STESA & PARTNERS: 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.
STESA & PARTNERS
Largest movements
- Tangible fixed assets -€17,454
down €17,454 (-28.4%), from €61,469 to €44,015
of which Furniture and vehicles: -€18,365
- Receivables within one year +€4,731
up €4,731 (+20.3%), from €23,352 to €28,084
of which Trade receivables: +€6,781
- Deferred charges and accrued income +€2,964
up €2,964 (+34.4%), from €8,620 to €11,584
- Debts after one year -€18,788
down €18,788 (-56.2%), from €33,431 to €14,643
- Short-term financial debts +€4,500
new in 2025: €4,500
- Tax, wage and social debts +€2,395
up €2,395 (+13.8%), from €17,385 to €19,780
- Staff costs -€3,872
down €3,872 (-87.3%), from €4,435 to €563
- Gross operating margin +€2,616
up €2,616 (+7.4%), from €35,349 to €37,965
- Financial charges +€2,338
up €2,338 (+79.0%), from €2,961 to €5,300
of which Financial charges: +€2,049
- Other operating charges +€2,224
up €2,224 (+187%), from €1,190 to €3,414
- Taxes +€1,279
up €1,279 (+30.1%), from €4,243 to €5,522
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 | €103,961 | €94,992 | -€8,969 | -8.6% |
| Formation expenses | 20 | €1,177 | €936 | -€241 | -20.5% |
| Fixed assets | 21/28 | €61,469 | €44,015 | -€17,454 | -28.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €61,469 | €44,015 | -€17,454 | -28.4% |
| Plant, machinery and equipment | 23 | €6,251 | €7,162 | +€911 | +14.6% |
| Furniture and vehicles | 24 | €54,113 | €35,748 | -€18,365 | -33.9% |
| Assets under construction and advance payments | 27 | €1,105 | €1,105 | = | 0.0% |
| Current assets | 29/58 | €41,315 | €50,041 | +€8,726 | +21.1% |
| Stocks and contracts in progress | 3 | €2,547 | €2,547 | = | 0.0% |
| Stocks | 30/36 | €2,547 | €2,547 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,352 | €28,084 | +€4,731 | +20.3% |
| Trade receivables | 40 | €21,303 | €28,084 | +€6,781 | +31.8% |
| Other amounts receivable | 41 | €2,050 | - | -€2,050 | |
| Cash at bank and in hand | 54/58 | €6,797 | €7,827 | +€1,031 | +15.2% |
| Deferred charges and accrued income | 490/1 | €8,620 | €11,584 | +€2,964 | +34.4% |
| Total equity and liabilities | 10/49 | €103,961 | €94,992 | -€8,969 | -8.6% |
| Equity | 10/15 | €25,454 | €25,720 | +€267 | +1.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €9,954 | €9,954 | = | 0.0% |
| Distributable reserves | 133 | €9,954 | €9,954 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,500 | €3,767 | +€267 | +7.6% |
| Amounts payable | 17/49 | €78,508 | €69,271 | -€9,236 | -11.8% |
| Amounts payable after more than one year | 17 | €33,431 | €14,643 | -€18,788 | -56.2% |
| Financial debts | 170/4 | €33,431 | €14,643 | -€18,788 | -56.2% |
| Amounts payable within one year | 42/48 | €45,076 | €54,628 | +€9,552 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €17,981 | €18,788 | +€808 | +4.5% |
| Financial debts | 43 | - | €4,500 | +€4,500 | |
| Credit institutions | 430/8 | - | €4,500 | +€4,500 | |
| Trade debts | 44 | €9,710 | €10,596 | +€886 | +9.1% |
| Suppliers | 440/4 | €9,710 | €10,596 | +€886 | +9.1% |
| Taxes, remuneration and social security | 45 | €17,385 | €19,780 | +€2,395 | +13.8% |
| Taxes | 450/3 | €17,385 | €19,780 | +€2,395 | +13.8% |
| Other amounts payable | 47/48 | - | €964 | +€964 | |
| Non-recurring operating income | 76A | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €4,435 | €563 | -€3,872 | -87.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,171 | €22,904 | +€732 | +3.3% |
| Other operating charges | 640/8 | €1,190 | €3,414 | +€2,224 | +187% |
| Gross operating margin | 9900 | €35,349 | €37,965 | +€2,616 | +7.4% |
| Operating profit (loss) | 9901 | €7,553 | €11,085 | +€3,532 | +46.8% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €2,961 | €5,300 | +€2,338 | +79.0% |
| Recurring financial charges | 65 | €2,673 | €4,722 | +€2,049 | +76.7% |
| Non-recurring financial charges | 66B | €288 | €578 | +€289 | +100% |
| Profit (loss) for the period before taxes | 9903 | €4,592 | €5,788 | +€1,197 | +26.1% |
| Income taxes | 67/77 | €4,243 | €5,522 | +€1,279 | +30.1% |
| Profit (loss) for the period | 9904 | €348 | €267 | -€82 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €348 | €267 | -€82 | -23.5% |
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 26 October 2026 via checked.be.