STYFHALS GROEP: 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
STYFHALS GROEP
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€169,266
2024 · €1.5m-€1.3m
Equity
€12.8m
2024 · €12.6m+€169,266
Cash
€2,294
2024 · -+€2,294
Balance sheet total
€14.4m
2024 · €13.8m+€559,430
Largest movements
Assets
- Receivables within one year +€554,124
up €554,124 (+46.8%), from €1.2m to €1.7m
of which Other amounts receivable: +€554,124
- Receivables after one year +€350,000
new in 2025: €350,000
- Current investments -€303,037
down €303,037 (-3.8%), from €8.0m to €7.7m
Equity and liabilities
- Debts after one year +€436,353
up €436,353 (+45.3%), from €963,647 to €1.4m
- Reserves +€169,266
up €169,266 (+1.4%), from €12.2m to €12.4m
of which Distributable reserves: +€198,448
Income statement
- Financial income -€1.2m
down €1.2m (-76.7%), from €1.6m to €377,540
- Gross operating margin -€257,412
down €257,412, from €231,315 to -€26,098
- Taxes -€69,928
down €69,928 (-83.5%), from €83,744 to €13,816
- Financial charges -€58,672
down €58,672 (-55.6%), from €105,467 to €46,795
- Other operating charges -€2,857
down €2,857 (-39.4%), from €7,258 to €4,401
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
€1.5m
Gross operating margin
-€257,412
Depreciation
+€686
Other operating charges
+€2,857
Other operating items
+€84,308
Financial income
-€1.2m
Financial charges
+€58,672
Taxes
+€69,928
Deferred taxes and other
+€18
Result 2025
€169,266
raises the resultlowers the resultnot broken down further in the accounts
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
-€659,502
Investment
+€228,248
Financing
+€433,548
Cash 2024
€0
From operations (derived)
-€659,502
Net result for the year
+€169,266
Depreciation
+€46,681
Receivables after one year
-€350,000
Stocks and contracts
+€72,059
Receivables within one year
-€554,124
Provisions
-€9,727
Trade debts
-€3,813
Tax, wage and social debts
-€29,842
Investment (derived)
+€228,248
Investment in fixed assets (net)
-€74,789
Current investments
+€303,037
Financing
+€433,548
Debts after one year
+€436,353
Current portion of long-term debt
-€5,182
Short-term financial debts
+€2,376
Cash 2025
€2,294
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,847,232 | €14,406,663 | +€559,430 | +4.0% |
| Fixed assets | 21/28 | €4,255,352 | €4,283,460 | +€28,108 | +0.7% |
| Tangible fixed assets | 22/27 | €4,254,977 | €4,283,085 | +€28,108 | +0.7% |
| Land and buildings | 22 | €3,491,353 | €3,445,314 | -€46,039 | -1.3% |
| Plant, machinery and equipment | 23 | €51,381 | €43,229 | -€8,152 | -15.9% |
| Furniture and vehicles | 24 | €712,243 | €794,542 | +€82,299 | +11.6% |
| Financial fixed assets | 28 | €375 | €375 | = | 0.0% |
| Current assets | 29/58 | €9,591,880 | €10,123,203 | +€531,322 | +5.5% |
| Amounts receivable after more than one year | 29 | - | €350,000 | +€350,000 | |
| Other amounts receivable | 291 | - | €350,000 | +€350,000 | |
| Stocks and contracts in progress | 3 | €380,534 | €308,475 | -€72,059 | -18.9% |
| Stocks | 30/36 | €380,534 | €308,475 | -€72,059 | -18.9% |
| Amounts receivable within one year | 40/41 | €1,183,613 | €1,737,737 | +€554,124 | +46.8% |
| Trade receivables | 40 | €57,404 | €57,404 | = | 0.0% |
| Other amounts receivable | 41 | €1,126,209 | €1,680,333 | +€554,124 | +49.2% |
| Current investments | 50/53 | €8,023,009 | €7,719,972 | -€303,037 | -3.8% |
| Cash at bank and in hand | 54/58 | - | €2,294 | +€2,294 | |
| Deferred charges and accrued income | 490/1 | €4,725 | €4,725 | = | 0.0% |
| Total equity and liabilities | 10/49 | €13,847,232 | €14,406,663 | +€559,430 | +4.0% |
| Equity | 10/15 | €12,600,208 | €12,769,474 | +€169,266 | +1.3% |
| Contributions | 10/11 | €385,000 | €385,000 | = | 0.0% |
| Capital | 10 | €385,000 | €385,000 | = | 0.0% |
| Issued capital | 100 | €385,000 | €385,000 | = | 0.0% |
| Reserves | 13 | €12,215,208 | €12,384,474 | +€169,266 | +1.4% |
| Non-distributable reserves | 130/1 | €3,538,500 | €3,538,500 | = | 0.0% |
| Legal reserve | 130 | €138,500 | €138,500 | = | 0.0% |
| Own shares acquired | 1312 | €3,400,000 | €3,400,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €619,669 | €590,487 | -€29,182 | -4.7% |
| Distributable reserves | 133 | €8,057,039 | €8,255,487 | +€198,448 | +2.5% |
| Provisions and deferred taxes | 16 | €206,556 | €196,829 | -€9,727 | -4.7% |
| Deferred taxes | 168 | €206,556 | €196,829 | -€9,727 | -4.7% |
| Amounts payable | 17/49 | €1,040,468 | €1,440,360 | +€399,892 | +38.4% |
| Amounts payable after more than one year | 17 | €963,647 | €1,400,000 | +€436,353 | +45.3% |
| Financial debts | 170/4 | €963,647 | €1,400,000 | +€436,353 | +45.3% |
| Amounts payable within one year | 42/48 | €76,821 | €40,360 | -€36,461 | -47.5% |
| Current portion of amounts payable after more than one year | 42 | €5,182 | - | -€5,182 | |
| Financial debts | 43 | €3,431 | €5,808 | +€2,376 | +69.3% |
| Credit institutions | 430/8 | €3,431 | €5,808 | +€2,376 | +69.3% |
| Trade debts | 44 | €19,309 | €15,495 | -€3,813 | -19.7% |
| Suppliers | 440/4 | €19,309 | €15,495 | -€3,813 | -19.7% |
| Taxes, remuneration and social security | 45 | €30,000 | €158 | -€29,842 | -99.5% |
| Taxes | 450/3 | €30,000 | €158 | -€29,842 | -99.5% |
| Other amounts payable | 47/48 | €18,899 | €18,899 | = | 0.0% |
| Non-recurring operating income | 76A | €81,840 | - | -€81,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,367 | €46,681 | -€686 | -1.4% |
| Other operating charges | 640/8 | €7,258 | €4,401 | -€2,857 | -39.4% |
| Non-recurring operating charges | 66A | €164,518 | €80,210 | -€84,308 | -51.2% |
| Gross operating margin | 9900 | €231,315 | -€26,098 | -€257,412 | |
| Operating profit (loss) | 9901 | €12,171 | -€157,390 | -€169,561 | |
| Financial income | 75/76B | €1,621,371 | €377,540 | -€1.2m | -76.7% |
| Recurring financial income | 75 | €1,621,371 | €377,540 | -€1.2m | -76.7% |
| Financial charges | 65/66B | €105,467 | €46,795 | -€58,672 | -55.6% |
| Recurring financial charges | 65 | €105,467 | €46,795 | -€58,672 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €1,528,075 | €173,355 | -€1.4m | -88.7% |
| Transfer from deferred taxes | 780 | €9,709 | €9,727 | +€18 | +0.2% |
| Income taxes | 67/77 | €83,744 | €13,816 | -€69,928 | -83.5% |
| Profit (loss) for the period | 9904 | €1,454,040 | €169,266 | -€1.3m | -88.4% |
| Transfer from tax-exempt reserves | 789 | €29,128 | €29,182 | +€54 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,483,169 | €198,448 | -€1.3m | -86.6% |
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 21 October 2026 via checked.be.