Luc STALARS: what changed
Two fiscal 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.
Luc STALARS
Largest movements
- Receivables within one year +€23,726
up €23,726 (+21.7%), from €109,131 to €132,857
of which Trade receivables: +€40,330
- Cash -€21,312
down €21,312 (-13.9%), from €153,368 to €132,056
mainly Contributions, distributions and other (-€86,000) and Receivables within one year (-€23,726)
- Other debts +€85,690
up €85,690 (+14935.6%), from €574 to €86,264
- Reserves -€80,500
down €80,500 (-17.1%), from €471,000 to €390,500
- Gross operating margin -€24,501
down €24,501 (-29.3%), from €83,580 to €59,079
- Other operating charges -€23,642
down €23,642 (-94.4%), from €25,036 to €1,394
- Write-downs +€23,481
no longer reported in 2025 (was -€23,481)
- Financial charges -€16,816
down €16,816 (-26.9%), from €62,620 to €45,804
- Taxes -€12,278
down €12,278 (-78.0%), from €15,739 to €3,461
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.
Cash bridge derived
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 | €533,950 | €541,878 | +€7,928 | +1.5% |
| Fixed assets | 21/28 | €69,942 | €75,305 | +€5,363 | +7.7% |
| Tangible fixed assets | 22/27 | €3,525 | €8,888 | +€5,363 | +152.2% |
| Furniture and vehicles | 24 | €3,525 | €8,888 | +€5,363 | +152.2% |
| Financial fixed assets | 28 | €66,417 | €66,417 | = | 0.0% |
| Current assets | 29/58 | €464,008 | €466,573 | +€2,564 | +0.6% |
| Amounts receivable within one year | 40/41 | €109,131 | €132,857 | +€23,726 | +21.7% |
| Trade receivables | 40 | €74,670 | €115,000 | +€40,330 | +54.0% |
| Other amounts receivable | 41 | €34,461 | €17,857 | -€16,604 | -48.2% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €153,368 | €132,056 | -€21,312 | -13.9% |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,660 | +€151 | +10.0% |
| Total equity and liabilities | 10/49 | €533,950 | €541,878 | +€7,928 | +1.5% |
| Equity | 10/15 | €512,030 | €431,729 | -€80,301 | -15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €471,000 | €390,500 | -€80,500 | -17.1% |
| Distributable reserves | 133 | €471,000 | €390,500 | -€80,500 | -17.1% |
| Profit (loss) carried forward | 14 | €22,430 | €22,629 | +€199 | +0.9% |
| Amounts payable | 17/49 | €21,920 | €110,149 | +€88,228 | +402.5% |
| Amounts payable within one year | 42/48 | €21,920 | €110,149 | +€88,228 | +402.5% |
| Trade debts | 44 | €2,736 | €1,578 | -€1,157 | -42.3% |
| Suppliers | 440/4 | €2,736 | €1,578 | -€1,157 | -42.3% |
| Taxes, remuneration and social security | 45 | €18,611 | €22,307 | +€3,696 | +19.9% |
| Taxes | 450/3 | €18,611 | €22,307 | +€3,696 | +19.9% |
| Other amounts payable | 47/48 | €574 | €86,264 | +€85,690 | +14935.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,461 | €3,046 | +€585 | +23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€23,481 | - | +€23,481 | |
| Other operating charges | 640/8 | €25,036 | €1,394 | -€23,642 | -94.4% |
| Gross operating margin | 9900 | €83,580 | €59,079 | -€24,501 | -29.3% |
| Operating profit (loss) | 9901 | €79,564 | €54,639 | -€24,925 | -31.3% |
| Financial income | 75/76B | €659 | €325 | -€334 | -50.7% |
| Recurring financial income | 75 | €659 | €325 | -€334 | -50.7% |
| Financial charges | 65/66B | €62,620 | €45,804 | -€16,816 | -26.9% |
| Recurring financial charges | 65 | €62,620 | €45,804 | -€16,816 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €17,603 | €9,161 | -€8,443 | -48.0% |
| Income taxes | 67/77 | €15,739 | €3,461 | -€12,278 | -78.0% |
| Profit (loss) for the period | 9904 | €1,864 | €5,699 | +€3,835 | +205.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,864 | €5,699 | +€3,835 | +205.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.