STEJERO: 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.
STEJERO
Largest movements
- Tangible fixed assets +€266,965
up €266,965 (+78.1%), from €342,039 to €609,004
of which Land and buildings: +€179,957
- Cash +€35,130
up €35,130 (+39.3%), from €89,302 to €124,432
mainly Debts after one year (+€171,782) and Trade debts (+€114,980)
- Receivables within one year +€23,987
up €23,987 (+93.9%), from €25,546 to €49,533
of which Other amounts receivable: +€16,822
- Debts after one year +€171,782
up €171,782 (+77.1%), from €222,890 to €394,672
of which Financial debts: +€171,782
- Trade debts +€114,980
up €114,980 (+154%), from €74,462 to €189,442
- Current portion of long-term debt +€24,881
up €24,881 (+93.4%), from €26,647 to €51,528
- Tax, wage and social debts +€14,377
up €14,377 (+31.3%), from €46,000 to €60,376
of which Remuneration and social security: +€23,518
- Reserves +€12,154
up €12,154 (+12.4%), from €98,018 to €110,172
- Staff costs +€94,297
up €94,297 (+37.8%), from €249,575 to €343,873
- Gross operating margin +€64,639
up €64,639 (+17.0%), from €379,509 to €444,148
- Depreciation -€12,749
down €12,749 (-19.2%), from €66,397 to €53,648
- Taxes -€12,186
down €12,186 (-70.9%), from €17,186 to €5,000
- Financial charges +€11,291
up €11,291 (+80.3%), from €14,068 to €25,360
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 | €485,360 | €819,482 | +€334,122 | +68.8% |
| Fixed assets | 21/28 | €342,039 | €609,004 | +€266,965 | +78.1% |
| Tangible fixed assets | 22/27 | €342,039 | €609,004 | +€266,965 | +78.1% |
| Land and buildings | 22 | €252,352 | €432,309 | +€179,957 | +71.3% |
| Plant, machinery and equipment | 23 | €20,495 | €54,613 | +€34,117 | +166% |
| Furniture and vehicles | 24 | €18,622 | €46,482 | +€27,861 | +150% |
| Leasing and similar rights | 25 | - | €33,911 | +€33,911 | |
| Other tangible fixed assets | 26 | €50,570 | €41,689 | -€8,881 | -17.6% |
| Current assets | 29/58 | €143,320 | €210,478 | +€67,157 | +46.9% |
| Stocks and contracts in progress | 3 | €11,979 | €16,474 | +€4,495 | +37.5% |
| Stocks | 30/36 | €11,979 | €16,474 | +€4,495 | +37.5% |
| Amounts receivable within one year | 40/41 | €25,546 | €49,533 | +€23,987 | +93.9% |
| Trade receivables | 40 | €23,990 | €31,155 | +€7,165 | +29.9% |
| Other amounts receivable | 41 | €1,556 | €18,379 | +€16,822 | +1,081% |
| Cash at bank and in hand | 54/58 | €89,302 | €124,432 | +€35,130 | +39.3% |
| Deferred charges and accrued income | 490/1 | €16,494 | €20,039 | +€3,545 | +21.5% |
| Total equity and liabilities | 10/49 | €485,360 | €819,482 | +€334,122 | +68.8% |
| Equity | 10/15 | €110,418 | €122,572 | +€12,154 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,018 | €110,172 | +€12,154 | +12.4% |
| Distributable reserves | 133 | €98,018 | €110,172 | +€12,154 | +12.4% |
| Amounts payable | 17/49 | €374,941 | €696,910 | +€321,968 | +85.9% |
| Amounts payable after more than one year | 17 | €222,890 | €394,672 | +€171,782 | +77.1% |
| Financial debts | 170/4 | €221,077 | €392,859 | +€171,782 | +77.7% |
| Other amounts payable | 178/9 | €1,813 | €1,813 | = | 0.0% |
| Amounts payable within one year | 42/48 | €151,059 | €302,238 | +€151,179 | +100% |
| Current portion of amounts payable after more than one year | 42 | €26,647 | €51,528 | +€24,881 | +93.4% |
| Trade debts | 44 | €74,462 | €189,442 | +€114,980 | +154% |
| Suppliers | 440/4 | €74,462 | €189,442 | +€114,980 | +154% |
| Taxes, remuneration and social security | 45 | €46,000 | €60,376 | +€14,377 | +31.3% |
| Taxes | 450/3 | €11,372 | €2,231 | -€9,141 | -80.4% |
| Remuneration and social security | 454/9 | €34,627 | €58,145 | +€23,518 | +67.9% |
| Other amounts payable | 47/48 | €3,950 | €891 | -€3,059 | -77.4% |
| Accrued charges and deferred income | 492/3 | €992 | - | -€992 | |
| Non-recurring operating income | 76A | - | €7,802 | +€7,802 | |
| Remuneration, social security and pensions | 62 | €249,575 | €343,873 | +€94,297 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,397 | €53,648 | -€12,749 | -19.2% |
| Other operating charges | 640/8 | €4,001 | €4,705 | +€703 | +17.6% |
| Gross operating margin | 9900 | €379,509 | €444,148 | +€64,639 | +17.0% |
| Operating profit (loss) | 9901 | €59,536 | €41,923 | -€17,613 | -29.6% |
| Financial income | 75/76B | €215 | €591 | +€376 | +175% |
| Recurring financial income | 75 | €215 | €591 | +€376 | +175% |
| Financial charges | 65/66B | €14,068 | €25,360 | +€11,291 | +80.3% |
| Recurring financial charges | 65 | €14,068 | €25,360 | +€11,291 | +80.3% |
| Profit (loss) for the period before taxes | 9903 | €45,683 | €17,154 | -€28,528 | -62.4% |
| Income taxes | 67/77 | €17,186 | €5,000 | -€12,186 | -70.9% |
| Profit (loss) for the period | 9904 | €28,497 | €12,154 | -€16,343 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,497 | €12,154 | -€16,343 | -57.3% |
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 14 October 2026 via checked.be.