STEPHENSON: what changed
Two fiscal 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
STEPHENSON
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€322.4m
2024 · €2.7m+€319.6m
Equity
€800.0m
2024 · €125.2m+€674.8m
Cash
€4.3m
2024 · €4.5m-€111,296
Balance sheet total
€826.8m
2024 · €136.0m+€690.7m
Largest movements
Assets
- Financial fixed assets +€660.0m
up €660.0m (+752.1%), from €87.8m to €747.8m
- Current investments +€22.5m
up €22.5m (+125.1%), from €18.0m to €40.5m
- Tangible fixed assets +€9.2m
up €9.2m (+46.6%), from €19.8m to €29.0m
of which Land and buildings: +€8.0m
Equity and liabilities
- Reserves +€657.9m
up €657.9m (+632.7%), from €104.0m to €761.9m
of which Distributable reserves: +€657.9m
- Contributions +€16.9m
up €16.9m (+79.8%), from €21.2m to €38.1m
- Other debts +€9.9m
up €9.9m (+1095.8%), from €905,932 to €10.8m
Income statement
- Financial income +€322.4m
up €322.4m (+11388.3%), from €2.8m to €325.3m
of which Non-recurring financial income: +€319.3m
- Financial charges +€1.3m
up €1.3m (+295.0%), from €426,361 to €1.7m
of which Financial charges: +€964,783
- Gross operating margin -€1.0m
down €1.0m (-89.0%), from €1.2m to €127,835
- Depreciation +€460,069
up €460,069 (+88.8%), from €517,919 to €977,988
- Other operating charges +€42,977
up €42,977 (+95.0%), from €45,245 to €88,222
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
€2.7m
Gross operating margin
-€1.0m
Staff costs
-€38,980
Depreciation
-€460,069
Other operating charges
-€42,977
Financial income
+€322.4m
Financial charges
-€1.3m
Taxes
+€42,931
Result 2025
€322.4m
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.
From operations
+€334.6m
Investment
-€692.7m
Financing
+€358.0m
Cash 2024
€4.5m
From operations (derived)
+€334.6m
Net result for the year
+€322.4m
Depreciation
+€977,988
Receivables after one year
-€4.2m
Smaller working-capital items
+€527,276
Receivables within one year
+€5.0m
Other debts
+€9.9m
Investment (derived)
-€692.7m
Investment in fixed assets (net)
-€670.2m
Current investments
-€22.5m
Financing
+€358.0m
Debts after one year
+€4.8m
Current portion of long-term debt
+€772,171
Contributions, distributions and other
+€352.4m
Cash 2025
€4.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,046,128 | €826,795,735 | +€690.7m | +507.7% |
| Fixed assets | 21/28 | €107,553,193 | €776,792,442 | +€669.2m | +622.2% |
| Tangible fixed assets | 22/27 | €19,794,760 | €29,026,635 | +€9.2m | +46.6% |
| Land and buildings | 22 | €18,181,774 | €26,211,162 | +€8.0m | +44.2% |
| Plant, machinery and equipment | 23 | €35,338 | €49,886 | +€14,549 | +41.2% |
| Furniture and vehicles | 24 | €1,133,109 | €1,011,484 | -€121,626 | -10.7% |
| Other tangible fixed assets | 26 | €167,153 | €169,671 | +€2,518 | +1.5% |
| Assets under construction and advance payments | 27 | €277,386 | €1,584,432 | +€1.3m | +471.2% |
| Financial fixed assets | 28 | €87,758,433 | €747,765,807 | +€660.0m | +752.1% |
| Current assets | 29/58 | €28,492,935 | €50,003,293 | +€21.5m | +75.5% |
| Amounts receivable after more than one year | 29 | €510,000 | €4,684,053 | +€4.2m | +818.4% |
| Other amounts receivable | 291 | €510,000 | €4,684,053 | +€4.2m | +818.4% |
| Stocks and contracts in progress | 3 | - | €5,664 | +€5,664 | |
| Stocks | 30/36 | - | €5,664 | +€5,664 | |
| Amounts receivable within one year | 40/41 | €5,401,565 | €442,755 | -€5.0m | -91.8% |
| Trade receivables | 40 | €348,694 | €118,517 | -€230,177 | -66.0% |
| Other amounts receivable | 41 | €5,052,871 | €324,238 | -€4.7m | -93.6% |
| Current investments | 50/53 | €17,974,695 | €40,465,669 | +€22.5m | +125.1% |
| Cash at bank and in hand | 54/58 | €4,456,997 | €4,345,701 | -€111,296 | -2.5% |
| Deferred charges and accrued income | 490/1 | €149,678 | €59,452 | -€90,226 | -60.3% |
| Total equity and liabilities | 10/49 | €136,046,128 | €826,795,735 | +€690.7m | +507.7% |
| Equity | 10/15 | €125,170,949 | €799,983,786 | +€674.8m | +539.1% |
| Contributions | 10/11 | €21,192,500 | €38,109,803 | +€16.9m | +79.8% |
| Capital | 10 | €21,192,500 | €38,109,803 | +€16.9m | +79.8% |
| Issued capital | 100 | €21,192,500 | €38,109,803 | +€16.9m | +79.8% |
| Reserves | 13 | €103,978,449 | €761,873,983 | +€657.9m | +632.7% |
| Non-distributable reserves | 130/1 | €2,119,250 | €2,119,250 | = | 0.0% |
| Legal reserve | 130 | €2,119,250 | €2,119,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,814,738 | €4,814,738 | = | 0.0% |
| Distributable reserves | 133 | €97,044,461 | €754,939,995 | +€657.9m | +677.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €10,875,178 | €26,811,949 | +€15.9m | +146.5% |
| Amounts payable after more than one year | 17 | €5,801,381 | €10,595,975 | +€4.8m | +82.6% |
| Financial debts | 170/4 | €5,801,381 | €10,595,975 | +€4.8m | +82.6% |
| Amounts payable within one year | 42/48 | €4,970,363 | €16,094,533 | +€11.1m | +223.8% |
| Current portion of amounts payable after more than one year | 42 | €1,004,664 | €1,776,834 | +€772,171 | +76.9% |
| Financial debts | 43 | €2,900,000 | €2,900,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,900,000 | €2,900,000 | = | 0.0% |
| Trade debts | 44 | €13,649 | €566,116 | +€552,467 | +4047.5% |
| Suppliers | 440/4 | €13,649 | €566,116 | +€552,467 | +4047.5% |
| Taxes, remuneration and social security | 45 | €146,118 | €18,358 | -€127,760 | -87.4% |
| Taxes | 450/3 | €139,020 | €4,516 | -€134,504 | -96.8% |
| Remuneration and social security | 454/9 | €7,097 | €13,842 | +€6,745 | +95.0% |
| Other amounts payable | 47/48 | €905,932 | €10,833,224 | +€9.9m | +1095.8% |
| Accrued charges and deferred income | 492/3 | €103,434 | €121,441 | +€18,007 | +17.4% |
| Remuneration, social security and pensions | 62 | €56,682 | €95,662 | +€38,980 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €517,919 | €977,988 | +€460,069 | +88.8% |
| Other operating charges | 640/8 | €45,245 | €88,222 | +€42,977 | +95.0% |
| Gross operating margin | 9900 | €1,157,211 | €127,835 | -€1.0m | -89.0% |
| Operating profit (loss) | 9901 | €537,365 | -€1,034,037 | -€1.6m | |
| Financial income | 75/76B | €2,831,182 | €325,254,809 | +€322.4m | +11388.3% |
| Recurring financial income | 75 | €2,708,323 | €5,864,204 | +€3.2m | +116.5% |
| Non-recurring financial income | 76B | €122,859 | €319,390,605 | +€319.3m | +259865.2% |
| Financial charges | 65/66B | €426,361 | €1,683,970 | +€1.3m | +295.0% |
| Recurring financial charges | 65 | €358,517 | €1,323,300 | +€964,783 | +269.1% |
| Non-recurring financial charges | 66B | €67,844 | €360,671 | +€292,827 | +431.6% |
| Profit (loss) for the period before taxes | 9903 | €2,942,186 | €322,536,802 | +€319.6m | +10862.5% |
| Income taxes | 67/77 | €204,885 | €161,954 | -€42,931 | -21.0% |
| Profit (loss) for the period | 9904 | €2,737,301 | €322,374,848 | +€319.6m | +11677.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,737,301 | €322,374,848 | +€319.6m | +11677.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.