STEGEN: 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.
STEGEN
Largest movements
- Cash +€32,375
up €32,375 (+53.5%), from €60,564 to €92,940
mainly Net result for the year (+€22,028) and Receivables within one year (+€12,063)
- Receivables within one year -€12,063
down €12,063 (-50.6%), from €23,818 to €11,754
of which Other amounts receivable: -€8,426
- Tangible fixed assets -€5,007
down €5,007 (-14.6%), from €34,383 to €29,376
of which Land and buildings: -€3,318
- Reserves +€5,369
up €5,369 (+5.3%), from €102,139 to €107,509
- Accrued charges and deferred income +€5,000
new in 2025: €5,000
- Tax, wage and social debts +€3,753
new in 2025: €3,753
- Gross operating margin +€39,691
up €39,691 (+464%), from €8,562 to €48,253
- Write-downs +€10,481
new in 2025: €10,481
- Taxes +€7,325
up €7,325 (+307%), from €2,389 to €9,714
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 | €119,655 | €134,070 | +€14,415 | +12.0% |
| Fixed assets | 21/28 | €34,383 | €29,376 | -€5,007 | -14.6% |
| Tangible fixed assets | 22/27 | €34,383 | €29,376 | -€5,007 | -14.6% |
| Land and buildings | 22 | €30,256 | €26,938 | -€3,318 | -11.0% |
| Plant, machinery and equipment | 23 | €594 | €196 | -€399 | -67.1% |
| Furniture and vehicles | 24 | €2,861 | €1,655 | -€1,205 | -42.1% |
| Other tangible fixed assets | 26 | €672 | €587 | -€84 | -12.6% |
| Current assets | 29/58 | €85,272 | €104,694 | +€19,422 | +22.8% |
| Amounts receivable within one year | 40/41 | €23,818 | €11,754 | -€12,063 | -50.6% |
| Trade receivables | 40 | €13,730 | €10,093 | -€3,637 | -26.5% |
| Other amounts receivable | 41 | €10,088 | €1,662 | -€8,426 | -83.5% |
| Cash at bank and in hand | 54/58 | €60,564 | €92,940 | +€32,375 | +53.5% |
| Deferred charges and accrued income | 490/1 | €890 | - | -€890 | |
| Total equity and liabilities | 10/49 | €119,655 | €134,070 | +€14,415 | +12.0% |
| Equity | 10/15 | €114,539 | €119,909 | +€5,369 | +4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €102,139 | €107,509 | +€5,369 | +5.3% |
| Distributable reserves | 133 | €102,139 | €107,509 | +€5,369 | +5.3% |
| Amounts payable | 17/49 | €5,116 | €14,161 | +€9,046 | +177% |
| Amounts payable within one year | 42/48 | €5,116 | €9,161 | +€4,046 | +79.1% |
| Trade debts | 44 | €5,116 | €5,300 | +€184 | +3.6% |
| Suppliers | 440/4 | €5,116 | €5,300 | +€184 | +3.6% |
| Taxes, remuneration and social security | 45 | - | €3,753 | +€3,753 | |
| Taxes | 450/3 | - | €3,753 | +€3,753 | |
| Other amounts payable | 47/48 | - | €109 | +€109 | |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,971 | €5,007 | +€36 | +0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,481 | +€10,481 | |
| Other operating charges | 640/8 | €742 | €601 | -€141 | -19.1% |
| Gross operating margin | 9900 | €8,562 | €48,253 | +€39,691 | +464% |
| Operating profit (loss) | 9901 | €2,849 | €32,164 | +€29,315 | +1,029% |
| Financial income | 75/76B | €267 | €234 | -€34 | -12.5% |
| Recurring financial income | 75 | €267 | €234 | -€34 | -12.5% |
| Financial charges | 65/66B | €179 | €655 | +€476 | +265% |
| Recurring financial charges | 65 | €179 | €655 | +€476 | +265% |
| Profit (loss) for the period before taxes | 9903 | €2,937 | €31,742 | +€28,805 | +981% |
| Income taxes | 67/77 | €2,389 | €9,714 | +€7,325 | +307% |
| Profit (loss) for the period | 9904 | €548 | €22,028 | +€21,480 | +3,921% |
| Transfer from tax-exempt reserves | 789 | €24,208 | €16,659 | -€7,549 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,756 | €38,687 | +€13,931 | +56.3% |
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 30 October 2026 via checked.be.