DR. STALS: 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.
DR. STALS
Largest movements
- Current investments +€560,000
up €560,000 (+77.2%), from €725,000 to €1.3m
- Cash -€356,954
down €356,954 (-59.2%), from €602,933 to €245,979
mainly Current investments (-€560,000) and Investment in fixed assets (net) (-€59,702)
- Reserves +€187,368
up €187,368 (+19.8%), from €945,893 to €1.1m
of which Distributable reserves: +€263,148
- Taxes +€14,684
up €14,684 (+16.9%), from €86,790 to €101,474
- Gross operating margin +€11,674
up €11,674 (+3.5%), from €332,316 to €343,990
- Depreciation +€6,706
up €6,706 (+17.5%), from €38,390 to €45,096
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,481,000 | €1,696,023 | +€215,023 | +14.5% |
| Fixed assets | 21/28 | €132,320 | €146,927 | +€14,607 | +11.0% |
| Tangible fixed assets | 22/27 | €131,264 | €145,863 | +€14,599 | +11.1% |
| Land and buildings | 22 | €47,884 | €86,782 | +€38,897 | +81.2% |
| Plant, machinery and equipment | 23 | €1,937 | €1,013 | -€924 | -47.7% |
| Furniture and vehicles | 24 | €65,382 | €42,140 | -€23,242 | -35.5% |
| Other tangible fixed assets | 26 | €16,061 | €15,928 | -€132 | -0.8% |
| Financial fixed assets | 28 | €1,056 | €1,063 | +€8 | +0.7% |
| Current assets | 29/58 | €1,348,680 | €1,549,097 | +€200,416 | +14.9% |
| Amounts receivable within one year | 40/41 | €6,875 | €569 | -€6,305 | -91.7% |
| Trade receivables | 40 | €6,875 | €488 | -€6,387 | -92.9% |
| Other amounts receivable | 41 | - | €82 | +€82 | |
| Current investments | 50/53 | €725,000 | €1,285,000 | +€560,000 | +77.2% |
| Cash at bank and in hand | 54/58 | €602,933 | €245,979 | -€356,954 | -59.2% |
| Deferred charges and accrued income | 490/1 | €13,872 | €17,548 | +€3,676 | +26.5% |
| Total equity and liabilities | 10/49 | €1,481,000 | €1,696,023 | +€215,023 | +14.5% |
| Equity | 10/15 | €964,493 | €1,151,861 | +€187,368 | +19.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €945,893 | €1,133,261 | +€187,368 | +19.8% |
| Tax-exempt reserves | 132 | €272,973 | €197,193 | -€75,780 | -27.8% |
| Distributable reserves | 133 | €672,919 | €936,067 | +€263,148 | +39.1% |
| Amounts payable | 17/49 | €516,507 | €544,162 | +€27,655 | +5.4% |
| Amounts payable within one year | 42/48 | €483,460 | €508,508 | +€25,048 | +5.2% |
| Trade debts | 44 | €8,399 | €22,981 | +€14,582 | +174% |
| Suppliers | 440/4 | €8,399 | €22,981 | +€14,582 | +174% |
| Taxes, remuneration and social security | 45 | €8,997 | €5,239 | -€3,758 | -41.8% |
| Taxes | 450/3 | €8,997 | €5,239 | -€3,758 | -41.8% |
| Other amounts payable | 47/48 | €466,064 | €480,288 | +€14,224 | +3.1% |
| Accrued charges and deferred income | 492/3 | €33,047 | €35,654 | +€2,607 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,390 | €45,096 | +€6,706 | +17.5% |
| Other operating charges | 640/8 | €3,215 | €285 | -€2,930 | -91.1% |
| Gross operating margin | 9900 | €332,316 | €343,990 | +€11,674 | +3.5% |
| Operating profit (loss) | 9901 | €290,711 | €298,610 | +€7,899 | +2.7% |
| Financial income | 75/76B | €23,984 | €22,959 | -€1,024 | -4.3% |
| Recurring financial income | 75 | €23,984 | €22,959 | -€1,024 | -4.3% |
| Financial charges | 65/66B | €30,312 | €31,894 | +€1,582 | +5.2% |
| Recurring financial charges | 65 | €30,312 | €31,894 | +€1,582 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €284,383 | €289,675 | +€5,292 | +1.9% |
| Income taxes | 67/77 | €86,790 | €101,474 | +€14,684 | +16.9% |
| Profit (loss) for the period | 9904 | €197,593 | €188,201 | -€9,392 | -4.8% |
| Transfer from tax-exempt reserves | 789 | - | €75,780 | +€75,780 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,393 | €263,981 | +€150,588 | +133% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.