STAL MULKHOEVE: 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 MULKHOEVE
Largest movements
- Stocks and contracts +€359,500
up €359,500 (+346%), from €104,000 to €463,500
- Current investments -€164,775
down €164,775 (-10.9%), from €1.5m to €1.4m
- Cash -€161,104
down €161,104 (-93.2%), from €172,847 to €11,743
mainly Stocks and contracts (-€359,500) and Investment in fixed assets (net) (-€117,723)
- Tangible fixed assets -€103,139
down €103,139 (-2.6%), from €3.9m to €3.8m
of which Land and buildings: -€90,147
- Financial fixed assets +€84,225
new in 2025: €84,225
- Other debts +€125,512
up €125,512 (+15.3%), from €818,519 to €944,031
- Trade debts -€99,447
down €99,447 (-81.4%), from €122,110 to €22,663
- Gross operating margin -€739,403
down €739,403 (-81.5%), from €907,465 to €168,062
- Taxes -€188,770
down €188,770 (-99.8%), from €189,227 to €456
- Financial charges -€44,287
down €44,287 (-51.9%), from €85,336 to €41,049
- Other operating charges -€10,323
down €10,323 (-58.4%), from €17,673 to €7,350
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 | €5,804,329 | €5,769,004 | -€35,326 | -0.6% |
| Fixed assets | 21/28 | €3,934,510 | €3,915,597 | -€18,914 | -0.5% |
| Tangible fixed assets | 22/27 | €3,934,510 | €3,831,372 | -€103,139 | -2.6% |
| Land and buildings | 22 | €3,818,918 | €3,728,772 | -€90,147 | -2.4% |
| Plant, machinery and equipment | 23 | €32,995 | €33,319 | +€325 | +1.0% |
| Furniture and vehicles | 24 | €82,597 | €69,281 | -€13,316 | -16.1% |
| Financial fixed assets | 28 | - | €84,225 | +€84,225 | |
| Current assets | 29/58 | €1,869,819 | €1,853,407 | -€16,412 | -0.9% |
| Stocks and contracts in progress | 3 | €104,000 | €463,500 | +€359,500 | +346% |
| Stocks | 30/36 | €104,000 | €463,500 | +€359,500 | +346% |
| Amounts receivable within one year | 40/41 | €74,606 | €20,473 | -€54,133 | -72.6% |
| Trade receivables | 40 | €66,610 | €13,875 | -€52,735 | -79.2% |
| Other amounts receivable | 41 | €7,996 | €6,598 | -€1,398 | -17.5% |
| Current investments | 50/53 | €1,515,860 | €1,351,085 | -€164,775 | -10.9% |
| Cash at bank and in hand | 54/58 | €172,847 | €11,743 | -€161,104 | -93.2% |
| Deferred charges and accrued income | 490/1 | €2,506 | €6,606 | +€4,100 | +164% |
| Total equity and liabilities | 10/49 | €5,804,329 | €5,769,004 | -€35,326 | -0.6% |
| Equity | 10/15 | €3,816,560 | €3,801,525 | -€15,035 | -0.4% |
| Contributions | 10/11 | €3,312,400 | €3,312,400 | = | 0.0% |
| Reserves | 13 | €504,160 | €489,125 | -€15,035 | -3.0% |
| Distributable reserves | 133 | €504,160 | €489,125 | -€15,035 | -3.0% |
| Amounts payable | 17/49 | €1,987,769 | €1,967,478 | -€20,291 | -1.0% |
| Amounts payable after more than one year | 17 | €807,102 | €758,949 | -€48,153 | -6.0% |
| Financial debts | 170/4 | €800,852 | €752,699 | -€48,153 | -6.0% |
| Other amounts payable | 178/9 | €6,250 | €6,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,175,694 | €1,208,530 | +€32,836 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €45,890 | €52,062 | +€6,172 | +13.4% |
| Trade debts | 44 | €122,110 | €22,663 | -€99,447 | -81.4% |
| Suppliers | 440/4 | €122,110 | €22,663 | -€99,447 | -81.4% |
| Taxes, remuneration and social security | 45 | €189,174 | €189,773 | +€598 | +0.3% |
| Taxes | 450/3 | €189,174 | €189,227 | +€53 | 0.0% |
| Remuneration and social security | 454/9 | - | €546 | +€546 | |
| Other amounts payable | 47/48 | €818,519 | €944,031 | +€125,512 | +15.3% |
| Accrued charges and deferred income | 492/3 | €4,973 | €0 | -€4,973 | -100% |
| Non-recurring operating income | 76A | - | €3,900 | +€3,900 | |
| Remuneration, social security and pensions | 62 | - | €7,182 | +€7,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,727 | €136,637 | +€5,909 | +4.5% |
| Other operating charges | 640/8 | €17,673 | €7,350 | -€10,323 | -58.4% |
| Gross operating margin | 9900 | €907,465 | €168,062 | -€739,403 | -81.5% |
| Operating profit (loss) | 9901 | €759,064 | €16,894 | -€742,171 | -97.8% |
| Financial income | 75/76B | €850 | €9,577 | +€8,727 | +1,026% |
| Recurring financial income | 75 | €850 | €9,577 | +€8,727 | +1,026% |
| Financial charges | 65/66B | €85,336 | €41,049 | -€44,287 | -51.9% |
| Recurring financial charges | 65 | €85,336 | €41,049 | -€44,287 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €674,579 | -€14,578 | -€689,157 | |
| Income taxes | 67/77 | €189,227 | €456 | -€188,770 | -99.8% |
| Profit (loss) for the period | 9904 | €485,352 | -€15,035 | -€500,387 | |
| Profit (loss) for the period to be appropriated | 9905 | €485,352 | -€15,035 | -€500,387 |
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 27 October 2026 via checked.be.