STEHIL: 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.
STEHIL
Largest movements
- Cash +€52,462
up €52,462 (+5593.0%), from €938 to €53,400
mainly Net result for the year (+€38,667) and Stocks and contracts (+€30,732)
- Stocks and contracts -€30,732
down €30,732 (-78.3%), from €39,255 to €8,523
- Tangible fixed assets -€15,685
down €15,685 (-10.1%), from €155,834 to €140,149
of which Land and buildings: -€12,511
- Receivables within one year +€5,178
up €5,178 (+3.1%), from €168,175 to €173,353
of which Trade receivables: +€2,915
- Reserves +€38,667
up €38,667 (+14.8%), from €261,973 to €300,640
of which Distributable reserves: +€38,667
- Other debts -€20,000
no longer reported in 2025 (was €20,000)
- Short-term financial debts -€14,371
down €14,371 (-51.7%), from €27,790 to €13,419
- Tax, wage and social debts +€9,913
up €9,913 (+37.4%), from €26,515 to €36,428
- Gross operating margin +€17,788
up €17,788 (+32.1%), from €55,365 to €73,153
- Staff costs -€6,423
down €6,423 (-71.2%), from €9,022 to €2,599
- Taxes +€6,170
up €6,170 (+52.8%), from €11,687 to €17,857
- Depreciation -€4,181
down €4,181 (-21.0%), from €19,866 to €15,685
- Financial charges -€1,727
down €1,727 (-37.5%), from €4,600 to €2,873
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 | €365,467 | €376,720 | +€11,253 | +3.1% |
| Fixed assets | 21/28 | €156,677 | €140,992 | -€15,685 | -10.0% |
| Tangible fixed assets | 22/27 | €155,834 | €140,149 | -€15,685 | -10.1% |
| Land and buildings | 22 | €146,850 | €134,339 | -€12,511 | -8.5% |
| Plant, machinery and equipment | 23 | €2,578 | €2,245 | -€333 | -12.9% |
| Furniture and vehicles | 24 | €6,406 | €3,565 | -€2,841 | -44.3% |
| Financial fixed assets | 28 | €843 | €843 | = | 0.0% |
| Current assets | 29/58 | €208,790 | €235,728 | +€26,938 | +12.9% |
| Stocks and contracts in progress | 3 | €39,255 | €8,523 | -€30,732 | -78.3% |
| Stocks | 30/36 | €39,255 | €8,523 | -€30,732 | -78.3% |
| Amounts receivable within one year | 40/41 | €168,175 | €173,353 | +€5,178 | +3.1% |
| Trade receivables | 40 | €1,373 | €4,288 | +€2,915 | +212.3% |
| Other amounts receivable | 41 | €166,802 | €169,065 | +€2,263 | +1.4% |
| Cash at bank and in hand | 54/58 | €938 | €53,400 | +€52,462 | +5593.0% |
| Deferred charges and accrued income | 490/1 | €422 | €452 | +€30 | +7.1% |
| Total equity and liabilities | 10/49 | €365,467 | €376,720 | +€11,253 | +3.1% |
| Equity | 10/15 | €288,026 | €326,693 | +€38,667 | +13.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €261,973 | €300,640 | +€38,667 | +14.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €260,114 | €298,781 | +€38,667 | +14.9% |
| Profit (loss) carried forward | 14 | €7,461 | €7,461 | = | 0.0% |
| Amounts payable | 17/49 | €77,441 | €50,027 | -€27,414 | -35.4% |
| Amounts payable within one year | 42/48 | €77,441 | €50,027 | -€27,414 | -35.4% |
| Financial debts | 43 | €27,790 | €13,419 | -€14,371 | -51.7% |
| Credit institutions | 430/8 | €27,790 | €13,419 | -€14,371 | -51.7% |
| Trade debts | 44 | €3,136 | €180 | -€2,956 | -94.3% |
| Suppliers | 440/4 | €3,136 | €180 | -€2,956 | -94.3% |
| Taxes, remuneration and social security | 45 | €26,515 | €36,428 | +€9,913 | +37.4% |
| Taxes | 450/3 | €26,515 | €36,428 | +€9,913 | +37.4% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Remuneration, social security and pensions | 62 | €9,022 | €2,599 | -€6,423 | -71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,866 | €15,685 | -€4,181 | -21.0% |
| Other operating charges | 640/8 | €4,408 | €4,443 | +€35 | +0.8% |
| Gross operating margin | 9900 | €55,365 | €73,153 | +€17,788 | +32.1% |
| Operating profit (loss) | 9901 | €22,069 | €50,426 | +€28,357 | +128.5% |
| Financial income | 75/76B | €9,716 | €8,971 | -€745 | -7.7% |
| Recurring financial income | 75 | €9,716 | €8,971 | -€745 | -7.7% |
| Financial charges | 65/66B | €4,600 | €2,873 | -€1,727 | -37.5% |
| Recurring financial charges | 65 | €4,600 | €2,873 | -€1,727 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €27,185 | €56,524 | +€29,339 | +107.9% |
| Income taxes | 67/77 | €11,687 | €17,857 | +€6,170 | +52.8% |
| Profit (loss) for the period | 9904 | €15,498 | €38,667 | +€23,169 | +149.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,498 | €38,667 | +€23,169 | +149.5% |
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 4 October 2026 via checked.be.