S. STABEL: 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.
S. STABEL
Largest movements
- Tangible fixed assets +€45,966
up €45,966 (+7982.6%), from €576 to €46,542
of which Furniture and vehicles: +€44,063
- Current investments -€24,131
down €24,131 (-31.1%), from €77,504 to €53,373
- Receivables after one year -€5,850
down €5,850 (-12.8%), from €45,550 to €39,700
- Cash +€4,298
up €4,298 (+3.4%), from €126,100 to €130,398
mainly Net result for the year (+€53,768) and Debts after one year (+€25,183)
- Receivables within one year +€4,074
up €4,074 (+28.7%), from €14,212 to €18,286
of which Other amounts receivable: +€7,746
- Debts after one year +€25,183
new in 2025: €25,183
- Reserves -€16,232
down €16,232 (-6.8%), from €237,836 to €221,604
of which Distributable reserves: -€16,232
- Tax, wage and social debts +€10,190
up €10,190 (+91.9%), from €11,090 to €21,280
- Current portion of long-term debt +€6,609
new in 2025: €6,609
- Gross operating margin +€35,908
up €35,908 (+50.0%), from €71,778 to €107,685
- Taxes +€24,140
up €24,140 (+102.5%), from €23,563 to €47,702
- Depreciation +€11,038
up €11,038 (+840.4%), from €1,313 to €12,351
- Financial income +€2,957
up €2,957 (+49.2%), from €6,013 to €8,969
- Financial charges +€1,569
up €1,569 (+805.3%), from €195 to €1,764
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 | €264,236 | €288,593 | +€24,357 | +9.2% |
| Fixed assets | 21/28 | €576 | €46,542 | +€45,966 | +7982.6% |
| Tangible fixed assets | 22/27 | €576 | €46,542 | +€45,966 | +7982.6% |
| Plant, machinery and equipment | 23 | €576 | €2,479 | +€1,903 | +330.4% |
| Furniture and vehicles | 24 | - | €44,063 | +€44,063 | |
| Current assets | 29/58 | €263,660 | €242,051 | -€21,610 | -8.2% |
| Amounts receivable after more than one year | 29 | €45,550 | €39,700 | -€5,850 | -12.8% |
| Other amounts receivable | 291 | €45,550 | €39,700 | -€5,850 | -12.8% |
| Amounts receivable within one year | 40/41 | €14,212 | €18,286 | +€4,074 | +28.7% |
| Trade receivables | 40 | €4,221 | €549 | -€3,672 | -87.0% |
| Other amounts receivable | 41 | €9,991 | €17,737 | +€7,746 | +77.5% |
| Current investments | 50/53 | €77,504 | €53,373 | -€24,131 | -31.1% |
| Cash at bank and in hand | 54/58 | €126,100 | €130,398 | +€4,298 | +3.4% |
| Deferred charges and accrued income | 490/1 | €295 | €295 | = | 0.0% |
| Total equity and liabilities | 10/49 | €264,236 | €288,593 | +€24,357 | +9.2% |
| Equity | 10/15 | €250,236 | €234,004 | -€16,232 | -6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €237,836 | €221,604 | -€16,232 | -6.8% |
| Tax-exempt reserves | 132 | €13,500 | €13,500 | = | 0.0% |
| Distributable reserves | 133 | €224,336 | €208,104 | -€16,232 | -7.2% |
| Amounts payable | 17/49 | €14,001 | €54,589 | +€40,588 | +289.9% |
| Amounts payable after more than one year | 17 | - | €25,183 | +€25,183 | |
| Financial debts | 170/4 | - | €25,183 | +€25,183 | |
| Amounts payable within one year | 42/48 | €14,001 | €29,406 | +€15,405 | +110.0% |
| Current portion of amounts payable after more than one year | 42 | - | €6,609 | +€6,609 | |
| Trade debts | 44 | €2,911 | €1,517 | -€1,394 | -47.9% |
| Suppliers | 440/4 | €2,911 | €1,517 | -€1,394 | -47.9% |
| Taxes, remuneration and social security | 45 | €11,090 | €21,280 | +€10,190 | +91.9% |
| Taxes | 450/3 | €11,090 | €21,280 | +€10,190 | +91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,313 | €12,351 | +€11,038 | +840.4% |
| Other operating charges | 640/8 | €1,267 | €1,069 | -€198 | -15.6% |
| Gross operating margin | 9900 | €71,778 | €107,685 | +€35,908 | +50.0% |
| Operating profit (loss) | 9901 | €69,197 | €94,265 | +€25,068 | +36.2% |
| Financial income | 75/76B | €6,013 | €8,969 | +€2,957 | +49.2% |
| Recurring financial income | 75 | €6,013 | €8,969 | +€2,957 | +49.2% |
| Financial charges | 65/66B | €195 | €1,764 | +€1,569 | +805.3% |
| Recurring financial charges | 65 | €195 | €1,764 | +€1,569 | +805.3% |
| Profit (loss) for the period before taxes | 9903 | €75,015 | €101,470 | +€26,456 | +35.3% |
| Income taxes | 67/77 | €23,563 | €47,702 | +€24,140 | +102.5% |
| Profit (loss) for the period | 9904 | €51,452 | €53,768 | +€2,316 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,452 | €53,768 | +€2,316 | +4.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.