Stalmans: 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.
Stalmans
Largest movements
- Cash +€103,950
up €103,950 (+123%), from €84,648 to €188,598
mainly Depreciation (+€50,283) and Trade debts (+€34,701)
- Tangible fixed assets -€56,038
down €56,038 (-22.6%), from €247,680 to €191,642
- Receivables within one year -€16,177
down €16,177 (-29.7%), from €54,422 to €38,245
of which Trade receivables: -€27,688
- Deferred charges and accrued income -€14,368
down €14,368 (-81.4%), from €17,653 to €3,286
- Debts after one year -€37,088
down €37,088 (-26.8%), from €138,310 to €101,222
- Trade debts +€34,701
up €34,701 (+51.5%), from €67,385 to €102,085
- Reserves +€28,741
up €28,741 (+10.5%), from €274,959 to €303,700
of which Distributable reserves: +€28,741
- Other debts -€7,515
down €7,515 (-60.5%), from €12,418 to €4,904
- Financial income +€4,971
up €4,971 (+400%), from €1,243 to €6,214
- Staff costs -€3,921
down €3,921 (-6.0%), from €65,805 to €61,884
- Financial charges -€3,786
down €3,786 (-27.7%), from €13,678 to €9,892
- Taxes +€2,818
up €2,818 (+31.3%), from €9,009 to €11,827
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 | €564,904 | €581,688 | +€16,784 | +3.0% |
| Fixed assets | 21/28 | €247,680 | €191,642 | -€56,038 | -22.6% |
| Tangible fixed assets | 22/27 | €247,680 | €191,642 | -€56,038 | -22.6% |
| Land and buildings | 22 | €143,409 | €118,272 | -€25,137 | -17.5% |
| Plant, machinery and equipment | 23 | €17,473 | €12,550 | -€4,922 | -28.2% |
| Furniture and vehicles | 24 | €86,798 | €60,819 | -€25,979 | -29.9% |
| Current assets | 29/58 | €317,224 | €390,046 | +€72,822 | +23.0% |
| Stocks and contracts in progress | 3 | €60,374 | €57,790 | -€2,584 | -4.3% |
| Stocks | 30/36 | €60,374 | €57,790 | -€2,584 | -4.3% |
| Amounts receivable within one year | 40/41 | €54,422 | €38,245 | -€16,177 | -29.7% |
| Trade receivables | 40 | €45,763 | €18,075 | -€27,688 | -60.5% |
| Other amounts receivable | 41 | €8,660 | €20,171 | +€11,511 | +133% |
| Current investments | 50/53 | €100,127 | €102,127 | +€2,000 | +2.0% |
| Cash at bank and in hand | 54/58 | €84,648 | €188,598 | +€103,950 | +123% |
| Deferred charges and accrued income | 490/1 | €17,653 | €3,286 | -€14,368 | -81.4% |
| Total equity and liabilities | 10/49 | €564,904 | €581,688 | +€16,784 | +3.0% |
| Equity | 10/15 | €307,229 | €335,970 | +€28,741 | +9.4% |
| Contributions | 10/11 | €32,270 | €32,270 | = | 0.0% |
| Reserves | 13 | €274,959 | €303,700 | +€28,741 | +10.5% |
| Tax-exempt reserves | 132 | €9,963 | €9,963 | = | 0.0% |
| Distributable reserves | 133 | €264,996 | €293,737 | +€28,741 | +10.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €257,675 | €245,717 | -€11,957 | -4.6% |
| Amounts payable after more than one year | 17 | €138,310 | €101,222 | -€37,088 | -26.8% |
| Financial debts | 170/4 | €138,310 | €101,222 | -€37,088 | -26.8% |
| Amounts payable within one year | 42/48 | €117,087 | €144,495 | +€27,408 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €36,466 | €37,088 | +€622 | +1.7% |
| Trade debts | 44 | €67,385 | €102,085 | +€34,701 | +51.5% |
| Suppliers | 440/4 | €67,385 | €102,085 | +€34,701 | +51.5% |
| Taxes, remuneration and social security | 45 | €818 | €418 | -€400 | -48.9% |
| Taxes | 450/3 | €818 | €418 | -€400 | -48.9% |
| Other amounts payable | 47/48 | €12,418 | €4,904 | -€7,515 | -60.5% |
| Accrued charges and deferred income | 492/3 | €2,278 | €0 | -€2,278 | -100% |
| Non-recurring operating income | 76A | €1,074 | €0 | -€1,074 | -100% |
| Remuneration, social security and pensions | 62 | €65,805 | €61,884 | -€3,921 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,108 | €50,283 | -€825 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €79 | +€79 | |
| Other operating charges | 640/8 | €4,786 | €5,937 | +€1,151 | +24.1% |
| Non-recurring operating charges | 66A | - | €6,597 | +€6,597 | |
| Gross operating margin | 9900 | €168,852 | €169,024 | +€172 | +0.1% |
| Operating profit (loss) | 9901 | €47,154 | €44,246 | -€2,908 | -6.2% |
| Financial income | 75/76B | €1,243 | €6,214 | +€4,971 | +400% |
| Recurring financial income | 75 | €1,243 | €6,214 | +€4,971 | +400% |
| Financial charges | 65/66B | €13,678 | €9,892 | -€3,786 | -27.7% |
| Recurring financial charges | 65 | €13,678 | €9,892 | -€3,786 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €34,719 | €40,568 | +€5,849 | +16.8% |
| Income taxes | 67/77 | €9,009 | €11,827 | +€2,818 | +31.3% |
| Profit (loss) for the period | 9904 | €25,710 | €28,741 | +€3,031 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,710 | €28,741 | +€3,031 | +11.8% |
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 21 October 2026 via checked.be.