STEGEBA: 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.
What changed
STEGEBA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€25,610
2024 · -€19,651-€5,959
Equity
€230,755
2024 · €256,365-€25,610
Cash
€20,446
2024 · €19,857+€589
Balance sheet total
€946,525
2024 · €964,647-€18,122
Largest movements
Assets
- Tangible fixed assets -€44,985
down €44,985 (-5.0%), from €896,031 to €851,047
of which Land and buildings: -€43,488
- Current investments +€27,523
up €27,523 (+68.5%), from €40,153 to €67,676
Equity and liabilities
- Profit (loss) carried forward -€24,265
down €24,265, from €2,389 to -€21,876
- Other debts +€12,893
up €12,893 (+8.1%), from €158,987 to €171,881
Income statement
- Financial charges +€14,113
up €14,113 (+54.6%), from €25,868 to €39,982
- Gross operating margin +€8,627
up €8,627 (+12.4%), from €69,442 to €78,070
- Other operating charges +€859
up €859 (+7.0%), from €12,346 to €13,205
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.
Result 2024
-€19,651
Gross operating margin
+€8,627
Depreciation
+€455
Other operating charges
-€859
Financial income
-€69
Financial charges
-€14,113
Result 2025
-€25,610
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.
From operations
+€41,273
Investment
-€33,725
Financing
-€6,959
Cash 2024
€19,857
From operations (derived)
+€41,273
Net result for the year
-€25,610
Depreciation
+€51,187
Receivables within one year
+€1,501
Deferred charges and accrued income
-€252
Provisions
-€693
Trade debts
-€2,375
Tax, wage and social debts
+€4,622
Other debts
+€12,893
Investment (derived)
-€33,725
Investment in fixed assets (net)
-€6,202
Current investments
-€27,523
Financing
-€6,959
Debts after one year
-€8,658
Current portion of long-term debt
+€1,699
Cash 2025
€20,446
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €964,647 | €946,525 | -€18,122 | -1.9% |
| Fixed assets | 21/28 | €896,874 | €851,890 | -€44,985 | -5.0% |
| Tangible fixed assets | 22/27 | €896,031 | €851,047 | -€44,985 | -5.0% |
| Land and buildings | 22 | €873,438 | €829,951 | -€43,488 | -5.0% |
| Plant, machinery and equipment | 23 | €2,174 | €7,533 | +€5,359 | +246.5% |
| Furniture and vehicles | 24 | €20,419 | €13,563 | -€6,856 | -33.6% |
| Financial fixed assets | 28 | €843 | €843 | = | 0.0% |
| Current assets | 29/58 | €67,773 | €94,635 | +€26,863 | +39.6% |
| Amounts receivable within one year | 40/41 | €6,522 | €5,021 | -€1,501 | -23.0% |
| Other amounts receivable | 41 | €6,522 | €5,021 | -€1,501 | -23.0% |
| Current investments | 50/53 | €40,153 | €67,676 | +€27,523 | +68.5% |
| Cash at bank and in hand | 54/58 | €19,857 | €20,446 | +€589 | +3.0% |
| Deferred charges and accrued income | 490/1 | €1,241 | €1,492 | +€252 | +20.3% |
| Total equity and liabilities | 10/49 | €964,647 | €946,525 | -€18,122 | -1.9% |
| Equity | 10/15 | €256,365 | €230,755 | -€25,610 | -10.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €191,977 | €190,631 | -€1,346 | -0.7% |
| Non-distributable reserves | 130/1 | €6,595 | €6,595 | = | 0.0% |
| Legal reserve | 130 | €6,595 | €6,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,702 | €27,356 | -€1,346 | -4.7% |
| Distributable reserves | 133 | €156,680 | €156,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,389 | -€21,876 | -€24,265 | |
| Provisions and deferred taxes | 16 | €14,781 | €14,088 | -€693 | -4.7% |
| Deferred taxes | 168 | €14,781 | €14,088 | -€693 | -4.7% |
| Amounts payable | 17/49 | €693,501 | €701,682 | +€8,181 | +1.2% |
| Amounts payable after more than one year | 17 | €509,539 | €500,881 | -€8,658 | -1.7% |
| Financial debts | 170/4 | €509,539 | €500,881 | -€8,658 | -1.7% |
| Amounts payable within one year | 42/48 | €181,017 | €197,857 | +€16,839 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €18,776 | €20,475 | +€1,699 | +9.0% |
| Trade debts | 44 | €3,254 | €880 | -€2,375 | -73.0% |
| Suppliers | 440/4 | €3,254 | €880 | -€2,375 | -73.0% |
| Taxes, remuneration and social security | 45 | - | €4,622 | +€4,622 | |
| Remuneration and social security | 454/9 | - | €4,622 | +€4,622 | |
| Other amounts payable | 47/48 | €158,987 | €171,881 | +€12,893 | +8.1% |
| Accrued charges and deferred income | 492/3 | €2,945 | €2,945 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,642 | €51,187 | -€455 | -0.9% |
| Other operating charges | 640/8 | €12,346 | €13,205 | +€859 | +7.0% |
| Gross operating margin | 9900 | €69,442 | €78,070 | +€8,627 | +12.4% |
| Operating profit (loss) | 9901 | €5,455 | €13,678 | +€8,223 | +150.7% |
| Financial income | 75/76B | €69 | €0 | -€69 | -99.5% |
| Recurring financial income | 75 | €69 | €0 | -€69 | -99.5% |
| Financial charges | 65/66B | €25,868 | €39,982 | +€14,113 | +54.6% |
| Recurring financial charges | 65 | €25,868 | €39,982 | +€14,113 | +54.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,344 | -€26,303 | -€5,959 | -29.3% |
| Transfer from deferred taxes | 780 | €693 | €693 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€19,651 | -€25,610 | -€5,959 | -30.3% |
| Transfer from tax-exempt reserves | 789 | €1,346 | €1,346 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,305 | -€24,265 | -€5,959 | -32.6% |
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 5 October 2026 via checked.be.