STEPHANE CONSTRUCTIONS: 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.
STEPHANE CONSTRUCTIONS
Largest movements
- Cash -€13,898
down €13,898 (-10.3%), from €135,460 to €121,562
mainly Debts after one year (-€13,815) and Tax, wage and social debts (-€8,948)
- Tangible fixed assets -€10,445
down €10,445 (-45.7%), from €22,865 to €12,420
of which Leasing and similar rights: -€12,794
- Receivables within one year +€7,908
up €7,908 (+42.8%), from €18,496 to €26,404
of which Trade receivables: +€4,065
- Debts after one year -€13,815
no longer reported in 2025 (was €13,815)
- Tax, wage and social debts -€8,948
down €8,948 (-59.9%), from €14,948 to €6,000
of which Taxes: -€9,590
- Current portion of long-term debt +€5,295
up €5,295 (+68.7%), from €7,710 to €13,005
- Other debts -€2,837
down €2,837 (-28.4%), from €10,000 to €7,163
- Trade debts +€2,801
up €2,801 (+109.8%), from €2,551 to €5,352
- Gross operating margin -€80,275
down €80,275 (-45.0%), from €178,227 to €97,952
- Taxes -€9,384
down €9,384 (-57.5%), from €16,325 to €6,941
- Other operating charges +€2,091
up €2,091 (+226.5%), from €923 to €3,014
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 | €184,729 | €168,947 | -€15,781 | -8.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €23,025 | €12,580 | -€10,445 | -45.4% |
| Tangible fixed assets | 22/27 | €22,865 | €12,420 | -€10,445 | -45.7% |
| Plant, machinery and equipment | 23 | €3,466 | €6,371 | +€2,905 | +83.8% |
| Furniture and vehicles | 24 | €1,313 | €756 | -€556 | -42.4% |
| Leasing and similar rights | 25 | €18,087 | €5,293 | -€12,794 | -70.7% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €161,703 | €156,367 | -€5,336 | -3.3% |
| Amounts receivable within one year | 40/41 | €18,496 | €26,404 | +€7,908 | +42.8% |
| Trade receivables | 40 | €2,717 | €6,781 | +€4,065 | +149.6% |
| Other amounts receivable | 41 | €15,780 | €19,623 | +€3,843 | +24.4% |
| Cash at bank and in hand | 54/58 | €135,460 | €121,562 | -€13,898 | -10.3% |
| Deferred charges and accrued income | 490/1 | €7,747 | €8,401 | +€654 | +8.4% |
| Total equity and liabilities | 10/49 | €184,729 | €168,947 | -€15,781 | -8.5% |
| Equity | 10/15 | €135,588 | €137,337 | +€1,748 | +1.3% |
| Reserves | 13 | €23,060 | €24,560 | +€1,500 | +6.5% |
| Distributable reserves | 133 | €23,060 | €24,560 | +€1,500 | +6.5% |
| Profit (loss) carried forward | 14 | €112,528 | €112,777 | +€248 | +0.2% |
| Amounts payable | 17/49 | €49,141 | €31,611 | -€17,530 | -35.7% |
| Amounts payable after more than one year | 17 | €13,815 | - | -€13,815 | |
| Financial debts | 170/4 | €13,815 | - | -€13,815 | |
| Amounts payable within one year | 42/48 | €35,209 | €31,520 | -€3,689 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €7,710 | €13,005 | +€5,295 | +68.7% |
| Trade debts | 44 | €2,551 | €5,352 | +€2,801 | +109.8% |
| Suppliers | 440/4 | €2,551 | €5,352 | +€2,801 | +109.8% |
| Taxes, remuneration and social security | 45 | €14,948 | €6,000 | -€8,948 | -59.9% |
| Taxes | 450/3 | €9,965 | €375 | -€9,590 | -96.2% |
| Remuneration and social security | 454/9 | €4,983 | €5,625 | +€642 | +12.9% |
| Other amounts payable | 47/48 | €10,000 | €7,163 | -€2,837 | -28.4% |
| Accrued charges and deferred income | 492/3 | €116 | €90 | -€26 | -22.1% |
| Remuneration, social security and pensions | 62 | €60,835 | €61,268 | +€433 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,728 | €17,272 | +€1,545 | +9.8% |
| Other operating charges | 640/8 | €923 | €3,014 | +€2,091 | +226.5% |
| Gross operating margin | 9900 | €178,227 | €97,952 | -€80,275 | -45.0% |
| Operating profit (loss) | 9901 | €100,742 | €16,398 | -€84,344 | -83.7% |
| Financial income | 75/76B | €1,384 | €455 | -€929 | -67.1% |
| Recurring financial income | 75 | €1,384 | €455 | -€929 | -67.1% |
| Financial charges | 65/66B | €833 | €664 | -€169 | -20.3% |
| Recurring financial charges | 65 | €833 | €664 | -€169 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €101,293 | €16,189 | -€85,104 | -84.0% |
| Income taxes | 67/77 | €16,325 | €6,941 | -€9,384 | -57.5% |
| Profit (loss) for the period | 9904 | €84,968 | €9,248 | -€75,720 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,968 | €9,248 | -€75,720 | -89.1% |
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 12 October 2026 via checked.be.