STEVOTION: 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
STEVOTION
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€521,737
2024 · €371,798-€893,535
Equity
€37.0m
2024 · €37.5m-€521,737
Cash
€406,691
2024 · €561,913-€155,221
Balance sheet total
€56.0m
2024 · €58.5m-€2.5m
Largest movements
Assets
- Financial fixed assets -€2.8m
down €2.8m (-5.0%), from €55.6m to €52.8m
Equity and liabilities
- Current portion of long-term debt -€2.5m
down €2.5m (-100%), from €2.5m to €0
- Other debts +€1.4m
up €1.4m (+578%), from €237,362 to €1.6m
- Debts after one year -€913,880
down €913,880 (-5.0%), from €18.2m to €17.3m
Income statement
- Financial charges +€511,182
up €511,182 (+686%), from €74,519 to €585,701
- Financial income -€421,063
down €421,063 (-75.9%), from €555,122 to €134,058
- Gross operating margin +€37,957
up €37,957 (+35.6%), from -€106,630 to -€68,674
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
€371,798
Gross operating margin
+€37,957
Depreciation
+€784
Other operating charges
-€31
Financial income
-€421,063
Financial charges
-€511,182
Result 2025
-€521,737
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
+€466,685
Investment
+€2.8m
Financing
-€3.4m
Cash 2024
€561,913
From operations (derived)
+€466,685
Net result for the year
-€521,737
Depreciation
+€243
Receivables after one year
-€304,798
Receivables within one year
-€88,337
Trade debts
+€9,639
Other debts
+€1.4m
Accrued charges and deferred income
+€6
Investment (derived)
+€2.8m
Investment in fixed assets (net)
+€2.8m
Financing
-€3.4m
Debts after one year
-€913,880
Current portion of long-term debt
-€2.5m
Cash 2025
€406,691
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,508,456 | €55,987,258 | -€2.5m | -4.3% |
| Fixed assets | 21/28 | €55,606,742 | €52,847,630 | -€2.8m | -5.0% |
| Tangible fixed assets | 22/27 | €229 | €947 | +€717 | +313% |
| Furniture and vehicles | 24 | €229 | €947 | +€717 | +313% |
| Financial fixed assets | 28 | €55,606,512 | €52,846,683 | -€2.8m | -5.0% |
| Current assets | 29/58 | €2,901,714 | €3,139,628 | +€237,914 | +8.2% |
| Amounts receivable after more than one year | 29 | €1,733,363 | €2,038,161 | +€304,798 | +17.6% |
| Other amounts receivable | 291 | €1,733,363 | €2,038,161 | +€304,798 | +17.6% |
| Amounts receivable within one year | 40/41 | €606,438 | €694,776 | +€88,337 | +14.6% |
| Trade receivables | 40 | €908 | €31,513 | +€30,606 | +3,373% |
| Other amounts receivable | 41 | €605,531 | €663,263 | +€57,732 | +9.5% |
| Cash at bank and in hand | 54/58 | €561,913 | €406,691 | -€155,221 | -27.6% |
| Total equity and liabilities | 10/49 | €58,508,456 | €55,987,258 | -€2.5m | -4.3% |
| Equity | 10/15 | €37,485,574 | €36,963,837 | -€521,737 | -1.4% |
| Contributions | 10/11 | €1,776,532 | €1,776,532 | = | 0.0% |
| Capital | 10 | €1,776,532 | €1,776,532 | = | 0.0% |
| Issued capital | 100 | €1,776,532 | €1,776,532 | = | 0.0% |
| Reserves | 13 | €177,653 | €177,653 | = | 0.0% |
| Non-distributable reserves | 130/1 | €177,653 | €177,653 | = | 0.0% |
| Legal reserve | 130 | €177,653 | €177,653 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,531,388 | €35,009,651 | -€521,737 | -1.5% |
| Amounts payable | 17/49 | €21,022,882 | €19,023,421 | -€2.0m | -9.5% |
| Amounts payable after more than one year | 17 | €18,190,663 | €17,276,782 | -€913,880 | -5.0% |
| Financial debts | 170/4 | €18,190,663 | €17,276,782 | -€913,880 | -5.0% |
| Amounts payable within one year | 42/48 | €2,704,257 | €1,618,670 | -€1.1m | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €2,466,894 | €0 | -€2.5m | -100% |
| Trade debts | 44 | €0 | €9,639 | +€9,639 | |
| Suppliers | 440/4 | €0 | €9,639 | +€9,639 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €237,362 | €1,609,031 | +€1.4m | +578% |
| Accrued charges and deferred income | 492/3 | €127,963 | €127,969 | +€6 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,027 | €243 | -€784 | -76.3% |
| Other operating charges | 640/8 | €1,147 | €1,177 | +€31 | +2.7% |
| Gross operating margin | 9900 | -€106,630 | -€68,674 | +€37,957 | +35.6% |
| Operating profit (loss) | 9901 | -€108,804 | -€70,094 | +€38,710 | +35.6% |
| Financial income | 75/76B | €555,122 | €134,058 | -€421,063 | -75.9% |
| Recurring financial income | 75 | €555,122 | €134,058 | -€421,063 | -75.9% |
| Financial charges | 65/66B | €74,519 | €585,701 | +€511,182 | +686% |
| Recurring financial charges | 65 | €74,519 | €585,701 | +€511,182 | +686% |
| Profit (loss) for the period before taxes | 9903 | €371,798 | -€521,737 | -€893,535 | |
| Profit (loss) for the period | 9904 | €371,798 | -€521,737 | -€893,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €371,798 | -€521,737 | -€893,535 |
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 23 October 2026 via checked.be.