De Stalen Hand: 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 Stalen Hand
Largest movements
- Current investments +€167,619
up €167,619 (+5.4%), from €3.1m to €3.2m
- Cash +€103,127
up €103,127 (+150%), from €68,556 to €171,683
mainly Net result for the year (+€236,359) and Tax, wage and social debts (+€28,012)
- Reserves +€236,359
up €236,359 (+7.4%), from €3.2m to €3.4m
- Gross operating margin +€104,490
up €104,490 (+60.2%), from €173,463 to €277,952
- Taxes +€47,817
up €47,817 (+76.1%), from €62,795 to €110,612
- Financial income +€47,754
up €47,754 (+176%), from €27,181 to €74,935
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 | €3,193,969 | €3,458,992 | +€265,023 | +8.3% |
| Fixed assets | 21/28 | €32,665 | €26,998 | -€5,667 | -17.3% |
| Tangible fixed assets | 22/27 | €32,665 | €26,998 | -€5,667 | -17.3% |
| Plant, machinery and equipment | 23 | €2,103 | €850 | -€1,253 | -59.6% |
| Furniture and vehicles | 24 | €359 | €228 | -€132 | -36.6% |
| Other tangible fixed assets | 26 | €30,202 | €25,920 | -€4,282 | -14.2% |
| Current assets | 29/58 | €3,161,304 | €3,431,994 | +€270,690 | +8.6% |
| Amounts receivable within one year | 40/41 | €13,705 | €13,648 | -€57 | -0.4% |
| Trade receivables | 40 | €7,561 | €7,504 | -€57 | -0.8% |
| Other amounts receivable | 41 | €6,144 | €6,144 | +€0 | 0.0% |
| Current investments | 50/53 | €3,079,043 | €3,246,662 | +€167,619 | +5.4% |
| Cash at bank and in hand | 54/58 | €68,556 | €171,683 | +€103,127 | +150% |
| Total equity and liabilities | 10/49 | €3,193,969 | €3,458,992 | +€265,023 | +8.3% |
| Equity | 10/15 | €3,186,947 | €3,423,307 | +€236,359 | +7.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,180,747 | €3,417,107 | +€236,359 | +7.4% |
| Distributable reserves | 133 | €3,180,747 | €3,417,107 | +€236,359 | +7.4% |
| Amounts payable | 17/49 | €7,021 | €35,685 | +€28,664 | +408% |
| Amounts payable within one year | 42/48 | €7,021 | €35,685 | +€28,664 | +408% |
| Trade debts | 44 | €918 | €1,570 | +€652 | +71.1% |
| Suppliers | 440/4 | €918 | €1,570 | +€652 | +71.1% |
| Taxes, remuneration and social security | 45 | €6,104 | €34,115 | +€28,012 | +459% |
| Taxes | 450/3 | €6,104 | €34,115 | +€28,012 | +459% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,497 | €5,667 | +€170 | +3.1% |
| Other operating charges | 640/8 | €197 | €148 | -€50 | -25.2% |
| Gross operating margin | 9900 | €173,463 | €277,952 | +€104,490 | +60.2% |
| Operating profit (loss) | 9901 | €167,768 | €272,138 | +€104,369 | +62.2% |
| Financial income | 75/76B | €27,181 | €74,935 | +€47,754 | +176% |
| Recurring financial income | 75 | €27,181 | €74,935 | +€47,754 | +176% |
| Financial charges | 65/66B | €138 | €101 | -€37 | -26.7% |
| Recurring financial charges | 65 | €138 | €101 | -€37 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €194,811 | €346,971 | +€152,160 | +78.1% |
| Income taxes | 67/77 | €62,795 | €110,612 | +€47,817 | +76.1% |
| Profit (loss) for the period | 9904 | €132,016 | €236,359 | +€104,343 | +79.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,016 | €236,359 | +€104,343 | +79.0% |
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 21 October 2026 via checked.be.