STEFREY: 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.
STEFREY
Largest movements
- Cash +€28,883
up €28,883 (+100.4%), from €28,781 to €57,664
mainly Depreciation (+€21,178) and Debts after one year (+€21,019)
- Tangible fixed assets +€11,896
up €11,896 (+24.6%), from €48,450 to €60,346
of which Furniture and vehicles: +€17,468
- Receivables within one year -€3,843
down €3,843 (-33.8%), from €11,361 to €7,519
of which Trade receivables: -€2,543
- Deferred charges and accrued income -€2,643
down €2,643 (-54.7%), from €4,836 to €2,193
- Intangible fixed assets -€2,000
down €2,000 (-44.6%), from €4,482 to €2,482
- Debts after one year +€21,019
up €21,019, from €0 to €21,019
- Other debts +€7,399
up €7,399 (+61.2%), from €12,098 to €19,497
- Profit (loss) carried forward +€5,013
up €5,013 (+65.5%), from -€7,656 to -€2,644
- Tax, wage and social debts +€2,591
up €2,591 (+26.2%), from €9,895 to €12,485
- Trade debts -€2,409
down €2,409 (-86.6%), from €2,781 to €372
- Gross operating margin -€3,352
down €3,352 (-10.3%), from €32,596 to €29,244
- Depreciation +€3,215
up €3,215 (+17.9%), from €17,963 to €21,178
- Taxes -€2,124
down €2,124 (-61.9%), from €3,431 to €1,306
- Other operating charges -€699
down €699 (-45.6%), from €1,532 to €833
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 | €97,911 | €130,204 | +€32,293 | +33.0% |
| Fixed assets | 21/28 | €52,932 | €62,828 | +€9,896 | +18.7% |
| Intangible fixed assets | 21 | €4,482 | €2,482 | -€2,000 | -44.6% |
| Tangible fixed assets | 22/27 | €48,450 | €60,346 | +€11,896 | +24.6% |
| Plant, machinery and equipment | 23 | €19,889 | €14,541 | -€5,348 | -26.9% |
| Furniture and vehicles | 24 | €28,138 | €45,606 | +€17,468 | +62.1% |
| Other tangible fixed assets | 26 | €423 | €199 | -€224 | -52.9% |
| Current assets | 29/58 | €44,979 | €67,376 | +€22,397 | +49.8% |
| Amounts receivable within one year | 40/41 | €11,361 | €7,519 | -€3,843 | -33.8% |
| Trade receivables | 40 | €9,368 | €6,825 | -€2,543 | -27.1% |
| Other amounts receivable | 41 | €1,993 | €694 | -€1,300 | -65.2% |
| Cash at bank and in hand | 54/58 | €28,781 | €57,664 | +€28,883 | +100.4% |
| Deferred charges and accrued income | 490/1 | €4,836 | €2,193 | -€2,643 | -54.7% |
| Total equity and liabilities | 10/49 | €97,911 | €130,204 | +€32,293 | +33.0% |
| Equity | 10/15 | €61,417 | €66,430 | +€5,013 | +8.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €7,100 | €7,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,100 | €7,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,100 | €7,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,656 | -€2,644 | +€5,013 | +65.5% |
| Amounts payable | 17/49 | €36,494 | €63,774 | +€27,280 | +74.8% |
| Amounts payable after more than one year | 17 | €0 | €21,019 | +€21,019 | |
| Financial debts | 170/4 | €0 | €21,019 | +€21,019 | |
| Amounts payable within one year | 42/48 | €30,387 | €38,080 | +€7,693 | +25.3% |
| Current portion of amounts payable after more than one year | 42 | €4,338 | €5,726 | +€1,387 | +32.0% |
| Trade debts | 44 | €2,781 | €372 | -€2,409 | -86.6% |
| Suppliers | 440/4 | €2,781 | €372 | -€2,409 | -86.6% |
| Advances received on contracts in progress | 46 | €1,276 | €0 | -€1,276 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,895 | €12,485 | +€2,591 | +26.2% |
| Taxes | 450/3 | €9,895 | €12,485 | +€2,591 | +26.2% |
| Other amounts payable | 47/48 | €12,098 | €19,497 | +€7,399 | +61.2% |
| Accrued charges and deferred income | 492/3 | €6,107 | €4,675 | -€1,432 | -23.4% |
| Remuneration, social security and pensions | 62 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,963 | €21,178 | +€3,215 | +17.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,532 | €833 | -€699 | -45.6% |
| Gross operating margin | 9900 | €32,596 | €29,244 | -€3,352 | -10.3% |
| Operating profit (loss) | 9901 | €13,101 | €7,229 | -€5,872 | -44.8% |
| Financial income | 75/76B | €5 | €0 | -€5 | -98.6% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -98.6% |
| Financial charges | 65/66B | €1,075 | €910 | -€165 | -15.3% |
| Recurring financial charges | 65 | €1,075 | €910 | -€165 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €12,031 | €6,319 | -€5,712 | -47.5% |
| Income taxes | 67/77 | €3,431 | €1,306 | -€2,124 | -61.9% |
| Profit (loss) for the period | 9904 | €8,601 | €5,013 | -€3,588 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,601 | €5,013 | -€3,588 | -41.7% |
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 8 October 2026 via checked.be.