STEPHEX HOLDING: 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
STEPHEX HOLDING
NACE 82.990, Other business support services
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€521,992
2024 · €942,462-€1.5m
Equity
€33.8m
2024 · €34.3m-€521,992
Cash
€1.5m
2024 · €1.8m-€336,994
Balance sheet total
€124.5m
2024 · €128.7m-€4.2m
Largest movements
Assets
- Receivables after one year -€5.7m
down €5.7m (-5.6%), from €102.2m to €96.5m
Equity and liabilities
- Debts after one year +€10.1m
up €10.1m (+21.0%), from €48.3m to €58.5m
- Other debts -€9.3m
down €9.3m (-61.4%), from €15.2m to €5.8m
- Short-term financial debts -€7.8m
down €7.8m (-26.4%), from €29.6m to €21.8m
- Current portion of long-term debt +€2.5m
up €2.5m (+295.6%), from €848,742 to €3.4m
Income statement
- Financial income -€1.5m
down €1.5m (-29.4%), from €5.1m to €3.6m
- Turnover +€1.1m
up €1.1m (+25.6%), from €4.4m to €5.5m
- Goods and materials +€777,294
up €777,294 (+6741.5%), from €11,530 to €788,824
- Financial charges -€627,401
down €627,401 (-13.4%), from €4.7m to €4.0m
- Services and other goods +€402,729
up €402,729 (+14.6%), from €2.8m to €3.2m
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
€942,462
Turnover
+€1.1m
Other operating income
+€43,618
Goods and materials
-€777,294
Services and other goods
-€402,729
Staff costs
-€116,796
Depreciation
+€8,400
Other operating charges
+€28,674
Other operating items
-€497,606
Financial income
-€1.5m
Financial charges
+€627,401
Taxes
-€918
Result 2025
-€521,992
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
-€3.9m
Investment
-€1.3m
Financing
+€4.8m
Cash 2024
€1.8m
From operations (derived)
-€3.9m
Net result for the year
-€521,992
Depreciation
+€93,384
Receivables after one year
+€5.7m
Receivables within one year
-€260,809
Deferred charges and accrued income
-€404,522
Trade debts
+€673,135
Tax, wage and social debts
+€117,806
Other debts
-€9.3m
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€4.8m
Debts after one year
+€10.1m
Current portion of long-term debt
+€2.5m
Short-term financial debts
-€7.8m
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €128,683,802 | €124,484,874 | -€4.2m | -3.3% |
| Fixed assets | 21/28 | €11,132,772 | €12,318,104 | +€1.2m | +10.6% |
| Intangible fixed assets | 21 | €27,119 | €238,136 | +€211,016 | +778.1% |
| Tangible fixed assets | 22/27 | €225,772 | €197,534 | -€28,238 | -12.5% |
| Furniture and vehicles | 24 | €211,605 | €189,231 | -€22,374 | -10.6% |
| Leasing and similar rights | 25 | €14,167 | €8,303 | -€5,864 | -41.4% |
| Financial fixed assets | 28 | €10,879,881 | €11,882,434 | +€1.0m | +9.2% |
| Affiliated companies | 280/1 | €10,879,881 | €11,257,434 | +€377,553 | +3.5% |
| Participating interests | 280 | €10,879,881 | €11,257,434 | +€377,553 | +3.5% |
| Companies linked by participating interests | 282/3 | - | €625,000 | +€625,000 | |
| Participating interests | 282 | - | €625,000 | +€625,000 | |
| Current assets | 29/58 | €117,551,030 | €112,166,770 | -€5.4m | -4.6% |
| Amounts receivable after more than one year | 29 | €102,192,274 | €96,479,677 | -€5.7m | -5.6% |
| Other amounts receivable | 291 | €102,192,274 | €96,479,677 | -€5.7m | -5.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €13,428,373 | €13,689,182 | +€260,809 | +1.9% |
| Trade receivables | 40 | €1,158,927 | €1,505,811 | +€346,885 | +29.9% |
| Other amounts receivable | 41 | €12,269,447 | €12,183,371 | -€86,076 | -0.7% |
| Cash at bank and in hand | 54/58 | €1,801,834 | €1,464,841 | -€336,994 | -18.7% |
| Deferred charges and accrued income | 490/1 | €128,548 | €533,071 | +€404,522 | +314.7% |
| Total equity and liabilities | 10/49 | €128,683,802 | €124,484,874 | -€4.2m | -3.3% |
| Equity | 10/15 | €34,323,822 | €33,801,830 | -€521,992 | -1.5% |
| Contributions | 10/11 | €5,944,785 | €5,944,785 | = | 0.0% |
| Capital | 10 | €5,944,785 | €5,944,785 | = | 0.0% |
| Issued capital | 100 | €5,944,785 | €5,944,785 | = | 0.0% |
| Reserves | 13 | €594,479 | €594,479 | = | 0.0% |
| Non-distributable reserves | 130/1 | €594,479 | €594,479 | = | 0.0% |
| Legal reserve | 130 | €594,479 | €594,479 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,784,558 | €27,262,566 | -€521,992 | -1.9% |
| Amounts payable | 17/49 | €94,359,980 | €90,683,044 | -€3.7m | -3.9% |
| Amounts payable after more than one year | 17 | €48,333,167 | €58,474,712 | +€10.1m | +21.0% |
| Financial debts | 170/4 | €48,333,167 | €58,474,712 | +€10.1m | +21.0% |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Credit institutions | 173 | €3,400,897 | €7,543,125 | +€4.1m | +121.8% |
| Other loans | 174 | €44,932,270 | €50,931,587 | +€6.0m | +13.4% |
| Amounts payable within one year | 42/48 | €46,026,812 | €32,208,332 | -€13.8m | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €848,742 | €3,357,772 | +€2.5m | +295.6% |
| Financial debts | 43 | €29,583,532 | €21,775,520 | -€7.8m | -26.4% |
| Credit institutions | 430/8 | €29,583,532 | €21,775,520 | -€7.8m | -26.4% |
| Trade debts | 44 | €320,078 | €993,212 | +€673,135 | +210.3% |
| Suppliers | 440/4 | €320,078 | €993,212 | +€673,135 | +210.3% |
| Taxes, remuneration and social security | 45 | €122,995 | €240,802 | +€117,806 | +95.8% |
| Taxes | 450/3 | €1,347 | €50,134 | +€48,787 | +3621.7% |
| Remuneration and social security | 454/9 | €121,648 | €190,667 | +€69,019 | +56.7% |
| Other amounts payable | 47/48 | €15,151,466 | €5,841,026 | -€9.3m | -61.4% |
| Operating income | 70/76A | €5,322,336 | €5,572,712 | +€250,376 | +4.7% |
| Turnover | 70 | €4,381,761 | €5,504,424 | +€1.1m | +25.6% |
| Other operating income | 74 | €24,670 | €68,288 | +€43,618 | +176.8% |
| Non-recurring operating income | 76A | €915,906 | €0 | -€915,906 | -100.0% |
| Operating charges | 60/66A | €4,811,300 | €5,652,744 | +€841,444 | +17.5% |
| Goods for resale, raw materials and consumables | 60 | €11,530 | €788,824 | +€777,294 | +6741.5% |
| Purchases | 600/8 | €11,530 | €788,824 | +€777,294 | +6741.5% |
| Services and other goods | 61 | €2,758,473 | €3,161,202 | +€402,729 | +14.6% |
| Remuneration, social security and pensions | 62 | €1,456,446 | €1,573,241 | +€116,796 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,784 | €93,384 | -€8,400 | -8.3% |
| Other operating charges | 640/8 | €64,768 | €36,094 | -€28,674 | -44.3% |
| Non-recurring operating charges | 66A | €418,300 | €0 | -€418,300 | -100.0% |
| Operating profit (loss) | 9901 | €511,036 | -€80,032 | -€591,068 | |
| Financial income | 75/76B | €5,109,321 | €3,609,451 | -€1.5m | -29.4% |
| Recurring financial income | 75 | €5,109,321 | €3,609,451 | -€1.5m | -29.4% |
| Income from financial fixed assets | 750 | €6,377 | €0 | -€6,377 | -100.0% |
| Income from current assets | 751 | €5,084,177 | €3,607,103 | -€1.5m | -29.1% |
| Other financial income | 752/9 | €18,766 | €2,348 | -€16,418 | -87.5% |
| Financial charges | 65/66B | €4,676,547 | €4,049,146 | -€627,401 | -13.4% |
| Recurring financial charges | 65 | €4,676,547 | €4,049,146 | -€627,401 | -13.4% |
| Debt charges | 650 | €4,154,232 | €3,308,680 | -€845,552 | -20.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €500,000 | €693,891 | +€193,891 | +38.8% |
| Other financial charges | 652/9 | €22,315 | €46,576 | +€24,260 | +108.7% |
| Profit (loss) for the period before taxes | 9903 | €943,809 | -€519,727 | -€1.5m | |
| Income taxes | 67/77 | €1,347 | €2,265 | +€918 | +68.1% |
| Taxes | 670/3 | €1,347 | €2,265 | +€918 | +68.1% |
| Profit (loss) for the period | 9904 | €942,462 | -€521,992 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €942,462 | -€521,992 | -€1.5m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.