Stagobel: 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.
Stagobel
Largest movements
- Current investments +€3.0m
new in 2025: €3.0m
- Cash -€2.6m
down €2.6m (-62.8%), from €4.1m to €1.5m
mainly Current investments (-€3.0m) and Contributions, distributions and other (-€2.9m)
- Receivables within one year -€837,994
down €837,994 (-15.1%), from €5.6m to €4.7m
of which Trade receivables: -€1.0m
- Other debts -€700,000
down €700,000 (-19.4%), from €3.6m to €2.9m
- Trade debts -€252,655
down €252,655 (-14.6%), from €1.7m to €1.5m
- Tax, wage and social debts +€234,316
up €234,316 (+36.9%), from €635,271 to €869,587
of which Remuneration and social security: +€134,078
- Profit (loss) carried forward +€218,377
up €218,377 (+60.2%), from €362,856 to €581,233
- Reserves +€178,925
up €178,925 (+3.4%), from €5.3m to €5.5m
of which Distributable reserves: +€315,750
- Staff costs +€571,760
up €571,760 (+19.4%), from €3.0m to €3.5m
- Financial income -€459,424
down €459,424 (-24.3%), from €1.9m to €1.4m
- Taxes -€252,404
down €252,404 (-18.2%), from €1.4m to €1.1m
- Gross operating margin +€75,516
up €75,516 (+1.1%), from €6.7m to €6.8m
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 | €12,748,783 | €12,427,150 | -€321,632 | -2.5% |
| Fixed assets | 21/28 | €401,767 | €437,053 | +€35,286 | +8.8% |
| Tangible fixed assets | 22/27 | €398,488 | €433,773 | +€35,286 | +8.9% |
| Plant, machinery and equipment | 23 | €204,511 | €198,347 | -€6,164 | -3.0% |
| Furniture and vehicles | 24 | €171,686 | €201,832 | +€30,147 | +17.6% |
| Other tangible fixed assets | 26 | €22,290 | €33,594 | +€11,303 | +50.7% |
| Financial fixed assets | 28 | €3,280 | €3,280 | = | 0.0% |
| Current assets | 29/58 | €12,347,016 | €11,990,098 | -€356,918 | -2.9% |
| Stocks and contracts in progress | 3 | €2,644,197 | €2,722,446 | +€78,249 | +3.0% |
| Stocks | 30/36 | €2,644,197 | €2,722,446 | +€78,249 | +3.0% |
| Amounts receivable within one year | 40/41 | €5,553,611 | €4,715,617 | -€837,994 | -15.1% |
| Trade receivables | 40 | €5,553,611 | €4,504,340 | -€1.0m | -18.9% |
| Other amounts receivable | 41 | - | €211,277 | +€211,277 | |
| Current investments | 50/53 | - | €3,000,000 | +€3.0m | |
| Cash at bank and in hand | 54/58 | €4,140,756 | €1,538,516 | -€2.6m | -62.8% |
| Deferred charges and accrued income | 490/1 | €8,451 | €13,518 | +€5,067 | +60.0% |
| Total equity and liabilities | 10/49 | €12,748,783 | €12,427,150 | -€321,632 | -2.5% |
| Equity | 10/15 | €6,777,460 | €7,174,762 | +€397,302 | +5.9% |
| Contributions | 10/11 | €1,114,000 | €1,114,000 | = | 0.0% |
| Capital | 10 | €1,114,000 | €1,114,000 | = | 0.0% |
| Issued capital | 100 | €1,114,000 | €1,114,000 | = | 0.0% |
| Reserves | 13 | €5,300,604 | €5,479,529 | +€178,925 | +3.4% |
| Non-distributable reserves | 130/1 | €111,400 | €111,400 | = | 0.0% |
| Legal reserve | 130 | €111,400 | €111,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,042,054 | €905,229 | -€136,825 | -13.1% |
| Distributable reserves | 133 | €4,147,150 | €4,462,900 | +€315,750 | +7.6% |
| Profit (loss) carried forward | 14 | €362,856 | €581,233 | +€218,377 | +60.2% |
| Amounts payable | 17/49 | €5,971,323 | €5,252,388 | -€718,934 | -12.0% |
| Amounts payable within one year | 42/48 | €5,968,992 | €5,250,652 | -€718,339 | -12.0% |
| Trade debts | 44 | €1,733,720 | €1,481,065 | -€252,655 | -14.6% |
| Suppliers | 440/4 | €1,733,720 | €1,481,065 | -€252,655 | -14.6% |
| Taxes, remuneration and social security | 45 | €635,271 | €869,587 | +€234,316 | +36.9% |
| Taxes | 450/3 | €271,918 | €372,156 | +€100,238 | +36.9% |
| Remuneration and social security | 454/9 | €363,354 | €497,431 | +€134,078 | +36.9% |
| Other amounts payable | 47/48 | €3,600,000 | €2,900,000 | -€700,000 | -19.4% |
| Accrued charges and deferred income | 492/3 | €2,331 | €1,736 | -€595 | -25.5% |
| Non-recurring operating income | 76A | - | €23,655 | +€23,655 | |
| Remuneration, social security and pensions | 62 | €2,950,330 | €3,522,089 | +€571,760 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,248 | €128,565 | +€51,317 | +66.4% |
| Other operating charges | 640/8 | €37,406 | €41,520 | +€4,114 | +11.0% |
| Non-recurring operating charges | 66A | €332 | - | -€332 | |
| Gross operating margin | 9900 | €6,744,895 | €6,820,412 | +€75,516 | +1.1% |
| Operating profit (loss) | 9901 | €3,679,579 | €3,128,238 | -€551,341 | -15.0% |
| Financial income | 75/76B | €1,887,557 | €1,428,133 | -€459,424 | -24.3% |
| Recurring financial income | 75 | €1,887,557 | €1,428,133 | -€459,424 | -24.3% |
| Financial charges | 65/66B | €86,345 | €82,944 | -€3,402 | -3.9% |
| Recurring financial charges | 65 | €86,345 | €82,944 | -€3,402 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €5,480,791 | €4,473,427 | -€1.0m | -18.4% |
| Income taxes | 67/77 | €1,388,100 | €1,135,695 | -€252,404 | -18.2% |
| Profit (loss) for the period | 9904 | €4,092,692 | €3,337,732 | -€754,960 | -18.4% |
| Transfer from tax-exempt reserves | 789 | €105,250 | €315,750 | +€210,500 | +200.0% |
| Transfer to tax-exempt reserves | 689 | €189,450 | €178,925 | -€10,525 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,008,492 | €3,474,557 | -€533,935 | -13.3% |
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 9 October 2026 via checked.be.