DE STADHOUDER: 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.
DE STADHOUDER
Largest movements
- Receivables within one year -€474,569
down €474,569 (-82.4%), from €576,152 to €101,583
of which Trade receivables: -€471,630
- Tangible fixed assets +€63,177
up €63,177 (+2.5%), from €2.5m to €2.6m
of which Land and buildings: +€64,363
- Trade debts -€505,710
down €505,710 (-86.9%), from €582,263 to €76,553
- Tax, wage and social debts +€164,330
up €164,330 (+499%), from €32,912 to €197,241
- Debts after one year -€109,185
down €109,185 (-5.9%), from €1.8m to €1.7m
of which Financial debts: -€113,477
- Provisions +€36,848
new in 2025: €36,848
- Profit (loss) carried forward -€31,855
down €31,855 (-4.0%), from -€803,150 to -€835,006
- Other operating charges +€128,399
up €128,399 (+654%), from €19,645 to €148,044
- Gross operating margin +€57,124
up €57,124 (+30.8%), from €185,244 to €242,368
- Write-downs -€37,495
down €37,495, from €27,302 to -€10,193
- Provisions +€36,848
new in 2025: €36,848
- Taxes +€22,727
up €22,727 (+85.9%), from €26,451 to €49,178
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 | €3,167,837 | €2,723,542 | -€444,295 | -14.0% |
| Fixed assets | 21/28 | €2,523,256 | €2,586,433 | +€63,177 | +2.5% |
| Tangible fixed assets | 22/27 | €2,513,981 | €2,577,158 | +€63,177 | +2.5% |
| Land and buildings | 22 | €2,290,283 | €2,354,646 | +€64,363 | +2.8% |
| Plant, machinery and equipment | 23 | - | €947 | +€947 | |
| Furniture and vehicles | 24 | €4,266 | €2,133 | -€2,133 | -50.0% |
| Other tangible fixed assets | 26 | €219,432 | €219,432 | = | 0.0% |
| Financial fixed assets | 28 | €9,275 | €9,275 | = | 0.0% |
| Current assets | 29/58 | €644,581 | €137,109 | -€507,472 | -78.7% |
| Amounts receivable within one year | 40/41 | €576,152 | €101,583 | -€474,569 | -82.4% |
| Trade receivables | 40 | €567,511 | €95,881 | -€471,630 | -83.1% |
| Other amounts receivable | 41 | €8,641 | €5,702 | -€2,939 | -34.0% |
| Cash at bank and in hand | 54/58 | €47,676 | €33,391 | -€14,285 | -30.0% |
| Deferred charges and accrued income | 490/1 | €20,752 | €2,135 | -€18,617 | -89.7% |
| Total equity and liabilities | 10/49 | €3,167,837 | €2,723,542 | -€444,295 | -14.0% |
| Equity | 10/15 | €656,257 | €624,402 | -€31,855 | -4.9% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Revaluation surpluses | 12 | €1,363,968 | €1,363,968 | = | 0.0% |
| Reserves | 13 | €8,676 | €8,676 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,676 | €8,676 | = | 0.0% |
| Legal reserve | 130 | €8,676 | €8,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€803,150 | -€835,006 | -€31,855 | -4.0% |
| Provisions and deferred taxes | 16 | - | €36,848 | +€36,848 | |
| Provisions for liabilities and charges | 160/5 | - | €36,848 | +€36,848 | |
| Taxes | 161 | - | €36,848 | +€36,848 | |
| Amounts payable | 17/49 | €2,511,580 | €2,062,293 | -€449,288 | -17.9% |
| Amounts payable after more than one year | 17 | €1,841,209 | €1,732,024 | -€109,185 | -5.9% |
| Financial debts | 170/4 | €1,818,094 | €1,704,617 | -€113,477 | -6.2% |
| Other amounts payable | 178/9 | €23,115 | €27,407 | +€4,292 | +18.6% |
| Amounts payable within one year | 42/48 | €670,372 | €330,269 | -€340,103 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €55,197 | €56,475 | +€1,277 | +2.3% |
| Trade debts | 44 | €582,263 | €76,553 | -€505,710 | -86.9% |
| Suppliers | 440/4 | €582,263 | €76,553 | -€505,710 | -86.9% |
| Taxes, remuneration and social security | 45 | €32,912 | €197,241 | +€164,330 | +499% |
| Taxes | 450/3 | €32,912 | €197,241 | +€164,330 | +499% |
| Non-recurring operating income | 76A | - | €38,195 | +€38,195 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,186 | €26,632 | +€6,446 | +31.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,302 | -€10,193 | -€37,495 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,848 | +€36,848 | |
| Other operating charges | 640/8 | €19,645 | €148,044 | +€128,399 | +654% |
| Gross operating margin | 9900 | €185,244 | €242,368 | +€57,124 | +30.8% |
| Operating profit (loss) | 9901 | €118,112 | €41,037 | -€77,075 | -65.3% |
| Financial income | 75/76B | €552 | €281 | -€271 | -49.1% |
| Recurring financial income | 75 | €552 | €281 | -€271 | -49.1% |
| Financial charges | 65/66B | €26,447 | €23,995 | -€2,453 | -9.3% |
| Recurring financial charges | 65 | €26,447 | €23,995 | -€2,453 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €92,216 | €17,323 | -€74,893 | -81.2% |
| Income taxes | 67/77 | €26,451 | €49,178 | +€22,727 | +85.9% |
| Profit (loss) for the period | 9904 | €65,765 | -€31,855 | -€97,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,765 | -€31,855 | -€97,620 |
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.