STEPHEX STABLES: 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
STEPHEX STABLES
NACE 46.713, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€945,134
2024 · €703,234+€241,899
Equity
€32.6m
2024 · €32.0m+€595,134
Cash
€680,885
2024 · €2.0m-€1.3m
Balance sheet total
€112.6m
2024 · €115.4m-€2.8m
Largest movements
Assets
- Receivables within one year -€9.4m
down €9.4m (-34.1%), from €27.6m to €18.2m
of which Other amounts receivable: -€12.8m
- Receivables after one year +€4.8m
up €4.8m (+10.5%), from €45.2m to €49.9m
- Stocks and contracts +€2.7m
up €2.7m (+7.5%), from €36.1m to €38.8m
- Cash -€1.3m
down €1.3m (-65.8%), from €2.0m to €680,885
mainly Debts after one year (-€9.1m) and Short-term financial debts (-€5.2m)
Equity and liabilities
- Trade debts +€11.5m
up €11.5m (+36.9%), from €31.3m to €42.8m
- Debts after one year -€9.1m
down €9.1m (-30.1%), from €30.3m to €21.2m
- Short-term financial debts -€5.2m
down €5.2m (-41.9%), from €12.5m to €7.3m
- Other debts -€2.0m
down €2.0m (-30.3%), from €6.6m to €4.6m
Income statement
- Turnover -€11.4m
down €11.4m (-8.0%), from €142.3m to €130.9m
- Goods and materials -€10.5m
down €10.5m (-8.8%), from €119.2m to €108.8m
of which Change in stocks: decrease (increase): -€5.8m
- Other operating income +€2.9m
up €2.9m (+139.4%), from €2.0m to €4.9m
- Services and other goods +€2.5m
up €2.5m (+11.4%), from €22.0m to €24.5m
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
€703,234
Turnover
-€11.4m
Other operating income
+€2.9m
Goods and materials
+€10.5m
Services and other goods
-€2.5m
Staff costs
+€116,053
Depreciation
-€519,857
Write-downs
+€145,236
Provisions
-€250,000
Other operating charges
+€216,610
Other operating items
+€32,967
Financial income
+€628,131
Financial charges
+€470,761
Result 2025
€945,134
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
+€15.0m
Investment
-€1.8m
Financing
-€14.4m
Cash 2024
€2.0m
From operations (derived)
+€15.0m
Net result for the year
+€945,134
Depreciation
+€1.5m
Receivables after one year
-€4.8m
Stocks and contracts
-€2.7m
Receivables within one year
+€9.4m
Deferred charges and accrued income
-€65,566
Trade debts
+€11.5m
Tax, wage and social debts
+€390,825
Advances received
+€345,926
Other debts
-€2.0m
Accrued charges and deferred income
+€404,385
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.8m
Financing
-€14.4m
Debts after one year
-€9.1m
Current portion of long-term debt
+€288,983
Short-term financial debts
-€5.2m
Contributions, distributions and other
-€350,000
Cash 2025
€680,885
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,395,864 | €112,568,469 | -€2.8m | -2.5% |
| Fixed assets | 21/28 | €3,734,297 | €4,122,157 | +€387,860 | +10.4% |
| Intangible fixed assets | 21 | €3,705 | €705 | -€3,000 | -81.0% |
| Tangible fixed assets | 22/27 | €2,671,477 | €3,033,763 | +€362,286 | +13.6% |
| Land and buildings | 22 | €147,579 | €117,376 | -€30,203 | -20.5% |
| Plant, machinery and equipment | 23 | €352,805 | €378,394 | +€25,589 | +7.3% |
| Furniture and vehicles | 24 | €256,312 | €1,551,260 | +€1.3m | +505.2% |
| Leasing and similar rights | 25 | €1,485,987 | €838,947 | -€647,040 | -43.5% |
| Other tangible fixed assets | 26 | €98,181 | €98,181 | = | 0.0% |
| Assets under construction and advance payments | 27 | €330,613 | €49,605 | -€281,009 | -85.0% |
| Financial fixed assets | 28 | €1,059,114 | €1,087,689 | +€28,574 | +2.7% |
| Affiliated companies | 280/1 | €1,037,500 | €1,037,500 | = | 0.0% |
| Participating interests | 280 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable | 281 | €912,500 | €912,500 | = | 0.0% |
| Other financial fixed assets | 284/8 | €21,614 | €50,189 | +€28,574 | +132.2% |
| Shares | 284 | €1,200 | €1,200 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €20,414 | €48,989 | +€28,574 | +140.0% |
| Current assets | 29/58 | €111,661,568 | €108,446,312 | -€3.2m | -2.9% |
| Amounts receivable after more than one year | 29 | €45,191,595 | €49,945,406 | +€4.8m | +10.5% |
| Other amounts receivable | 291 | €45,191,595 | €49,945,406 | +€4.8m | +10.5% |
| Stocks and contracts in progress | 3 | €36,124,395 | €38,831,002 | +€2.7m | +7.5% |
| Stocks | 30/36 | €36,124,395 | €38,831,002 | +€2.7m | +7.5% |
| Goods purchased for resale | 34 | €36,124,395 | €38,831,002 | +€2.7m | +7.5% |
| Amounts receivable within one year | 40/41 | €27,626,849 | €18,194,821 | -€9.4m | -34.1% |
| Trade receivables | 40 | €9,443,192 | €12,822,954 | +€3.4m | +35.8% |
| Other amounts receivable | 41 | €18,183,658 | €5,371,867 | -€12.8m | -70.5% |
| Cash at bank and in hand | 54/58 | €1,990,095 | €680,885 | -€1.3m | -65.8% |
| Deferred charges and accrued income | 490/1 | €728,633 | €794,199 | +€65,566 | +9.0% |
| Total equity and liabilities | 10/49 | €115,395,864 | €112,568,469 | -€2.8m | -2.5% |
| Equity | 10/15 | €31,976,648 | €32,571,781 | +€595,134 | +1.9% |
| Contributions | 10/11 | €1,062,000 | €1,062,000 | = | 0.0% |
| Capital | 10 | €1,062,000 | €1,062,000 | = | 0.0% |
| Issued capital | 100 | €1,062,000 | €1,062,000 | = | 0.0% |
| Reserves | 13 | €3,064,900 | €3,064,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €106,200 | €106,200 | = | 0.0% |
| Legal reserve | 130 | €106,200 | €106,200 | = | 0.0% |
| Distributable reserves | 133 | €2,958,700 | €2,958,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,849,748 | €28,444,881 | +€595,134 | +2.1% |
| Provisions and deferred taxes | 16 | €175,000 | €175,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €175,000 | €175,000 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €175,000 | €175,000 | = | 0.0% |
| Amounts payable | 17/49 | €83,244,217 | €79,821,687 | -€3.4m | -4.1% |
| Amounts payable after more than one year | 17 | €30,324,483 | €21,188,236 | -€9.1m | -30.1% |
| Financial debts | 170/4 | €30,324,483 | €21,188,236 | -€9.1m | -30.1% |
| Leasing and similar obligations | 172 | €284,144 | €110,590 | -€173,554 | -61.1% |
| Credit institutions | 173 | - | €510,079 | +€510,079 | |
| Other loans | 174 | €30,040,339 | €20,567,566 | -€9.5m | -31.5% |
| Amounts payable within one year | 42/48 | €52,864,349 | €58,173,682 | +€5.3m | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €301,182 | €590,165 | +€288,983 | +95.9% |
| Financial debts | 43 | €12,540,038 | €7,291,097 | -€5.2m | -41.9% |
| Credit institutions | 430/8 | €12,540,038 | €7,291,097 | -€5.2m | -41.9% |
| Trade debts | 44 | €31,252,238 | €42,799,126 | +€11.5m | +36.9% |
| Suppliers | 440/4 | €31,252,238 | €42,799,126 | +€11.5m | +36.9% |
| Advances received on contracts in progress | 46 | €1,761,981 | €2,107,907 | +€345,926 | +19.6% |
| Taxes, remuneration and social security | 45 | €365,178 | €756,003 | +€390,825 | +107.0% |
| Taxes | 450/3 | €242,585 | €675,528 | +€432,944 | +178.5% |
| Remuneration and social security | 454/9 | €122,593 | €80,474 | -€42,119 | -34.4% |
| Other amounts payable | 47/48 | €6,643,733 | €4,629,385 | -€2.0m | -30.3% |
| Accrued charges and deferred income | 492/3 | €55,385 | €459,769 | +€404,385 | +730.1% |
| Operating income | 70/76A | €144,405,117 | €135,826,627 | -€8.6m | -5.9% |
| Turnover | 70 | €142,343,978 | €130,921,442 | -€11.4m | -8.0% |
| Other operating income | 74 | €2,049,107 | €4,905,185 | +€2.9m | +139.4% |
| Non-recurring operating income | 76A | €12,033 | €0 | -€12,033 | -100.0% |
| Operating charges | 60/66A | €143,850,495 | €136,128,997 | -€7.7m | -5.4% |
| Goods for resale, raw materials and consumables | 60 | €119,235,071 | €108,751,892 | -€10.5m | -8.8% |
| Purchases | 600/8 | €115,579,267 | €110,901,209 | -€4.7m | -4.0% |
| Change in stocks: decrease (increase) | 609 | €3,655,804 | -€2,149,317 | -€5.8m | |
| Services and other goods | 61 | €21,994,195 | €24,508,917 | +€2.5m | +11.4% |
| Remuneration, social security and pensions | 62 | €1,704,621 | €1,588,568 | -€116,053 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €939,496 | €1,459,354 | +€519,857 | +55.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€167,645 | -€312,881 | -€145,236 | -86.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€250,000 | €0 | +€250,000 | |
| Other operating charges | 640/8 | €349,757 | €133,147 | -€216,610 | -61.9% |
| Non-recurring operating charges | 66A | €45,000 | €0 | -€45,000 | -100.0% |
| Operating profit (loss) | 9901 | €554,622 | -€302,370 | -€856,992 | |
| Financial income | 75/76B | €2,543,822 | €3,171,953 | +€628,131 | +24.7% |
| Recurring financial income | 75 | €2,543,822 | €3,171,953 | +€628,131 | +24.7% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €2,514,626 | €1,849,143 | -€665,483 | -26.5% |
| Other financial income | 752/9 | €29,197 | €1,322,811 | +€1.3m | +4430.7% |
| Financial charges | 65/66B | €2,395,210 | €1,924,449 | -€470,761 | -19.7% |
| Recurring financial charges | 65 | €2,395,210 | €1,924,449 | -€470,761 | -19.7% |
| Debt charges | 650 | €2,326,021 | €1,840,935 | -€485,086 | -20.9% |
| Other financial charges | 652/9 | €69,189 | €83,515 | +€14,326 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €703,234 | €945,134 | +€241,899 | +34.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €703,234 | €945,134 | +€241,899 | +34.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €703,234 | €945,134 | +€241,899 | +34.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.