STALMANS PHILIPPE: 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 PHILIPPE
Largest movements
- Current investments -€698,648
down €698,648 (-19.9%), from €3.5m to €2.8m
- Cash +€514,889
up €514,889 (+320%), from €160,719 to €675,609
mainly Current investments (+€698,648) and Depreciation (+€1,172)
- Receivables within one year +€115,255
up €115,255 (+213%), from €54,087 to €169,341
- Reserves -€39,656
down €39,656 (-1.1%), from €3.7m to €3.7m
- Financial charges +€60,488
up €60,488 (+6,501%), from €930 to €61,419
- Financial income +€56,823
up €56,823 (+491%), from €11,577 to €68,400
- Taxes +€1,563
up €1,563 (+765%), from €204 to €1,768
- Depreciation -€608
down €608 (-34.2%), from €1,780 to €1,172
- Other operating charges -€364
down €364 (-23.0%), from €1,580 to €1,216
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 | €3,732,571 | €3,663,426 | -€69,145 | -1.9% |
| Fixed assets | 21/28 | €2,234 | €1,063 | -€1,172 | -52.4% |
| Tangible fixed assets | 22/27 | €2,234 | €1,063 | -€1,172 | -52.4% |
| Furniture and vehicles | 24 | €2,234 | €1,063 | -€1,172 | -52.4% |
| Current assets | 29/58 | €3,730,336 | €3,662,364 | -€67,973 | -1.8% |
| Amounts receivable within one year | 40/41 | €54,087 | €169,341 | +€115,255 | +213% |
| Other amounts receivable | 41 | €54,087 | €169,341 | +€115,255 | +213% |
| Current investments | 50/53 | €3,514,766 | €2,816,118 | -€698,648 | -19.9% |
| Cash at bank and in hand | 54/58 | €160,719 | €675,609 | +€514,889 | +320% |
| Deferred charges and accrued income | 490/1 | €764 | €1,295 | +€531 | +69.5% |
| Total equity and liabilities | 10/49 | €3,732,571 | €3,663,426 | -€69,145 | -1.9% |
| Equity | 10/15 | €3,731,409 | €3,661,226 | -€70,183 | -1.9% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €3,746,124 | €3,706,469 | -€39,656 | -1.1% |
| Distributable reserves | 133 | €3,746,124 | €3,706,469 | -€39,656 | -1.1% |
| Profit (loss) carried forward | 14 | -€25,916 | -€56,443 | -€30,527 | -118% |
| Amounts payable | 17/49 | €1,162 | €2,201 | +€1,038 | +89.3% |
| Amounts payable within one year | 42/48 | €1,024 | €2,063 | +€1,038 | +101% |
| Trade debts | 44 | €1,024 | €2,050 | +€1,025 | +100% |
| Suppliers | 440/4 | €1,024 | €2,050 | +€1,025 | +100% |
| Taxes, remuneration and social security | 45 | €0 | €13 | +€13 | |
| Taxes | 450/3 | €0 | €13 | +€13 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €138 | €138 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,780 | €1,172 | -€608 | -34.2% |
| Other operating charges | 640/8 | €1,580 | €1,216 | -€364 | -23.0% |
| Gross operating margin | 9900 | -€32,998 | -€33,352 | -€354 | -1.1% |
| Operating profit (loss) | 9901 | -€36,358 | -€35,741 | +€618 | +1.7% |
| Financial income | 75/76B | €11,577 | €68,400 | +€56,823 | +491% |
| Recurring financial income | 75 | €11,577 | €68,400 | +€56,823 | +491% |
| Financial charges | 65/66B | €930 | €61,419 | +€60,488 | +6,501% |
| Recurring financial charges | 65 | €930 | €61,419 | +€60,488 | +6,501% |
| Profit (loss) for the period before taxes | 9903 | -€25,712 | -€28,760 | -€3,048 | -11.9% |
| Income taxes | 67/77 | €204 | €1,768 | +€1,563 | +765% |
| Profit (loss) for the period | 9904 | -€25,916 | -€30,527 | -€4,611 | -17.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,916 | -€30,527 | -€4,611 | -17.8% |
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 26 October 2026 via checked.be.