STEPHANO IMMO: 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.
What changed
STEPHANO IMMO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€279,655
2024 · -€191,404+€471,058
Equity
-€3.7m
2024 · -€3.9m+€279,655
Cash
€1.5m
2024 · €1.2m+€271,440
Balance sheet total
€45.1m
2024 · €45.9m-€855,770
Largest movements
Assets
- Tangible fixed assets -€2.0m
down €2.0m (-6.9%), from €29.1m to €27.1m
of which Other tangible fixed assets: -€1.1m
- Receivables within one year +€838,592
up €838,592 (+9.1%), from €9.3m to €10.1m
of which Other amounts receivable: +€673,984
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-3.2%), from €43.4m to €42.1m
of which Financial debts: -€1.6m
Income statement
- Depreciation -€150,615
down €150,615 (-6.8%), from €2.2m to €2.1m
- Gross operating margin +€133,066
up €133,066 (+4.2%), from €3.1m to €3.3m
- Financial charges -€35,272
down €35,272 (-2.9%), from €1.2m to €1.2m
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.
Result 2024
-€191,404
Gross operating margin
+€133,066
Depreciation
+€150,615
Write-downs
+€26,269
Other operating charges
+€1,789
Other operating items
+€115,520
Financial income
+€8,528
Financial charges
+€35,272
Result 2025
€279,655
raises the resultnot broken down further in the accounts
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.
From operations
+€1.6m
Investment
-€71,060
Financing
-€1.3m
Cash 2024
€1.2m
From operations (derived)
+€1.6m
Net result for the year
+€279,655
Depreciation
+€2.1m
Receivables within one year
-€838,592
Deferred charges and accrued income
-€34,873
Provisions
-€1,901
Trade debts
+€156,221
Tax, wage and social debts
+€46,823
Other debts
-€273,278
Accrued charges and deferred income
+€234,080
Investment (derived)
-€71,060
Investment in fixed assets (net)
-€71,060
Financing
-€1.3m
Debts after one year
-€1.4m
Current portion of long-term debt
+€71,652
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,907,136 | €45,051,366 | -€855,770 | -1.9% |
| Fixed assets | 21/28 | €29,103,980 | €27,103,306 | -€2.0m | -6.9% |
| Tangible fixed assets | 22/27 | €29,103,980 | €27,103,306 | -€2.0m | -6.9% |
| Land and buildings | 22 | €4,532,635 | €4,532,635 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,398,947 | €7,913,664 | -€485,284 | -5.8% |
| Furniture and vehicles | 24 | €81,045 | €80,318 | -€727 | -0.9% |
| Other tangible fixed assets | 26 | €12,420,989 | €11,321,949 | -€1.1m | -8.8% |
| Assets under construction and advance payments | 27 | €3,670,365 | €3,254,740 | -€415,625 | -11.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €16,803,156 | €17,948,061 | +€1.1m | +6.8% |
| Stocks and contracts in progress | 3 | €4,599,647 | €4,599,647 | = | 0.0% |
| Stocks | 30/36 | €4,386,494 | €4,386,494 | = | 0.0% |
| Contracts in progress | 37 | €213,152 | €213,152 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,263,328 | €10,101,920 | +€838,592 | +9.1% |
| Trade receivables | 40 | €1,099,202 | €1,263,810 | +€164,608 | +15.0% |
| Other amounts receivable | 41 | €8,164,126 | €8,838,110 | +€673,984 | +8.3% |
| Cash at bank and in hand | 54/58 | €1,249,005 | €1,520,445 | +€271,440 | +21.7% |
| Deferred charges and accrued income | 490/1 | €1,691,177 | €1,726,049 | +€34,873 | +2.1% |
| Total equity and liabilities | 10/49 | €45,907,136 | €45,051,366 | -€855,770 | -1.9% |
| Equity | 10/15 | -€3,935,093 | -€3,655,439 | +€279,655 | +7.1% |
| Contributions | 10/11 | €306,075 | €306,075 | = | 0.0% |
| Capital | 10 | €306,075 | €306,075 | = | 0.0% |
| Issued capital | 100 | €306,075 | €306,075 | = | 0.0% |
| Reserves | 13 | €498,644 | €492,940 | -€5,704 | -1.1% |
| Non-distributable reserves | 130/1 | €30,608 | €30,608 | = | 0.0% |
| Legal reserve | 130 | €30,608 | €30,608 | = | 0.0% |
| Tax-exempt reserves | 132 | €125,564 | €119,861 | -€5,704 | -4.5% |
| Distributable reserves | 133 | €342,472 | €342,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,739,813 | -€4,454,454 | +€285,358 | +6.0% |
| Provisions and deferred taxes | 16 | €41,855 | €39,954 | -€1,901 | -4.5% |
| Deferred taxes | 168 | €41,855 | €39,954 | -€1,901 | -4.5% |
| Amounts payable | 17/49 | €49,800,375 | €48,666,852 | -€1.1m | -2.3% |
| Amounts payable after more than one year | 17 | €43,438,752 | €42,069,731 | -€1.4m | -3.2% |
| Financial debts | 170/4 | €43,158,213 | €41,512,058 | -€1.6m | -3.8% |
| Other amounts payable | 178/9 | €280,539 | €557,673 | +€277,134 | +98.8% |
| Amounts payable within one year | 42/48 | €5,638,297 | €5,639,714 | +€1,417 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €1,543,658 | €1,615,310 | +€71,652 | +4.6% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €879,058 | €1,035,279 | +€156,221 | +17.8% |
| Suppliers | 440/4 | €879,058 | €1,035,279 | +€156,221 | +17.8% |
| Taxes, remuneration and social security | 45 | €56,446 | €103,269 | +€46,823 | +83.0% |
| Taxes | 450/3 | €56,446 | €103,269 | +€46,823 | +83.0% |
| Other amounts payable | 47/48 | €1,159,135 | €885,856 | -€273,278 | -23.6% |
| Accrued charges and deferred income | 492/3 | €723,327 | €957,407 | +€234,080 | +32.4% |
| Non-recurring operating income | 76A | €50,502 | €56,976 | +€6,474 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,222,349 | €2,071,734 | -€150,615 | -6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €26,269 | €0 | -€26,269 | -100% |
| Other operating charges | 640/8 | €2,787 | €998 | -€1,789 | -64.2% |
| Non-recurring operating charges | 66A | €115,520 | €0 | -€115,520 | -100% |
| Gross operating margin | 9900 | €3,132,290 | €3,265,356 | +€133,066 | +4.2% |
| Operating profit (loss) | 9901 | €765,364 | €1,192,623 | +€427,259 | +55.8% |
| Financial income | 75/76B | €242,721 | €251,248 | +€8,528 | +3.5% |
| Recurring financial income | 75 | €242,721 | €251,248 | +€8,528 | +3.5% |
| Financial charges | 65/66B | €1,201,389 | €1,166,118 | -€35,272 | -2.9% |
| Recurring financial charges | 65 | €1,201,389 | €1,166,118 | -€35,272 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€193,305 | €277,753 | +€471,059 | |
| Transfer from deferred taxes | 780 | €1,902 | €1,901 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€191,404 | €279,655 | +€471,058 | |
| Transfer from tax-exempt reserves | 789 | €5,705 | €5,704 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€185,699 | €285,358 | +€471,058 |
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 21 October 2026 via checked.be.