STADSBADER: 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.
What changed
STADSBADER
NACE 42.110, Construction of roads and motorways
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€27.9m
31-12-2024 · €26.9m+€1.0m
Equity
€135.3m
31-12-2024 · €126.9m+€8.4m
Cash
€11.0m
31-12-2024 · €16.1m-€5.1m
Balance sheet total
€398.1m
31-12-2024 · €305.1m+€93.0m
Largest movements
Assets
- Current investments +€58.4m
up €58.4m (+79.8%), from €73.3m to €131.7m
- Receivables within one year +€31.2m
up €31.2m (+21.0%), from €148.3m to €179.5m
of which Other amounts receivable: +€20.1m
- Tangible fixed assets +€7.8m
up €7.8m (+16.6%), from €46.8m to €54.6m
of which Plant, machinery and equipment: +€8.1m
- Cash -€5.1m
down €5.1m (-31.9%), from €16.1m to €11.0m
mainly Current investments (-€58.4m) and Receivables within one year (-€31.2m)
Equity and liabilities
- Advances received +€89.6m
up €89.6m (+9,794%), from €915,280 to €90.6m
- Trade debts -€19.0m
down €19.0m (-12.8%), from €148.4m to €129.4m
- Other debts +€13.7m
up €13.7m (+83.4%), from €16.4m to €30.1m
- Profit (loss) carried forward +€7.9m
up €7.9m (+30.2%), from €26.3m to €34.2m
Income statement
- Other operating income -€8.0m
down €8.0m (-33.9%), from €23.5m to €15.6m
- Goods and materials -€7.2m
down €7.2m (-1.8%), from €396.4m to €389.1m
of which Purchases: -€3.8m
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€26.9m
Turnover
+€2.3m
Other operating income
-€8.0m
Goods and materials
+€7.2m
Services and other goods
+€885,220
Staff costs
-€1.5m
Depreciation
-€1.6m
Write-downs
+€2,080
Provisions
-€1.0m
Other operating charges
+€3.0m
Other operating items
+€690,907
Financial income
+€889,823
Financial charges
-€269,860
Taxes
-€1.6m
Result 31-12-2025
€27.9m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€95.8m
Investment
-€79.6m
Financing
-€21.3m
Cash 31-12-2024
€16.1m
From operations (derived)
+€95.8m
Net result for the year
+€27.9m
Depreciation
+€13.4m
Receivables after one year
+€853,858
Stocks and contracts
-€1.2m
Receivables within one year
-€31.2m
Deferred charges and accrued income
-€446,770
Trade debts
-€19.0m
Tax, wage and social debts
+€2.6m
Advances received
+€89.6m
Other debts
+€13.7m
Accrued charges and deferred income
-€543,963
Investment (derived)
-€79.6m
Investment in fixed assets (net)
-€21.2m
Current investments
-€58.4m
Financing
-€21.3m
Debts after one year
-€804,962
Current portion of long-term debt
-€1.0m
Contributions, distributions and other
-€19.5m
Cash 31-12-2025
€11.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,127,855 | €398,140,954 | +€93.0m | +30.5% |
| Fixed assets | 21/28 | €57,699,001 | €65,482,969 | +€7.8m | +13.5% |
| Intangible fixed assets | 21 | €68,884 | €49,480 | -€19,404 | -28.2% |
| Tangible fixed assets | 22/27 | €46,827,453 | €54,612,477 | +€7.8m | +16.6% |
| Land and buildings | 22 | €11,480,662 | €10,671,463 | -€809,199 | -7.0% |
| Plant, machinery and equipment | 23 | €27,401,997 | €35,487,589 | +€8.1m | +29.5% |
| Furniture and vehicles | 24 | €7,944,794 | €8,453,426 | +€508,631 | +6.4% |
| Financial fixed assets | 28 | €10,802,663 | €10,821,011 | +€18,348 | +0.2% |
| Affiliated companies | 280/1 | €9,844,581 | €9,773,610 | -€70,971 | -0.7% |
| Participating interests | 280 | €9,844,581 | €9,773,610 | -€70,971 | -0.7% |
| Companies linked by participating interests | 282/3 | €116,248 | €200,122 | +€83,874 | +72.2% |
| Participating interests | 282 | €116,248 | €200,122 | +€83,874 | +72.2% |
| Other financial fixed assets | 284/8 | €841,834 | €847,279 | +€5,444 | +0.6% |
| Shares | 284 | €68,550 | €68,550 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €773,284 | €778,729 | +€5,444 | +0.7% |
| Current assets | 29/58 | €247,428,854 | €332,657,985 | +€85.2m | +34.4% |
| Amounts receivable after more than one year | 29 | €1,031,200 | €177,342 | -€853,858 | -82.8% |
| Other amounts receivable | 291 | €1,031,200 | €177,342 | -€853,858 | -82.8% |
| Stocks and contracts in progress | 3 | €6,279,625 | €7,448,756 | +€1.2m | +18.6% |
| Stocks | 30/36 | €4,629,929 | €5,953,600 | +€1.3m | +28.6% |
| Raw materials and consumables | 30/31 | €4,629,929 | €5,953,600 | +€1.3m | +28.6% |
| Contracts in progress | 37 | €1,649,696 | €1,495,156 | -€154,541 | -9.4% |
| Amounts receivable within one year | 40/41 | €148,324,196 | €179,509,395 | +€31.2m | +21.0% |
| Trade receivables | 40 | €116,577,789 | €127,693,840 | +€11.1m | +9.5% |
| Other amounts receivable | 41 | €31,746,407 | €51,815,556 | +€20.1m | +63.2% |
| Current investments | 50/53 | €73,251,893 | €131,681,111 | +€58.4m | +79.8% |
| Other investments | 51/53 | €73,251,893 | €131,681,111 | +€58.4m | +79.8% |
| Cash at bank and in hand | 54/58 | €16,131,354 | €10,984,025 | -€5.1m | -31.9% |
| Deferred charges and accrued income | 490/1 | €2,410,588 | €2,857,357 | +€446,770 | +18.5% |
| Total equity and liabilities | 10/49 | €305,127,855 | €398,140,954 | +€93.0m | +30.5% |
| Equity | 10/15 | €126,917,333 | €135,309,642 | +€8.4m | +6.6% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €98,654,323 | €98,654,323 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247,894 | €247,894 | = | 0.0% |
| Legal reserve | 130 | €247,894 | €247,894 | = | 0.0% |
| Tax-exempt reserves | 132 | €73,043,146 | €73,043,146 | = | 0.0% |
| Distributable reserves | 133 | €25,363,284 | €25,363,284 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,263,010 | €34,190,611 | +€7.9m | +30.2% |
| Investment grants | 15 | - | €464,707 | +€464,707 | |
| Amounts payable | 17/49 | €178,210,522 | €262,831,312 | +€84.6m | +47.5% |
| Amounts payable after more than one year | 17 | €2,949,962 | €2,145,000 | -€804,962 | -27.3% |
| Financial debts | 170/4 | €2,949,962 | €2,145,000 | -€804,962 | -27.3% |
| Credit institutions | 173 | €2,949,962 | €2,145,000 | -€804,962 | -27.3% |
| Amounts payable within one year | 42/48 | €172,752,123 | €258,721,837 | +€86.0m | +49.8% |
| Current portion of amounts payable after more than one year | 42 | €1,813,336 | €804,962 | -€1.0m | -55.6% |
| Trade debts | 44 | €148,372,400 | €129,421,777 | -€19.0m | -12.8% |
| Suppliers | 440/4 | €148,372,400 | €129,421,777 | -€19.0m | -12.8% |
| Advances received on contracts in progress | 46 | €915,280 | €90,557,250 | +€89.6m | +9,794% |
| Taxes, remuneration and social security | 45 | €5,253,037 | €7,861,009 | +€2.6m | +49.6% |
| Taxes | 450/3 | €299,144 | €2,732,781 | +€2.4m | +814% |
| Remuneration and social security | 454/9 | €4,953,893 | €5,128,227 | +€174,335 | +3.5% |
| Other amounts payable | 47/48 | €16,398,070 | €30,076,839 | +€13.7m | +83.4% |
| Accrued charges and deferred income | 492/3 | €2,508,437 | €1,964,475 | -€543,963 | -21.7% |
| Operating income | 70/76A | €550,889,059 | €545,086,164 | -€5.8m | -1.1% |
| Turnover | 70 | €526,595,903 | €528,883,543 | +€2.3m | +0.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €455,516 | €138,327 | -€317,189 | -69.6% |
| Other operating income | 74 | €23,535,426 | €15,565,285 | -€8.0m | -33.9% |
| Non-recurring operating income | 76A | €302,214 | €499,008 | +€196,795 | +65.1% |
| Operating charges | 60/66A | €521,541,365 | €513,717,293 | -€7.8m | -1.5% |
| Goods for resale, raw materials and consumables | 60 | €396,356,951 | €389,114,873 | -€7.2m | -1.8% |
| Purchases | 600/8 | €394,216,009 | €390,438,544 | -€3.8m | -1.0% |
| Change in stocks: decrease (increase) | 609 | €2,140,942 | -€1,323,671 | -€3.5m | |
| Services and other goods | 61 | €48,490,658 | €47,605,439 | -€885,220 | -1.8% |
| Remuneration, social security and pensions | 62 | €59,261,399 | €60,765,550 | +€1.5m | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,812,188 | €13,431,934 | +€1.6m | +13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,080 | - | -€2,080 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,000,000 | - | +€1.0m | |
| Other operating charges | 640/8 | €5,753,220 | €2,745,929 | -€3.0m | -52.3% |
| Non-recurring operating charges | 66A | €864,869 | €53,568 | -€811,301 | -93.8% |
| Operating profit (loss) | 9901 | €29,347,694 | €31,368,872 | +€2.0m | +6.9% |
| Financial income | 75/76B | €4,298,919 | €5,188,741 | +€889,823 | +20.7% |
| Recurring financial income | 75 | €4,298,919 | €4,563,741 | +€264,823 | +6.2% |
| Income from financial fixed assets | 750 | €106,641 | €114,000 | +€7,359 | +6.9% |
| Income from current assets | 751 | €3,788,089 | €3,798,161 | +€10,072 | +0.3% |
| Other financial income | 752/9 | €404,188 | €651,580 | +€247,392 | +61.2% |
| Non-recurring financial income | 76B | - | €625,000 | +€625,000 | |
| Financial charges | 65/66B | €463,500 | €733,360 | +€269,860 | +58.2% |
| Recurring financial charges | 65 | €463,500 | €733,360 | +€269,860 | +58.2% |
| Debt charges | 650 | €461,311 | €126,838 | -€334,473 | -72.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €108,750 | +€108,750 | |
| Other financial charges | 652/9 | €2,189 | €497,772 | +€495,584 | +22,642% |
| Profit (loss) for the period before taxes | 9903 | €33,183,112 | €35,824,252 | +€2.6m | +8.0% |
| Income taxes | 67/77 | €6,283,567 | €7,896,651 | +€1.6m | +25.7% |
| Taxes | 670/3 | €7,450,367 | €8,148,505 | +€698,137 | +9.4% |
| Tax adjustments and reversals of tax provisions | 77 | €1,166,801 | €251,854 | -€914,947 | -78.4% |
| Profit (loss) for the period | 9904 | €26,899,546 | €27,927,602 | +€1.0m | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,899,546 | €27,927,602 | +€1.0m | +3.8% |
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 13 October 2026 via checked.be.