STEPH-ELEC: 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.
STEPH-ELEC
Largest movements
- Receivables within one year -€43,725
down €43,725 (-40.7%), from €107,465 to €63,740
of which Trade receivables: -€28,137
- Tangible fixed assets +€12,719
up €12,719 (+144.2%), from €8,823 to €21,541
of which Furniture and vehicles: +€11,046
- Cash -€5,706
down €5,706 (-99.2%), from €5,755 to €49
mainly Trade debts (-€44,855) and Investment in fixed assets (net) (-€18,697)
- Deferred charges and accrued income -€3,155
down €3,155 (-63.3%), from €4,987 to €1,832
- Stocks and contracts -€3,115
down €3,115 (-6.1%), from €50,800 to €47,685
- Trade debts -€44,855
down €44,855 (-49.6%), from €90,511 to €45,655
- Tax, wage and social debts -€12,743
down €12,743 (-40.9%), from €31,187 to €18,444
of which Remuneration and social security: -€8,346
- Other debts +€7,291
up €7,291 (+76.9%), from €9,485 to €16,776
- Short-term financial debts +€6,447
up €6,447 (+16124.5%), from €40 to €6,487
- Debts after one year +€5,477
new in 2025: €5,477
- Staff costs +€44,402
up €44,402 (+31.9%), from €139,288 to €183,690
- Gross operating margin +€42,684
up €42,684 (+28.4%), from €150,123 to €192,807
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 | €190,766 | €148,624 | -€42,142 | -22.1% |
| Fixed assets | 21/28 | €21,760 | €35,320 | +€13,560 | +62.3% |
| Tangible fixed assets | 22/27 | €8,823 | €21,541 | +€12,719 | +144.2% |
| Land and buildings | 22 | €4,116 | €3,684 | -€432 | -10.5% |
| Plant, machinery and equipment | 23 | €3,600 | €2,071 | -€1,529 | -42.5% |
| Furniture and vehicles | 24 | €1,107 | €12,152 | +€11,046 | +998.1% |
| Other tangible fixed assets | 26 | - | €3,635 | +€3,635 | |
| Financial fixed assets | 28 | €12,937 | €13,778 | +€841 | +6.5% |
| Current assets | 29/58 | €169,006 | €113,305 | -€55,702 | -33.0% |
| Stocks and contracts in progress | 3 | €50,800 | €47,685 | -€3,115 | -6.1% |
| Stocks | 30/36 | €50,800 | €47,685 | -€3,115 | -6.1% |
| Amounts receivable within one year | 40/41 | €107,465 | €63,740 | -€43,725 | -40.7% |
| Trade receivables | 40 | €79,176 | €51,039 | -€28,137 | -35.5% |
| Other amounts receivable | 41 | €28,289 | €12,700 | -€15,588 | -55.1% |
| Cash at bank and in hand | 54/58 | €5,755 | €49 | -€5,706 | -99.2% |
| Deferred charges and accrued income | 490/1 | €4,987 | €1,832 | -€3,155 | -63.3% |
| Total equity and liabilities | 10/49 | €190,766 | €148,624 | -€42,142 | -22.1% |
| Equity | 10/15 | €49,846 | €50,059 | +€213 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,246 | €31,459 | +€213 | +0.7% |
| Amounts payable | 17/49 | €140,921 | €98,565 | -€42,355 | -30.1% |
| Amounts payable after more than one year | 17 | - | €5,477 | +€5,477 | |
| Financial debts | 170/4 | - | €5,477 | +€5,477 | |
| Amounts payable within one year | 42/48 | €140,921 | €93,088 | -€47,832 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €9,697 | €5,726 | -€3,971 | -41.0% |
| Financial debts | 43 | €40 | €6,487 | +€6,447 | +16124.5% |
| Credit institutions | 430/8 | €40 | €6,487 | +€6,447 | +16124.5% |
| Trade debts | 44 | €90,511 | €45,655 | -€44,855 | -49.6% |
| Suppliers | 440/4 | €90,511 | €45,655 | -€44,855 | -49.6% |
| Taxes, remuneration and social security | 45 | €31,187 | €18,444 | -€12,743 | -40.9% |
| Taxes | 450/3 | €5,974 | €1,577 | -€4,397 | -73.6% |
| Remuneration and social security | 454/9 | €25,213 | €16,868 | -€8,346 | -33.1% |
| Other amounts payable | 47/48 | €9,485 | €16,776 | +€7,291 | +76.9% |
| Remuneration, social security and pensions | 62 | €139,288 | €183,690 | +€44,402 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,845 | €5,138 | +€293 | +6.0% |
| Other operating charges | 640/8 | €560 | €1,452 | +€892 | +159.2% |
| Non-recurring operating charges | 66A | €2,897 | - | -€2,897 | |
| Gross operating margin | 9900 | €150,123 | €192,807 | +€42,684 | +28.4% |
| Operating profit (loss) | 9901 | €2,532 | €2,527 | -€5 | -0.2% |
| Financial income | 75/76B | €13 | €3 | -€10 | -75.7% |
| Recurring financial income | 75 | €13 | €3 | -€10 | -75.7% |
| Financial charges | 65/66B | €1,587 | €1,541 | -€46 | -2.9% |
| Recurring financial charges | 65 | €1,587 | €1,541 | -€46 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €958 | €989 | +€31 | +3.3% |
| Income taxes | 67/77 | €801 | €776 | -€25 | -3.2% |
| Profit (loss) for the period | 9904 | €157 | €213 | +€57 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157 | €213 | +€57 | +36.2% |
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 11 October 2026 via checked.be.