STACHEL: 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.
STACHEL
Largest movements
- Financial fixed assets +€45.9m
up €45.9m (+85.4%), from €53.8m to €99.8m
of which Affiliated companies: +€45.9m
- Receivables within one year +€1.2m
up €1.2m (+256%), from €467,694 to €1.7m
of which Other amounts receivable: +€1.0m
- Contributions +€36.0m
up €36.0m (+74.3%), from €48.4m to €84.4m
- Debts after one year +€9.6m
up €9.6m (+136%), from €7.0m to €16.6m
- Profit (loss) carried forward +€1.1m
up €1.1m (+51.6%), from -€2.1m to -€1.0m
- Financial income +€1.4m
up €1.4m (+257%), from €558,650 to €2.0m
of which Financial income: +€1.5m
- Services and other goods +€774,408
up €774,408 (+83.4%), from €928,202 to €1.7m
- Turnover +€727,314
up €727,314 (+74.2%), from €979,557 to €1.7m
- Financial charges +€356,963
up €356,963 (+65.2%), from €547,095 to €904,058
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 | €54,628,969 | €102,072,731 | +€47.4m | +86.8% |
| Fixed assets | 21/28 | €53,808,632 | €99,757,745 | +€45.9m | +85.4% |
| Financial fixed assets | 28 | €53,808,632 | €99,757,745 | +€45.9m | +85.4% |
| Affiliated companies | 280/1 | €53,808,632 | €99,747,745 | +€45.9m | +85.4% |
| Participating interests | 280 | €46,797,347 | €82,862,057 | +€36.1m | +77.1% |
| Amounts receivable | 281 | €7,011,285 | €16,885,687 | +€9.9m | +141% |
| Other financial fixed assets | 284/8 | - | €10,000 | +€10,000 | |
| Shares | 284 | - | €10,000 | +€10,000 | |
| Current assets | 29/58 | €820,337 | €2,314,986 | +€1.5m | +182% |
| Amounts receivable within one year | 40/41 | €467,694 | €1,664,690 | +€1.2m | +256% |
| Trade receivables | 40 | €437,994 | €632,511 | +€194,518 | +44.4% |
| Other amounts receivable | 41 | €29,700 | €1,032,178 | +€1.0m | +3,375% |
| Cash at bank and in hand | 54/58 | €129,805 | €409,099 | +€279,294 | +215% |
| Deferred charges and accrued income | 490/1 | €222,839 | €241,198 | +€18,359 | +8.2% |
| Total equity and liabilities | 10/49 | €54,628,969 | €102,072,731 | +€47.4m | +86.8% |
| Equity | 10/15 | €47,242,287 | €84,334,233 | +€37.1m | +78.5% |
| Contributions | 10/11 | €48,440,700 | €84,440,712 | +€36.0m | +74.3% |
| Capital | 10 | €48,440,700 | €84,440,712 | +€36.0m | +74.3% |
| Issued capital | 100 | €48,440,700 | €84,440,712 | +€36.0m | +74.3% |
| Reserves | 13 | €919,283 | €919,283 | = | 0.0% |
| Non-distributable reserves | 130/1 | €919,283 | €919,283 | = | 0.0% |
| Legal reserve | 130 | €919,283 | €919,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,117,696 | -€1,025,761 | +€1.1m | +51.6% |
| Amounts payable | 17/49 | €7,386,683 | €17,738,498 | +€10.4m | +140% |
| Amounts payable after more than one year | 17 | €7,014,249 | €16,583,185 | +€9.6m | +136% |
| Financial debts | 170/4 | €7,014,249 | €16,583,185 | +€9.6m | +136% |
| Subordinated loans | 170 | €7,014,249 | €16,583,185 | +€9.6m | +136% |
| Amounts payable within one year | 42/48 | €146,419 | €595,157 | +€448,738 | +306% |
| Trade debts | 44 | €146,419 | €595,157 | +€448,738 | +306% |
| Suppliers | 440/4 | €146,419 | €595,157 | +€448,738 | +306% |
| Accrued charges and deferred income | 492/3 | €226,015 | €560,156 | +€334,141 | +148% |
| Operating income | 70/76A | €979,557 | €1,706,871 | +€727,314 | +74.2% |
| Turnover | 70 | €979,557 | €1,706,871 | +€727,314 | +74.2% |
| Operating charges | 60/66A | €929,801 | €1,704,870 | +€775,069 | +83.4% |
| Services and other goods | 61 | €928,202 | €1,702,610 | +€774,408 | +83.4% |
| Other operating charges | 640/8 | €1,599 | €2,261 | +€661 | +41.4% |
| Operating profit (loss) | 9901 | €49,756 | €2,001 | -€47,755 | -96.0% |
| Financial income | 75/76B | €558,650 | €1,993,992 | +€1.4m | +257% |
| Recurring financial income | 75 | €542,821 | €1,993,992 | +€1.5m | +267% |
| Income from financial fixed assets | 750 | €542,821 | €1,842,003 | +€1.3m | +239% |
| Income from current assets | 751 | - | €151,688 | +€151,688 | |
| Other financial income | 752/9 | - | €301 | +€301 | |
| Non-recurring financial income | 76B | €15,829 | - | -€15,829 | |
| Financial charges | 65/66B | €547,095 | €904,058 | +€356,963 | +65.2% |
| Recurring financial charges | 65 | €547,095 | €904,058 | +€356,963 | +65.2% |
| Debt charges | 650 | €545,031 | €903,074 | +€358,044 | +65.7% |
| Other financial charges | 652/9 | €2,064 | €983 | -€1,081 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €61,311 | €1,091,934 | +€1.0m | +1,681% |
| Profit (loss) for the period | 9904 | €61,311 | €1,091,934 | +€1.0m | +1,681% |
| Profit (loss) for the period to be appropriated | 9905 | €61,311 | €1,091,934 | +€1.0m | +1,681% |
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 26 October 2026 via checked.be.