STEFKER: 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.
STEFKER
Largest movements
- Cash +€34,508
up €34,508 (+41.2%), from €83,789 to €118,297
mainly Net result for the year (+€81,949) and Other debts (+€21,649)
- Tangible fixed assets -€13,487
down €13,487 (-7.5%), from €180,726 to €167,239
of which Land and buildings: -€11,963
- Other debts +€21,649
up €21,649 (+43.4%), from €49,893 to €71,542
- Debts after one year -€10,511
down €10,511 (-6.3%), from €166,231 to €155,720
- Tax, wage and social debts +€7,370
up €7,370 (+35.4%), from €20,799 to €28,169
of which Taxes: +€7,492
- Gross operating margin +€27,490
up €27,490 (+26.6%), from €103,286 to €130,776
- Taxes +€5,865
up €5,865 (+26.0%), from €22,568 to €28,433
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 | €282,373 | €301,157 | +€18,784 | +6.7% |
| Fixed assets | 21/28 | €180,726 | €167,239 | -€13,487 | -7.5% |
| Tangible fixed assets | 22/27 | €180,726 | €167,239 | -€13,487 | -7.5% |
| Land and buildings | 22 | €171,393 | €159,430 | -€11,963 | -7.0% |
| Plant, machinery and equipment | 23 | €1,482 | €1,253 | -€230 | -15.5% |
| Furniture and vehicles | 24 | €7,851 | €6,556 | -€1,295 | -16.5% |
| Current assets | 29/58 | €101,647 | €133,918 | +€32,271 | +31.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €16,828 | €15,463 | -€1,365 | -8.1% |
| Trade receivables | 40 | €15,692 | €10,285 | -€5,407 | -34.5% |
| Other amounts receivable | 41 | €1,137 | €5,178 | +€4,041 | +355.6% |
| Cash at bank and in hand | 54/58 | €83,789 | €118,297 | +€34,508 | +41.2% |
| Deferred charges and accrued income | 490/1 | €1,029 | €158 | -€871 | -84.6% |
| Total equity and liabilities | 10/49 | €282,373 | €301,157 | +€18,784 | +6.7% |
| Equity | 10/15 | €34,413 | €34,413 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €29,413 | €29,413 | = | 0.0% |
| Distributable reserves | 133 | €29,413 | €29,413 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,960 | €266,744 | +€18,784 | +7.6% |
| Amounts payable after more than one year | 17 | €166,231 | €155,720 | -€10,511 | -6.3% |
| Financial debts | 170/4 | €166,231 | €155,720 | -€10,511 | -6.3% |
| Amounts payable within one year | 42/48 | €81,729 | €111,024 | +€29,295 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €10,360 | €10,511 | +€151 | +1.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €677 | €802 | +€125 | +18.5% |
| Suppliers | 440/4 | €677 | €802 | +€125 | +18.5% |
| Taxes, remuneration and social security | 45 | €20,799 | €28,169 | +€7,370 | +35.4% |
| Taxes | 450/3 | €19,466 | €26,958 | +€7,492 | +38.5% |
| Remuneration and social security | 454/9 | €1,333 | €1,211 | -€122 | -9.1% |
| Other amounts payable | 47/48 | €49,893 | €71,542 | +€21,649 | +43.4% |
| Non-recurring operating income | 76A | €0 | €6,128 | +€6,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,410 | €14,732 | +€322 | +2.2% |
| Other operating charges | 640/8 | €2,321 | €1,520 | -€801 | -34.5% |
| Non-recurring operating charges | 66A | €1,889 | €0 | -€1,889 | -100.0% |
| Gross operating margin | 9900 | €103,286 | €130,776 | +€27,490 | +26.6% |
| Operating profit (loss) | 9901 | €84,667 | €114,524 | +€29,857 | +35.3% |
| Financial income | 75/76B | €0 | €178 | +€178 | |
| Recurring financial income | 75 | €0 | €178 | +€178 | |
| Financial charges | 65/66B | €3,400 | €4,320 | +€920 | +27.1% |
| Recurring financial charges | 65 | €3,400 | €4,320 | +€920 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | €81,266 | €110,382 | +€29,115 | +35.8% |
| Income taxes | 67/77 | €22,568 | €28,433 | +€5,865 | +26.0% |
| Profit (loss) for the period | 9904 | €58,698 | €81,949 | +€23,251 | +39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €58,698 | €81,949 | +€23,251 | +39.6% |
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 11 October 2026 via checked.be.