STEFSAM: 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.
STEFSAM
Largest movements
- Receivables within one year -€160,331
down €160,331 (-51.3%), from €312,578 to €152,247
of which Trade receivables: -€160,832
- Tangible fixed assets -€63,455
down €63,455 (-7.9%), from €806,200 to €742,745
- Other debts -€139,402
down €139,402 (-17.3%), from €806,762 to €667,361
- Profit (loss) carried forward -€48,736
down €48,736 (-33.4%), from -€145,792 to -€194,528
- Debts after one year -€36,806
down €36,806 (-70.2%), from €52,466 to €15,660
- Gross operating margin +€25,165
up €25,165 (+47.5%), from €52,973 to €78,138
- Depreciation +€5,530
up €5,530 (+9.0%), from €61,233 to €66,763
- Financial charges +€5,159
up €5,159 (+12.0%), from €42,988 to €48,146
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 | €1,126,551 | €907,903 | -€218,649 | -19.4% |
| Fixed assets | 21/28 | €806,200 | €742,745 | -€63,455 | -7.9% |
| Tangible fixed assets | 22/27 | €806,200 | €742,745 | -€63,455 | -7.9% |
| Land and buildings | 22 | €806,200 | €742,745 | -€63,455 | -7.9% |
| Current assets | 29/58 | €320,352 | €165,158 | -€155,194 | -48.4% |
| Amounts receivable within one year | 40/41 | €312,578 | €152,247 | -€160,331 | -51.3% |
| Trade receivables | 40 | €167,418 | €6,586 | -€160,832 | -96.1% |
| Other amounts receivable | 41 | €145,160 | €145,662 | +€501 | +0.3% |
| Cash at bank and in hand | 54/58 | €2,735 | €7,872 | +€5,137 | +187.8% |
| Deferred charges and accrued income | 490/1 | €5,039 | €5,039 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,126,551 | €907,903 | -€218,649 | -19.4% |
| Equity | 10/15 | €139,216 | €90,481 | -€48,736 | -35.0% |
| Contributions | 10/11 | €259,098 | €259,098 | = | 0.0% |
| Capital | 10 | €259,098 | €259,098 | = | 0.0% |
| Issued capital | 100 | €259,098 | €259,098 | = | 0.0% |
| Reserves | 13 | €25,910 | €25,910 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,910 | €25,910 | = | 0.0% |
| Legal reserve | 130 | €25,910 | €25,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€145,792 | -€194,528 | -€48,736 | -33.4% |
| Amounts payable | 17/49 | €987,335 | €817,422 | -€169,913 | -17.2% |
| Amounts payable after more than one year | 17 | €52,466 | €15,660 | -€36,806 | -70.2% |
| Financial debts | 170/4 | €52,466 | €15,660 | -€36,806 | -70.2% |
| Amounts payable within one year | 42/48 | €894,303 | €754,963 | -€139,340 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €35,733 | €36,806 | +€1,073 | +3.0% |
| Trade debts | 44 | €51,408 | €50,397 | -€1,011 | -2.0% |
| Suppliers | 440/4 | €51,408 | €50,397 | -€1,011 | -2.0% |
| Taxes, remuneration and social security | 45 | €400 | €400 | = | 0.0% |
| Taxes | 450/3 | €400 | €400 | = | 0.0% |
| Other amounts payable | 47/48 | €806,762 | €667,361 | -€139,402 | -17.3% |
| Accrued charges and deferred income | 492/3 | €40,566 | €46,799 | +€6,233 | +15.4% |
| Non-recurring operating income | 76A | - | €22,000 | +€22,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,233 | €66,763 | +€5,530 | +9.0% |
| Other operating charges | 640/8 | €12,005 | €11,965 | -€40 | -0.3% |
| Gross operating margin | 9900 | €52,973 | €78,138 | +€25,165 | +47.5% |
| Operating profit (loss) | 9901 | -€20,264 | -€589 | +€19,675 | +97.1% |
| Financial charges | 65/66B | €42,988 | €48,146 | +€5,159 | +12.0% |
| Recurring financial charges | 65 | €42,988 | €48,146 | +€5,159 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | -€63,252 | -€48,736 | +€14,516 | +22.9% |
| Profit (loss) for the period | 9904 | -€63,252 | -€48,736 | +€14,516 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€63,252 | -€48,736 | +€14,516 | +22.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.