Stephano: 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.
Stephano
Largest movements
- Cash -€112,477
down €112,477 (-21.9%), from €513,692 to €401,215
mainly Stocks and contracts (-€84,837) and Investment in fixed assets (net) (-€39,900)
- Stocks and contracts +€84,837
up €84,837 (+148%), from €57,389 to €142,227
- Reserves -€30,957
down €30,957 (-5.8%), from €531,442 to €500,486
- Other debts +€28,305
up €28,305 (+11.4%), from €247,619 to €275,923
- Trade debts -€22,195
down €22,195 (-84.0%), from €26,427 to €4,232
- Turnover +€1.1m
new in 2025: €1.1m
- Purchases and services +€1.0m
new in 2025: €1.0m
- Gross operating margin -€25,791
down €25,791 (-20.9%), from €123,377 to €97,587
- Staff costs +€12,874
up €12,874 (+16.4%), from €78,267 to €91,141
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 | €923,828 | €892,130 | -€31,698 | -3.4% |
| Fixed assets | 21/28 | €225,138 | €228,544 | +€3,407 | +1.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €224,816 | €228,222 | +€3,407 | +1.5% |
| Land and buildings | 22 | €192,166 | €164,994 | -€27,172 | -14.1% |
| Plant, machinery and equipment | 23 | €27,861 | €23,187 | -€4,674 | -16.8% |
| Furniture and vehicles | 24 | €4,789 | €40,041 | +€35,253 | +736% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €698,691 | €663,586 | -€35,105 | -5.0% |
| Stocks and contracts in progress | 3 | €57,389 | €142,227 | +€84,837 | +148% |
| Stocks | 30/36 | €57,389 | €142,227 | +€84,837 | +148% |
| Amounts receivable within one year | 40/41 | €127,609 | €120,144 | -€7,465 | -5.8% |
| Trade receivables | 40 | €121,181 | €113,606 | -€7,575 | -6.3% |
| Other amounts receivable | 41 | €6,429 | €6,538 | +€110 | +1.7% |
| Cash at bank and in hand | 54/58 | €513,692 | €401,215 | -€112,477 | -21.9% |
| Total equity and liabilities | 10/49 | €923,828 | €892,130 | -€31,698 | -3.4% |
| Equity | 10/15 | €550,042 | €519,086 | -€30,957 | -5.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €531,442 | €500,486 | -€30,957 | -5.8% |
| Distributable reserves | 133 | €531,442 | €500,486 | -€30,957 | -5.8% |
| Amounts payable | 17/49 | €373,786 | €373,044 | -€741 | -0.2% |
| Amounts payable within one year | 42/48 | €371,286 | €373,044 | +€1,759 | +0.5% |
| Trade debts | 44 | €26,427 | €4,232 | -€22,195 | -84.0% |
| Suppliers | 440/4 | €26,427 | €4,232 | -€22,195 | -84.0% |
| Taxes, remuneration and social security | 45 | €97,241 | €92,889 | -€4,352 | -4.5% |
| Taxes | 450/3 | €87,104 | €82,945 | -€4,159 | -4.8% |
| Remuneration and social security | 454/9 | €10,137 | €9,944 | -€193 | -1.9% |
| Other amounts payable | 47/48 | €247,619 | €275,923 | +€28,305 | +11.4% |
| Accrued charges and deferred income | 492/3 | €2,500 | - | -€2,500 | |
| Turnover | 70 | - | €1,096,548 | +€1.1m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,026,144 | +€1.0m | |
| Remuneration, social security and pensions | 62 | €78,267 | €91,141 | +€12,874 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,902 | €36,493 | +€6,592 | +22.0% |
| Other operating charges | 640/8 | €2,597 | €3,949 | +€1,352 | +52.1% |
| Gross operating margin | 9900 | €123,377 | €97,587 | -€25,791 | -20.9% |
| Operating profit (loss) | 9901 | €12,612 | -€33,997 | -€46,609 | |
| Financial income | 75/76B | €69 | €4,013 | +€3,944 | +5,698% |
| Recurring financial income | 75 | €69 | €4,013 | +€3,944 | +5,698% |
| Financial charges | 65/66B | €1,299 | €972 | -€327 | -25.2% |
| Recurring financial charges | 65 | €1,299 | €972 | -€327 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €11,382 | -€30,957 | -€42,338 | |
| Income taxes | 67/77 | €3,796 | €0 | -€3,796 | -100% |
| Profit (loss) for the period | 9904 | €7,586 | -€30,957 | -€38,542 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,586 | -€30,957 | -€38,542 |
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 20 October 2026 via checked.be.