STAELS BART: 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.
STAELS BART
Largest movements
- Cash +€156,363
up €156,363 (+249.0%), from €62,803 to €219,166
mainly Net result for the year (+€171,326) and Provisions (+€47,579)
- Receivables within one year -€31,386
down €31,386 (-98.0%), from €32,037 to €651
- Current investments +€20,115
up €20,115 (+4.1%), from €495,218 to €515,333
- Tangible fixed assets -€12,211
down €12,211 (-4.1%), from €296,219 to €284,008
of which Land and buildings: -€10,183
- Reserves +€89,628
up €89,628 (+12.4%), from €721,616 to €811,244
of which Tax-exempt reserves: +€142,738
- Provisions +€47,579
new in 2025: €47,579
- Other debts +€15,473
new in 2025: €15,473
- Gross operating margin +€180,609
up €180,609 (+639.5%), from €28,243 to €208,852
- Financial income +€42,994
up €42,994 (+599.8%), from €7,168 to €50,163
- Taxes +€12,578
up €12,578 (+1173.4%), from €1,072 to €13,650
- Depreciation -€3,216
down €3,216 (-23.4%), from €13,741 to €10,525
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 | €888,470 | €1,020,474 | +€132,004 | +14.9% |
| Fixed assets | 21/28 | €296,281 | €284,008 | -€12,273 | -4.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €296,219 | €284,008 | -€12,211 | -4.1% |
| Land and buildings | 22 | €291,841 | €281,658 | -€10,183 | -3.5% |
| Plant, machinery and equipment | 23 | €4,084 | €2,307 | -€1,777 | -43.5% |
| Furniture and vehicles | 24 | €294 | €44 | -€251 | -85.2% |
| Financial fixed assets | 28 | €62 | - | -€62 | |
| Current assets | 29/58 | €592,189 | €736,465 | +€144,276 | +24.4% |
| Amounts receivable within one year | 40/41 | €32,037 | €651 | -€31,386 | -98.0% |
| Other amounts receivable | 41 | €32,037 | €651 | -€31,386 | -98.0% |
| Current investments | 50/53 | €495,218 | €515,333 | +€20,115 | +4.1% |
| Cash at bank and in hand | 54/58 | €62,803 | €219,166 | +€156,363 | +249.0% |
| Deferred charges and accrued income | 490/1 | €2,131 | €1,315 | -€816 | -38.3% |
| Total equity and liabilities | 10/49 | €888,470 | €1,020,474 | +€132,004 | +14.9% |
| Equity | 10/15 | €740,616 | €830,244 | +€89,628 | +12.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €721,616 | €811,244 | +€89,628 | +12.4% |
| Tax-exempt reserves | 132 | €11,422 | €154,160 | +€142,738 | +1249.7% |
| Distributable reserves | 133 | €710,195 | €657,084 | -€53,110 | -7.5% |
| Provisions and deferred taxes | 16 | - | €47,579 | +€47,579 | |
| Deferred taxes | 168 | - | €47,579 | +€47,579 | |
| Amounts payable | 17/49 | €147,854 | €142,650 | -€5,204 | -3.5% |
| Amounts payable after more than one year | 17 | €123,120 | €113,343 | -€9,776 | -7.9% |
| Financial debts | 170/4 | €123,120 | €113,343 | -€9,776 | -7.9% |
| Amounts payable within one year | 42/48 | €22,143 | €28,457 | +€6,315 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €10,602 | €10,780 | +€179 | +1.7% |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €11,541 | €2,197 | -€9,344 | -81.0% |
| Suppliers | 440/4 | €11,541 | €2,197 | -€9,344 | -81.0% |
| Other amounts payable | 47/48 | - | €15,473 | +€15,473 | |
| Accrued charges and deferred income | 492/3 | €2,592 | €850 | -€1,742 | -67.2% |
| Non-recurring operating income | 76A | - | €190,318 | +€190,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,741 | €10,525 | -€3,216 | -23.4% |
| Other operating charges | 640/8 | €3,307 | €3,408 | +€101 | +3.1% |
| Gross operating margin | 9900 | €28,243 | €208,852 | +€180,609 | +639.5% |
| Operating profit (loss) | 9901 | €11,195 | €194,920 | +€183,724 | +1641.1% |
| Financial income | 75/76B | €7,168 | €50,163 | +€42,994 | +599.8% |
| Recurring financial income | 75 | €7,168 | €50,163 | +€42,994 | +599.8% |
| Financial charges | 65/66B | €12,499 | €12,527 | +€27 | +0.2% |
| Recurring financial charges | 65 | €12,499 | €12,527 | +€27 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €5,864 | €232,556 | +€226,691 | +3865.5% |
| Transfer to deferred taxes | 680 | - | €47,579 | +€47,579 | |
| Income taxes | 67/77 | €1,072 | €13,650 | +€12,578 | +1173.4% |
| Profit (loss) for the period | 9904 | €4,792 | €171,326 | +€166,533 | +3474.9% |
| Transfer to tax-exempt reserves | 689 | - | €142,738 | +€142,738 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,792 | €28,587 | +€23,795 | +496.5% |
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 7 October 2026 via checked.be.