STAV'MONTAGE: 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.
STAV'MONTAGE
Largest movements
- Tangible fixed assets -€93,976
down €93,976 (-29.1%), from €322,828 to €228,852
of which Furniture and vehicles: -€47,378
- Stocks and contracts -€73,022
down €73,022 (-86.2%), from €84,672 to €11,650
of which Stocks: -€39,475
- Receivables within one year -€29,449
down €29,449 (-14.0%), from €209,724 to €180,276
of which Trade receivables: -€38,746
- Debts after one year -€71,746
down €71,746 (-38.5%), from €186,294 to €114,548
- Short-term financial debts +€70,279
up €70,279 (+176%), from €40,000 to €110,279
- Trade debts -€64,243
down €64,243 (-50.5%), from €127,186 to €62,943
- Profit (loss) carried forward -€58,815
new in 2025: -€58,815
- Reserves -€43,784
down €43,784 (-57.2%), from €76,490 to €32,705
of which Distributable reserves: -€36,839
- Gross operating margin -€45,304
down €45,304 (-9.0%), from €504,912 to €459,608
- Staff costs +€30,485
up €30,485 (+7.4%), from €410,189 to €440,673
- Other operating charges -€6,515
down €6,515 (-91.4%), from €7,131 to €616
- Depreciation +€5,352
up €5,352 (+5.3%), from €100,704 to €106,055
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 | €631,729 | €429,936 | -€201,793 | -31.9% |
| Fixed assets | 21/28 | €323,390 | €229,388 | -€94,001 | -29.1% |
| Tangible fixed assets | 22/27 | €322,828 | €228,852 | -€93,976 | -29.1% |
| Plant, machinery and equipment | 23 | €10,193 | €13,603 | +€3,410 | +33.5% |
| Furniture and vehicles | 24 | €190,787 | €143,409 | -€47,378 | -24.8% |
| Leasing and similar rights | 25 | €97,542 | €56,171 | -€41,371 | -42.4% |
| Other tangible fixed assets | 26 | €24,306 | €15,669 | -€8,637 | -35.5% |
| Financial fixed assets | 28 | €562 | €537 | -€25 | -4.4% |
| Current assets | 29/58 | €308,340 | €200,548 | -€107,792 | -35.0% |
| Stocks and contracts in progress | 3 | €84,672 | €11,650 | -€73,022 | -86.2% |
| Stocks | 30/36 | €51,125 | €11,650 | -€39,475 | -77.2% |
| Contracts in progress | 37 | €33,547 | - | -€33,547 | |
| Amounts receivable within one year | 40/41 | €209,724 | €180,276 | -€29,449 | -14.0% |
| Trade receivables | 40 | €201,839 | €163,093 | -€38,746 | -19.2% |
| Other amounts receivable | 41 | €7,885 | €17,183 | +€9,298 | +118% |
| Cash at bank and in hand | 54/58 | €8,240 | €4,059 | -€4,181 | -50.7% |
| Deferred charges and accrued income | 490/1 | €5,704 | €4,563 | -€1,141 | -20.0% |
| Total equity and liabilities | 10/49 | €631,729 | €429,936 | -€201,793 | -31.9% |
| Equity | 10/15 | €113,640 | €11,040 | -€102,599 | -90.3% |
| Contributions | 10/11 | €37,150 | €37,150 | = | 0.0% |
| Reserves | 13 | €76,490 | €32,705 | -€43,784 | -57.2% |
| Tax-exempt reserves | 132 | €39,650 | €32,705 | -€6,945 | -17.5% |
| Distributable reserves | 133 | €36,839 | - | -€36,839 | |
| Profit (loss) carried forward | 14 | - | -€58,815 | -€58,815 | |
| Amounts payable | 17/49 | €518,090 | €418,896 | -€99,194 | -19.1% |
| Amounts payable after more than one year | 17 | €186,294 | €114,548 | -€71,746 | -38.5% |
| Financial debts | 170/4 | €186,294 | €114,548 | -€71,746 | -38.5% |
| Amounts payable within one year | 42/48 | €331,796 | €295,347 | -€36,448 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €103,612 | €80,467 | -€23,145 | -22.3% |
| Financial debts | 43 | €40,000 | €110,279 | +€70,279 | +176% |
| Credit institutions | 430/8 | €40,000 | €110,279 | +€70,279 | +176% |
| Trade debts | 44 | €127,186 | €62,943 | -€64,243 | -50.5% |
| Suppliers | 440/4 | €127,186 | €62,943 | -€64,243 | -50.5% |
| Taxes, remuneration and social security | 45 | €57,275 | €37,840 | -€19,435 | -33.9% |
| Taxes | 450/3 | €12,958 | €1,591 | -€11,367 | -87.7% |
| Remuneration and social security | 454/9 | €44,316 | €36,249 | -€8,068 | -18.2% |
| Other amounts payable | 47/48 | €3,722 | €3,818 | +€96 | +2.6% |
| Accrued charges and deferred income | 492/3 | - | €9,000 | +€9,000 | |
| Non-recurring operating income | 76A | - | €866 | +€866 | |
| Remuneration, social security and pensions | 62 | €410,189 | €440,673 | +€30,485 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,704 | €106,055 | +€5,352 | +5.3% |
| Other operating charges | 640/8 | €7,131 | €616 | -€6,515 | -91.4% |
| Non-recurring operating charges | 66A | - | €858 | +€858 | |
| Gross operating margin | 9900 | €504,912 | €459,608 | -€45,304 | -9.0% |
| Operating profit (loss) | 9901 | -€13,112 | -€88,596 | -€75,484 | -576% |
| Financial income | 75/76B | €74 | €66 | -€8 | -10.9% |
| Recurring financial income | 75 | €74 | €66 | -€8 | -10.9% |
| Financial charges | 65/66B | €11,475 | €14,069 | +€2,594 | +22.6% |
| Recurring financial charges | 65 | €11,419 | €14,056 | +€2,637 | +23.1% |
| Non-recurring financial charges | 66B | €56 | €13 | -€43 | -77.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,513 | -€102,599 | -€78,086 | -319% |
| Transfer from deferred taxes | 780 | €1,352 | €1,389 | +€37 | +2.8% |
| Income taxes | 67/77 | €4,128 | €1 | -€4,127 | -100.0% |
| Profit (loss) for the period | 9904 | -€27,289 | -€101,210 | -€73,921 | -271% |
| Transfer from tax-exempt reserves | 789 | €5,406 | €5,556 | +€150 | +2.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,883 | -€95,654 | -€73,771 | -337% |
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.