Fixed assets | 21/28 | €101,135 | €101,922 | +€786 | +0.8% |
| Tangible fixed assets | 22/27 | €100,940 | €101,802 | +€861 | +0.9% |
| Plant, machinery and equipment | 23 | €479 | €325 | -€155 | -32.3% |
| Furniture and vehicles | 24 | €51,621 | €49,245 | -€2,376 | -4.6% |
| Other tangible fixed assets | 26 | €48,840 | €52,232 | +€3,391 | +6.9% |
| Financial fixed assets | 28 | €195 | €120 | -€75 | -38.5% |
| Current assets | 29/58 | €122,246 | €99,946 | -€22,299 | -18.2% |
| Stocks and contracts in progress | 3 | €47,814 | €37,299 | -€10,515 | -22.0% |
| Stocks | 30/36 | €47,814 | €37,299 | -€10,515 | -22.0% |
| Amounts receivable within one year | 40/41 | €21,007 | €13,051 | -€7,955 | -37.9% |
| Trade receivables | 40 | €3,121 | €3,504 | +€383 | +12.3% |
| Other amounts receivable | 41 | €17,886 | €9,547 | -€8,338 | -46.6% |
| Cash at bank and in hand | 54/58 | €51,203 | €47,503 | -€3,700 | -7.2% |
| Deferred charges and accrued income | 490/1 | €2,222 | €2,092 | -€129 | -5.8% |
| Total equity and liabilities | 10/49 | €223,381 | €201,868 | -€21,513 | -9.6% |
| Equity | 10/15 | €202,509 | €189,412 | -€13,097 | -6.5% |
| Contributions | 10/11 | €7,400 | €7,400 | = | 0.0% |
| Reserves | 13 | €201,600 | €186,200 | -€15,400 | -7.6% |
| Distributable reserves | 133 | €201,600 | €186,200 | -€15,400 | -7.6% |
| Profit (loss) carried forward | 14 | -€6,491 | -€4,188 | +€2,303 | +35.5% |
| Amounts payable | 17/49 | €20,872 | €12,456 | -€8,416 | -40.3% |
| Amounts payable within one year | 42/48 | €20,306 | €12,389 | -€7,918 | -39.0% |
| Trade debts | 44 | €7,404 | €8,450 | +€1,046 | +14.1% |
| Suppliers | 440/4 | €7,404 | €8,450 | +€1,046 | +14.1% |
| Taxes, remuneration and social security | 45 | €12,902 | €3,939 | -€8,963 | -69.5% |
| Taxes | 450/3 | €12,902 | €3,939 | -€8,963 | -69.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €566 | €67 | -€499 | -88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,057 | €8,797 | -€19,260 | -68.6% |
| Other operating charges | 640/8 | €1,668 | €1,299 | -€369 | -22.1% |
| Gross operating margin | 9900 | €22,255 | €15,145 | -€7,110 | -31.9% |
| Operating profit (loss) | 9901 | -€7,470 | €5,049 | +€12,519 | |
| Financial income | 75/76B | €1,643 | €823 | -€820 | -49.9% |
| Recurring financial income | 75 | €1,643 | €823 | -€820 | -49.9% |
| Financial charges | 65/66B | €2,860 | €3,218 | +€358 | +12.5% |
| Recurring financial charges | 65 | €2,860 | €3,218 | +€358 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,687 | €2,654 | +€11,341 | |
| Income taxes | 67/77 | €256 | €351 | +€95 | +37.1% |
| Profit (loss) for the period | 9904 | -€8,943 | €2,303 | +€11,246 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,943 | €2,303 | +€11,246 |
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 29 October 2026 via checked.be.