STAL D’OR: 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 D’OR
Largest movements
- Stocks and contracts +€43,750
up €43,750 (+13.5%), from €324,083 to €367,833
- Tangible fixed assets -€19,251
down €19,251 (-7.9%), from €244,355 to €225,103
of which Land and buildings: -€10,345
- Other debts +€63,300
up €63,300 (+11.4%), from €556,841 to €620,141
- Short-term financial debts -€49,629
down €49,629 (-100%), from €49,629 to €0
- Profit (loss) carried forward +€17,081
up €17,081 (+24.7%), from -€69,212 to -€52,131
- Gross operating margin +€96,344
up €96,344, from -€57,641 to €38,704
- Depreciation +€8,561
up €8,561 (+80.1%), from €10,691 to €19,251
- Financial charges +€1,366
up €1,366 (+378%), from €361 to €1,727
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 | €570,059 | €596,077 | +€26,018 | +4.6% |
| Fixed assets | 21/28 | €244,460 | €225,208 | -€19,251 | -7.9% |
| Tangible fixed assets | 22/27 | €244,355 | €225,103 | -€19,251 | -7.9% |
| Land and buildings | 22 | €205,117 | €194,772 | -€10,345 | -5.0% |
| Plant, machinery and equipment | 23 | €4,127 | €3,077 | -€1,049 | -25.4% |
| Furniture and vehicles | 24 | €35,111 | €27,254 | -€7,857 | -22.4% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €325,599 | €370,869 | +€45,269 | +13.9% |
| Stocks and contracts in progress | 3 | €324,083 | €367,833 | +€43,750 | +13.5% |
| Stocks | 30/36 | €324,083 | €367,833 | +€43,750 | +13.5% |
| Amounts receivable within one year | 40/41 | €1,513 | €2,901 | +€1,389 | +91.8% |
| Trade receivables | 40 | €874 | €1,905 | +€1,032 | +118% |
| Other amounts receivable | 41 | €639 | €996 | +€357 | +55.9% |
| Cash at bank and in hand | 54/58 | €3 | €134 | +€131 | +3,882% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €570,059 | €596,077 | +€26,018 | +4.6% |
| Equity | 10/15 | -€42,475 | -€25,393 | +€17,081 | +40.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,737 | €21,737 | = | 0.0% |
| Distributable reserves | 133 | €21,737 | €21,737 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,212 | -€52,131 | +€17,081 | +24.7% |
| Amounts payable | 17/49 | €612,534 | €621,471 | +€8,937 | +1.5% |
| Amounts payable within one year | 42/48 | €612,534 | €621,471 | +€8,937 | +1.5% |
| Financial debts | 43 | €49,629 | €0 | -€49,629 | -100% |
| Credit institutions | 430/8 | €49,629 | €0 | -€49,629 | -100% |
| Trade debts | 44 | €471 | €1,329 | +€858 | +182% |
| Suppliers | 440/4 | €471 | €1,329 | +€858 | +182% |
| Taxes, remuneration and social security | 45 | €5,593 | €0 | -€5,593 | -100% |
| Taxes | 450/3 | €5,593 | €0 | -€5,593 | -100% |
| Other amounts payable | 47/48 | €556,841 | €620,141 | +€63,300 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,691 | €19,251 | +€8,561 | +80.1% |
| Other operating charges | 640/8 | €576 | €661 | +€86 | +14.9% |
| Gross operating margin | 9900 | -€57,641 | €38,704 | +€96,344 | |
| Operating profit (loss) | 9901 | -€68,907 | €18,791 | +€87,698 | |
| Financial income | 75/76B | €56 | €17 | -€39 | -69.8% |
| Recurring financial income | 75 | €56 | €17 | -€39 | -69.8% |
| Financial charges | 65/66B | €361 | €1,727 | +€1,366 | +378% |
| Recurring financial charges | 65 | €361 | €1,727 | +€1,366 | +378% |
| Profit (loss) for the period before taxes | 9903 | -€69,212 | €17,081 | +€86,293 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€69,212 | €17,081 | +€86,293 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,212 | €17,081 | +€86,293 |
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 15 October 2026 via checked.be.