STEFRA: 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.
STEFRA
Largest movements
- Receivables within one year -€27,610
down €27,610 (-91.8%), from €30,070 to €2,459
of which Other amounts receivable: -€28,750
- Tangible fixed assets +€22,727
up €22,727 (+66.5%), from €34,199 to €56,926
of which Furniture and vehicles: +€15,930
- Cash -€6,572
down €6,572 (-31.4%), from €20,930 to €14,358
mainly Investment in fixed assets (net) (-€30,736) and Debts after one year (-€27,950)
- Deferred charges and accrued income +€2,441
up €2,441 (+739%), from €330 to €2,772
- Debts after one year -€27,950
no longer reported in 2025 (was €27,950)
- Reserves +€10,074
up €10,074 (+107%), from €9,435 to €19,509
of which Distributable reserves: +€10,074
- Other debts +€9,756
up €9,756 (+871%), from €1,120 to €10,876
- Current portion of long-term debt -€2,487
down €2,487 (-8.2%), from €30,437 to €27,950
- Trade debts +€951
up €951 (+64.9%), from €1,464 to €2,415
- Gross operating margin -€16,858
down €16,858 (-39.5%), from €42,667 to €25,809
- Depreciation -€12,712
down €12,712 (-61.3%), from €20,721 to €8,009
- Taxes +€2,278
up €2,278 (+106%), from €2,156 to €4,434
- Financial charges -€1,442
down €1,442 (-48.0%), from €3,008 to €1,565
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 | €85,529 | €76,515 | -€9,014 | -10.5% |
| Fixed assets | 21/28 | €34,199 | €56,926 | +€22,727 | +66.5% |
| Tangible fixed assets | 22/27 | €34,199 | €56,926 | +€22,727 | +66.5% |
| Furniture and vehicles | 24 | - | €15,930 | +€15,930 | |
| Other tangible fixed assets | 26 | €34,199 | €40,996 | +€6,797 | +19.9% |
| Current assets | 29/58 | €51,330 | €19,589 | -€31,741 | -61.8% |
| Amounts receivable within one year | 40/41 | €30,070 | €2,459 | -€27,610 | -91.8% |
| Trade receivables | 40 | €1,086 | €2,226 | +€1,140 | +105% |
| Other amounts receivable | 41 | €28,984 | €233 | -€28,750 | -99.2% |
| Cash at bank and in hand | 54/58 | €20,930 | €14,358 | -€6,572 | -31.4% |
| Deferred charges and accrued income | 490/1 | €330 | €2,772 | +€2,441 | +739% |
| Total equity and liabilities | 10/49 | €85,529 | €76,515 | -€9,014 | -10.5% |
| Equity | 10/15 | €21,985 | €32,059 | +€10,074 | +45.8% |
| Contributions | 10/11 | €12,550 | €12,550 | = | 0.0% |
| Reserves | 13 | €9,435 | €19,509 | +€10,074 | +107% |
| Tax-exempt reserves | 132 | €570 | €570 | = | 0.0% |
| Distributable reserves | 133 | €8,865 | €18,939 | +€10,074 | +114% |
| Amounts payable | 17/49 | €63,544 | €44,456 | -€19,089 | -30.0% |
| Amounts payable after more than one year | 17 | €27,950 | - | -€27,950 | |
| Financial debts | 170/4 | €27,950 | - | -€27,950 | |
| Amounts payable within one year | 42/48 | €35,594 | €44,456 | +€8,862 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €30,437 | €27,950 | -€2,487 | -8.2% |
| Trade debts | 44 | €1,464 | €2,415 | +€951 | +64.9% |
| Suppliers | 440/4 | €1,464 | €2,415 | +€951 | +64.9% |
| Taxes, remuneration and social security | 45 | €2,572 | €3,214 | +€642 | +25.0% |
| Taxes | 450/3 | €2,572 | €3,214 | +€642 | +25.0% |
| Other amounts payable | 47/48 | €1,120 | €10,876 | +€9,756 | +871% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,721 | €8,009 | -€12,712 | -61.3% |
| Other operating charges | 640/8 | €1,750 | €1,899 | +€150 | +8.6% |
| Gross operating margin | 9900 | €42,667 | €25,809 | -€16,858 | -39.5% |
| Operating profit (loss) | 9901 | €20,197 | €15,900 | -€4,296 | -21.3% |
| Financial income | 75/76B | €75 | €173 | +€98 | +132% |
| Recurring financial income | 75 | €75 | €173 | +€98 | +132% |
| Financial charges | 65/66B | €3,008 | €1,565 | -€1,442 | -48.0% |
| Recurring financial charges | 65 | €3,008 | €1,565 | -€1,442 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €17,264 | €14,508 | -€2,756 | -16.0% |
| Income taxes | 67/77 | €2,156 | €4,434 | +€2,278 | +106% |
| Profit (loss) for the period | 9904 | €15,108 | €10,074 | -€5,033 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,108 | €10,074 | -€5,033 | -33.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.