STEVENS ETIENNE: 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.
STEVENS ETIENNE
Largest movements
- Cash +€61,515
up €61,515 (+17.3%), from €355,392 to €416,907
mainly Depreciation (+€41,657) and Net result for the year (+€31,890)
- Tangible fixed assets -€38,207
down €38,207 (-22.2%), from €171,922 to €133,715
of which Plant, machinery and equipment: -€22,391
- Stocks and contracts -€31,244
down €31,244 (-33.8%), from €92,443 to €61,199
- Receivables within one year -€22,771
down €22,771 (-23.2%), from €98,354 to €75,583
of which Other amounts receivable: -€11,994
- Debts after one year -€47,324
down €47,324 (-40.5%), from €116,978 to €69,654
- Reserves +€31,890
up €31,890 (+12.0%), from €265,220 to €297,109
of which Distributable reserves: +€31,890
- Trade debts -€11,012
down €11,012 (-80.4%), from €13,704 to €2,693
- Turnover -€30,592
down €30,592 (-3.5%), from €877,901 to €847,309
- Purchases and services -€27,278
down €27,278 (-5.6%), from €483,705 to €456,428
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 | €718,297 | €687,589 | -€30,707 | -4.3% |
| Fixed assets | 21/28 | €172,108 | €133,901 | -€38,207 | -22.2% |
| Tangible fixed assets | 22/27 | €171,922 | €133,715 | -€38,207 | -22.2% |
| Land and buildings | 22 | €64,522 | €57,008 | -€7,514 | -11.6% |
| Plant, machinery and equipment | 23 | €64,173 | €41,782 | -€22,391 | -34.9% |
| Furniture and vehicles | 24 | €43,228 | €34,925 | -€8,302 | -19.2% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €546,189 | €553,688 | +€7,500 | +1.4% |
| Stocks and contracts in progress | 3 | €92,443 | €61,199 | -€31,244 | -33.8% |
| Stocks | 30/36 | €92,443 | €61,199 | -€31,244 | -33.8% |
| Amounts receivable within one year | 40/41 | €98,354 | €75,583 | -€22,771 | -23.2% |
| Trade receivables | 40 | €73,890 | €63,113 | -€10,777 | -14.6% |
| Other amounts receivable | 41 | €24,464 | €12,470 | -€11,994 | -49.0% |
| Cash at bank and in hand | 54/58 | €355,392 | €416,907 | +€61,515 | +17.3% |
| Total equity and liabilities | 10/49 | €718,297 | €687,589 | -€30,707 | -4.3% |
| Equity | 10/15 | €516,573 | €548,463 | +€31,890 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €265,220 | €297,109 | +€31,890 | +12.0% |
| Non-distributable reserves | 130/1 | €1,878 | €1,878 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,878 | €1,878 | = | 0.0% |
| Distributable reserves | 133 | €263,342 | €295,231 | +€31,890 | +12.1% |
| Profit (loss) carried forward | 14 | €232,754 | €232,754 | = | 0.0% |
| Amounts payable | 17/49 | €201,723 | €139,127 | -€62,597 | -31.0% |
| Amounts payable after more than one year | 17 | €116,978 | €69,654 | -€47,324 | -40.5% |
| Financial debts | 170/4 | €116,978 | €69,654 | -€47,324 | -40.5% |
| Amounts payable within one year | 42/48 | €84,745 | €69,473 | -€15,272 | -18.0% |
| Current portion of amounts payable after more than one year | 42 | €49,588 | €47,324 | -€2,263 | -4.6% |
| Trade debts | 44 | €13,704 | €2,693 | -€11,012 | -80.4% |
| Suppliers | 440/4 | €13,704 | €2,693 | -€11,012 | -80.4% |
| Taxes, remuneration and social security | 45 | €15,191 | €13,710 | -€1,480 | -9.7% |
| Taxes | 450/3 | €2,827 | €932 | -€1,895 | -67.0% |
| Remuneration and social security | 454/9 | €12,363 | €12,778 | +€415 | +3.4% |
| Other amounts payable | 47/48 | €6,263 | €5,746 | -€517 | -8.3% |
| Turnover | 70 | €877,901 | €847,309 | -€30,592 | -3.5% |
| Non-recurring operating income | 76A | - | €3,118 | +€3,118 | |
| Goods, raw materials, services and sundry goods | 60/61 | €483,705 | €456,428 | -€27,278 | -5.6% |
| Remuneration, social security and pensions | 62 | €308,848 | €304,979 | -€3,869 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,326 | €41,657 | -€669 | -1.6% |
| Other operating charges | 640/8 | €3,262 | €3,822 | +€560 | +17.2% |
| Gross operating margin | 9900 | €394,196 | €393,999 | -€197 | 0.0% |
| Operating profit (loss) | 9901 | €39,761 | €43,542 | +€3,781 | +9.5% |
| Financial income | 75/76B | €4,913 | €4,749 | -€164 | -3.3% |
| Recurring financial income | 75 | €4,913 | €4,749 | -€164 | -3.3% |
| Financial charges | 65/66B | €4,392 | €3,240 | -€1,152 | -26.2% |
| Recurring financial charges | 65 | €4,392 | €3,240 | -€1,152 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €40,282 | €45,051 | +€4,769 | +11.8% |
| Income taxes | 67/77 | €11,940 | €13,162 | +€1,221 | +10.2% |
| Profit (loss) for the period | 9904 | €28,342 | €31,890 | +€3,548 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,342 | €31,890 | +€3,548 | +12.5% |
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 14 October 2026 via checked.be.