STAL TROJAAN: 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 TROJAAN
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+57.6%), from €3.0m to €4.7m
of which Land and buildings: +€1.8m
- Receivables within one year -€219,787
down €219,787 (-35.6%), from €617,230 to €397,443
of which Trade receivables: -€160,009
- Contributions +€1.6m
up €1.6m (+45.0%), from €3.5m to €5.0m
- Trade debts -€66,155
down €66,155 (-64.1%), from €103,132 to €36,977
- Gross operating margin -€126,395
down €126,395 (-31.2%), from €404,947 to €278,552
- Depreciation +€84,228
up €84,228 (+56.5%), from €149,190 to €233,418
- Other operating charges -€34,543
down €34,543 (-86.2%), from €40,060 to €5,516
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 | €3,629,446 | €5,136,411 | +€1.5m | +41.5% |
| Fixed assets | 21/28 | €2,998,956 | €4,726,813 | +€1.7m | +57.6% |
| Tangible fixed assets | 22/27 | €2,998,956 | €4,726,813 | +€1.7m | +57.6% |
| Land and buildings | 22 | €2,366,726 | €4,188,517 | +€1.8m | +77.0% |
| Plant, machinery and equipment | 23 | €598,227 | €524,113 | -€74,115 | -12.4% |
| Furniture and vehicles | 24 | €19,799 | €8,979 | -€10,820 | -54.6% |
| Assets under construction and advance payments | 27 | €14,205 | €5,205 | -€9,000 | -63.4% |
| Current assets | 29/58 | €630,490 | €409,598 | -€220,892 | -35.0% |
| Stocks and contracts in progress | 3 | - | €6,063 | +€6,063 | |
| Stocks | 30/36 | - | €6,063 | +€6,063 | |
| Amounts receivable within one year | 40/41 | €617,230 | €397,443 | -€219,787 | -35.6% |
| Trade receivables | 40 | €544,728 | €384,720 | -€160,009 | -29.4% |
| Other amounts receivable | 41 | €72,502 | €12,724 | -€59,779 | -82.5% |
| Cash at bank and in hand | 54/58 | €12,988 | €5,231 | -€7,757 | -59.7% |
| Deferred charges and accrued income | 490/1 | €272 | €861 | +€589 | +217% |
| Total equity and liabilities | 10/49 | €3,629,446 | €5,136,411 | +€1.5m | +41.5% |
| Equity | 10/15 | €3,487,194 | €5,073,505 | +€1.6m | +45.5% |
| Contributions | 10/11 | €3,462,112 | €5,019,612 | +€1.6m | +45.0% |
| Revaluation surpluses | 12 | €4,016 | €4,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,067 | €49,878 | +€28,811 | +137% |
| Amounts payable | 17/49 | €142,252 | €62,906 | -€79,347 | -55.8% |
| Amounts payable within one year | 42/48 | €141,982 | €62,906 | -€79,077 | -55.7% |
| Trade debts | 44 | €103,132 | €36,977 | -€66,155 | -64.1% |
| Suppliers | 440/4 | €103,132 | €36,977 | -€66,155 | -64.1% |
| Taxes, remuneration and social security | 45 | €11,229 | €25,929 | +€14,699 | +131% |
| Taxes | 450/3 | €11,229 | €25,929 | +€14,699 | +131% |
| Other amounts payable | 47/48 | €27,621 | - | -€27,621 | |
| Accrued charges and deferred income | 492/3 | €270 | - | -€270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,190 | €233,418 | +€84,228 | +56.5% |
| Other operating charges | 640/8 | €40,060 | €5,516 | -€34,543 | -86.2% |
| Non-recurring operating charges | 66A | €169,830 | - | -€169,830 | |
| Gross operating margin | 9900 | €404,947 | €278,552 | -€126,395 | -31.2% |
| Operating profit (loss) | 9901 | €45,868 | €39,617 | -€6,251 | -13.6% |
| Financial income | 75/76B | €91 | €125 | +€34 | +37.9% |
| Recurring financial income | 75 | €91 | €125 | +€34 | +37.9% |
| Financial charges | 65/66B | €716 | €443 | -€272 | -38.0% |
| Recurring financial charges | 65 | €716 | €443 | -€272 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €45,243 | €39,299 | -€5,944 | -13.1% |
| Income taxes | 67/77 | €8,908 | €10,488 | +€1,580 | +17.7% |
| Profit (loss) for the period | 9904 | €36,335 | €28,811 | -€7,524 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,335 | €28,811 | -€7,524 | -20.7% |
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 22 October 2026 via checked.be.