STEPHANE & MARIANNE: 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 & MARIANNE
Largest movements
- Receivables within one year -€71,685
down €71,685 (-58.9%), from €121,727 to €50,041
of which Other amounts receivable: -€36,080
- Cash +€67,646
up €67,646 (+157%), from €43,019 to €110,665
mainly Receivables within one year (+€71,685) and Depreciation (+€35,513)
- Stocks and contracts +€13,215
up €13,215 (+85.8%), from €15,410 to €28,625
- Tangible fixed assets +€6,220
up €6,220 (+5.7%), from €108,295 to €114,515
of which Plant, machinery and equipment: +€7,090
- Deferred charges and accrued income +€3,726
up €3,726 (+74.8%), from €4,984 to €8,710
- Reserves +€27,153
up €27,153 (+15.6%), from €174,297 to €201,450
of which Distributable reserves: +€27,153
- Current portion of long-term debt -€13,882
down €13,882 (-100%), from €13,882 to €0
- Tax, wage and social debts +€6,501
up €6,501 (+28.9%), from €22,512 to €29,013
of which Remuneration and social security: +€3,714
- Gross operating margin +€54,755
up €54,755 (+20.2%), from €271,708 to €326,463
- Staff costs +€25,778
up €25,778 (+12.0%), from €214,460 to €240,237
- Taxes +€6,454
up €6,454 (+168%), from €3,845 to €10,299
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 | €293,494 | €312,557 | +€19,063 | +6.5% |
| Fixed assets | 21/28 | €108,354 | €114,515 | +€6,161 | +5.7% |
| Intangible fixed assets | 21 | €59 | €0 | -€59 | -100% |
| Tangible fixed assets | 22/27 | €108,295 | €114,515 | +€6,220 | +5.7% |
| Plant, machinery and equipment | 23 | €106,839 | €113,929 | +€7,090 | +6.6% |
| Furniture and vehicles | 24 | €1,456 | €586 | -€870 | -59.8% |
| Current assets | 29/58 | €185,140 | €198,042 | +€12,902 | +7.0% |
| Stocks and contracts in progress | 3 | €15,410 | €28,625 | +€13,215 | +85.8% |
| Stocks | 30/36 | €15,410 | €28,625 | +€13,215 | +85.8% |
| Amounts receivable within one year | 40/41 | €121,727 | €50,041 | -€71,685 | -58.9% |
| Trade receivables | 40 | €53,099 | €17,493 | -€35,606 | -67.1% |
| Other amounts receivable | 41 | €68,628 | €32,548 | -€36,080 | -52.6% |
| Cash at bank and in hand | 54/58 | €43,019 | €110,665 | +€67,646 | +157% |
| Deferred charges and accrued income | 490/1 | €4,984 | €8,710 | +€3,726 | +74.8% |
| Total equity and liabilities | 10/49 | €293,494 | €312,557 | +€19,063 | +6.5% |
| Equity | 10/15 | €192,897 | €220,050 | +€27,153 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €174,297 | €201,450 | +€27,153 | +15.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €172,437 | €199,590 | +€27,153 | +15.7% |
| Amounts payable | 17/49 | €100,598 | €92,507 | -€8,090 | -8.0% |
| Amounts payable within one year | 42/48 | €100,598 | €92,507 | -€8,090 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €13,882 | €0 | -€13,882 | -100% |
| Financial debts | 43 | €1,250 | €1,908 | +€658 | +52.6% |
| Credit institutions | 430/8 | €1,250 | €1,908 | +€658 | +52.6% |
| Trade debts | 44 | €62,954 | €61,586 | -€1,368 | -2.2% |
| Suppliers | 440/4 | €62,954 | €61,586 | -€1,368 | -2.2% |
| Taxes, remuneration and social security | 45 | €22,512 | €29,013 | +€6,501 | +28.9% |
| Taxes | 450/3 | - | €2,787 | +€2,787 | |
| Remuneration and social security | 454/9 | €22,512 | €26,226 | +€3,714 | +16.5% |
| Remuneration, social security and pensions | 62 | €214,460 | €240,237 | +€25,778 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,539 | €35,513 | -€2,025 | -5.4% |
| Other operating charges | 640/8 | €2,979 | €3,958 | +€979 | +32.9% |
| Non-recurring operating charges | 66A | - | €4,310 | +€4,310 | |
| Gross operating margin | 9900 | €271,708 | €326,463 | +€54,755 | +20.2% |
| Operating profit (loss) | 9901 | €16,730 | €42,444 | +€25,714 | +154% |
| Financial income | 75/76B | €0 | €40 | +€39 | +11,939% |
| Recurring financial income | 75 | €0 | €40 | +€39 | +11,939% |
| Financial charges | 65/66B | €3,105 | €5,032 | +€1,927 | +62.1% |
| Recurring financial charges | 65 | €3,105 | €5,032 | +€1,927 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | €13,625 | €37,452 | +€23,827 | +175% |
| Income taxes | 67/77 | €3,845 | €10,299 | +€6,454 | +168% |
| Profit (loss) for the period | 9904 | €9,780 | €27,153 | +€17,373 | +178% |
| Profit (loss) for the period to be appropriated | 9905 | €9,780 | €27,153 | +€17,373 | +178% |
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 23 October 2026 via checked.be.