STEFIR: 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.
STEFIR
Largest movements
- Cash +€410,705
up €410,705 (+63.9%), from €643,127 to €1.1m
mainly Net result for the year (+€360,945) and Receivables within one year (+€105,048)
- Receivables within one year -€105,048
down €105,048 (-89.5%), from €117,328 to €12,280
of which Trade receivables: -€105,270
- Reserves +€342,764
up €342,764 (+32.7%), from €1.0m to €1.4m
of which Distributable reserves: +€342,764
- Tax, wage and social debts -€36,259
down €36,259 (-38.5%), from €94,281 to €58,023
of which Taxes: -€31,647
- Financial income -€300,000
down €300,000 (-50.0%), from €600,000 to €300,000
- Taxes -€26,264
down €26,264 (-29.7%), from €88,392 to €62,128
- Financial charges -€3,504
down €3,504 (-23.3%), from €15,042 to €11,538
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 | €1,669,846 | €1,975,502 | +€305,657 | +18.3% |
| Fixed assets | 21/28 | €909,390 | €909,390 | = | 0.0% |
| Financial fixed assets | 28 | €909,390 | €909,390 | = | 0.0% |
| Current assets | 29/58 | €760,456 | €1,066,112 | +€305,657 | +40.2% |
| Amounts receivable within one year | 40/41 | €117,328 | €12,280 | -€105,048 | -89.5% |
| Trade receivables | 40 | €114,950 | €9,680 | -€105,270 | -91.6% |
| Other amounts receivable | 41 | €2,378 | €2,600 | +€222 | +9.3% |
| Cash at bank and in hand | 54/58 | €643,127 | €1,053,832 | +€410,705 | +63.9% |
| Total equity and liabilities | 10/49 | €1,669,846 | €1,975,502 | +€305,657 | +18.3% |
| Equity | 10/15 | €1,204,662 | €1,547,426 | +€342,764 | +28.5% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €1,049,023 | €1,391,787 | +€342,764 | +32.7% |
| Non-distributable reserves | 130/1 | €15,500 | €15,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,500 | €15,500 | = | 0.0% |
| Distributable reserves | 133 | €1,033,523 | €1,376,287 | +€342,764 | +33.2% |
| Profit (loss) carried forward | 14 | €639 | €639 | = | 0.0% |
| Amounts payable | 17/49 | €465,183 | €428,076 | -€37,107 | -8.0% |
| Amounts payable within one year | 42/48 | €465,183 | €428,076 | -€37,107 | -8.0% |
| Trade debts | 44 | €2,321 | €1,015 | -€1,306 | -56.3% |
| Suppliers | 440/4 | €2,321 | €1,015 | -€1,306 | -56.3% |
| Taxes, remuneration and social security | 45 | €94,281 | €58,023 | -€36,259 | -38.5% |
| Taxes | 450/3 | €89,669 | €58,023 | -€31,647 | -35.3% |
| Remuneration and social security | 454/9 | €4,612 | €0 | -€4,612 | -100% |
| Other amounts payable | 47/48 | €368,581 | €369,039 | +€458 | +0.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €136,038 | €135,738 | -€299 | -0.2% |
| Operating profit (loss) | 9901 | €134,944 | €134,612 | -€332 | -0.2% |
| Financial income | 75/76B | €600,000 | €300,000 | -€300,000 | -50.0% |
| Recurring financial income | 75 | €600,000 | €300,000 | -€300,000 | -50.0% |
| Financial charges | 65/66B | €15,042 | €11,538 | -€3,504 | -23.3% |
| Recurring financial charges | 65 | €15,042 | €11,538 | -€3,504 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €719,902 | €423,073 | -€296,828 | -41.2% |
| Income taxes | 67/77 | €88,392 | €62,128 | -€26,264 | -29.7% |
| Profit (loss) for the period | 9904 | €631,510 | €360,945 | -€270,565 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €631,510 | €360,945 | -€270,565 | -42.8% |
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 22 October 2026 via checked.be.