DEN STAL: 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.
DEN STAL
Largest movements
- Receivables within one year +€30,486
up €30,486 (+62.3%), from €48,968 to €79,454
of which Trade receivables: +€25,353
- Tangible fixed assets -€23,571
down €23,571 (-7.9%), from €299,319 to €275,748
of which Land and buildings: -€12,273
- Cash +€11,299
up €11,299 (+43.9%), from €25,746 to €37,045
mainly Trade debts (+€29,974) and Depreciation (+€28,146)
- Stocks and contracts -€9,375
down €9,375 (-12.9%), from €72,625 to €63,250
- Debts after one year -€34,790
down €34,790 (-19.4%), from €179,061 to €144,271
of which Financial debts: -€17,516
- Trade debts +€29,974
up €29,974 (+184%), from €16,248 to €46,221
- Tax, wage and social debts +€6,346
up €6,346 (+52.4%), from €12,114 to €18,461
of which Remuneration and social security: +€4,168
- Reserves +€6,230
up €6,230 (+3.1%), from €202,468 to €208,697
of which Distributable reserves: +€6,230
- Gross operating margin +€21,630
up €21,630 (+12.0%), from €179,525 to €201,156
- Staff costs +€16,362
up €16,362 (+12.2%), from €134,631 to €150,993
- Financial charges -€8,997
down €8,997 (-59.1%), from €15,213 to €6,216
- Taxes +€3,881
up €3,881 (+1,363%), from €285 to €4,165
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 | €453,254 | €461,218 | +€7,964 | +1.8% |
| Fixed assets | 21/28 | €300,529 | €276,958 | -€23,571 | -7.8% |
| Tangible fixed assets | 22/27 | €299,319 | €275,748 | -€23,571 | -7.9% |
| Land and buildings | 22 | €230,960 | €218,687 | -€12,273 | -5.3% |
| Plant, machinery and equipment | 23 | €61,834 | €52,871 | -€8,962 | -14.5% |
| Furniture and vehicles | 24 | €6,526 | €4,190 | -€2,336 | -35.8% |
| Financial fixed assets | 28 | €1,210 | €1,210 | = | 0.0% |
| Current assets | 29/58 | €152,724 | €184,260 | +€31,536 | +20.6% |
| Stocks and contracts in progress | 3 | €72,625 | €63,250 | -€9,375 | -12.9% |
| Stocks | 30/36 | €72,625 | €63,250 | -€9,375 | -12.9% |
| Amounts receivable within one year | 40/41 | €48,968 | €79,454 | +€30,486 | +62.3% |
| Trade receivables | 40 | €41,342 | €66,695 | +€25,353 | +61.3% |
| Other amounts receivable | 41 | €7,626 | €12,759 | +€5,133 | +67.3% |
| Cash at bank and in hand | 54/58 | €25,746 | €37,045 | +€11,299 | +43.9% |
| Deferred charges and accrued income | 490/1 | €5,386 | €4,511 | -€874 | -16.2% |
| Total equity and liabilities | 10/49 | €453,254 | €461,218 | +€7,964 | +1.8% |
| Equity | 10/15 | €228,519 | €234,749 | +€6,230 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €202,468 | €208,697 | +€6,230 | +3.1% |
| Tax-exempt reserves | 132 | €20,945 | €20,945 | = | 0.0% |
| Distributable reserves | 133 | €181,522 | €187,752 | +€6,230 | +3.4% |
| Profit (loss) carried forward | 14 | €7,452 | €7,452 | = | 0.0% |
| Amounts payable | 17/49 | €224,735 | €226,469 | +€1,735 | +0.8% |
| Amounts payable after more than one year | 17 | €179,061 | €144,271 | -€34,790 | -19.4% |
| Financial debts | 170/4 | €71,799 | €54,282 | -€17,516 | -24.4% |
| Other amounts payable | 178/9 | €107,262 | €89,988 | -€17,274 | -16.1% |
| Amounts payable within one year | 42/48 | €45,384 | €82,199 | +€36,815 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €17,021 | €17,516 | +€495 | +2.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €16,248 | €46,221 | +€29,974 | +184% |
| Suppliers | 440/4 | €16,248 | €46,221 | +€29,974 | +184% |
| Taxes, remuneration and social security | 45 | €12,114 | €18,461 | +€6,346 | +52.4% |
| Taxes | 450/3 | €2,582 | €4,760 | +€2,179 | +84.4% |
| Remuneration and social security | 454/9 | €9,533 | €13,701 | +€4,168 | +43.7% |
| Accrued charges and deferred income | 492/3 | €290 | €0 | -€290 | -100% |
| Remuneration, social security and pensions | 62 | €134,631 | €150,993 | +€16,362 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,614 | €28,146 | -€467 | -1.6% |
| Other operating charges | 640/8 | €6,639 | €6,198 | -€442 | -6.6% |
| Gross operating margin | 9900 | €179,525 | €201,156 | +€21,630 | +12.0% |
| Operating profit (loss) | 9901 | €9,641 | €15,819 | +€6,177 | +64.1% |
| Financial income | 75/76B | €30 | €792 | +€762 | +2,536% |
| Recurring financial income | 75 | €30 | €792 | +€762 | +2,536% |
| Financial charges | 65/66B | €15,213 | €6,216 | -€8,997 | -59.1% |
| Recurring financial charges | 65 | €15,213 | €6,216 | -€8,997 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,542 | €10,395 | +€15,936 | |
| Income taxes | 67/77 | €285 | €4,165 | +€3,881 | +1,363% |
| Profit (loss) for the period | 9904 | -€5,826 | €6,230 | +€12,056 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,826 | €6,230 | +€12,056 |
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 20 October 2026 via checked.be.