STEPHANOFF: 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.
STEPHANOFF
Largest movements
- Stocks and contracts +€21,894
up €21,894 (+7.5%), from €291,778 to €313,673
- Tangible fixed assets -€17,955
down €17,955 (-18.3%), from €97,950 to €79,995
of which Land and buildings: -€15,540
- Cash -€12,073
down €12,073 (-8.9%), from €136,107 to €124,034
mainly Other debts (-€44,047) and Stocks and contracts (-€21,894)
- Receivables within one year -€6,446
down €6,446 (-85.5%), from €7,535 to €1,089
of which Trade receivables: -€7,535
- Reserves +€56,045
up €56,045 (+22.4%), from €249,804 to €305,849
- Other debts -€44,047
down €44,047 (-50.4%), from €87,425 to €43,377
- Debts after one year -€13,969
down €13,969 (-34.7%), from €40,219 to €26,250
- Tax, wage and social debts -€10,190
down €10,190 (-21.8%), from €46,736 to €36,546
of which Remuneration and social security: -€9,026
- Financial income -€16,540
down €16,540 (-63.0%), from €26,263 to €9,722
of which Non-recurring financial income: -€16,674
- Gross operating margin +€14,626
up €14,626 (+9.9%), from €147,471 to €162,097
- Taxes +€1,690
up €1,690 (+7.4%), from €22,721 to €24,411
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 | €546,561 | €529,821 | -€16,739 | -3.1% |
| Fixed assets | 21/28 | €97,950 | €79,995 | -€17,955 | -18.3% |
| Tangible fixed assets | 22/27 | €97,950 | €79,995 | -€17,955 | -18.3% |
| Land and buildings | 22 | €87,380 | €71,840 | -€15,540 | -17.8% |
| Plant, machinery and equipment | 23 | €4,397 | €3,539 | -€858 | -19.5% |
| Furniture and vehicles | 24 | €6,172 | €4,615 | -€1,558 | -25.2% |
| Current assets | 29/58 | €448,611 | €449,827 | +€1,216 | +0.3% |
| Stocks and contracts in progress | 3 | €291,778 | €313,673 | +€21,894 | +7.5% |
| Stocks | 30/36 | €291,778 | €313,673 | +€21,894 | +7.5% |
| Amounts receivable within one year | 40/41 | €7,535 | €1,089 | -€6,446 | -85.5% |
| Trade receivables | 40 | €7,535 | - | -€7,535 | |
| Other amounts receivable | 41 | - | €1,089 | +€1,089 | |
| Cash at bank and in hand | 54/58 | €136,107 | €124,034 | -€12,073 | -8.9% |
| Deferred charges and accrued income | 490/1 | €13,191 | €11,031 | -€2,160 | -16.4% |
| Total equity and liabilities | 10/49 | €546,561 | €529,821 | -€16,739 | -3.1% |
| Equity | 10/15 | €262,304 | €318,349 | +€56,045 | +21.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €249,804 | €305,849 | +€56,045 | +22.4% |
| Distributable reserves | 133 | €249,804 | €305,849 | +€56,045 | +22.4% |
| Amounts payable | 17/49 | €284,256 | €211,472 | -€72,785 | -25.6% |
| Amounts payable after more than one year | 17 | €40,219 | €26,250 | -€13,969 | -34.7% |
| Financial debts | 170/4 | €40,219 | €26,250 | -€13,969 | -34.7% |
| Amounts payable within one year | 42/48 | €242,064 | €183,675 | -€58,389 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €16,245 | €13,969 | -€2,276 | -14.0% |
| Financial debts | 43 | €84,333 | €80,000 | -€4,333 | -5.1% |
| Credit institutions | 430/8 | €84,333 | €80,000 | -€4,333 | -5.1% |
| Trade debts | 44 | €7,325 | €9,783 | +€2,458 | +33.6% |
| Suppliers | 440/4 | €7,325 | €9,783 | +€2,458 | +33.6% |
| Taxes, remuneration and social security | 45 | €46,736 | €36,546 | -€10,190 | -21.8% |
| Taxes | 450/3 | €28,230 | €27,066 | -€1,164 | -4.1% |
| Remuneration and social security | 454/9 | €18,506 | €9,480 | -€9,026 | -48.8% |
| Other amounts payable | 47/48 | €87,425 | €43,377 | -€44,047 | -50.4% |
| Accrued charges and deferred income | 492/3 | €1,973 | €1,546 | -€426 | -21.6% |
| Remuneration, social security and pensions | 62 | €65,694 | €64,945 | -€749 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,929 | €17,955 | +€26 | +0.1% |
| Other operating charges | 640/8 | €682 | €702 | +€20 | +2.9% |
| Gross operating margin | 9900 | €147,471 | €162,097 | +€14,626 | +9.9% |
| Operating profit (loss) | 9901 | €63,166 | €78,495 | +€15,329 | +24.3% |
| Financial income | 75/76B | €26,263 | €9,722 | -€16,540 | -63.0% |
| Recurring financial income | 75 | €9,589 | €9,722 | +€133 | +1.4% |
| Non-recurring financial income | 76B | €16,674 | - | -€16,674 | |
| Financial charges | 65/66B | €8,252 | €7,761 | -€491 | -6.0% |
| Recurring financial charges | 65 | €8,252 | €7,761 | -€491 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €81,176 | €80,456 | -€720 | -0.9% |
| Income taxes | 67/77 | €22,721 | €24,411 | +€1,690 | +7.4% |
| Profit (loss) for the period | 9904 | €58,456 | €56,045 | -€2,411 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,456 | €56,045 | -€2,411 | -4.1% |
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.