IMMO STUIVENBERG: 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.
IMMO STUIVENBERG
Largest movements
- Stocks and contracts -€120,597
down €120,597 (-14.2%), from €848,162 to €727,565
- Cash +€67,248
up €67,248 (+558%), from €12,046 to €79,293
mainly Stocks and contracts (+€120,597) and Debts after one year (+€6,373)
- Receivables within one year +€56,897
up €56,897 (+25.1%), from €226,682 to €283,580
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€48,978
down €48,978 (-74.8%), from €65,497 to €16,518
- Taxes -€9,979
down €9,979 (-100%), from €9,979 to €0
- Financial charges -€1,037
down €1,037 (-4.5%), from €23,265 to €22,228
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 | €1,315,187 | €1,312,971 | -€2,216 | -0.2% |
| Fixed assets | 21/28 | €228,075 | €222,309 | -€5,766 | -2.5% |
| Tangible fixed assets | 22/27 | €228,075 | €222,309 | -€5,766 | -2.5% |
| Land and buildings | 22 | €228,075 | €222,309 | -€5,766 | -2.5% |
| Current assets | 29/58 | €1,087,112 | €1,090,662 | +€3,550 | +0.3% |
| Stocks and contracts in progress | 3 | €848,162 | €727,565 | -€120,597 | -14.2% |
| Stocks | 30/36 | €848,162 | €727,565 | -€120,597 | -14.2% |
| Amounts receivable within one year | 40/41 | €226,682 | €283,580 | +€56,897 | +25.1% |
| Other amounts receivable | 41 | €226,682 | €283,580 | +€56,897 | +25.1% |
| Cash at bank and in hand | 54/58 | €12,046 | €79,293 | +€67,248 | +558% |
| Deferred charges and accrued income | 490/1 | €222 | €224 | +€2 | +0.9% |
| Total equity and liabilities | 10/49 | €1,315,187 | €1,312,971 | -€2,216 | -0.2% |
| Equity | 10/15 | €616,473 | €607,799 | -€8,674 | -1.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €541,473 | €532,799 | -€8,674 | -1.6% |
| Tax-exempt reserves | 132 | €168,400 | €78,571 | -€89,829 | -53.3% |
| Distributable reserves | 133 | €373,073 | €454,228 | +€81,155 | +21.8% |
| Amounts payable | 17/49 | €698,715 | €705,172 | +€6,457 | +0.9% |
| Amounts payable after more than one year | 17 | €318,662 | €325,035 | +€6,373 | +2.0% |
| Other amounts payable | 178/9 | €318,662 | €325,035 | +€6,373 | +2.0% |
| Amounts payable within one year | 42/48 | €380,053 | €380,137 | +€84 | 0.0% |
| Financial debts | 43 | €380,000 | €380,000 | = | 0.0% |
| Credit institutions | 430/8 | €380,000 | €380,000 | = | 0.0% |
| Trade debts | 44 | €0 | €84 | +€84 | |
| Suppliers | 440/4 | €0 | €84 | +€84 | |
| Other amounts payable | 47/48 | €53 | €53 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,766 | €5,766 | = | 0.0% |
| Other operating charges | 640/8 | €1,567 | €1,616 | +€49 | +3.2% |
| Gross operating margin | 9900 | €65,497 | €16,518 | -€48,978 | -74.8% |
| Operating profit (loss) | 9901 | €58,164 | €9,136 | -€49,028 | -84.3% |
| Financial income | 75/76B | €4,977 | €4,419 | -€558 | -11.2% |
| Recurring financial income | 75 | €4,977 | €4,419 | -€558 | -11.2% |
| Financial charges | 65/66B | €23,265 | €22,228 | -€1,037 | -4.5% |
| Recurring financial charges | 65 | €23,265 | €22,228 | -€1,037 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €39,875 | -€8,674 | -€48,549 | |
| Income taxes | 67/77 | €9,979 | €0 | -€9,979 | -100% |
| Profit (loss) for the period | 9904 | €29,897 | -€8,674 | -€38,570 | |
| Transfer from tax-exempt reserves | 789 | - | €89,829 | +€89,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,897 | €81,155 | +€51,259 | +171% |
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 22 October 2026 via checked.be.