Steph & TF Invest: 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 & TF Invest
Largest movements
- Cash -€96,669
down €96,669 (-49.4%), from €195,566 to €98,898
mainly Contributions, distributions and other (-€240,979) and Receivables within one year (-€58,186)
- Receivables within one year +€58,186
up €58,186 (+5,777%), from €1,007 to €59,194
of which Other amounts receivable: +€57,394
- Deferred charges and accrued income +€43,632
up €43,632 (+99.4%), from €43,879 to €87,511
- Tangible fixed assets -€11,585
down €11,585 (-16.7%), from €69,374 to €57,789
of which Furniture and vehicles: -€11,403
- Tax, wage and social debts -€40,525
down €40,525 (-43.1%), from €94,010 to €53,485
of which Taxes: -€41,303
- Accrued charges and deferred income +€38,829
up €38,829 (+259%), from €15,000 to €53,829
- Debts after one year -€8,401
down €8,401 (-38.0%), from €22,132 to €13,731
- Gross operating margin -€33,533
down €33,533 (-9.2%), from €366,212 to €332,679
- Staff costs -€9,872
no longer reported in 2025 (was €9,872)
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 | €379,131 | €371,435 | -€7,696 | -2.0% |
| Fixed assets | 21/28 | €71,943 | €59,097 | -€12,845 | -17.9% |
| Intangible fixed assets | 21 | €2,569 | €1,309 | -€1,260 | -49.1% |
| Tangible fixed assets | 22/27 | €69,374 | €57,789 | -€11,585 | -16.7% |
| Plant, machinery and equipment | 23 | €1,338 | €954 | -€384 | -28.7% |
| Furniture and vehicles | 24 | €45,591 | €34,187 | -€11,403 | -25.0% |
| Other tangible fixed assets | 26 | €22,446 | €22,647 | +€202 | +0.9% |
| Current assets | 29/58 | €307,188 | €312,337 | +€5,149 | +1.7% |
| Amounts receivable after more than one year | 29 | €66,736 | €66,736 | = | 0.0% |
| Other amounts receivable | 291 | €66,736 | €66,736 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,007 | €59,194 | +€58,186 | +5,777% |
| Trade receivables | 40 | €1,007 | €1,800 | +€793 | +78.7% |
| Other amounts receivable | 41 | - | €57,394 | +€57,394 | |
| Cash at bank and in hand | 54/58 | €195,566 | €98,898 | -€96,669 | -49.4% |
| Deferred charges and accrued income | 490/1 | €43,879 | €87,511 | +€43,632 | +99.4% |
| Total equity and liabilities | 10/49 | €379,131 | €371,435 | -€7,696 | -2.0% |
| Equity | 10/15 | €239,743 | €239,743 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €236,743 | €236,743 | = | 0.0% |
| Distributable reserves | 133 | €236,743 | €236,743 | = | 0.0% |
| Amounts payable | 17/49 | €139,388 | €131,692 | -€7,696 | -5.5% |
| Amounts payable after more than one year | 17 | €22,132 | €13,731 | -€8,401 | -38.0% |
| Financial debts | 170/4 | €22,132 | €13,731 | -€8,401 | -38.0% |
| Amounts payable within one year | 42/48 | €102,256 | €64,132 | -€38,124 | -37.3% |
| Current portion of amounts payable after more than one year | 42 | €8,196 | €8,401 | +€204 | +2.5% |
| Trade debts | 44 | €50 | €2,247 | +€2,197 | +4,395% |
| Suppliers | 440/4 | €50 | €2,247 | +€2,197 | +4,395% |
| Taxes, remuneration and social security | 45 | €94,010 | €53,485 | -€40,525 | -43.1% |
| Taxes | 450/3 | €91,187 | €49,885 | -€41,303 | -45.3% |
| Remuneration and social security | 454/9 | €2,823 | €3,600 | +€777 | +27.5% |
| Accrued charges and deferred income | 492/3 | €15,000 | €53,829 | +€38,829 | +259% |
| Remuneration, social security and pensions | 62 | €9,872 | - | -€9,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,895 | €17,943 | -€1,951 | -9.8% |
| Other operating charges | 640/8 | - | €20 | +€20 | |
| Gross operating margin | 9900 | €366,212 | €332,679 | -€33,533 | -9.2% |
| Operating profit (loss) | 9901 | €336,446 | €314,716 | -€21,730 | -6.5% |
| Financial income | 75/76B | €12,381 | €11,448 | -€933 | -7.5% |
| Recurring financial income | 75 | €12,381 | €11,448 | -€933 | -7.5% |
| Financial charges | 65/66B | €1,235 | €1,036 | -€199 | -16.1% |
| Recurring financial charges | 65 | €945 | €892 | -€53 | -5.6% |
| Non-recurring financial charges | 66B | €290 | €144 | -€146 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | €347,591 | €325,128 | -€22,464 | -6.5% |
| Income taxes | 67/77 | €85,805 | €84,149 | -€1,656 | -1.9% |
| Profit (loss) for the period | 9904 | €261,787 | €240,979 | -€20,808 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €261,787 | €240,979 | -€20,808 | -7.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.