STAL MERGAERT: 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.
STAL MERGAERT
Largest movements
- Deferred charges and accrued income +€4,188
up €4,188 (+41.8%), from €10,010 to €14,198
- Cash -€3,449
down €3,449 (-24.1%), from €14,338 to €10,889
mainly Investment in fixed assets (net) (-€28,862) and Trade debts (-€12,364)
- Receivables within one year +€2,416
up €2,416 (+19.1%), from €12,630 to €15,046
of which Trade receivables: +€1,917
- Trade debts -€12,364
down €12,364 (-75.7%), from €16,339 to €3,976
- Debts after one year +€9,289
up €9,289 (+141.5%), from €6,564 to €15,853
- Reserves +€6,808
up €6,808 (+18.3%), from €37,231 to €44,040
- Other debts -€2,566
down €2,566 (-4.8%), from €53,766 to €51,200
- Short-term financial debts +€2,071
up €2,071 (+58.6%), from €3,535 to €5,607
- Depreciation -€3,336
down €3,336 (-10.7%), from €31,290 to €27,955
- Other operating charges +€2,315
up €2,315 (+82.8%), from €2,795 to €5,109
- Staff costs -€1,247
down €1,247, from €622 to -€625
- Gross operating margin +€784
up €784 (+1.8%), from €42,873 to €43,656
- Financial charges +€775
up €775 (+53.0%), from €1,463 to €2,238
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 | €163,387 | €167,278 | +€3,892 | +2.4% |
| Fixed assets | 21/28 | €107,670 | €108,577 | +€908 | +0.8% |
| Intangible fixed assets | 21 | €267 | €0 | -€267 | -100.0% |
| Tangible fixed assets | 22/27 | €107,403 | €108,577 | +€1,175 | +1.1% |
| Land and buildings | 22 | €76,681 | €84,376 | +€7,695 | +10.0% |
| Plant, machinery and equipment | 23 | €27,228 | €21,021 | -€6,207 | -22.8% |
| Furniture and vehicles | 24 | €3,494 | €3,181 | -€313 | -9.0% |
| Current assets | 29/58 | €55,717 | €58,701 | +€2,984 | +5.4% |
| Stocks and contracts in progress | 3 | €18,739 | €18,568 | -€171 | -0.9% |
| Stocks | 30/36 | €18,739 | €18,568 | -€171 | -0.9% |
| Amounts receivable within one year | 40/41 | €12,630 | €15,046 | +€2,416 | +19.1% |
| Trade receivables | 40 | €11,310 | €13,227 | +€1,917 | +17.0% |
| Other amounts receivable | 41 | €1,320 | €1,819 | +€499 | +37.8% |
| Cash at bank and in hand | 54/58 | €14,338 | €10,889 | -€3,449 | -24.1% |
| Deferred charges and accrued income | 490/1 | €10,010 | €14,198 | +€4,188 | +41.8% |
| Total equity and liabilities | 10/49 | €163,387 | €167,278 | +€3,892 | +2.4% |
| Equity | 10/15 | €55,934 | €62,742 | +€6,808 | +12.2% |
| Contributions | 10/11 | €12,403 | €12,403 | = | 0.0% |
| Reserves | 13 | €37,231 | €44,040 | +€6,808 | +18.3% |
| Distributable reserves | 133 | €37,231 | €44,040 | +€6,808 | +18.3% |
| Profit (loss) carried forward | 14 | €6,300 | €6,300 | = | 0.0% |
| Amounts payable | 17/49 | €107,453 | €104,536 | -€2,917 | -2.7% |
| Amounts payable after more than one year | 17 | €6,564 | €15,853 | +€9,289 | +141.5% |
| Financial debts | 170/4 | €6,564 | €15,853 | +€9,289 | +141.5% |
| Amounts payable within one year | 42/48 | €98,376 | €84,365 | -€14,011 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €14,388 | €14,431 | +€43 | +0.3% |
| Financial debts | 43 | €3,535 | €5,607 | +€2,071 | +58.6% |
| Credit institutions | 430/8 | €3,535 | €5,607 | +€2,071 | +58.6% |
| Trade debts | 44 | €16,339 | €3,976 | -€12,364 | -75.7% |
| Suppliers | 440/4 | €16,339 | €3,976 | -€12,364 | -75.7% |
| Taxes, remuneration and social security | 45 | €10,348 | €9,153 | -€1,195 | -11.6% |
| Taxes | 450/3 | €2,608 | €2,174 | -€435 | -16.7% |
| Remuneration and social security | 454/9 | €7,739 | €6,979 | -€761 | -9.8% |
| Other amounts payable | 47/48 | €53,766 | €51,200 | -€2,566 | -4.8% |
| Accrued charges and deferred income | 492/3 | €2,514 | €4,318 | +€1,805 | +71.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €622 | -€625 | -€1,247 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,290 | €27,955 | -€3,336 | -10.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,795 | €5,109 | +€2,315 | +82.8% |
| Gross operating margin | 9900 | €42,873 | €43,656 | +€784 | +1.8% |
| Operating profit (loss) | 9901 | €8,166 | €11,217 | +€3,052 | +37.4% |
| Financial income | 75/76B | €6 | €3 | -€3 | -53.2% |
| Recurring financial income | 75 | €6 | €3 | -€3 | -53.2% |
| Financial charges | 65/66B | €1,463 | €2,238 | +€775 | +53.0% |
| Recurring financial charges | 65 | €1,463 | €2,238 | +€775 | +53.0% |
| Profit (loss) for the period before taxes | 9903 | €6,708 | €8,982 | +€2,274 | +33.9% |
| Income taxes | 67/77 | €1,680 | €2,174 | +€494 | +29.4% |
| Profit (loss) for the period | 9904 | €5,028 | €6,808 | +€1,780 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,028 | €6,808 | +€1,780 | +35.4% |
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 4 October 2026 via checked.be.