STEDEL: what changed
Two fiscal 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.
STEDEL
Largest movements
- Current investments +€92,760
up €92,760 (+28.1%), from €330,000 to €422,760
- Tangible fixed assets -€72,733
down €72,733 (-5.2%), from €1.4m to €1.3m
of which Land and buildings: -€71,877
- Cash -€27,591
down €27,591 (-19.8%), from €139,452 to €111,861
mainly Debts after one year (-€155,275) and Current investments (-€92,760)
- Debts after one year -€155,275
down €155,275 (-52.2%), from €297,276 to €142,002
- Reserves +€140,200
up €140,200 (+17.6%), from €797,452 to €937,652
of which Distributable reserves: +€140,200
- Gross operating margin +€24,600
up €24,600 (+8.0%), from €306,470 to €331,070
- Taxes +€8,499
up €8,499 (+15.1%), from €56,406 to €64,905
- Financial charges -€6,117
down €6,117 (-31.4%), from €19,452 to €13,335
- Other operating charges +€3,510
up €3,510 (+14.4%), from €24,386 to €27,896
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 | €1,870,444 | €1,862,061 | -€8,383 | -0.4% |
| Fixed assets | 21/28 | €1,389,651 | €1,316,918 | -€72,733 | -5.2% |
| Tangible fixed assets | 22/27 | €1,388,851 | €1,316,118 | -€72,733 | -5.2% |
| Land and buildings | 22 | €1,250,961 | €1,179,084 | -€71,877 | -5.7% |
| Plant, machinery and equipment | 23 | €137,563 | €135,769 | -€1,794 | -1.3% |
| Furniture and vehicles | 24 | €327 | €1,265 | +€938 | +286.8% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €480,792 | €545,142 | +€64,350 | +13.4% |
| Amounts receivable within one year | 40/41 | €10,746 | €9,403 | -€1,343 | -12.5% |
| Trade receivables | 40 | €6,098 | €4,864 | -€1,234 | -20.2% |
| Other amounts receivable | 41 | €4,647 | €4,539 | -€109 | -2.3% |
| Current investments | 50/53 | €330,000 | €422,760 | +€92,760 | +28.1% |
| Cash at bank and in hand | 54/58 | €139,452 | €111,861 | -€27,591 | -19.8% |
| Deferred charges and accrued income | 490/1 | €594 | €1,119 | +€525 | +88.3% |
| Total equity and liabilities | 10/49 | €1,870,444 | €1,862,061 | -€8,383 | -0.4% |
| Equity | 10/15 | €1,375,164 | €1,515,385 | +€140,221 | +10.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €797,452 | €937,652 | +€140,200 | +17.6% |
| Non-distributable reserves | 130/1 | €6,202 | €6,202 | = | 0.0% |
| Legal reserve | 130 | €6,202 | €6,202 | = | 0.0% |
| Distributable reserves | 133 | €791,250 | €931,450 | +€140,200 | +17.7% |
| Profit (loss) carried forward | 14 | €515,712 | €515,734 | +€21 | 0.0% |
| Amounts payable | 17/49 | €495,279 | €346,676 | -€148,604 | -30.0% |
| Amounts payable after more than one year | 17 | €297,276 | €142,002 | -€155,275 | -52.2% |
| Other amounts payable | 178/9 | €297,276 | €142,002 | -€155,275 | -52.2% |
| Amounts payable within one year | 42/48 | €198,003 | €198,925 | +€922 | +0.5% |
| Trade debts | 44 | €549 | €984 | +€435 | +79.3% |
| Suppliers | 440/4 | €549 | €984 | +€435 | +79.3% |
| Taxes, remuneration and social security | 45 | €32,803 | €32,810 | +€7 | 0.0% |
| Taxes | 450/3 | €32,803 | €32,810 | +€7 | 0.0% |
| Other amounts payable | 47/48 | €164,651 | €165,131 | +€480 | +0.3% |
| Accrued charges and deferred income | 492/3 | - | €5,749 | +€5,749 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,354 | €92,562 | +€2,208 | +2.4% |
| Other operating charges | 640/8 | €24,386 | €27,896 | +€3,510 | +14.4% |
| Gross operating margin | 9900 | €306,470 | €331,070 | +€24,600 | +8.0% |
| Operating profit (loss) | 9901 | €191,730 | €210,612 | +€18,882 | +9.8% |
| Financial income | 75/76B | €11,028 | €7,849 | -€3,180 | -28.8% |
| Recurring financial income | 75 | €11,028 | €7,849 | -€3,180 | -28.8% |
| Financial charges | 65/66B | €19,452 | €13,335 | -€6,117 | -31.4% |
| Recurring financial charges | 65 | €19,452 | €13,335 | -€6,117 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €183,307 | €205,126 | +€21,819 | +11.9% |
| Income taxes | 67/77 | €56,406 | €64,905 | +€8,499 | +15.1% |
| Profit (loss) for the period | 9904 | €126,901 | €140,221 | +€13,320 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €126,901 | €140,221 | +€13,320 | +10.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.