STEPHYBEL: 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.
STEPHYBEL
Largest movements
- Receivables within one year -€16,295
down €16,295 (-76.4%), from €21,339 to €5,044
of which Trade receivables: -€16,296
- Intangible fixed assets +€14,800
new in 2025: €14,800
- Cash -€7,013
down €7,013 (-44.3%), from €15,841 to €8,828
mainly Net result for the year (-€47,288) and Tax, wage and social debts (-€19,668)
- Tangible fixed assets -€3,193
down €3,193 (-35.2%), from €9,077 to €5,884
of which Furniture and vehicles: -€2,416
- Advances received +€50,936
up €50,936, from €0 to €50,936
- Profit (loss) carried forward -€47,288
down €47,288 (-96.4%), from €49,071 to €1,783
- Tax, wage and social debts -€19,668
down €19,668 (-77.5%), from €25,371 to €5,703
of which Taxes: -€19,762
- Other debts +€3,303
new in 2025: €3,303
- Gross operating margin -€43,648
down €43,648, from €7,603 to -€36,045
- Taxes -€4,024
down €4,024 (-91.0%), from €4,420 to €396
- Depreciation +€3,810
up €3,810 (+123.6%), from €3,083 to €6,893
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 | €135,360 | €122,696 | -€12,664 | -9.4% |
| Fixed assets | 21/28 | €93,081 | €104,688 | +€11,607 | +12.5% |
| Intangible fixed assets | 21 | - | €14,800 | +€14,800 | |
| Tangible fixed assets | 22/27 | €9,077 | €5,884 | -€3,193 | -35.2% |
| Furniture and vehicles | 24 | €4,429 | €2,013 | -€2,416 | -54.5% |
| Other tangible fixed assets | 26 | €4,648 | €3,871 | -€777 | -16.7% |
| Financial fixed assets | 28 | €84,004 | €84,004 | = | 0.0% |
| Current assets | 29/58 | €42,279 | €18,008 | -€24,271 | -57.4% |
| Amounts receivable after more than one year | 29 | €667 | €0 | -€667 | -100.0% |
| Other amounts receivable | 291 | €667 | €0 | -€667 | -100.0% |
| Amounts receivable within one year | 40/41 | €21,339 | €5,044 | -€16,295 | -76.4% |
| Trade receivables | 40 | €21,336 | €5,040 | -€16,296 | -76.4% |
| Other amounts receivable | 41 | €3 | €4 | +€1 | +45.8% |
| Cash at bank and in hand | 54/58 | €15,841 | €8,828 | -€7,013 | -44.3% |
| Deferred charges and accrued income | 490/1 | €4,432 | €4,136 | -€296 | -6.7% |
| Total equity and liabilities | 10/49 | €135,360 | €122,696 | -€12,664 | -9.4% |
| Equity | 10/15 | €99,226 | €51,938 | -€47,288 | -47.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €43,955 | €43,955 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | €0 | -€42,100 | -100.0% |
| Distributable reserves | 133 | €1,855 | €43,955 | +€42,100 | +2269.5% |
| Profit (loss) carried forward | 14 | €49,071 | €1,783 | -€47,288 | -96.4% |
| Amounts payable | 17/49 | €36,134 | €70,758 | +€34,624 | +95.8% |
| Amounts payable within one year | 42/48 | €36,134 | €70,684 | +€34,550 | +95.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €10,763 | €10,743 | -€21 | -0.2% |
| Suppliers | 440/4 | €10,763 | €10,743 | -€21 | -0.2% |
| Advances received on contracts in progress | 46 | €0 | €50,936 | +€50,936 | |
| Taxes, remuneration and social security | 45 | €25,371 | €5,703 | -€19,668 | -77.5% |
| Taxes | 450/3 | €24,078 | €4,315 | -€19,762 | -82.1% |
| Remuneration and social security | 454/9 | €1,293 | €1,387 | +€94 | +7.3% |
| Other amounts payable | 47/48 | - | €3,303 | +€3,303 | |
| Accrued charges and deferred income | 492/3 | - | €74 | +€74 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,083 | €6,893 | +€3,810 | +123.6% |
| Other operating charges | 640/8 | €1,901 | €2,067 | +€167 | +8.8% |
| Gross operating margin | 9900 | €7,603 | -€36,045 | -€43,648 | |
| Operating profit (loss) | 9901 | €2,620 | -€45,005 | -€47,625 | |
| Financial income | 75/76B | €776 | €786 | +€10 | +1.3% |
| Recurring financial income | 75 | €776 | €786 | +€10 | +1.3% |
| Financial charges | 65/66B | €2,706 | €2,672 | -€34 | -1.3% |
| Recurring financial charges | 65 | €2,706 | €2,672 | -€34 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €690 | -€46,891 | -€47,581 | |
| Income taxes | 67/77 | €4,420 | €396 | -€4,024 | -91.0% |
| Profit (loss) for the period | 9904 | -€3,730 | -€47,288 | -€43,557 | -1167.7% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,730 | -€5,188 | -€1,457 | -39.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.