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
- Cash +€102,050
up €102,050 (+140%), from €72,798 to €174,847
mainly Net result for the year (+€151,197) and Depreciation (+€100,775)
- Tangible fixed assets -€51,075
down €51,075 (-5.8%), from €879,527 to €828,452
of which Land and buildings: -€48,649
- Receivables within one year +€15,820
up €15,820 (+32.2%), from €49,080 to €64,900
of which Other amounts receivable: +€16,400
- Reserves +€151,197
up €151,197 (+42.8%), from €353,544 to €504,740
- Debts after one year -€31,259
down €31,259 (-10.2%), from €305,619 to €274,361
- Trade debts -€28,027
down €28,027 (-75.6%), from €37,052 to €9,025
- Other debts -€21,409
down €21,409 (-10.0%), from €213,549 to €192,140
- Depreciation -€21,172
down €21,172 (-17.4%), from €121,946 to €100,775
- Financial charges -€18,140
down €18,140 (-50.7%), from €35,800 to €17,659
- Taxes +€16,226
up €16,226 (+32.5%), from €49,966 to €66,192
- Gross operating margin +€11,467
up €11,467 (+3.5%), from €327,819 to €339,286
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.
Derived cash bridge
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 | €1,006,462 | €1,072,266 | +€65,804 | +6.5% |
| Fixed assets | 21/28 | €879,527 | €828,452 | -€51,075 | -5.8% |
| Tangible fixed assets | 22/27 | €879,527 | €828,452 | -€51,075 | -5.8% |
| Land and buildings | 22 | €648,513 | €599,864 | -€48,649 | -7.5% |
| Furniture and vehicles | 24 | €9,378 | €17,365 | +€7,987 | +85.2% |
| Other tangible fixed assets | 26 | €221,636 | €211,224 | -€10,413 | -4.7% |
| Current assets | 29/58 | €126,935 | €243,814 | +€116,879 | +92.1% |
| Amounts receivable within one year | 40/41 | €49,080 | €64,900 | +€15,820 | +32.2% |
| Trade receivables | 40 | €30,580 | €30,000 | -€580 | -1.9% |
| Other amounts receivable | 41 | €18,500 | €34,900 | +€16,400 | +88.6% |
| Cash at bank and in hand | 54/58 | €72,798 | €174,847 | +€102,050 | +140% |
| Deferred charges and accrued income | 490/1 | €5,057 | €4,067 | -€990 | -19.6% |
| Total equity and liabilities | 10/49 | €1,006,462 | €1,072,266 | +€65,804 | +6.5% |
| Equity | 10/15 | €396,326 | €547,522 | +€151,197 | +38.1% |
| Contributions | 10/11 | €42,782 | €42,782 | = | 0.0% |
| Reserves | 13 | €353,544 | €504,740 | +€151,197 | +42.8% |
| Distributable reserves | 133 | €353,544 | €504,740 | +€151,197 | +42.8% |
| Amounts payable | 17/49 | €610,137 | €524,744 | -€85,392 | -14.0% |
| Amounts payable after more than one year | 17 | €305,619 | €274,361 | -€31,259 | -10.2% |
| Financial debts | 170/4 | €305,619 | €274,361 | -€31,259 | -10.2% |
| Amounts payable within one year | 42/48 | €304,514 | €250,384 | -€54,131 | -17.8% |
| Current portion of amounts payable after more than one year | 42 | €38,791 | €30,717 | -€8,074 | -20.8% |
| Trade debts | 44 | €37,052 | €9,025 | -€28,027 | -75.6% |
| Suppliers | 440/4 | €37,052 | €9,025 | -€28,027 | -75.6% |
| Taxes, remuneration and social security | 45 | €15,122 | €18,502 | +€3,380 | +22.4% |
| Taxes | 450/3 | €15,122 | €18,502 | +€3,380 | +22.4% |
| Other amounts payable | 47/48 | €213,549 | €192,140 | -€21,409 | -10.0% |
| Accrued charges and deferred income | 492/3 | €3 | - | -€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,946 | €100,775 | -€21,172 | -17.4% |
| Other operating charges | 640/8 | €3,024 | €3,527 | +€503 | +16.6% |
| Gross operating margin | 9900 | €327,819 | €339,286 | +€11,467 | +3.5% |
| Operating profit (loss) | 9901 | €202,848 | €234,984 | +€32,136 | +15.8% |
| Financial income | 75/76B | €267 | €65 | -€203 | -75.8% |
| Recurring financial income | 75 | €267 | €65 | -€203 | -75.8% |
| Financial charges | 65/66B | €35,800 | €17,659 | -€18,140 | -50.7% |
| Recurring financial charges | 65 | €35,800 | €17,659 | -€18,140 | -50.7% |
| Profit (loss) for the period before taxes | 9903 | €167,315 | €217,389 | +€50,074 | +29.9% |
| Income taxes | 67/77 | €49,966 | €66,192 | +€16,226 | +32.5% |
| Profit (loss) for the period | 9904 | €117,349 | €151,197 | +€33,848 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €117,349 | €151,197 | +€33,848 | +28.8% |
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 27 October 2026 via checked.be.