Staelens-Mestdagh: 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.
Staelens-Mestdagh
Largest movements
- Current investments +€377,939
up €377,939 (+6.7%), from €5.6m to €6.0m
- Cash +€109,180
up €109,180 (+20.6%), from €530,241 to €639,421
mainly Net result for the year (+€652,779) and Depreciation (+€111,111)
- Reserves +€652,779
up €652,779 (+10.4%), from €6.3m to €6.9m
of which Distributable reserves: +€694,879
- Other debts -€138,887
down €138,887 (-71.0%), from €195,748 to €56,861
- Taxes -€53,172
down €53,172 (-19.5%), from €273,017 to €219,845
- Staff costs -€36,094
down €36,094 (-26.8%), from €134,511 to €98,417
- Gross operating margin +€30,925
up €30,925 (+3.4%), from €916,392 to €947,317
- Financial income +€21,012
up €21,012 (+15.0%), from €140,550 to €161,562
- Financial charges +€14,182
up €14,182 (+948%), from €1,496 to €15,678
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 | €7,940,365 | €8,406,054 | +€465,688 | +5.9% |
| Fixed assets | 21/28 | €1,616,623 | €1,560,697 | -€55,926 | -3.5% |
| Tangible fixed assets | 22/27 | €1,616,623 | €1,560,697 | -€55,926 | -3.5% |
| Land and buildings | 22 | €1,528,184 | €1,454,772 | -€73,412 | -4.8% |
| Plant, machinery and equipment | 23 | €4,279 | €2,694 | -€1,584 | -37.0% |
| Furniture and vehicles | 24 | €80,623 | €100,696 | +€20,073 | +24.9% |
| Other tangible fixed assets | 26 | €3,537 | €2,534 | -€1,003 | -28.4% |
| Current assets | 29/58 | €6,323,742 | €6,845,357 | +€521,615 | +8.2% |
| Amounts receivable within one year | 40/41 | €156,022 | €189,512 | +€33,490 | +21.5% |
| Trade receivables | 40 | €156,022 | €165,500 | +€9,478 | +6.1% |
| Other amounts receivable | 41 | - | €24,012 | +€24,012 | |
| Current investments | 50/53 | €5,632,681 | €6,010,620 | +€377,939 | +6.7% |
| Cash at bank and in hand | 54/58 | €530,241 | €639,421 | +€109,180 | +20.6% |
| Deferred charges and accrued income | 490/1 | €4,799 | €5,805 | +€1,006 | +21.0% |
| Total equity and liabilities | 10/49 | €7,940,365 | €8,406,054 | +€465,688 | +5.9% |
| Equity | 10/15 | €7,222,753 | €7,875,532 | +€652,779 | +9.0% |
| Contributions | 10/11 | €947,066 | €947,066 | = | 0.0% |
| Reserves | 13 | €6,275,686 | €6,928,466 | +€652,779 | +10.4% |
| Non-distributable reserves | 130/1 | €31,306 | €31,306 | = | 0.0% |
| Other | 1319 | €31,306 | €31,306 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,100 | - | -€42,100 | |
| Distributable reserves | 133 | €6,202,280 | €6,897,160 | +€694,879 | +11.2% |
| Amounts payable | 17/49 | €717,613 | €530,522 | -€187,091 | -26.1% |
| Amounts payable within one year | 42/48 | €717,613 | €530,480 | -€187,133 | -26.1% |
| Trade debts | 44 | €435,514 | €461,790 | +€26,276 | +6.0% |
| Suppliers | 440/4 | €435,514 | €461,790 | +€26,276 | +6.0% |
| Taxes, remuneration and social security | 45 | €86,351 | €11,829 | -€74,522 | -86.3% |
| Taxes | 450/3 | €60,683 | €2,724 | -€57,958 | -95.5% |
| Remuneration and social security | 454/9 | €25,668 | €9,105 | -€16,563 | -64.5% |
| Other amounts payable | 47/48 | €195,748 | €56,861 | -€138,887 | -71.0% |
| Accrued charges and deferred income | 492/3 | - | €42 | +€42 | |
| Remuneration, social security and pensions | 62 | €134,511 | €98,417 | -€36,094 | -26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,578 | €111,111 | +€4,533 | +4.3% |
| Other operating charges | 640/8 | €10,100 | €11,048 | +€949 | +9.4% |
| Gross operating margin | 9900 | €916,392 | €947,317 | +€30,925 | +3.4% |
| Operating profit (loss) | 9901 | €665,203 | €726,740 | +€61,537 | +9.3% |
| Financial income | 75/76B | €140,550 | €161,562 | +€21,012 | +15.0% |
| Recurring financial income | 75 | €140,550 | €161,562 | +€21,012 | +15.0% |
| Financial charges | 65/66B | €1,496 | €15,678 | +€14,182 | +948% |
| Recurring financial charges | 65 | €1,496 | €15,678 | +€14,182 | +948% |
| Profit (loss) for the period before taxes | 9903 | €804,257 | €872,624 | +€68,367 | +8.5% |
| Income taxes | 67/77 | €273,017 | €219,845 | -€53,172 | -19.5% |
| Profit (loss) for the period | 9904 | €531,240 | €652,779 | +€121,539 | +22.9% |
| Transfer from tax-exempt reserves | 789 | €168,400 | €42,100 | -€126,300 | -75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €699,640 | €694,879 | -€4,761 | -0.7% |
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 27 October 2026 via checked.be.