STEPHISAN: 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.
STEPHISAN
Largest movements
- Tangible fixed assets -€8,746
down €8,746 (-5.0%), from €175,257 to €166,511
- Cash -€3,266
down €3,266 (-39.1%), from €8,347 to €5,082
mainly Debts after one year (-€7,549) and Net result for the year (-€3,949)
- Debts after one year -€7,549
down €7,549 (-8.0%), from €94,781 to €87,231
- Profit (loss) carried forward -€3,949
down €3,949 (-10.3%), from -€38,272 to -€42,222
- Gross operating margin +€8,491
up €8,491, from -€1,712 to €6,778
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 | €183,604 | €171,592 | -€12,012 | -6.5% |
| Fixed assets | 21/28 | €175,257 | €166,511 | -€8,746 | -5.0% |
| Tangible fixed assets | 22/27 | €175,257 | €166,511 | -€8,746 | -5.0% |
| Land and buildings | 22 | €175,257 | €166,511 | -€8,746 | -5.0% |
| Current assets | 29/58 | €8,347 | €5,082 | -€3,266 | -39.1% |
| Cash at bank and in hand | 54/58 | €8,347 | €5,082 | -€3,266 | -39.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €183,604 | €171,592 | -€12,012 | -6.5% |
| Equity | 10/15 | €88,310 | €84,361 | -€3,949 | -4.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €107,583 | €107,583 | = | 0.0% |
| Distributable reserves | 133 | €107,583 | €107,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,272 | -€42,222 | -€3,949 | -10.3% |
| Amounts payable | 17/49 | €95,294 | €87,231 | -€8,063 | -8.5% |
| Amounts payable after more than one year | 17 | €94,781 | €87,231 | -€7,549 | -8.0% |
| Financial debts | 170/4 | €94,781 | €87,231 | -€7,549 | -8.0% |
| Amounts payable within one year | 42/48 | €513 | €0 | -€513 | -100% |
| Trade debts | 44 | €513 | €0 | -€513 | -100% |
| Suppliers | 440/4 | €513 | €0 | -€513 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,746 | €8,746 | = | 0.0% |
| Other operating charges | 640/8 | €1,923 | €1,931 | +€8 | +0.4% |
| Gross operating margin | 9900 | -€1,712 | €6,778 | +€8,491 | |
| Operating profit (loss) | 9901 | -€12,382 | -€3,899 | +€8,483 | +68.5% |
| Financial charges | 65/66B | €44 | €51 | +€7 | +16.9% |
| Recurring financial charges | 65 | €44 | €51 | +€7 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,425 | -€3,949 | +€8,476 | +68.2% |
| Profit (loss) for the period | 9904 | -€12,425 | -€3,949 | +€8,476 | +68.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,425 | -€3,949 | +€8,476 | +68.2% |
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 16 October 2026 via checked.be.