STEBIL: 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.
STEBIL
Largest movements
- Tangible fixed assets +€2.0m
up €2.0m (+26.3%), from €7.6m to €9.6m
of which Assets under construction and advance payments: +€2.5m
- Receivables within one year -€1.3m
down €1.3m (-64.4%), from €2.1m to €737,889
of which Other amounts receivable: -€788,857
- Cash +€806,838
up €806,838 (+248.7%), from €324,420 to €1.1m
mainly Debts after one year (+€1.4m) and Receivables within one year (+€1.3m)
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Debts after one year +€1.4m
new in 2025: €1.4m
- Reserves +€365,919
up €365,919 (+4.1%), from €8.8m to €9.2m
of which Distributable reserves: +€418,036
- Profit (loss) carried forward -€204,874
no longer reported in 2025 (was €204,874)
- Other debts -€180,798
down €180,798 (-51.3%), from €352,480 to €171,682
- Staff costs -€346,151
down €346,151, from €345,828 to -€323
- Gross operating margin -€288,102
down €288,102 (-29.4%), from €979,396 to €691,294
- Depreciation +€121,624
up €121,624 (+31.0%), from €392,919 to €514,543
- Financial income +€44,549
up €44,549 (+123.9%), from €35,969 to €80,518
- Other operating charges -€30,555
down €30,555 (-67.0%), from €45,614 to €15,059
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 | €10,154,976 | €11,484,563 | +€1.3m | +13.1% |
| Fixed assets | 21/28 | €7,606,867 | €9,606,361 | +€2.0m | +26.3% |
| Tangible fixed assets | 22/27 | €7,606,867 | €9,606,361 | +€2.0m | +26.3% |
| Land and buildings | 22 | €7,173,811 | €6,757,442 | -€416,369 | -5.8% |
| Plant, machinery and equipment | 23 | €259,047 | €191,065 | -€67,982 | -26.2% |
| Furniture and vehicles | 24 | €30,919 | €21,049 | -€9,870 | -31.9% |
| Assets under construction and advance payments | 27 | €143,090 | €2,636,805 | +€2.5m | +1742.8% |
| Current assets | 29/58 | €2,548,109 | €1,878,202 | -€669,907 | -26.3% |
| Amounts receivable within one year | 40/41 | €2,072,651 | €737,889 | -€1.3m | -64.4% |
| Trade receivables | 40 | €569,092 | €23,187 | -€545,905 | -95.9% |
| Other amounts receivable | 41 | €1,503,559 | €714,702 | -€788,857 | -52.5% |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €324,420 | €1,131,258 | +€806,838 | +248.7% |
| Deferred charges and accrued income | 490/1 | €1,038 | €9,055 | +€8,017 | +772.4% |
| Total equity and liabilities | 10/49 | €10,154,976 | €11,484,563 | +€1.3m | +13.1% |
| Equity | 10/15 | €9,385,214 | €9,509,361 | +€124,147 | +1.3% |
| Contributions | 10/11 | €112,603 | €112,603 | = | 0.0% |
| Reserves | 13 | €8,842,724 | €9,208,643 | +€365,919 | +4.1% |
| Tax-exempt reserves | 132 | €1,158,647 | €1,106,530 | -€52,117 | -4.5% |
| Distributable reserves | 133 | €7,684,077 | €8,102,113 | +€418,036 | +5.4% |
| Profit (loss) carried forward | 14 | €204,874 | - | -€204,874 | |
| Investment grants | 15 | €225,013 | €188,115 | -€36,898 | -16.4% |
| Provisions and deferred taxes | 16 | €269,699 | €247,808 | -€21,891 | -8.1% |
| Deferred taxes | 168 | €269,699 | €247,808 | -€21,891 | -8.1% |
| Amounts payable | 17/49 | €500,063 | €1,727,394 | +€1.2m | +245.4% |
| Amounts payable after more than one year | 17 | - | €1,381,365 | +€1.4m | |
| Financial debts | 170/4 | - | €1,381,365 | +€1.4m | |
| Amounts payable within one year | 42/48 | €493,445 | €330,381 | -€163,064 | -33.0% |
| Trade debts | 44 | €5,840 | €116,556 | +€110,716 | +1895.8% |
| Suppliers | 440/4 | €5,840 | €116,556 | +€110,716 | +1895.8% |
| Taxes, remuneration and social security | 45 | €135,125 | €42,143 | -€92,982 | -68.8% |
| Taxes | 450/3 | €81,075 | €42,143 | -€38,932 | -48.0% |
| Remuneration and social security | 454/9 | €54,050 | - | -€54,050 | |
| Other amounts payable | 47/48 | €352,480 | €171,682 | -€180,798 | -51.3% |
| Accrued charges and deferred income | 492/3 | €6,618 | €15,648 | +€9,030 | +136.4% |
| Remuneration, social security and pensions | 62 | €345,828 | -€323 | -€346,151 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €392,919 | €514,543 | +€121,624 | +31.0% |
| Other operating charges | 640/8 | €45,614 | €15,059 | -€30,555 | -67.0% |
| Non-recurring operating charges | 66A | €1,127 | - | -€1,127 | |
| Gross operating margin | 9900 | €979,396 | €691,294 | -€288,102 | -29.4% |
| Operating profit (loss) | 9901 | €193,908 | €162,015 | -€31,893 | -16.4% |
| Financial income | 75/76B | €35,969 | €80,518 | +€44,549 | +123.9% |
| Recurring financial income | 75 | €35,969 | €80,518 | +€44,549 | +123.9% |
| Financial charges | 65/66B | €4,785 | €22,875 | +€18,090 | +378.1% |
| Recurring financial charges | 65 | €4,785 | €22,875 | +€18,090 | +378.1% |
| Profit (loss) for the period before taxes | 9903 | €225,092 | €219,658 | -€5,434 | -2.4% |
| Transfer from deferred taxes | 780 | €16,419 | €21,892 | +€5,473 | +33.3% |
| Income taxes | 67/77 | €76,400 | €80,505 | +€4,105 | +5.4% |
| Profit (loss) for the period | 9904 | €165,111 | €161,045 | -€4,066 | -2.5% |
| Transfer from tax-exempt reserves | 789 | €39,088 | €52,117 | +€13,029 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,199 | €213,162 | +€8,963 | +4.4% |
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 10 October 2026 via checked.be.