C.G. Stelli: 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.
C.G. Stelli
Largest movements
- Stocks and contracts -€14,997
down €14,997 (-19.4%), from €77,358 to €62,361
- Cash -€7,214
down €7,214 (-12.6%), from €57,294 to €50,080
mainly Other debts (-€21,552) and Trade debts (-€3,301)
- Tangible fixed assets -€4,008
down €4,008 (-15.8%), from €25,304 to €21,296
- Other debts -€21,552
down €21,552 (-13.9%), from €154,927 to €133,375
- Trade debts -€3,301
down €3,301 (-36.7%), from €9,001 to €5,700
- Tax, wage and social debts -€1,784
down €1,784 (-24.8%), from €7,187 to €5,403
of which Remuneration and social security: -€2,171
- Gross operating margin +€6,303
up €6,303 (+1,125%), from €560 to €6,863
- Depreciation +€1,474
up €1,474 (+58.1%), from €2,534 to €4,008
- Other operating charges -€612
down €612 (-39.7%), from €1,541 to €929
- Staff costs -€293
down €293 (-25.3%), from €1,159 to €866
- Financial income -€164
down €164 (-96.5%), from €170 to €6
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 | €161,609 | €135,436 | -€26,173 | -16.2% |
| Fixed assets | 21/28 | €25,667 | €21,659 | -€4,008 | -15.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €25,304 | €21,296 | -€4,008 | -15.8% |
| Plant, machinery and equipment | 23 | €13,056 | €11,705 | -€1,351 | -10.3% |
| Furniture and vehicles | 24 | €2,194 | €1,290 | -€903 | -41.2% |
| Other tangible fixed assets | 26 | €10,054 | €8,300 | -€1,754 | -17.4% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €135,943 | €113,777 | -€22,165 | -16.3% |
| Stocks and contracts in progress | 3 | €77,358 | €62,361 | -€14,997 | -19.4% |
| Stocks | 30/36 | €77,358 | €62,361 | -€14,997 | -19.4% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €57,294 | €50,080 | -€7,214 | -12.6% |
| Deferred charges and accrued income | 490/1 | €1,291 | €1,337 | +€46 | +3.5% |
| Total equity and liabilities | 10/49 | €161,609 | €135,436 | -€26,173 | -16.2% |
| Equity | 10/15 | -€9,505 | -€9,492 | +€14 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,105 | -€28,092 | +€14 | 0.0% |
| Amounts payable | 17/49 | €171,115 | €144,928 | -€26,187 | -15.3% |
| Amounts payable within one year | 42/48 | €171,115 | €144,478 | -€26,637 | -15.6% |
| Trade debts | 44 | €9,001 | €5,700 | -€3,301 | -36.7% |
| Suppliers | 440/4 | €9,001 | €5,700 | -€3,301 | -36.7% |
| Taxes, remuneration and social security | 45 | €7,187 | €5,403 | -€1,784 | -24.8% |
| Taxes | 450/3 | €5,016 | €5,403 | +€387 | +7.7% |
| Remuneration and social security | 454/9 | €2,171 | €0 | -€2,171 | -100% |
| Other amounts payable | 47/48 | €154,927 | €133,375 | -€21,552 | -13.9% |
| Accrued charges and deferred income | 492/3 | €0 | €450 | +€450 | |
| Remuneration, social security and pensions | 62 | €1,159 | €866 | -€293 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,534 | €4,008 | +€1,474 | +58.1% |
| Other operating charges | 640/8 | €1,541 | €929 | -€612 | -39.7% |
| Gross operating margin | 9900 | €560 | €6,863 | +€6,303 | +1,125% |
| Operating profit (loss) | 9901 | -€4,674 | €1,060 | +€5,734 | |
| Financial income | 75/76B | €170 | €6 | -€164 | -96.5% |
| Recurring financial income | 75 | €170 | €6 | -€164 | -96.5% |
| Financial charges | 65/66B | €807 | €853 | +€46 | +5.7% |
| Recurring financial charges | 65 | €807 | €853 | +€46 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,312 | €213 | +€5,524 | |
| Income taxes | 67/77 | €189 | €199 | +€11 | +5.6% |
| Profit (loss) for the period | 9904 | -€5,500 | €14 | +€5,514 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,500 | €14 | +€5,514 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.