STADE 27: 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.
STADE 27
Largest movements
- Receivables within one year +€232,295
up €232,295 (+51.9%), from €447,178 to €679,472
of which Trade receivables: +€144,207
- Tangible fixed assets +€230,344
up €230,344 (+121.7%), from €189,253 to €419,597
of which Furniture and vehicles: +€231,559
- Deferred charges and accrued income +€76,514
up €76,514 (+49.3%), from €155,183 to €231,697
- Cash -€72,821
down €72,821 (-24.9%), from €292,336 to €219,515
mainly Investment in fixed assets (net) (-€306,596) and Receivables within one year (-€232,295)
- Receivables after one year -€22,632
no longer reported in 2025 (was €22,632)
- Accrued charges and deferred income +€298,745
up €298,745 (+608.5%), from €49,093 to €347,839
- Debts after one year +€66,828
up €66,828 (+285.6%), from €23,398 to €90,226
- Provisions +€62,539
new in 2025: €62,539
of which Provisions for liabilities and charges: +€49,137
- Trade debts -€51,785
down €51,785 (-6.7%), from €767,359 to €715,574
- Reserves +€40,208
up €40,208 (+50.6%), from €79,431 to €119,638
of which Tax-exempt reserves: +€40,208
- Gross operating margin +€62,345
up €62,345 (+14.6%), from €426,140 to €488,485
- Provisions +€49,137
new in 2025: €49,137
- Financial income +€27,133
up €27,133 (+724.8%), from €3,743 to €30,876
- Depreciation +€15,058
up €15,058 (+22.9%), from €65,733 to €80,791
- Taxes -€12,656
down €12,656 (-65.6%), from €19,303 to €6,647
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 | €1,174,955 | €1,615,329 | +€440,374 | +37.5% |
| Fixed assets | 21/28 | €203,141 | €428,946 | +€225,804 | +111.2% |
| Intangible fixed assets | 21 | €10,887 | €6,348 | -€4,539 | -41.7% |
| Tangible fixed assets | 22/27 | €189,253 | €419,597 | +€230,344 | +121.7% |
| Furniture and vehicles | 24 | €185,223 | €416,782 | +€231,559 | +125.0% |
| Other tangible fixed assets | 26 | €4,030 | €2,815 | -€1,215 | -30.1% |
| Financial fixed assets | 28 | €3,001 | €3,001 | = | 0.0% |
| Current assets | 29/58 | €971,814 | €1,186,383 | +€214,569 | +22.1% |
| Amounts receivable after more than one year | 29 | €22,632 | - | -€22,632 | |
| Other amounts receivable | 291 | €22,632 | - | -€22,632 | |
| Stocks and contracts in progress | 3 | €54,485 | €55,699 | +€1,214 | +2.2% |
| Stocks | 30/36 | €54,485 | €55,699 | +€1,214 | +2.2% |
| Amounts receivable within one year | 40/41 | €447,178 | €679,472 | +€232,295 | +51.9% |
| Trade receivables | 40 | €331,324 | €475,531 | +€144,207 | +43.5% |
| Other amounts receivable | 41 | €115,854 | €203,942 | +€88,088 | +76.0% |
| Cash at bank and in hand | 54/58 | €292,336 | €219,515 | -€72,821 | -24.9% |
| Deferred charges and accrued income | 490/1 | €155,183 | €231,697 | +€76,514 | +49.3% |
| Total equity and liabilities | 10/49 | €1,174,955 | €1,615,329 | +€440,374 | +37.5% |
| Equity | 10/15 | €237,902 | €279,374 | +€41,472 | +17.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €79,431 | €119,638 | +€40,208 | +50.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €40,208 | +€40,208 | |
| Distributable reserves | 133 | €69,431 | €69,431 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,472 | €59,736 | +€1,264 | +2.2% |
| Provisions and deferred taxes | 16 | - | €62,539 | +€62,539 | |
| Provisions for liabilities and charges | 160/5 | - | €49,137 | +€49,137 | |
| Other liabilities and charges | 164/5 | - | €49,137 | +€49,137 | |
| Deferred taxes | 168 | - | €13,403 | +€13,403 | |
| Amounts payable | 17/49 | €937,053 | €1,273,416 | +€336,363 | +35.9% |
| Amounts payable after more than one year | 17 | €23,398 | €90,226 | +€66,828 | +285.6% |
| Financial debts | 170/4 | €23,398 | €90,226 | +€66,828 | +285.6% |
| Amounts payable within one year | 42/48 | €864,562 | €835,351 | -€29,211 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €9,468 | €38,625 | +€29,156 | +307.9% |
| Financial debts | 43 | €2,895 | €2,218 | -€677 | -23.4% |
| Credit institutions | 430/8 | €2,895 | €2,218 | -€677 | -23.4% |
| Trade debts | 44 | €767,359 | €715,574 | -€51,785 | -6.7% |
| Suppliers | 440/4 | €767,359 | €715,574 | -€51,785 | -6.7% |
| Advances received on contracts in progress | 46 | €6,838 | €5,285 | -€1,553 | -22.7% |
| Taxes, remuneration and social security | 45 | €78,001 | €57,264 | -€20,737 | -26.6% |
| Taxes | 450/3 | €22,497 | €8,282 | -€14,214 | -63.2% |
| Remuneration and social security | 454/9 | €55,504 | €48,982 | -€6,522 | -11.8% |
| Other amounts payable | 47/48 | - | €16,385 | +€16,385 | |
| Accrued charges and deferred income | 492/3 | €49,093 | €347,839 | +€298,745 | +608.5% |
| Non-recurring operating income | 76A | €12,539 | - | -€12,539 | |
| Remuneration, social security and pensions | 62 | €272,107 | €281,507 | +€9,400 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,733 | €80,791 | +€15,058 | +22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,274 | - | -€1,274 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €49,137 | +€49,137 | |
| Other operating charges | 640/8 | €10,302 | €20,519 | +€10,217 | +99.2% |
| Non-recurring operating charges | 66A | €8,998 | - | -€8,998 | |
| Gross operating margin | 9900 | €426,140 | €488,485 | +€62,345 | +14.6% |
| Operating profit (loss) | 9901 | €67,726 | €56,531 | -€11,195 | -16.5% |
| Financial income | 75/76B | €3,743 | €30,876 | +€27,133 | +724.8% |
| Recurring financial income | 75 | €3,743 | €30,876 | +€27,133 | +724.8% |
| Financial charges | 65/66B | €24,008 | €25,886 | +€1,878 | +7.8% |
| Recurring financial charges | 65 | €24,008 | €25,886 | +€1,878 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €47,461 | €61,522 | +€14,060 | +29.6% |
| Transfer from deferred taxes | 780 | - | €347 | +€347 | |
| Transfer to deferred taxes | 680 | - | €13,750 | +€13,750 | |
| Income taxes | 67/77 | €19,303 | €6,647 | -€12,656 | -65.6% |
| Profit (loss) for the period | 9904 | €28,158 | €41,472 | +€13,314 | +47.3% |
| Transfer from tax-exempt reserves | 789 | - | €1,042 | +€1,042 | |
| Transfer to tax-exempt reserves | 689 | - | €41,250 | +€41,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,158 | €1,264 | -€26,894 | -95.5% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.