MICHEL 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.
MICHEL STALS
Largest movements
- Current investments +€154,211
up €154,211 (+61.7%), from €250,000 to €404,211
- Cash -€147,319
down €147,319 (-75.8%), from €194,453 to €47,134
mainly Current investments (-€154,211) and Contributions, distributions and other (-€101,000)
- Receivables within one year -€14,416
down €14,416 (-87.2%), from €16,524 to €2,109
of which Other amounts receivable: -€14,222
- Tangible fixed assets -€11,014
down €11,014 (-49.5%), from €22,243 to €11,229
of which Furniture and vehicles: -€10,920
- Reserves +€24,908
up €24,908 (+8.0%), from €313,060 to €337,968
- Other debts -€22,133
down €22,133 (-18.0%), from €123,133 to €101,000
- Current portion of long-term debt -€14,942
no longer reported in 2025 (was €14,942)
- Tax, wage and social debts -€7,364
down €7,364 (-40.9%), from €17,988 to €10,624
of which Remuneration and social security: -€3,908
- Staff costs -€15,464
down €15,464 (-52.6%), from €29,391 to €13,927
- Taxes +€13,395
up €13,395 (+28.3%), from €47,396 to €60,790
- Gross operating margin +€8,136
up €8,136 (+3.9%), from €209,594 to €217,730
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 | €488,584 | €468,495 | -€20,088 | -4.1% |
| Fixed assets | 21/28 | €22,503 | €11,229 | -€11,274 | -50.1% |
| Tangible fixed assets | 22/27 | €22,243 | €11,229 | -€11,014 | -49.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €94 | - | -€94 | |
| Furniture and vehicles | 24 | €22,149 | €11,229 | -€10,920 | -49.3% |
| Financial fixed assets | 28 | €260 | - | -€260 | |
| Current assets | 29/58 | €466,081 | €457,267 | -€8,814 | -1.9% |
| Amounts receivable within one year | 40/41 | €16,524 | €2,109 | -€14,416 | -87.2% |
| Trade receivables | 40 | €193 | - | -€193 | |
| Other amounts receivable | 41 | €16,331 | €2,109 | -€14,222 | -87.1% |
| Current investments | 50/53 | €250,000 | €404,211 | +€154,211 | +61.7% |
| Cash at bank and in hand | 54/58 | €194,453 | €47,134 | -€147,319 | -75.8% |
| Deferred charges and accrued income | 490/1 | €5,104 | €3,813 | -€1,290 | -25.3% |
| Total equity and liabilities | 10/49 | €488,584 | €468,495 | -€20,088 | -4.1% |
| Equity | 10/15 | €331,711 | €356,619 | +€24,908 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,060 | €337,968 | +€24,908 | +8.0% |
| Distributable reserves | 133 | €313,060 | €337,968 | +€24,908 | +8.0% |
| Profit (loss) carried forward | 14 | €51 | €51 | = | 0.0% |
| Amounts payable | 17/49 | €156,873 | €111,877 | -€44,996 | -28.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €156,873 | €111,877 | -€44,996 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €14,942 | - | -€14,942 | |
| Trade debts | 44 | €810 | €252 | -€557 | -68.8% |
| Suppliers | 440/4 | €810 | €252 | -€557 | -68.8% |
| Taxes, remuneration and social security | 45 | €17,988 | €10,624 | -€7,364 | -40.9% |
| Taxes | 450/3 | €14,080 | €10,624 | -€3,456 | -24.5% |
| Remuneration and social security | 454/9 | €3,908 | - | -€3,908 | |
| Other amounts payable | 47/48 | €123,133 | €101,000 | -€22,133 | -18.0% |
| Remuneration, social security and pensions | 62 | €29,391 | €13,927 | -€15,464 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,830 | €11,014 | -€816 | -6.9% |
| Other operating charges | 640/8 | €1,971 | €2,453 | +€482 | +24.5% |
| Non-recurring operating charges | 66A | €18,124 | - | -€18,124 | |
| Gross operating margin | 9900 | €209,594 | €217,730 | +€8,136 | +3.9% |
| Operating profit (loss) | 9901 | €148,278 | €190,336 | +€42,057 | +28.4% |
| Financial income | 75/76B | €57 | €626 | +€568 | +993% |
| Recurring financial income | 75 | €57 | €626 | +€568 | +993% |
| Financial charges | 65/66B | €4,302 | €4,263 | -€39 | -0.9% |
| Recurring financial charges | 65 | €4,302 | €4,263 | -€39 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €144,034 | €186,698 | +€42,664 | +29.6% |
| Income taxes | 67/77 | €47,396 | €60,790 | +€13,395 | +28.3% |
| Profit (loss) for the period | 9904 | €96,638 | €125,908 | +€29,270 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €96,638 | €125,908 | +€29,270 | +30.3% |
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 17 October 2026 via checked.be.