STALINGRAD 7: 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.
STALINGRAD 7
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+38.8%), from €3.9m to €5.4m
of which Assets under construction and advance payments: +€1.4m
- Cash -€281,807
down €281,807 (-76.8%), from €366,727 to €84,920
mainly Investment in fixed assets (net) (-€1.6m) and Deferred charges and accrued income (-€208,553)
- Deferred charges and accrued income +€208,553
new in 2025: €208,553
- Other debts +€1.5m
up €1.5m (+33.2%), from €4.4m to €5.9m
- Profit (loss) carried forward -€110,453
down €110,453 (-36.6%), from -€301,790 to -€412,243
- Trade debts +€84,708
up €84,708 (+72.2%), from €117,291 to €201,999
- Purchases and services -€17,032
no longer reported in 2025 (was €17,032)
- Staff costs +€12,216
new in 2025: €12,216
- Depreciation +€2,988
up €2,988 (+4.8%), from €61,795 to €64,783
- Gross operating margin -€2,087
down €2,087 (-12.3%), from -€17,032 to -€19,120
- Other operating charges +€833
up €833 (+6.3%), from €13,228 to €14,061
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 | €4,258,685 | €5,706,763 | +€1.4m | +34.0% |
| Fixed assets | 21/28 | €3,890,038 | €5,400,793 | +€1.5m | +38.8% |
| Tangible fixed assets | 22/27 | €3,890,038 | €5,400,793 | +€1.5m | +38.8% |
| Land and buildings | 22 | €2,334,415 | €2,488,757 | +€154,342 | +6.6% |
| Assets under construction and advance payments | 27 | €1,555,623 | €2,912,036 | +€1.4m | +87.2% |
| Current assets | 29/58 | €368,648 | €305,970 | -€62,678 | -17.0% |
| Amounts receivable within one year | 40/41 | €1,921 | €12,496 | +€10,576 | +550.6% |
| Other amounts receivable | 41 | €1,921 | €12,496 | +€10,576 | +550.6% |
| Cash at bank and in hand | 54/58 | €366,727 | €84,920 | -€281,807 | -76.8% |
| Deferred charges and accrued income | 490/1 | - | €208,553 | +€208,553 | |
| Total equity and liabilities | 10/49 | €4,258,685 | €5,706,763 | +€1.4m | +34.0% |
| Equity | 10/15 | -€291,790 | -€402,243 | -€110,453 | -37.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€301,790 | -€412,243 | -€110,453 | -36.6% |
| Amounts payable | 17/49 | €4,550,475 | €6,109,006 | +€1.6m | +34.2% |
| Amounts payable within one year | 42/48 | €4,550,475 | €6,109,006 | +€1.6m | +34.2% |
| Trade debts | 44 | €117,291 | €201,999 | +€84,708 | +72.2% |
| Suppliers | 440/4 | €117,291 | €201,999 | +€84,708 | +72.2% |
| Taxes, remuneration and social security | 45 | - | €4,123 | +€4,123 | |
| Remuneration and social security | 454/9 | - | €4,123 | +€4,123 | |
| Other amounts payable | 47/48 | €4,433,184 | €5,902,884 | +€1.5m | +33.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €17,032 | - | -€17,032 | |
| Remuneration, social security and pensions | 62 | - | €12,216 | +€12,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,795 | €64,783 | +€2,988 | +4.8% |
| Other operating charges | 640/8 | €13,228 | €14,061 | +€833 | +6.3% |
| Gross operating margin | 9900 | -€17,032 | -€19,120 | -€2,087 | -12.3% |
| Operating profit (loss) | 9901 | -€92,055 | -€110,179 | -€18,124 | -19.7% |
| Financial charges | 65/66B | €293 | €274 | -€19 | -6.6% |
| Recurring financial charges | 65 | €293 | €274 | -€19 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | -€92,349 | -€110,453 | -€18,104 | -19.6% |
| Profit (loss) for the period | 9904 | -€92,349 | -€110,453 | -€18,104 | -19.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,349 | -€110,453 | -€18,104 | -19.6% |
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 8 October 2026 via checked.be.