STEVAN: 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.
What changed
STEVAN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€163,345
2024 · €183,111-€19,766
Equity
€1.4m
2024 · €1.2m+€163,345
Cash
€139,272
2024 · €212,110-€72,838
Balance sheet total
€9.7m
2024 · €9.6m+€107,627
Largest movements
Assets
- Receivables within one year +€264,322
up €264,322 (+12.1%), from €2.2m to €2.5m
of which Other amounts receivable: +€268,471
Equity and liabilities
- Provisions -€187,026
down €187,026 (-2.3%), from €8.0m to €7.8m
- Reserves +€163,345
up €163,345 (+13.9%), from €1.2m to €1.3m
of which Distributable reserves: +€163,345
Income statement
- Financial income +€116,460
up €116,460 (+55.4%), from €210,291 to €326,751
- Financial charges +€97,679
up €97,679 (+427%), from €22,879 to €120,558
- Provisions +€31,185
up €31,185 (+14.3%), from -€218,211 to -€187,026
- Taxes +€26,418
up €26,418 (+65.0%), from €40,647 to €67,065
- Other operating charges -€14,097
down €14,097 (-23.9%), from €58,934 to €44,837
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.
Result 2024
€183,111
Gross operating margin
+€5,313
Depreciation
-€355
Provisions
-€31,185
Other operating charges
+€14,097
Financial income
+€116,460
Financial charges
-€97,679
Taxes
-€26,418
Result 2025
€163,345
raises the resultlowers the result
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.
From operations
-€162,908
Investment
+€90,044
Financing
+€26
Cash 2024
€212,110
From operations (derived)
-€162,908
Net result for the year
+€163,345
Depreciation
+€2,152
Receivables within one year
-€264,322
Deferred charges and accrued income
-€8,340
Provisions
-€187,026
Trade debts
+€51,161
Tax, wage and social debts
+€11,370
Other debts
+€29,488
Accrued charges and deferred income
+€39,264
Investment (derived)
+€90,044
Investment in fixed assets (net)
-€5,735
Current investments
+€95,779
Financing
+€26
Short-term financial debts
+€26
Cash 2025
€139,272
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,635,543 | €9,743,170 | +€107,627 | +1.1% |
| Fixed assets | 21/28 | €547,035 | €550,617 | +€3,583 | +0.7% |
| Tangible fixed assets | 22/27 | €546,539 | €550,121 | +€3,583 | +0.7% |
| Land and buildings | 22 | €546,539 | €545,464 | -€1,075 | -0.2% |
| Furniture and vehicles | 24 | - | €4,657 | +€4,657 | |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €9,088,508 | €9,192,553 | +€104,045 | +1.1% |
| Amounts receivable within one year | 40/41 | €2,188,340 | €2,452,662 | +€264,322 | +12.1% |
| Trade receivables | 40 | €58,245 | €54,096 | -€4,149 | -7.1% |
| Other amounts receivable | 41 | €2,130,095 | €2,398,566 | +€268,471 | +12.6% |
| Current investments | 50/53 | €6,634,128 | €6,538,349 | -€95,779 | -1.4% |
| Cash at bank and in hand | 54/58 | €212,110 | €139,272 | -€72,838 | -34.3% |
| Deferred charges and accrued income | 490/1 | €53,930 | €62,269 | +€8,340 | +15.5% |
| Total equity and liabilities | 10/49 | €9,635,543 | €9,743,170 | +€107,627 | +1.1% |
| Equity | 10/15 | €1,248,180 | €1,411,524 | +€163,345 | +13.1% |
| Contributions | 10/11 | €72,000 | €72,000 | = | 0.0% |
| Capital | 10 | €72,000 | €72,000 | = | 0.0% |
| Issued capital | 100 | €72,000 | €72,000 | = | 0.0% |
| Reserves | 13 | €1,176,180 | €1,339,524 | +€163,345 | +13.9% |
| Non-distributable reserves | 130/1 | €17,661 | €17,661 | = | 0.0% |
| Legal reserve | 130 | €17,661 | €17,661 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,596 | €8,596 | = | 0.0% |
| Distributable reserves | 133 | €1,149,923 | €1,313,268 | +€163,345 | +14.2% |
| Provisions and deferred taxes | 16 | €7,970,791 | €7,783,765 | -€187,026 | -2.3% |
| Provisions for liabilities and charges | 160/5 | €7,970,791 | €7,783,765 | -€187,026 | -2.3% |
| Other liabilities and charges | 164/5 | €7,970,791 | €7,783,765 | -€187,026 | -2.3% |
| Amounts payable | 17/49 | €416,573 | €547,881 | +€131,308 | +31.5% |
| Amounts payable within one year | 42/48 | €414,832 | €506,877 | +€92,045 | +22.2% |
| Financial debts | 43 | €11 | €37 | +€26 | +242% |
| Credit institutions | 430/8 | €11 | €37 | +€26 | +242% |
| Trade debts | 44 | €285,071 | €336,232 | +€51,161 | +17.9% |
| Suppliers | 440/4 | €285,071 | €336,232 | +€51,161 | +17.9% |
| Taxes, remuneration and social security | 45 | €17,975 | €29,345 | +€11,370 | +63.3% |
| Taxes | 450/3 | €17,975 | €29,345 | +€11,370 | +63.3% |
| Other amounts payable | 47/48 | €111,775 | €141,263 | +€29,488 | +26.4% |
| Accrued charges and deferred income | 492/3 | €1,741 | €41,005 | +€39,264 | +2,255% |
| Non-recurring operating income | 76A | €11,638 | €0 | -€11,638 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,797 | €2,152 | +€355 | +19.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€218,211 | -€187,026 | +€31,185 | +14.3% |
| Other operating charges | 640/8 | €58,934 | €44,837 | -€14,097 | -23.9% |
| Gross operating margin | 9900 | -€121,133 | -€115,820 | +€5,313 | +4.4% |
| Operating profit (loss) | 9901 | €36,346 | €24,216 | -€12,130 | -33.4% |
| Financial income | 75/76B | €210,291 | €326,751 | +€116,460 | +55.4% |
| Recurring financial income | 75 | €210,291 | €326,751 | +€116,460 | +55.4% |
| Financial charges | 65/66B | €22,879 | €120,558 | +€97,679 | +427% |
| Recurring financial charges | 65 | €22,879 | €120,558 | +€97,679 | +427% |
| Profit (loss) for the period before taxes | 9903 | €223,758 | €230,409 | +€6,652 | +3.0% |
| Income taxes | 67/77 | €40,647 | €67,065 | +€26,418 | +65.0% |
| Profit (loss) for the period | 9904 | €183,111 | €163,345 | -€19,766 | -10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €183,111 | €163,345 | -€19,766 | -10.8% |
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 14 October 2026 via checked.be.