STEPHSON: 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
STEPHSON
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,839
2024 · €20,976+€11,862
Equity
€1.4m
2024 · €1.3m+€32,839
Cash
€18,807
2024 · €11,186+€7,621
Balance sheet total
€3.3m
2024 · €3.4m-€118,069
Largest movements
Assets
- Tangible fixed assets -€87,879
down €87,879 (-2.6%), from €3.3m to €3.3m
- Current investments -€50,000
down €50,000 (-100%), from €50,000 to €0
Equity and liabilities
- Debts after one year -€108,263
down €108,263 (-5.6%), from €1.9m to €1.8m
of which Financial debts: -€83,874
Income statement
- Financial charges -€9,835
down €9,835 (-18.6%), from €52,948 to €43,112
- Gross operating margin +€5,551
up €5,551 (+3.1%), from €178,561 to €184,112
- Taxes +€3,954
up €3,954 (+56.6%), from €6,992 to €10,946
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
€20,976
Gross operating margin
+€5,551
Other operating charges
-€352
Financial income
+€783
Financial charges
+€9,835
Taxes
-€3,954
Result 2025
€32,839
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
+€72,562
Investment
+€50,000
Financing
-€114,941
Cash 2024
€11,186
From operations (derived)
+€72,562
Net result for the year
+€32,839
Depreciation
+€87,879
Receivables within one year
-€12,729
Deferred charges and accrued income
+€541
Trade debts
-€728
Tax, wage and social debts
+€6,547
Other debts
-€32,767
Accrued charges and deferred income
-€9,019
Investment (derived)
+€50,000
Current investments
+€50,000
Financing
-€114,941
Debts after one year
-€108,263
Current portion of long-term debt
-€6,678
Cash 2025
€18,807
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,410,159 | €3,292,090 | -€118,069 | -3.5% |
| Fixed assets | 21/28 | €3,343,880 | €3,256,001 | -€87,879 | -2.6% |
| Tangible fixed assets | 22/27 | €3,343,880 | €3,256,001 | -€87,879 | -2.6% |
| Land and buildings | 22 | €3,343,880 | €3,256,001 | -€87,879 | -2.6% |
| Current assets | 29/58 | €66,279 | €36,089 | -€30,190 | -45.6% |
| Amounts receivable within one year | 40/41 | €4,504 | €17,233 | +€12,729 | +283% |
| Other amounts receivable | 41 | €4,504 | €17,233 | +€12,729 | +283% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €11,186 | €18,807 | +€7,621 | +68.1% |
| Deferred charges and accrued income | 490/1 | €590 | €49 | -€541 | -91.7% |
| Total equity and liabilities | 10/49 | €3,410,159 | €3,292,090 | -€118,069 | -3.5% |
| Equity | 10/15 | €1,317,177 | €1,350,015 | +€32,839 | +2.5% |
| Contributions | 10/11 | €997,600 | €997,600 | = | 0.0% |
| Reserves | 13 | €319,576 | €352,415 | +€32,839 | +10.3% |
| Distributable reserves | 133 | €319,576 | €352,415 | +€32,839 | +10.3% |
| Amounts payable | 17/49 | €2,092,982 | €1,942,075 | -€150,908 | -7.2% |
| Amounts payable after more than one year | 17 | €1,934,328 | €1,826,065 | -€108,263 | -5.6% |
| Financial debts | 170/4 | €1,150,227 | €1,066,353 | -€83,874 | -7.3% |
| Other amounts payable | 178/9 | €784,101 | €759,712 | -€24,389 | -3.1% |
| Amounts payable within one year | 42/48 | €149,636 | €116,010 | -€33,626 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €114,941 | €108,263 | -€6,678 | -5.8% |
| Trade debts | 44 | €728 | €0 | -€728 | -100% |
| Suppliers | 440/4 | €728 | €0 | -€728 | -100% |
| Taxes, remuneration and social security | 45 | €1,200 | €7,747 | +€6,547 | +546% |
| Taxes | 450/3 | €1,200 | €7,747 | +€6,547 | +546% |
| Other amounts payable | 47/48 | €32,767 | €0 | -€32,767 | -100% |
| Accrued charges and deferred income | 492/3 | €9,019 | €0 | -€9,019 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,879 | €87,879 | = | 0.0% |
| Other operating charges | 640/8 | €11,300 | €11,652 | +€352 | +3.1% |
| Gross operating margin | 9900 | €178,561 | €184,112 | +€5,551 | +3.1% |
| Operating profit (loss) | 9901 | €79,383 | €84,581 | +€5,198 | +6.5% |
| Financial income | 75/76B | €1,533 | €2,316 | +€783 | +51.0% |
| Recurring financial income | 75 | €1,533 | €2,316 | +€783 | +51.0% |
| Financial charges | 65/66B | €52,948 | €43,112 | -€9,835 | -18.6% |
| Recurring financial charges | 65 | €52,948 | €43,112 | -€9,835 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €27,968 | €43,785 | +€15,816 | +56.6% |
| Income taxes | 67/77 | €6,992 | €10,946 | +€3,954 | +56.6% |
| Profit (loss) for the period | 9904 | €20,976 | €32,839 | +€11,862 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,976 | €32,839 | +€11,862 | +56.6% |
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 17 October 2026 via checked.be.