STEPHIL: 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.
STEPHIL
Largest movements
- Current investments +€27,099
up €27,099 (+22.3%), from €121,255 to €148,354
- Cash -€6,320
down €6,320 (-23.0%), from €27,514 to €21,194
mainly Current investments (-€27,099) and Investment in fixed assets (net) (-€17,280)
- Reserves +€45,157
up €45,157 (+11.8%), from €381,816 to €426,973
- Current portion of long-term debt -€6,771
down €6,771 (-66.4%), from €10,196 to €3,425
- Tax, wage and social debts -€5,078
down €5,078 (-59.7%), from €8,507 to €3,429
- Gross operating margin -€13,077
down €13,077 (-12.7%), from €102,764 to €89,687
- Taxes -€3,908
down €3,908 (-13.8%), from €28,364 to €24,457
- Financial income -€1,250
down €1,250 (-35.3%), from €3,536 to €2,286
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 | €417,435 | €446,329 | +€28,894 | +6.9% |
| Fixed assets | 21/28 | €261,121 | €264,863 | +€3,743 | +1.4% |
| Tangible fixed assets | 22/27 | €261,121 | €264,863 | +€3,743 | +1.4% |
| Land and buildings | 22 | €256,084 | €260,421 | +€4,336 | +1.7% |
| Furniture and vehicles | 24 | €2,186 | €1,593 | -€594 | -27.2% |
| Other tangible fixed assets | 26 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €156,314 | €181,466 | +€25,151 | +16.1% |
| Amounts receivable within one year | 40/41 | €7,546 | €11,918 | +€4,372 | +57.9% |
| Trade receivables | 40 | €4,864 | €6,327 | +€1,463 | +30.1% |
| Other amounts receivable | 41 | €2,681 | €5,591 | +€2,909 | +108.5% |
| Current investments | 50/53 | €121,255 | €148,354 | +€27,099 | +22.3% |
| Cash at bank and in hand | 54/58 | €27,514 | €21,194 | -€6,320 | -23.0% |
| Total equity and liabilities | 10/49 | €417,435 | €446,329 | +€28,894 | +6.9% |
| Equity | 10/15 | €394,216 | €439,373 | +€45,157 | +11.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €381,816 | €426,973 | +€45,157 | +11.8% |
| Distributable reserves | 133 | €381,816 | €426,973 | +€45,157 | +11.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,219 | €6,956 | -€16,263 | -70.0% |
| Amounts payable after more than one year | 17 | €3,425 | €0 | -€3,425 | -100.0% |
| Financial debts | 170/4 | €3,425 | €0 | -€3,425 | -100.0% |
| Amounts payable within one year | 42/48 | €19,794 | €6,956 | -€12,838 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €10,196 | €3,425 | -€6,771 | -66.4% |
| Trade debts | 44 | €0 | €102 | +€102 | |
| Suppliers | 440/4 | €0 | €102 | +€102 | |
| Taxes, remuneration and social security | 45 | €8,507 | €3,429 | -€5,078 | -59.7% |
| Taxes | 450/3 | €8,507 | €3,429 | -€5,078 | -59.7% |
| Other amounts payable | 47/48 | €1,090 | €0 | -€1,090 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,927 | €13,537 | +€610 | +4.7% |
| Other operating charges | 640/8 | €4,015 | €4,816 | +€801 | +19.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €102,764 | €89,687 | -€13,077 | -12.7% |
| Operating profit (loss) | 9901 | €85,821 | €71,333 | -€14,488 | -16.9% |
| Financial income | 75/76B | €3,536 | €2,286 | -€1,250 | -35.3% |
| Recurring financial income | 75 | €3,536 | €2,286 | -€1,250 | -35.3% |
| Financial charges | 65/66B | €659 | €610 | -€49 | -7.4% |
| Recurring financial charges | 65 | €659 | €610 | -€49 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €88,698 | €73,010 | -€15,689 | -17.7% |
| Income taxes | 67/77 | €28,364 | €24,457 | -€3,908 | -13.8% |
| Profit (loss) for the period | 9904 | €60,334 | €48,553 | -€11,781 | -19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,334 | €48,553 | -€11,781 | -19.5% |
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 10 October 2026 via checked.be.