STAPES AND INCUS: 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.
STAPES AND INCUS
Largest movements
- Tangible fixed assets +€274,836
up €274,836 (+36.3%), from €757,341 to €1.0m
of which Land and buildings: +€297,811
- Receivables within one year -€208,342
down €208,342 (-45.7%), from €456,138 to €247,796
of which Other amounts receivable: -€124,062
- Cash -€167,201
down €167,201 (-46.9%), from €356,183 to €188,981
mainly Contributions, distributions and other (-€411,735) and Investment in fixed assets (net) (-€363,203)
- Current investments +€151,505
up €151,505 (+198%), from €76,678 to €228,183
- Reserves -€231,315
down €231,315 (-24.5%), from €942,636 to €711,321
of which Distributable reserves: -€231,315
- Debts after one year +€226,375
up €226,375 (+43.2%), from €524,179 to €750,554
- Trade debts -€112,813
down €112,813 (-75.0%), from €150,488 to €37,675
- Other debts +€75,000
new in 2025: €75,000
- Current portion of long-term debt +€48,862
up €48,862 (+142%), from €34,319 to €83,180
- Depreciation +€40,415
up €40,415 (+84.3%), from €47,953 to €88,368
- Gross operating margin +€34,720
up €34,720 (+11.7%), from €296,154 to €330,874
- Financial income +€18,534
up €18,534 (+220%), from €8,415 to €26,949
- Financial charges +€7,970
up €7,970 (+35.5%), from €22,446 to €30,415
- Taxes +€7,551
up €7,551 (+16.1%), from €46,977 to €54,528
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 | €1,688,401 | €1,742,964 | +€54,564 | +3.2% |
| Fixed assets | 21/28 | €757,341 | €1,032,177 | +€274,836 | +36.3% |
| Tangible fixed assets | 22/27 | €757,341 | €1,032,177 | +€274,836 | +36.3% |
| Land and buildings | 22 | €636,123 | €933,933 | +€297,811 | +46.8% |
| Plant, machinery and equipment | 23 | €868 | €379 | -€489 | -56.4% |
| Furniture and vehicles | 24 | €108,938 | €87,778 | -€21,160 | -19.4% |
| Other tangible fixed assets | 26 | €11,412 | €10,087 | -€1,326 | -11.6% |
| Current assets | 29/58 | €931,060 | €710,788 | -€220,272 | -23.7% |
| Stocks and contracts in progress | 3 | €41,685 | €44,512 | +€2,827 | +6.8% |
| Stocks | 30/36 | €41,685 | €44,512 | +€2,827 | +6.8% |
| Amounts receivable within one year | 40/41 | €456,138 | €247,796 | -€208,342 | -45.7% |
| Trade receivables | 40 | €283,092 | €198,811 | -€84,281 | -29.8% |
| Other amounts receivable | 41 | €173,046 | €48,985 | -€124,062 | -71.7% |
| Current investments | 50/53 | €76,678 | €228,183 | +€151,505 | +198% |
| Cash at bank and in hand | 54/58 | €356,183 | €188,981 | -€167,201 | -46.9% |
| Deferred charges and accrued income | 490/1 | €377 | €1,316 | +€939 | +249% |
| Total equity and liabilities | 10/49 | €1,688,401 | €1,742,964 | +€54,564 | +3.2% |
| Equity | 10/15 | €961,236 | €729,921 | -€231,315 | -24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €942,636 | €711,321 | -€231,315 | -24.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €940,776 | €709,461 | -€231,315 | -24.6% |
| Amounts payable | 17/49 | €727,165 | €1,013,044 | +€285,879 | +39.3% |
| Amounts payable after more than one year | 17 | €524,179 | €750,554 | +€226,375 | +43.2% |
| Financial debts | 170/4 | €524,179 | €750,554 | +€226,375 | +43.2% |
| Amounts payable within one year | 42/48 | €202,648 | €262,489 | +€59,842 | +29.5% |
| Current portion of amounts payable after more than one year | 42 | €34,319 | €83,180 | +€48,862 | +142% |
| Trade debts | 44 | €150,488 | €37,675 | -€112,813 | -75.0% |
| Suppliers | 440/4 | €150,488 | €37,675 | -€112,813 | -75.0% |
| Taxes, remuneration and social security | 45 | €17,842 | €66,634 | +€48,793 | +273% |
| Taxes | 450/3 | €17,842 | €66,634 | +€48,793 | +273% |
| Other amounts payable | 47/48 | - | €75,000 | +€75,000 | |
| Accrued charges and deferred income | 492/3 | €338 | - | -€338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,953 | €88,368 | +€40,415 | +84.3% |
| Other operating charges | 640/8 | €3,378 | €4,092 | +€714 | +21.1% |
| Gross operating margin | 9900 | €296,154 | €330,874 | +€34,720 | +11.7% |
| Operating profit (loss) | 9901 | €244,823 | €238,414 | -€6,409 | -2.6% |
| Financial income | 75/76B | €8,415 | €26,949 | +€18,534 | +220% |
| Recurring financial income | 75 | €8,415 | €26,949 | +€18,534 | +220% |
| Financial charges | 65/66B | €22,446 | €30,415 | +€7,970 | +35.5% |
| Recurring financial charges | 65 | €22,446 | €30,415 | +€7,970 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €230,792 | €234,948 | +€4,156 | +1.8% |
| Income taxes | 67/77 | €46,977 | €54,528 | +€7,551 | +16.1% |
| Profit (loss) for the period | 9904 | €183,815 | €180,420 | -€3,395 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €183,815 | €180,420 | -€3,395 | -1.8% |
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 31 October 2026 via checked.be.