STAL BLAKHEIDE: 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 BLAKHEIDE
Largest movements
- Tangible fixed assets -€310,344
down €310,344 (-5.2%), from €5.9m to €5.6m
of which Land and buildings: -€442,125
- Cash +€120,208
up €120,208 (+614%), from €19,569 to €139,777
mainly Investment in fixed assets (net) (+€173,584) and Depreciation (+€136,760)
- Short-term financial debts -€278,467
no longer reported in 2025 (was €278,467)
- Profit (loss) carried forward +€121,462
up €121,462 (+54.9%), from -€221,307 to -€99,844
- Other debts -€71,718
down €71,718 (-1.5%), from €4.9m to €4.9m
- Gross operating margin -€41,990
down €41,990 (-12.9%), from €326,564 to €284,574
- Financial charges -€30,236
down €30,236 (-67.8%), from €44,585 to €14,349
- Other operating charges -€9,507
down €9,507 (-43.9%), from €21,644 to €12,136
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.
Derived cash bridge
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 | €6,029,611 | €5,817,311 | -€212,301 | -3.5% |
| Fixed assets | 21/28 | €5,947,926 | €5,637,581 | -€310,344 | -5.2% |
| Tangible fixed assets | 22/27 | €5,945,976 | €5,635,631 | -€310,344 | -5.2% |
| Land and buildings | 22 | €5,918,041 | €5,475,916 | -€442,125 | -7.5% |
| Plant, machinery and equipment | 23 | €23,297 | €19,514 | -€3,783 | -16.2% |
| Furniture and vehicles | 24 | €739 | €136,897 | +€136,158 | +18,420% |
| Assets under construction and advance payments | 27 | €3,898 | €3,303 | -€595 | -15.3% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €81,686 | €179,729 | +€98,044 | +120% |
| Stocks and contracts in progress | 3 | €5,394 | €5,394 | = | 0.0% |
| Stocks | 30/36 | €5,394 | €5,394 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €51,385 | €20,299 | -€31,086 | -60.5% |
| Trade receivables | 40 | €46,685 | €15,380 | -€31,305 | -67.1% |
| Other amounts receivable | 41 | €4,700 | €4,918 | +€218 | +4.6% |
| Cash at bank and in hand | 54/58 | €19,569 | €139,777 | +€120,208 | +614% |
| Deferred charges and accrued income | 490/1 | €5,338 | €14,260 | +€8,922 | +167% |
| Total equity and liabilities | 10/49 | €6,029,611 | €5,817,311 | -€212,301 | -3.5% |
| Equity | 10/15 | €271,461 | €392,923 | +€121,462 | +44.7% |
| Contributions | 10/11 | €486,758 | €486,758 | = | 0.0% |
| Reserves | 13 | €6,009 | €6,009 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,009 | €6,009 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,009 | €6,009 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€221,307 | -€99,844 | +€121,462 | +54.9% |
| Amounts payable | 17/49 | €5,758,151 | €5,424,388 | -€333,763 | -5.8% |
| Amounts payable after more than one year | 17 | €437,642 | €435,448 | -€2,194 | -0.5% |
| Financial debts | 170/4 | €437,642 | €435,448 | -€2,194 | -0.5% |
| Amounts payable within one year | 42/48 | €5,320,509 | €4,988,940 | -€331,570 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €100,452 | €103,433 | +€2,981 | +3.0% |
| Financial debts | 43 | €278,467 | - | -€278,467 | |
| Credit institutions | 430/8 | €278,467 | - | -€278,467 | |
| Trade debts | 44 | €5,518 | €21,549 | +€16,031 | +290% |
| Suppliers | 440/4 | €5,518 | €21,549 | +€16,031 | +290% |
| Taxes, remuneration and social security | 45 | €396 | - | -€396 | |
| Taxes | 450/3 | €396 | - | -€396 | |
| Other amounts payable | 47/48 | €4,935,675 | €4,863,957 | -€71,718 | -1.5% |
| Non-recurring operating income | 76A | €181,348 | €186,500 | +€5,152 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,542 | €136,760 | -€782 | -0.6% |
| Other operating charges | 640/8 | €21,644 | €12,136 | -€9,507 | -43.9% |
| Gross operating margin | 9900 | €326,564 | €284,574 | -€41,990 | -12.9% |
| Operating profit (loss) | 9901 | €167,378 | €135,678 | -€31,701 | -18.9% |
| Financial income | 75/76B | - | €134 | +€134 | |
| Recurring financial income | 75 | - | €134 | +€134 | |
| Financial charges | 65/66B | €44,585 | €14,349 | -€30,236 | -67.8% |
| Recurring financial charges | 65 | €44,585 | €14,349 | -€30,236 | -67.8% |
| Profit (loss) for the period before taxes | 9903 | €122,793 | €121,462 | -€1,330 | -1.1% |
| Profit (loss) for the period | 9904 | €122,793 | €121,462 | -€1,330 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €122,793 | €121,462 | -€1,330 | -1.1% |
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 20 October 2026 via checked.be.