STAMEX: 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.
STAMEX
Largest movements
- Receivables within one year +€983,927
up €983,927 (+176%), from €559,696 to €1.5m
of which Other amounts receivable: +€1.1m
- Tangible fixed assets +€944,933
up €944,933 (+24.4%), from €3.9m to €4.8m
of which Plant, machinery and equipment: +€839,773
- Cash -€94,648
down €94,648 (-49.6%), from €190,800 to €96,153
mainly Investment in fixed assets (net) (-€2.9m) and Receivables within one year (-€983,927)
- Debts after one year +€1.1m
up €1.1m (+93.0%), from €1.2m to €2.3m
- Trade debts +€301,800
up €301,800 (+99.5%), from €303,362 to €605,162
- Current portion of long-term debt +€243,260
up €243,260 (+29.2%), from €832,080 to €1.1m
- Reserves +€222,077
up €222,077 (+13.1%), from €1.7m to €1.9m
of which Distributable reserves: +€222,077
- Other debts -€124,801
down €124,801 (-26.1%), from €477,306 to €352,505
- Gross operating margin +€494,216
up €494,216 (+26.7%), from €1.8m to €2.3m
- Depreciation +€273,998
up €273,998 (+16.6%), from €1.7m to €1.9m
- Other operating charges +€78,859
up €78,859 (+732%), from €10,774 to €89,633
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,656,993 | €6,461,440 | +€1.8m | +38.7% |
| Fixed assets | 21/28 | €3,870,847 | €4,815,779 | +€944,933 | +24.4% |
| Tangible fixed assets | 22/27 | €3,870,847 | €4,815,779 | +€944,933 | +24.4% |
| Plant, machinery and equipment | 23 | €3,197,352 | €4,037,125 | +€839,773 | +26.3% |
| Furniture and vehicles | 24 | €700 | - | -€700 | |
| Leasing and similar rights | 25 | €672,794 | €778,654 | +€105,860 | +15.7% |
| Current assets | 29/58 | €786,146 | €1,645,661 | +€859,515 | +109% |
| Amounts receivable within one year | 40/41 | €559,696 | €1,543,624 | +€983,927 | +176% |
| Trade receivables | 40 | €473,521 | €350,059 | -€123,462 | -26.1% |
| Other amounts receivable | 41 | €86,175 | €1,193,564 | +€1.1m | +1,285% |
| Cash at bank and in hand | 54/58 | €190,800 | €96,153 | -€94,648 | -49.6% |
| Deferred charges and accrued income | 490/1 | €35,650 | €5,885 | -€29,765 | -83.5% |
| Total equity and liabilities | 10/49 | €4,656,993 | €6,461,440 | +€1.8m | +38.7% |
| Equity | 10/15 | €1,803,940 | €2,026,017 | +€222,077 | +12.3% |
| Contributions | 10/11 | €108,686 | €108,686 | = | 0.0% |
| Reserves | 13 | €1,695,255 | €1,917,332 | +€222,077 | +13.1% |
| Non-distributable reserves | 130/1 | €10,869 | €10,869 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,869 | €10,869 | = | 0.0% |
| Distributable reserves | 133 | €1,684,386 | €1,906,463 | +€222,077 | +13.2% |
| Amounts payable | 17/49 | €2,853,052 | €4,435,423 | +€1.6m | +55.5% |
| Amounts payable after more than one year | 17 | €1,215,926 | €2,346,905 | +€1.1m | +93.0% |
| Financial debts | 170/4 | €1,215,926 | €2,346,905 | +€1.1m | +93.0% |
| Amounts payable within one year | 42/48 | €1,637,127 | €2,087,606 | +€450,479 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €832,080 | €1,075,340 | +€243,260 | +29.2% |
| Financial debts | 43 | €8,479 | - | -€8,479 | |
| Credit institutions | 430/8 | €8,479 | - | -€8,479 | |
| Trade debts | 44 | €303,362 | €605,162 | +€301,800 | +99.5% |
| Suppliers | 440/4 | €303,362 | €605,162 | +€301,800 | +99.5% |
| Taxes, remuneration and social security | 45 | €15,900 | €54,599 | +€38,699 | +243% |
| Taxes | 450/3 | €15,900 | €54,599 | +€38,699 | +243% |
| Other amounts payable | 47/48 | €477,306 | €352,505 | -€124,801 | -26.1% |
| Accrued charges and deferred income | 492/3 | - | €912 | +€912 | |
| Non-recurring operating income | 76A | - | €5,530 | +€5,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,652,068 | €1,926,066 | +€273,998 | +16.6% |
| Other operating charges | 640/8 | €10,774 | €89,633 | +€78,859 | +732% |
| Non-recurring operating charges | 66A | - | €2,300 | +€2,300 | |
| Gross operating margin | 9900 | €1,849,748 | €2,343,964 | +€494,216 | +26.7% |
| Operating profit (loss) | 9901 | €186,906 | €325,965 | +€139,059 | +74.4% |
| Financial income | 75/76B | €50 | €10,500 | +€10,450 | +20,754% |
| Recurring financial income | 75 | €50 | €10,500 | +€10,450 | +20,754% |
| Financial charges | 65/66B | €101,011 | €114,388 | +€13,377 | +13.2% |
| Recurring financial charges | 65 | €101,011 | €114,388 | +€13,377 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €85,946 | €222,077 | +€136,131 | +158% |
| Profit (loss) for the period | 9904 | €85,946 | €222,077 | +€136,131 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €85,946 | €222,077 | +€136,131 | +158% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.