STABEX: 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.
STABEX
Largest movements
- Cash +€33,458
up €33,458 (+43.1%), from €77,680 to €111,138
mainly Net result for the year (+€67,124) and Depreciation (+€22,336)
- Tangible fixed assets -€15,810
down €15,810 (-12.4%), from €127,245 to €111,435
of which Land and buildings: -€12,000
- Receivables within one year -€10,440
down €10,440 (-5.1%), from €203,029 to €192,589
of which Trade receivables: -€15,066
- Profit (loss) carried forward +€67,124
up €67,124 (+4097.8%), from €1,638 to €68,762
- Other debts -€32,257
down €32,257 (-37.9%), from €85,107 to €52,850
- Current portion of long-term debt -€20,319
down €20,319 (-53.9%), from €37,708 to €17,389
- Trade debts -€10,122
down €10,122 (-7.6%), from €133,421 to €123,298
- Staff costs +€26,264
up €26,264 (+16.8%), from €156,309 to €182,573
- Taxes +€15,374
up €15,374 (+152.4%), from €10,087 to €25,461
- Depreciation -€9,985
down €9,985 (-30.9%), from €32,321 to €22,336
- Write-downs +€6,002
new in 2025: €6,002
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 | €520,726 | €527,980 | +€7,255 | +1.4% |
| Fixed assets | 21/28 | €128,533 | €111,604 | -€16,930 | -13.2% |
| Intangible fixed assets | 21 | €1,288 | €169 | -€1,120 | -86.9% |
| Tangible fixed assets | 22/27 | €127,245 | €111,435 | -€15,810 | -12.4% |
| Land and buildings | 22 | €72,000 | €60,000 | -€12,000 | -16.7% |
| Furniture and vehicles | 24 | €55,246 | €51,435 | -€3,810 | -6.9% |
| Current assets | 29/58 | €392,192 | €416,377 | +€24,185 | +6.2% |
| Stocks and contracts in progress | 3 | €105,724 | €109,452 | +€3,728 | +3.5% |
| Contracts in progress | 37 | €105,724 | €109,452 | +€3,728 | +3.5% |
| Amounts receivable within one year | 40/41 | €203,029 | €192,589 | -€10,440 | -5.1% |
| Trade receivables | 40 | €202,917 | €187,851 | -€15,066 | -7.4% |
| Other amounts receivable | 41 | €113 | €4,738 | +€4,625 | +4108.6% |
| Cash at bank and in hand | 54/58 | €77,680 | €111,138 | +€33,458 | +43.1% |
| Deferred charges and accrued income | 490/1 | €5,759 | €3,198 | -€2,561 | -44.5% |
| Total equity and liabilities | 10/49 | €520,726 | €527,980 | +€7,255 | +1.4% |
| Equity | 10/15 | €173,638 | €240,762 | +€67,124 | +38.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €152,000 | €152,000 | = | 0.0% |
| Distributable reserves | 133 | €152,000 | €152,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,638 | €68,762 | +€67,124 | +4097.8% |
| Provisions and deferred taxes | 16 | €4,500 | €1,250 | -€3,250 | -72.2% |
| Provisions for liabilities and charges | 160/5 | €4,500 | €1,250 | -€3,250 | -72.2% |
| Environmental obligations | 163 | €4,500 | €0 | -€4,500 | -100.0% |
| Other liabilities and charges | 164/5 | - | €1,250 | +€1,250 | |
| Amounts payable | 17/49 | €342,588 | €285,969 | -€56,619 | -16.5% |
| Amounts payable after more than one year | 17 | €28,951 | €30,426 | +€1,475 | +5.1% |
| Financial debts | 170/4 | €28,951 | €30,426 | +€1,475 | +5.1% |
| Amounts payable within one year | 42/48 | €312,234 | €254,192 | -€58,042 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €37,708 | €17,389 | -€20,319 | -53.9% |
| Trade debts | 44 | €133,421 | €123,298 | -€10,122 | -7.6% |
| Suppliers | 440/4 | €133,421 | €123,298 | -€10,122 | -7.6% |
| Taxes, remuneration and social security | 45 | €55,999 | €60,655 | +€4,656 | +8.3% |
| Taxes | 450/3 | €39,160 | €42,447 | +€3,288 | +8.4% |
| Remuneration and social security | 454/9 | €16,839 | €18,208 | +€1,368 | +8.1% |
| Other amounts payable | 47/48 | €85,107 | €52,850 | -€32,257 | -37.9% |
| Accrued charges and deferred income | 492/3 | €1,402 | €1,351 | -€52 | -3.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €156,309 | €182,573 | +€26,264 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,321 | €22,336 | -€9,985 | -30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,002 | +€6,002 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€500 | -€3,250 | -€2,750 | -550.0% |
| Other operating charges | 640/8 | €3,551 | €3,085 | -€466 | -13.1% |
| Non-recurring operating charges | 66A | - | €4,826 | +€4,826 | |
| Gross operating margin | 9900 | €310,121 | €310,724 | +€603 | +0.2% |
| Operating profit (loss) | 9901 | €118,440 | €95,151 | -€23,289 | -19.7% |
| Financial income | 75/76B | €563 | €387 | -€176 | -31.3% |
| Recurring financial income | 75 | €563 | €387 | -€176 | -31.3% |
| Financial charges | 65/66B | €3,750 | €2,953 | -€797 | -21.2% |
| Recurring financial charges | 65 | €3,750 | €2,953 | -€797 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €115,253 | €92,584 | -€22,669 | -19.7% |
| Income taxes | 67/77 | €10,087 | €25,461 | +€15,374 | +152.4% |
| Profit (loss) for the period | 9904 | €105,166 | €67,124 | -€38,043 | -36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €105,166 | €67,124 | -€38,043 | -36.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.