STALMAT: 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.
STALMAT
Largest movements
- Tangible fixed assets +€61,987
up €61,987 (+37.9%), from €163,699 to €225,686
of which Assets under construction and advance payments: +€68,457
- Cash -€36,769
down €36,769 (-97.9%), from €37,553 to €784
mainly Investment in fixed assets (net) (-€68,457) and Net result for the year (-€30,388)
- Receivables within one year -€25,145
down €25,145 (-74.5%), from €33,751 to €8,606
of which Trade receivables: -€19,680
- Other debts +€20,092
up €20,092 (+164.6%), from €12,206 to €32,297
- Profit (loss) carried forward -€13,213
down €13,213 (-31.3%), from €42,225 to €29,012
- Debts after one year -€7,340
down €7,340 (-5.3%), from €137,969 to €130,628
- Gross operating margin -€32,155
down €32,155, from €17,899 to -€14,256
- Depreciation +€2,775
up €2,775 (+75.1%), from €3,694 to €6,470
- Taxes -€2,172
down €2,172 (-93.0%), from €2,336 to €164
- Financial charges +€1,627
up €1,627 (+34.3%), from €4,743 to €6,370
- Other operating charges -€800
down €800 (-20.2%), from €3,952 to €3,153
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 | €235,003 | €235,076 | +€73 | 0.0% |
| Fixed assets | 21/28 | €163,699 | €225,686 | +€61,987 | +37.9% |
| Tangible fixed assets | 22/27 | €163,699 | €225,686 | +€61,987 | +37.9% |
| Land and buildings | 22 | €138,010 | €131,541 | -€6,470 | -4.7% |
| Assets under construction and advance payments | 27 | €25,689 | €94,145 | +€68,457 | +266.5% |
| Current assets | 29/58 | €71,304 | €9,390 | -€61,914 | -86.8% |
| Amounts receivable within one year | 40/41 | €33,751 | €8,606 | -€25,145 | -74.5% |
| Trade receivables | 40 | €23,173 | €3,493 | -€19,680 | -84.9% |
| Other amounts receivable | 41 | €10,578 | €5,113 | -€5,465 | -51.7% |
| Cash at bank and in hand | 54/58 | €37,553 | €784 | -€36,769 | -97.9% |
| Total equity and liabilities | 10/49 | €235,003 | €235,076 | +€73 | 0.0% |
| Equity | 10/15 | €56,285 | €43,072 | -€13,213 | -23.5% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,225 | €29,012 | -€13,213 | -31.3% |
| Amounts payable | 17/49 | €178,718 | €192,004 | +€13,286 | +7.4% |
| Amounts payable after more than one year | 17 | €137,969 | €130,628 | -€7,340 | -5.3% |
| Financial debts | 170/4 | €137,969 | €130,628 | -€7,340 | -5.3% |
| Amounts payable within one year | 42/48 | €40,750 | €61,376 | +€20,626 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €7,031 | €7,341 | +€309 | +4.4% |
| Trade debts | 44 | €14,575 | €13,721 | -€854 | -5.9% |
| Suppliers | 440/4 | €14,575 | €13,721 | -€854 | -5.9% |
| Taxes, remuneration and social security | 45 | €6,937 | €8,017 | +€1,080 | +15.6% |
| Taxes | 450/3 | €6,937 | €8,017 | +€1,080 | +15.6% |
| Other amounts payable | 47/48 | €12,206 | €32,297 | +€20,092 | +164.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,694 | €6,470 | +€2,775 | +75.1% |
| Other operating charges | 640/8 | €3,952 | €3,153 | -€800 | -20.2% |
| Gross operating margin | 9900 | €17,899 | -€14,256 | -€32,155 | |
| Operating profit (loss) | 9901 | €10,252 | -€23,878 | -€34,130 | |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €4,743 | €6,370 | +€1,627 | +34.3% |
| Recurring financial charges | 65 | €4,743 | €6,370 | +€1,627 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €5,509 | -€30,224 | -€35,733 | |
| Income taxes | 67/77 | €2,336 | €164 | -€2,172 | -93.0% |
| Profit (loss) for the period | 9904 | €3,173 | -€30,388 | -€33,561 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,173 | -€30,388 | -€33,561 |
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 7 October 2026 via checked.be.