STEVANO: what changed
STEVANO
Largest movements
- Current investments +€117,347
up €117,347 (+72.4%), from €162,165 to €279,512
- Receivables within one year -€40,784
down €40,784 (-18.2%), from €224,481 to €183,697
of which Other amounts receivable: -€26,990
- Cash -€40,660
down €40,660 (-42.4%), from €95,882 to €55,223
mainly Current investments (-€117,347) and Contributions, distributions and other (-€50,833)
- Tangible fixed assets -€33,993
down €33,993 (-4.0%), from €845,545 to €811,552
of which Land and buildings: -€25,090
- Reserves +€77,927
up €77,927 (+8.2%), from €947,185 to €1.0m
- Debts after one year -€30,770
down €30,770 (-17.2%), from €178,679 to €147,909
of which Financial debts: -€30,770
- Other debts -€20,896
down €20,896 (-24.7%), from €84,669 to €63,773
- Current portion of long-term debt -€15,078
down €15,078 (-32.9%), from €45,848 to €30,770
- Gross operating margin -€20,723
down €20,723 (-8.7%), from €238,493 to €217,770
- Other operating charges -€5,999
down €5,999 (-78.5%), from €7,642 to €1,643
- Financial income +€4,677
up €4,677 (+53.1%), from €8,803 to €13,481
- Taxes -€3,254
down €3,254 (-5.7%), from €56,784 to €53,530
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,328,073 | €1,329,984 | +€1,910 | +0.1% |
| Fixed assets | 21/28 | €845,545 | €811,552 | -€33,993 | -4.0% |
| Tangible fixed assets | 22/27 | €845,545 | €811,552 | -€33,993 | -4.0% |
| Land and buildings | 22 | €797,743 | €772,653 | -€25,090 | -3.1% |
| Furniture and vehicles | 24 | €41,095 | €34,249 | -€6,846 | -16.7% |
| Other tangible fixed assets | 26 | €6,707 | €4,650 | -€2,057 | -30.7% |
| Current assets | 29/58 | €482,528 | €518,432 | +€35,903 | +7.4% |
| Amounts receivable within one year | 40/41 | €224,481 | €183,697 | -€40,784 | -18.2% |
| Trade receivables | 40 | €100,612 | €86,818 | -€13,794 | -13.7% |
| Other amounts receivable | 41 | €123,869 | €96,879 | -€26,990 | -21.8% |
| Current investments | 50/53 | €162,165 | €279,512 | +€117,347 | +72.4% |
| Cash at bank and in hand | 54/58 | €95,882 | €55,223 | -€40,660 | -42.4% |
| Total equity and liabilities | 10/49 | €1,328,073 | €1,329,984 | +€1,910 | +0.1% |
| Equity | 10/15 | €984,027 | €1,061,121 | +€77,094 | +7.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €947,185 | €1,025,112 | +€77,927 | +8.2% |
| Distributable reserves | 133 | €947,185 | €1,025,112 | +€77,927 | +8.2% |
| Profit (loss) carried forward | 14 | €30,642 | €29,809 | -€833 | -2.7% |
| Amounts payable | 17/49 | €344,047 | €268,863 | -€75,184 | -21.9% |
| Amounts payable after more than one year | 17 | €178,679 | €147,909 | -€30,770 | -17.2% |
| Financial debts | 170/4 | €103,679 | €72,909 | -€30,770 | -29.7% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €162,490 | €118,032 | -€44,458 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €45,848 | €30,770 | -€15,078 | -32.9% |
| Trade debts | 44 | €313 | €5,017 | +€4,704 | +1,503% |
| Suppliers | 440/4 | €313 | €5,017 | +€4,704 | +1,503% |
| Taxes, remuneration and social security | 45 | €31,659 | €18,472 | -€13,188 | -41.7% |
| Taxes | 450/3 | €31,659 | €18,472 | -€13,188 | -41.7% |
| Other amounts payable | 47/48 | €84,669 | €63,773 | -€20,896 | -24.7% |
| Accrued charges and deferred income | 492/3 | €2,878 | €2,922 | +€44 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,920 | €44,671 | +€750 | +1.7% |
| Other operating charges | 640/8 | €7,642 | €1,643 | -€5,999 | -78.5% |
| Gross operating margin | 9900 | €238,493 | €217,770 | -€20,723 | -8.7% |
| Operating profit (loss) | 9901 | €186,931 | €171,456 | -€15,475 | -8.3% |
| Financial income | 75/76B | €8,803 | €13,481 | +€4,677 | +53.1% |
| Recurring financial income | 75 | €8,803 | €13,481 | +€4,677 | +53.1% |
| Financial charges | 65/66B | €4,869 | €3,480 | -€1,389 | -28.5% |
| Recurring financial charges | 65 | €4,869 | €3,480 | -€1,389 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €190,865 | €181,457 | -€9,408 | -4.9% |
| Income taxes | 67/77 | €56,784 | €53,530 | -€3,254 | -5.7% |
| Profit (loss) for the period | 9904 | €134,081 | €127,927 | -€6,154 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €134,081 | €127,927 | -€6,154 | -4.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.