WERNER STEFAN: 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.
WERNER STEFAN
Largest movements
- Stocks and contracts +€48,694
up €48,694 (+31.1%), from €156,344 to €205,038
- Receivables within one year +€18,847
up €18,847 (+65.5%), from €28,783 to €47,630
of which Trade receivables: +€21,958
- Cash +€9,232
up €9,232 (+11.0%), from €83,662 to €92,894
mainly Net result for the year (+€59,191) and Depreciation (+€9,722)
- Tangible fixed assets -€5,743
down €5,743 (-19.2%), from €29,837 to €24,094
of which Plant, machinery and equipment: -€5,543
- Reserves +€59,191
up €59,191 (+25.2%), from €235,205 to €294,396
- Trade debts +€8,919
up €8,919 (+29.5%), from €30,259 to €39,177
- Short-term financial debts +€5,042
new in 2025: €5,042
- Gross operating margin +€22,753
up €22,753 (+16.7%), from €135,932 to €158,685
- Staff costs +€6,648
up €6,648 (+13.1%), from €50,570 to €57,218
- Taxes +€3,719
up €3,719 (+19.7%), from €18,868 to €22,587
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.
Cash bridge derived
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 | €300,917 | €375,211 | +€74,294 | +24.7% |
| Fixed assets | 21/28 | €29,837 | €24,094 | -€5,743 | -19.2% |
| Tangible fixed assets | 22/27 | €29,837 | €24,094 | -€5,743 | -19.2% |
| Plant, machinery and equipment | 23 | €29,199 | €23,656 | -€5,543 | -19.0% |
| Furniture and vehicles | 24 | €638 | €438 | -€200 | -31.3% |
| Current assets | 29/58 | €271,080 | €351,117 | +€80,037 | +29.5% |
| Stocks and contracts in progress | 3 | €156,344 | €205,038 | +€48,694 | +31.1% |
| Stocks | 30/36 | €156,344 | €205,038 | +€48,694 | +31.1% |
| Amounts receivable within one year | 40/41 | €28,783 | €47,630 | +€18,847 | +65.5% |
| Trade receivables | 40 | €25,516 | €47,474 | +€21,958 | +86.1% |
| Other amounts receivable | 41 | €3,267 | €156 | -€3,111 | -95.2% |
| Cash at bank and in hand | 54/58 | €83,662 | €92,894 | +€9,232 | +11.0% |
| Deferred charges and accrued income | 490/1 | €2,291 | €5,555 | +€3,264 | +142.5% |
| Total equity and liabilities | 10/49 | €300,917 | €375,211 | +€74,294 | +24.7% |
| Equity | 10/15 | €241,405 | €300,596 | +€59,191 | +24.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €235,205 | €294,396 | +€59,191 | +25.2% |
| Distributable reserves | 133 | €235,205 | €294,396 | +€59,191 | +25.2% |
| Amounts payable | 17/49 | €59,513 | €74,616 | +€15,103 | +25.4% |
| Amounts payable within one year | 42/48 | €59,513 | €74,616 | +€15,103 | +25.4% |
| Financial debts | 43 | - | €5,042 | +€5,042 | |
| Credit institutions | 430/8 | - | €5,042 | +€5,042 | |
| Trade debts | 44 | €30,259 | €39,177 | +€8,919 | +29.5% |
| Suppliers | 440/4 | €30,259 | €39,177 | +€8,919 | +29.5% |
| Taxes, remuneration and social security | 45 | €914 | €2,908 | +€1,995 | +218.3% |
| Taxes | 450/3 | €186 | €2,908 | +€2,722 | +1459.7% |
| Remuneration and social security | 454/9 | €727 | - | -€727 | |
| Other amounts payable | 47/48 | €28,340 | €27,488 | -€852 | -3.0% |
| Remuneration, social security and pensions | 62 | €50,570 | €57,218 | +€6,648 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,061 | €9,722 | +€661 | +7.3% |
| Other operating charges | 640/8 | €7,334 | €8,521 | +€1,188 | +16.2% |
| Non-recurring operating charges | 66A | €2,187 | - | -€2,187 | |
| Gross operating margin | 9900 | €135,932 | €158,685 | +€22,753 | +16.7% |
| Operating profit (loss) | 9901 | €66,780 | €83,224 | +€16,444 | +24.6% |
| Financial income | 75/76B | €145 | €281 | +€135 | +92.9% |
| Recurring financial income | 75 | €145 | €281 | +€135 | +92.9% |
| Financial charges | 65/66B | €332 | €1,726 | +€1,395 | +420.4% |
| Recurring financial charges | 65 | €332 | €1,726 | +€1,395 | +420.4% |
| Profit (loss) for the period before taxes | 9903 | €66,594 | €81,778 | +€15,184 | +22.8% |
| Income taxes | 67/77 | €18,868 | €22,587 | +€3,719 | +19.7% |
| Profit (loss) for the period | 9904 | €47,726 | €59,191 | +€11,465 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,726 | €59,191 | +€11,465 | +24.0% |
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 9 October 2026 via checked.be.