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.
STEVAN
Largest movements
- Tangible fixed assets -€16,344
down €16,344 (-4.8%), from €337,519 to €321,175
of which Land and buildings: -€14,156
- Trade debts +€14,026
up €14,026 (+740%), from €1,896 to €15,922
- Debts after one year -€11,820
down €11,820 (-15.2%), from €77,927 to €66,107
of which Financial debts: -€12,340
- Other debts -€9,427
down €9,427 (-16.2%), from €58,327 to €48,900
- Gross operating margin -€49,839
down €49,839 (-78.2%), from €63,770 to €13,932
- Taxes -€5,118
down €5,118 (-99.4%), from €5,149 to €31
- Depreciation -€4,663
down €4,663 (-22.2%), from €21,007 to €16,344
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 | €371,258 | €360,160 | -€11,098 | -3.0% |
| Fixed assets | 21/28 | €337,519 | €321,175 | -€16,344 | -4.8% |
| Tangible fixed assets | 22/27 | €337,519 | €321,175 | -€16,344 | -4.8% |
| Land and buildings | 22 | €318,444 | €304,288 | -€14,156 | -4.4% |
| Plant, machinery and equipment | 23 | €19,075 | €16,888 | -€2,188 | -11.5% |
| Current assets | 29/58 | €33,739 | €38,985 | +€5,246 | +15.5% |
| Amounts receivable within one year | 40/41 | €31,644 | €34,344 | +€2,700 | +8.5% |
| Other amounts receivable | 41 | €31,644 | €34,344 | +€2,700 | +8.5% |
| Cash at bank and in hand | 54/58 | €92 | €1,420 | +€1,329 | +1,449% |
| Deferred charges and accrued income | 490/1 | €2,003 | €3,221 | +€1,217 | +60.8% |
| Total equity and liabilities | 10/49 | €371,258 | €360,160 | -€11,098 | -3.0% |
| Equity | 10/15 | €180,286 | €176,384 | -€3,902 | -2.2% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Contributions outside capital | 11 | €111,552 | €111,552 | = | 0.0% |
| Other | 1109/19 | €111,552 | €111,552 | = | 0.0% |
| Reserves | 13 | €111,464 | €108,179 | -€3,285 | -2.9% |
| Non-distributable reserves | 130/1 | €3,790 | €3,790 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,790 | €3,790 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,974 | €88,690 | -€3,285 | -3.6% |
| Distributable reserves | 133 | €15,700 | €15,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,730 | -€43,347 | -€617 | -1.4% |
| Provisions and deferred taxes | 16 | €30,658 | €29,563 | -€1,095 | -3.6% |
| Deferred taxes | 168 | €30,658 | €29,563 | -€1,095 | -3.6% |
| Amounts payable | 17/49 | €160,314 | €154,213 | -€6,101 | -3.8% |
| Amounts payable after more than one year | 17 | €77,927 | €66,107 | -€11,820 | -15.2% |
| Financial debts | 170/4 | €72,727 | €60,387 | -€12,340 | -17.0% |
| Other amounts payable | 178/9 | €5,200 | €5,720 | +€520 | +10.0% |
| Amounts payable within one year | 42/48 | €82,387 | €88,106 | +€5,719 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €16,535 | €18,104 | +€1,569 | +9.5% |
| Trade debts | 44 | €1,896 | €15,922 | +€14,026 | +740% |
| Suppliers | 440/4 | €1,896 | €15,922 | +€14,026 | +740% |
| Taxes, remuneration and social security | 45 | €5,629 | €5,181 | -€449 | -8.0% |
| Taxes | 450/3 | €5,629 | €5,181 | -€449 | -8.0% |
| Other amounts payable | 47/48 | €58,327 | €48,900 | -€9,427 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,007 | €16,344 | -€4,663 | -22.2% |
| Gross operating margin | 9900 | €63,770 | €13,932 | -€49,839 | -78.2% |
| Operating profit (loss) | 9901 | €42,764 | -€2,412 | -€45,175 | |
| Financial charges | 65/66B | €2,962 | €2,554 | -€409 | -13.8% |
| Recurring financial charges | 65 | €2,962 | €2,554 | -€409 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €39,801 | -€4,966 | -€44,767 | |
| Transfer from deferred taxes | 780 | €1,095 | €1,095 | = | 0.0% |
| Income taxes | 67/77 | €5,149 | €31 | -€5,118 | -99.4% |
| Profit (loss) for the period | 9904 | €35,747 | -€3,902 | -€39,648 | |
| Transfer from tax-exempt reserves | 789 | €3,285 | €3,285 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,031 | -€617 | -€39,648 |
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 13 October 2026 via checked.be.