STALUSA: 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.
What changed
STALUSA
NACE 70.200, Business and other management consultancy
financial year 31-12-2025 compared with 31-03-2025filed annual accounts (NBB)
Net result for the year
€3.2m
31-03-2025 · €41.7m-€38.5m
Equity
€190.5m
31-03-2025 · €187.4m+€3.1m
Cash
€523,971
31-03-2025 · €1.2m-€663,297
Balance sheet total
€218.7m
31-03-2025 · €245.3m-€26.6m
Largest movements
Assets
- Current investments -€33.5m
down €33.5m (-43.2%), from €77.4m to €44.0m
- Receivables after one year +€24.7m
up €24.7m (+4,283%), from €577,090 to €25.3m
- Receivables within one year -€20.5m
down €20.5m (-48.8%), from €41.9m to €21.5m
of which Other amounts receivable: -€20.4m
- Financial fixed assets +€3.7m
up €3.7m (+3.1%), from €117.7m to €121.3m
Equity and liabilities
- Other debts -€26.8m
down €26.8m (-76.2%), from €35.2m to €8.4m
- Tax, wage and social debts -€3.3m
down €3.3m (-89.1%), from €3.7m to €406,031
of which Taxes: -€3.3m
- Reserves +€3.2m
up €3.2m (+5.4%), from €58.4m to €61.6m
of which Distributable reserves: +€3.2m
Income statement
- Gross operating margin -€40.3m
down €40.3m, from €39.7m to -€590,910
- Financial charges -€3.8m
down €3.8m, from €2.9m to -€856,241
of which Financial charges: -€3.4m
- Financial income -€2.8m
down €2.8m (-42.5%), from €6.6m to €3.8m
- Taxes -€637,383
down €637,383 (-61.9%), from €1.0m to €391,958
From the 31-03-2025 result to the 31-12-2025 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.
Result 31-03-2025
€41.7m
Gross operating margin
-€40.3m
Staff costs
+€32,328
Depreciation
+€123,683
Other operating charges
+€61,410
Other operating items
+€2,572
Financial income
-€2.8m
Financial charges
+€3.8m
Taxes
+€637,383
Deferred taxes and other
-€1,700
Result 31-12-2025
€3.2m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€30.6m
Investment
+€29.8m
Financing
+€138,447
Cash 31-03-2025
€1.2m
From operations (derived)
-€30.6m
Net result for the year
+€3.2m
Depreciation
+€380,172
Receivables after one year
-€24.7m
Receivables within one year
+€20.5m
Smaller working-capital items
+€20,603
Trade debts
+€177,860
Tax, wage and social debts
-€3.3m
Other debts
-€26.8m
Investment (derived)
+€29.8m
Investment in fixed assets (net)
-€3.6m
Current investments
+€33.5m
Financing
+€138,447
Debts after one year
-€7,626
Current portion of long-term debt
+€287
Short-term financial debts
+€180,786
Contributions, distributions and other
-€35,000
Cash 31-12-2025
€523,971
brings cash intakes cash out
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,296,124 | €218,656,855 | -€26.6m | -10.9% |
| Fixed assets | 21/28 | €124,140,419 | €127,394,199 | +€3.3m | +2.6% |
| Intangible fixed assets | 21 | €10,183 | €8,477 | -€1,706 | -16.8% |
| Tangible fixed assets | 22/27 | €6,454,257 | €6,047,039 | -€407,218 | -6.3% |
| Land and buildings | 22 | €4,743,349 | €4,348,272 | -€395,077 | -8.3% |
| Plant, machinery and equipment | 23 | €612,646 | €594,968 | -€17,678 | -2.9% |
| Furniture and vehicles | 24 | €105,416 | €101,454 | -€3,962 | -3.8% |
| Other tangible fixed assets | 26 | €992,846 | €1,002,346 | +€9,500 | +1.0% |
| Financial fixed assets | 28 | €117,675,979 | €121,338,683 | +€3.7m | +3.1% |
| Current assets | 29/58 | €121,155,705 | €91,262,657 | -€29.9m | -24.7% |
| Amounts receivable after more than one year | 29 | €577,090 | €25,291,508 | +€24.7m | +4,283% |
| Trade receivables | 290 | €577,090 | €25,291,508 | +€24.7m | +4,283% |
| Amounts receivable within one year | 40/41 | €41,931,799 | €21,462,241 | -€20.5m | -48.8% |
| Trade receivables | 40 | €106,760 | €79,050 | -€27,710 | -26.0% |
| Other amounts receivable | 41 | €41,825,039 | €21,383,191 | -€20.4m | -48.9% |
| Current investments | 50/53 | €77,449,793 | €43,980,780 | -€33.5m | -43.2% |
| Cash at bank and in hand | 54/58 | €1,187,269 | €523,971 | -€663,297 | -55.9% |
| Deferred charges and accrued income | 490/1 | €9,754 | €4,157 | -€5,598 | -57.4% |
| Total equity and liabilities | 10/49 | €245,296,124 | €218,656,855 | -€26.6m | -10.9% |
| Equity | 10/15 | €187,374,645 | €190,497,327 | +€3.1m | +1.7% |
| Contributions | 10/11 | €128,940,900 | €128,905,900 | -€35,000 | 0.0% |
| Reserves | 13 | €58,433,745 | €61,591,427 | +€3.2m | +5.4% |
| Tax-exempt reserves | 132 | €9,902 | - | -€9,902 | |
| Distributable reserves | 133 | €58,423,843 | €61,591,427 | +€3.2m | +5.4% |
| Provisions and deferred taxes | 16 | €5,099 | - | -€5,099 | |
| Deferred taxes | 168 | €5,099 | - | -€5,099 | |
| Amounts payable | 17/49 | €57,916,381 | €28,159,528 | -€29.8m | -51.4% |
| Amounts payable after more than one year | 17 | €19,933 | €12,307 | -€7,626 | -38.3% |
| Financial debts | 170/4 | €19,933 | €12,307 | -€7,626 | -38.3% |
| Amounts payable within one year | 42/48 | €57,873,714 | €28,104,383 | -€29.8m | -51.4% |
| Current portion of amounts payable after more than one year | 42 | €9,832 | €10,119 | +€287 | +2.9% |
| Financial debts | 43 | €18,932,232 | €19,113,018 | +€180,786 | +1.0% |
| Credit institutions | 430/8 | €18,932,232 | €19,113,018 | +€180,786 | +1.0% |
| Trade debts | 44 | €13,503 | €191,364 | +€177,860 | +1,317% |
| Suppliers | 440/4 | €13,503 | €191,364 | +€177,860 | +1,317% |
| Taxes, remuneration and social security | 45 | €3,708,442 | €406,031 | -€3.3m | -89.1% |
| Taxes | 450/3 | €3,681,801 | €384,464 | -€3.3m | -89.6% |
| Remuneration and social security | 454/9 | €26,642 | €21,567 | -€5,074 | -19.0% |
| Other amounts payable | 47/48 | €35,209,704 | €8,383,850 | -€26.8m | -76.2% |
| Accrued charges and deferred income | 492/3 | €22,734 | €42,838 | +€20,104 | +88.4% |
| Non-recurring operating income | 76A | €40,406,096 | €11,436 | -€40.4m | -100.0% |
| Remuneration, social security and pensions | 62 | €145,679 | €113,351 | -€32,328 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €503,856 | €380,172 | -€123,683 | -24.5% |
| Other operating charges | 640/8 | €95,370 | €33,960 | -€61,410 | -64.4% |
| Non-recurring operating charges | 66A | €15,884 | €13,313 | -€2,572 | -16.2% |
| Gross operating margin | 9900 | €39,714,025 | -€590,910 | -€40.3m | |
| Operating profit (loss) | 9901 | €38,953,236 | -€1,131,707 | -€40.1m | |
| Financial income | 75/76B | €6,646,011 | €3,820,007 | -€2.8m | -42.5% |
| Recurring financial income | 75 | €6,646,011 | €3,820,007 | -€2.8m | -42.5% |
| Financial charges | 65/66B | €2,899,158 | -€856,241 | -€3.8m | |
| Recurring financial charges | 65 | €2,269,046 | -€1,120,656 | -€3.4m | |
| Non-recurring financial charges | 66B | €630,113 | €264,415 | -€365,698 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €42,700,089 | €3,544,541 | -€39.2m | -91.7% |
| Transfer from deferred taxes | 780 | €6,798 | €5,099 | -€1,700 | -25.0% |
| Income taxes | 67/77 | €1,029,340 | €391,958 | -€637,383 | -61.9% |
| Profit (loss) for the period | 9904 | €41,677,546 | €3,157,682 | -€38.5m | -92.4% |
| Transfer from tax-exempt reserves | 789 | €13,202 | €9,902 | -€3,301 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,690,748 | €3,167,584 | -€38.5m | -92.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.