STENODA: 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.
STENODA
Largest movements
- Intangible fixed assets -€14,636
down €14,636 (-11.1%), from €131,301 to €116,665
- Tangible fixed assets +€12,497
new in 2025: €12,497
of which Furniture and vehicles: +€10,204
- Stocks and contracts -€8,523
down €8,523 (-48.2%), from €17,672 to €9,149
- Receivables within one year -€7,057
down €7,057 (-41.3%), from €17,077 to €10,020
of which Trade receivables: -€5,271
- Cash +€4,581
up €4,581 (+89.0%), from €5,149 to €9,731
mainly Debts after one year (+€40,995) and Depreciation (+€16,568)
- Other debts -€65,493
down €65,493 (-46.7%), from €140,264 to €74,771
- Debts after one year +€40,995
new in 2025: €40,995
- Trade debts +€12,182
up €12,182 (+162%), from €7,530 to €19,712
- Profit (loss) carried forward -€11,209
down €11,209 (-66.7%), from €16,806 to €5,597
- Current portion of long-term debt +€11,101
new in 2025: €11,101
- Gross operating margin -€30,998
down €30,998 (-74.6%), from €41,547 to €10,550
- Taxes -€6,652
no longer reported in 2025 (was €6,652)
- Financial charges +€2,099
up €2,099 (+279%), from €752 to €2,850
- Financial income -€1,504
no longer reported in 2025 (was €1,504)
of which Non-recurring financial income: -€1,496
- Staff costs -€602
down €602 (-28.8%), from €2,092 to €1,490
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 | €175,379 | €161,205 | -€14,174 | -8.1% |
| Formation expenses | 20 | €4,180 | €3,143 | -€1,037 | -24.8% |
| Fixed assets | 21/28 | €131,301 | €129,162 | -€2,139 | -1.6% |
| Intangible fixed assets | 21 | €131,301 | €116,665 | -€14,636 | -11.1% |
| Tangible fixed assets | 22/27 | - | €12,497 | +€12,497 | |
| Plant, machinery and equipment | 23 | - | €2,293 | +€2,293 | |
| Furniture and vehicles | 24 | - | €10,204 | +€10,204 | |
| Current assets | 29/58 | €39,897 | €28,899 | -€10,998 | -27.6% |
| Stocks and contracts in progress | 3 | €17,672 | €9,149 | -€8,523 | -48.2% |
| Stocks | 30/36 | €17,672 | €9,149 | -€8,523 | -48.2% |
| Amounts receivable within one year | 40/41 | €17,077 | €10,020 | -€7,057 | -41.3% |
| Trade receivables | 40 | €14,583 | €9,312 | -€5,271 | -36.1% |
| Other amounts receivable | 41 | €2,494 | €708 | -€1,786 | -71.6% |
| Cash at bank and in hand | 54/58 | €5,149 | €9,731 | +€4,581 | +89.0% |
| Total equity and liabilities | 10/49 | €175,379 | €161,205 | -€14,174 | -8.1% |
| Equity | 10/15 | €19,306 | €8,097 | -€11,209 | -58.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,806 | €5,597 | -€11,209 | -66.7% |
| Amounts payable | 17/49 | €156,073 | €153,107 | -€2,966 | -1.9% |
| Amounts payable after more than one year | 17 | - | €40,995 | +€40,995 | |
| Financial debts | 170/4 | - | €40,995 | +€40,995 | |
| Amounts payable within one year | 42/48 | €156,073 | €112,112 | -€43,961 | -28.2% |
| Current portion of amounts payable after more than one year | 42 | - | €11,101 | +€11,101 | |
| Trade debts | 44 | €7,530 | €19,712 | +€12,182 | +162% |
| Suppliers | 440/4 | €7,530 | €19,712 | +€12,182 | +162% |
| Taxes, remuneration and social security | 45 | €8,279 | €6,527 | -€1,752 | -21.2% |
| Taxes | 450/3 | €6,479 | €6,527 | +€48 | +0.7% |
| Remuneration and social security | 454/9 | €1,800 | - | -€1,800 | |
| Other amounts payable | 47/48 | €140,264 | €74,771 | -€65,493 | -46.7% |
| Remuneration, social security and pensions | 62 | €2,092 | €1,490 | -€602 | -28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,064 | €16,568 | +€504 | +3.1% |
| Other operating charges | 640/8 | €686 | €850 | +€164 | +23.9% |
| Gross operating margin | 9900 | €41,547 | €10,550 | -€30,998 | -74.6% |
| Operating profit (loss) | 9901 | €22,706 | -€8,358 | -€31,064 | |
| Financial income | 75/76B | €1,504 | - | -€1,504 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Non-recurring financial income | 76B | €1,496 | - | -€1,496 | |
| Financial charges | 65/66B | €752 | €2,850 | +€2,099 | +279% |
| Recurring financial charges | 65 | €752 | €2,850 | +€2,099 | +279% |
| Profit (loss) for the period before taxes | 9903 | €23,458 | -€11,209 | -€34,667 | |
| Income taxes | 67/77 | €6,652 | - | -€6,652 | |
| Profit (loss) for the period | 9904 | €16,806 | -€11,209 | -€28,015 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,806 | -€11,209 | -€28,015 |
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 17 October 2026 via checked.be.