Stagmat: 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.
Stagmat
Largest movements
- Receivables within one year +€152,669
up €152,669 (+30.2%), from €505,299 to €657,969
of which Trade receivables: +€272,599
- Tangible fixed assets +€151,235
up €151,235 (+357.1%), from €42,349 to €193,585
of which Assets under construction and advance payments: +€164,127
- Cash -€57,844
down €57,844 (-51.8%), from €111,740 to €53,897
mainly Investment in fixed assets (net) (-€164,127) and Receivables within one year (-€152,669)
- Reserves +€184,986
up €184,986 (+44.6%), from €415,075 to €600,061
of which Distributable reserves: +€184,986
- Trade debts +€162,625
up €162,625 (+5330.2%), from €3,051 to €165,676
- Other debts -€127,500
no longer reported in 2025 (was €127,500)
- Tax, wage and social debts +€26,120
up €26,120 (+27.1%), from €96,494 to €122,614
- Gross operating margin -€95,453
down €95,453 (-25.9%), from €368,745 to €273,292
- Taxes -€19,179
down €19,179 (-20.7%), from €92,769 to €73,590
- Other operating charges -€3,814
down €3,814 (-70.5%), from €5,413 to €1,599
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 | €660,720 | €906,950 | +€246,230 | +37.3% |
| Fixed assets | 21/28 | €43,349 | €194,585 | +€151,235 | +348.9% |
| Tangible fixed assets | 22/27 | €42,349 | €193,585 | +€151,235 | +357.1% |
| Furniture and vehicles | 24 | €42,349 | €29,458 | -€12,891 | -30.4% |
| Assets under construction and advance payments | 27 | - | €164,127 | +€164,127 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €617,371 | €712,366 | +€94,995 | +15.4% |
| Amounts receivable within one year | 40/41 | €505,299 | €657,969 | +€152,669 | +30.2% |
| Trade receivables | 40 | €378,242 | €650,841 | +€272,599 | +72.1% |
| Other amounts receivable | 41 | €127,057 | €7,128 | -€119,930 | -94.4% |
| Cash at bank and in hand | 54/58 | €111,740 | €53,897 | -€57,844 | -51.8% |
| Deferred charges and accrued income | 490/1 | €331 | €501 | +€169 | +51.1% |
| Total equity and liabilities | 10/49 | €660,720 | €906,950 | +€246,230 | +37.3% |
| Equity | 10/15 | €433,675 | €618,661 | +€184,986 | +42.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €415,075 | €600,061 | +€184,986 | +44.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €413,215 | €598,201 | +€184,986 | +44.8% |
| Amounts payable | 17/49 | €227,045 | €288,290 | +€61,244 | +27.0% |
| Amounts payable within one year | 42/48 | €227,045 | €288,290 | +€61,244 | +27.0% |
| Trade debts | 44 | €3,051 | €165,676 | +€162,625 | +5330.2% |
| Suppliers | 440/4 | €3,051 | €165,676 | +€162,625 | +5330.2% |
| Taxes, remuneration and social security | 45 | €96,494 | €122,614 | +€26,120 | +27.1% |
| Taxes | 450/3 | €96,494 | €122,614 | +€26,120 | +27.1% |
| Other amounts payable | 47/48 | €127,500 | - | -€127,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,891 | €12,891 | = | 0.0% |
| Other operating charges | 640/8 | €5,413 | €1,599 | -€3,814 | -70.5% |
| Gross operating margin | 9900 | €368,745 | €273,292 | -€95,453 | -25.9% |
| Operating profit (loss) | 9901 | €350,440 | €258,802 | -€91,639 | -26.1% |
| Financial income | 75/76B | €1,388 | €596 | -€792 | -57.0% |
| Recurring financial income | 75 | €1,388 | €596 | -€792 | -57.0% |
| Financial charges | 65/66B | €81 | €822 | +€741 | +912.0% |
| Recurring financial charges | 65 | €81 | €822 | +€741 | +912.0% |
| Profit (loss) for the period before taxes | 9903 | €351,747 | €258,576 | -€93,171 | -26.5% |
| Income taxes | 67/77 | €92,769 | €73,590 | -€19,179 | -20.7% |
| Profit (loss) for the period | 9904 | €258,978 | €184,986 | -€73,992 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €258,978 | €184,986 | -€73,992 | -28.6% |
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 2 October 2026 via checked.be.