STAL 445: 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.
STAL 445
Largest movements
- Receivables within one year -€7,770
down €7,770 (-29.8%), from €26,045 to €18,276
of which Trade receivables: -€8,142
- Tangible fixed assets +€6,612
up €6,612 (+50.9%), from €12,993 to €19,606
of which Furniture and vehicles: +€9,578
- Deferred charges and accrued income +€5,671
up €5,671 (+798.3%), from €710 to €6,381
- Stocks and contracts +€1,750
new in 2025: €1,750
- Cash -€1,635
down €1,635 (-4.1%), from €39,428 to €37,793
mainly Investment in fixed assets (net) (-€11,056) and Deferred charges and accrued income (-€5,671)
- Trade debts +€8,117
up €8,117 (+136.9%), from €5,930 to €14,047
- Tax, wage and social debts -€2,736
down €2,736 (-18.0%), from €15,180 to €12,444
- Gross operating margin -€18,398
down €18,398 (-57.2%), from €32,155 to €13,757
- Taxes -€5,223
down €5,223 (-75.4%), from €6,930 to €1,707
- Other operating charges +€736
up €736 (+15.7%), from €4,696 to €5,432
- Depreciation +€467
up €467 (+11.7%), from €3,977 to €4,444
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 | €79,177 | €83,805 | +€4,629 | +5.8% |
| Fixed assets | 21/28 | €12,993 | €19,606 | +€6,612 | +50.9% |
| Tangible fixed assets | 22/27 | €12,993 | €19,606 | +€6,612 | +50.9% |
| Plant, machinery and equipment | 23 | €10,481 | €7,515 | -€2,966 | -28.3% |
| Furniture and vehicles | 24 | €2,513 | €12,091 | +€9,578 | +381.2% |
| Current assets | 29/58 | €66,183 | €64,200 | -€1,984 | -3.0% |
| Stocks and contracts in progress | 3 | - | €1,750 | +€1,750 | |
| Stocks | 30/36 | - | €1,750 | +€1,750 | |
| Amounts receivable within one year | 40/41 | €26,045 | €18,276 | -€7,770 | -29.8% |
| Trade receivables | 40 | €20,710 | €12,568 | -€8,142 | -39.3% |
| Other amounts receivable | 41 | €5,335 | €5,708 | +€373 | +7.0% |
| Cash at bank and in hand | 54/58 | €39,428 | €37,793 | -€1,635 | -4.1% |
| Deferred charges and accrued income | 490/1 | €710 | €6,381 | +€5,671 | +798.3% |
| Total equity and liabilities | 10/49 | €79,177 | €83,805 | +€4,629 | +5.8% |
| Equity | 10/15 | €57,948 | €57,196 | -€752 | -1.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,948 | €49,196 | -€752 | -1.5% |
| Amounts payable | 17/49 | €21,229 | €26,609 | +€5,381 | +25.3% |
| Amounts payable within one year | 42/48 | €21,110 | €26,491 | +€5,381 | +25.5% |
| Trade debts | 44 | €5,930 | €14,047 | +€8,117 | +136.9% |
| Suppliers | 440/4 | €5,930 | €14,047 | +€8,117 | +136.9% |
| Taxes, remuneration and social security | 45 | €15,180 | €12,444 | -€2,736 | -18.0% |
| Taxes | 450/3 | €15,180 | €12,444 | -€2,736 | -18.0% |
| Accrued charges and deferred income | 492/3 | €118 | €118 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,977 | €4,444 | +€467 | +11.7% |
| Other operating charges | 640/8 | €4,696 | €5,432 | +€736 | +15.7% |
| Non-recurring operating charges | 66A | - | €2,725 | +€2,725 | |
| Gross operating margin | 9900 | €32,155 | €13,757 | -€18,398 | -57.2% |
| Operating profit (loss) | 9901 | €23,483 | €1,156 | -€22,327 | -95.1% |
| Financial income | 75/76B | €213 | €316 | +€102 | +47.9% |
| Recurring financial income | 75 | €213 | €316 | +€102 | +47.9% |
| Financial charges | 65/66B | €286 | €517 | +€231 | +80.7% |
| Recurring financial charges | 65 | €286 | €517 | +€231 | +80.7% |
| Profit (loss) for the period before taxes | 9903 | €23,410 | €955 | -€22,455 | -95.9% |
| Income taxes | 67/77 | €6,930 | €1,707 | -€5,223 | -75.4% |
| Profit (loss) for the period | 9904 | €16,480 | -€752 | -€17,232 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,480 | -€752 | -€17,232 |
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 10 October 2026 via checked.be.