STAGEL: 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.
STAGEL
Largest movements
- Financial fixed assets -€19.8m
down €19.8m (-100.0%), from €19.8m to €0
- Receivables within one year +€17.4m
up €17.4m (+8480.3%), from €205,292 to €17.6m
of which Other amounts receivable: +€17.5m
- Cash +€403,139
up €403,139 (+373.3%), from €107,979 to €511,118
mainly Investment in fixed assets (net) (+€19.7m) and Current investments (+€261,480)
- Current investments -€261,480
down €261,480 (-100.0%), from €261,480 to €0
- Profit (loss) carried forward -€2.2m
down €2.2m (-22.0%), from -€9.9m to -€12.1m
- Financial charges +€2.3m
up €2.3m (+389101.3%), from €579 to €2.3m
of which Non-recurring financial charges: +€12.5m
- Financial income +€103,190
up €103,190 (+14754.7%), from €699 to €103,890
- Gross operating margin -€21,279
down €21,279 (-46.1%), from €46,202 to €24,923
- Taxes +€20,030
up €20,030 (+225.9%), from €8,868 to €28,897
- Other operating charges +€6,121
up €6,121 (+145.0%), from €4,222 to €10,343
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 | €20,715,736 | €18,568,806 | -€2.1m | -10.4% |
| Fixed assets | 21/28 | €20,115,748 | €410,544 | -€19.7m | -98.0% |
| Tangible fixed assets | 22/27 | €362,627 | €410,544 | +€47,917 | +13.2% |
| Land and buildings | 22 | €362,627 | €410,544 | +€47,917 | +13.2% |
| Financial fixed assets | 28 | €19,753,122 | €0 | -€19.8m | -100.0% |
| Current assets | 29/58 | €599,988 | €18,158,263 | +€17.6m | +2926.4% |
| Amounts receivable within one year | 40/41 | €205,292 | €17,614,542 | +€17.4m | +8480.3% |
| Trade receivables | 40 | €205,292 | €114,542 | -€90,750 | -44.2% |
| Other amounts receivable | 41 | €0 | €17,500,000 | +€17.5m | |
| Current investments | 50/53 | €261,480 | €0 | -€261,480 | -100.0% |
| Cash at bank and in hand | 54/58 | €107,979 | €511,118 | +€403,139 | +373.3% |
| Deferred charges and accrued income | 490/1 | €25,237 | €32,603 | +€7,366 | +29.2% |
| Total equity and liabilities | 10/49 | €20,715,736 | €18,568,806 | -€2.1m | -10.4% |
| Equity | 10/15 | €20,335,995 | €18,163,969 | -€2.2m | -10.7% |
| Contributions | 10/11 | €30,020,000 | €30,020,000 | = | 0.0% |
| Reserves | 13 | €206,280 | €206,280 | = | 0.0% |
| Distributable reserves | 133 | €206,280 | €206,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,890,285 | -€12,062,311 | -€2.2m | -22.0% |
| Amounts payable | 17/49 | €379,741 | €404,837 | +€25,096 | +6.6% |
| Amounts payable within one year | 42/48 | €379,741 | €404,837 | +€25,096 | +6.6% |
| Trade debts | 44 | €70,046 | €75,880 | +€5,835 | +8.3% |
| Suppliers | 440/4 | €70,046 | €75,880 | +€5,835 | +8.3% |
| Taxes, remuneration and social security | 45 | €9,696 | €28,957 | +€19,261 | +198.7% |
| Taxes | 450/3 | €9,696 | €28,957 | +€19,261 | +198.7% |
| Other amounts payable | 47/48 | €300,000 | €300,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,727 | €7,733 | +€6 | +0.1% |
| Other operating charges | 640/8 | €4,222 | €10,343 | +€6,121 | +145.0% |
| Gross operating margin | 9900 | €46,202 | €24,923 | -€21,279 | -46.1% |
| Operating profit (loss) | 9901 | €34,253 | €6,847 | -€27,406 | -80.0% |
| Financial income | 75/76B | €699 | €103,890 | +€103,190 | +14754.7% |
| Recurring financial income | 75 | €699 | €103,890 | +€103,190 | +14754.7% |
| Financial charges | 65/66B | €579 | €2,253,864 | +€2.3m | +389101.3% |
| Recurring financial charges | 65 | €579 | -€10,246,136 | -€10.2m | |
| Non-recurring financial charges | 66B | - | €12,500,000 | +€12.5m | |
| Profit (loss) for the period before taxes | 9903 | €34,373 | -€2,143,128 | -€2.2m | |
| Income taxes | 67/77 | €8,868 | €28,897 | +€20,030 | +225.9% |
| Profit (loss) for the period | 9904 | €25,505 | -€2,172,026 | -€2.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €25,505 | -€2,172,026 | -€2.2m |
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.