Stadmakers: 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.
Stadmakers
Largest movements
- Receivables within one year -€129,250
down €129,250 (-52.9%), from €244,447 to €115,197
of which Other amounts receivable: -€106,471
- Cash +€110,489
up €110,489 (+40.3%), from €274,447 to €384,936
mainly Receivables within one year (+€129,250) and Debts within one year (+€47,906)
- Intangible fixed assets +€10,419
up €10,419 (+45.2%), from €23,073 to €33,492
- Tangible fixed assets +€5,715
up €5,715 (+97.5%), from €5,865 to €11,580
- Accrued charges and deferred income -€71,309
down €71,309 (-49.7%), from €143,496 to €72,187
- Debts within one year +€47,906
up €47,906 (+17.8%), from €269,622 to €317,528
of which Tax, wage and social debts: +€33,920
- Reserves +€22,071
up €22,071 (+20.7%), from €106,396 to €128,466
- Staff costs +€146,068
up €146,068 (+11.2%), from €1.3m to €1.5m
- Gross operating margin +€116,189
up €116,189 (+8.5%), from €1.4m to €1.5m
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 | €555,359 | €554,027 | -€1,332 | -0.2% |
| Fixed assets | 21/28 | €29,937 | €46,072 | +€16,135 | +53.9% |
| Intangible fixed assets | 21 | €23,073 | €33,492 | +€10,419 | +45.2% |
| Tangible fixed assets | 22/27 | €5,865 | €11,580 | +€5,715 | +97.5% |
| Furniture and vehicles | 24 | €5,865 | €11,580 | +€5,715 | +97.5% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €525,422 | €507,955 | -€17,467 | -3.3% |
| Amounts receivable within one year | 40/41 | €244,447 | €115,197 | -€129,250 | -52.9% |
| Trade receivables | 40 | €45,240 | €22,461 | -€22,779 | -50.4% |
| Other amounts receivable | 41 | €199,208 | €92,736 | -€106,471 | -53.4% |
| Cash at bank and in hand | 54/58 | €274,447 | €384,936 | +€110,489 | +40.3% |
| Deferred charges and accrued income | 490/1 | €6,527 | €7,822 | +€1,295 | +19.8% |
| Total equity and liabilities | 10/49 | €555,359 | €554,027 | -€1,332 | -0.2% |
| Equity | 10/15 | €142,241 | €164,312 | +€22,071 | +15.5% |
| Reserves | 13 | €106,396 | €128,466 | +€22,071 | +20.7% |
| Profit (loss) carried forward | 14 | €35,846 | €35,846 | = | 0.0% |
| Amounts payable | 17/49 | €413,118 | €389,715 | -€23,403 | -5.7% |
| Amounts payable within one year | 42/48 | €269,622 | €317,528 | +€47,906 | +17.8% |
| Trade debts | 44 | €32,923 | €46,581 | +€13,658 | +41.5% |
| Suppliers | 440/4 | €32,923 | €46,581 | +€13,658 | +41.5% |
| Taxes, remuneration and social security | 45 | €236,699 | €270,619 | +€33,920 | +14.3% |
| Taxes | 450/3 | €52,377 | €61,035 | +€8,658 | +16.5% |
| Remuneration and social security | 454/9 | €184,322 | €209,584 | +€25,262 | +13.7% |
| Accrued charges and deferred income | 492/3 | €143,496 | €72,187 | -€71,309 | -49.7% |
| Remuneration, social security and pensions | 62 | €1,304,349 | €1,450,416 | +€146,068 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,166 | €18,613 | +€3,447 | +22.7% |
| Other operating charges | 640/8 | €420 | €0 | -€420 | -100.0% |
| Gross operating margin | 9900 | €1,374,299 | €1,490,489 | +€116,189 | +8.5% |
| Operating profit (loss) | 9901 | €54,365 | €21,460 | -€32,906 | -60.5% |
| Financial income | 75/76B | €3 | €1,110 | +€1,107 | +35033.5% |
| Recurring financial income | 75 | €3 | €1,110 | +€1,107 | +35033.5% |
| Financial charges | 65/66B | €235 | €167 | -€69 | -29.2% |
| Recurring financial charges | 65 | €235 | €167 | -€69 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €54,133 | €22,403 | -€31,730 | -58.6% |
| Income taxes | 67/77 | - | €333 | +€333 | |
| Profit (loss) for the period | 9904 | €54,133 | €22,071 | -€32,063 | -59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,133 | €22,071 | -€32,063 | -59.2% |
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 4 October 2026 via checked.be.