STEJILS: 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.
STEJILS
Largest movements
- Receivables after one year +€1.2m
up €1.2m (+2,197%), from €56,605 to €1.3m
- Receivables within one year -€197,748
down €197,748 (-85.1%), from €232,279 to €34,531
of which Other amounts receivable: -€195,672
- Cash +€81,462
up €81,462 (+27.9%), from €292,005 to €373,468
mainly Other debts (+€993,009) and Receivables within one year (+€197,748)
- Tangible fixed assets -€74,836
down €74,836 (-4.4%), from €1.7m to €1.6m
of which Land and buildings: -€41,619
- Other debts +€993,009
up €993,009 (+15,845%), from €6,267 to €999,276
- Reserves +€57,774
up €57,774 (+6.0%), from €957,839 to €1.0m
of which Distributable reserves: +€85,948
- Gross operating margin +€11,030
up €11,030 (+8.0%), from €138,653 to €149,683
- Financial income +€9,042
up €9,042 (+69.1%), from €13,091 to €22,133
- Taxes +€7,599
up €7,599 (+28.1%), from €27,048 to €34,647
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 | €2,290,026 | €3,338,024 | +€1.0m | +45.8% |
| Fixed assets | 21/28 | €1,702,067 | €1,627,231 | -€74,836 | -4.4% |
| Tangible fixed assets | 22/27 | €1,702,067 | €1,627,231 | -€74,836 | -4.4% |
| Land and buildings | 22 | €880,944 | €839,326 | -€41,619 | -4.7% |
| Plant, machinery and equipment | 23 | €204 | €113 | -€91 | -44.4% |
| Furniture and vehicles | 24 | €33,859 | €22,447 | -€11,412 | -33.7% |
| Other tangible fixed assets | 26 | €787,060 | €765,345 | -€21,715 | -2.8% |
| Current assets | 29/58 | €587,960 | €1,710,793 | +€1.1m | +191% |
| Amounts receivable after more than one year | 29 | €56,605 | €1,300,000 | +€1.2m | +2,197% |
| Other amounts receivable | 291 | €56,605 | €1,300,000 | +€1.2m | +2,197% |
| Amounts receivable within one year | 40/41 | €232,279 | €34,531 | -€197,748 | -85.1% |
| Trade receivables | 40 | €16,559 | €14,483 | -€2,076 | -12.5% |
| Other amounts receivable | 41 | €215,720 | €20,048 | -€195,672 | -90.7% |
| Cash at bank and in hand | 54/58 | €292,005 | €373,468 | +€81,462 | +27.9% |
| Deferred charges and accrued income | 490/1 | €7,070 | €2,794 | -€4,275 | -60.5% |
| Total equity and liabilities | 10/49 | €2,290,026 | €3,338,024 | +€1.0m | +45.8% |
| Equity | 10/15 | €2,029,441 | €2,087,215 | +€57,774 | +2.8% |
| Contributions | 10/11 | €743,681 | €743,681 | = | 0.0% |
| Capital | 10 | €743,681 | €743,681 | = | 0.0% |
| Issued capital | 100 | €743,681 | €743,681 | = | 0.0% |
| Reserves | 13 | €957,839 | €1,015,613 | +€57,774 | +6.0% |
| Non-distributable reserves | 130/1 | €37,878 | €42,548 | +€4,670 | +12.3% |
| Legal reserve | 130 | €37,878 | €42,548 | +€4,670 | +12.3% |
| Tax-exempt reserves | 132 | €648,047 | €615,203 | -€32,844 | -5.1% |
| Distributable reserves | 133 | €271,913 | €357,861 | +€85,948 | +31.6% |
| Profit (loss) carried forward | 14 | €327,922 | €327,922 | = | 0.0% |
| Provisions and deferred taxes | 16 | €211,660 | €200,712 | -€10,948 | -5.2% |
| Deferred taxes | 168 | €211,660 | €200,712 | -€10,948 | -5.2% |
| Amounts payable | 17/49 | €48,925 | €1,050,097 | +€1.0m | +2,046% |
| Amounts payable after more than one year | 17 | €6,321 | €6,321 | = | 0.0% |
| Other amounts payable | 178/9 | €6,321 | €6,321 | = | 0.0% |
| Amounts payable within one year | 42/48 | €40,645 | €1,041,783 | +€1.0m | +2,463% |
| Trade debts | 44 | €18,415 | €29,185 | +€10,770 | +58.5% |
| Suppliers | 440/4 | €18,415 | €29,185 | +€10,770 | +58.5% |
| Advances received on contracts in progress | 46 | €2,104 | €1,209 | -€895 | -42.5% |
| Taxes, remuneration and social security | 45 | €13,860 | €12,114 | -€1,746 | -12.6% |
| Taxes | 450/3 | €13,860 | €12,114 | -€1,746 | -12.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,267 | €999,276 | +€993,009 | +15,845% |
| Accrued charges and deferred income | 492/3 | €1,959 | €1,993 | +€34 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,070 | €80,708 | +€638 | +0.8% |
| Other operating charges | 640/8 | €9,283 | €9,539 | +€257 | +2.8% |
| Gross operating margin | 9900 | €138,653 | €149,683 | +€11,030 | +8.0% |
| Operating profit (loss) | 9901 | €49,300 | €59,436 | +€10,136 | +20.6% |
| Financial income | 75/76B | €13,091 | €22,133 | +€9,042 | +69.1% |
| Recurring financial income | 75 | €13,091 | €22,133 | +€9,042 | +69.1% |
| Financial charges | 65/66B | €135 | €96 | -€39 | -28.8% |
| Recurring financial charges | 65 | €135 | €96 | -€39 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €62,255 | €81,473 | +€19,217 | +30.9% |
| Transfer from deferred taxes | 780 | €10,948 | €10,948 | = | 0.0% |
| Income taxes | 67/77 | €27,048 | €34,647 | +€7,599 | +28.1% |
| Profit (loss) for the period | 9904 | €46,155 | €57,774 | +€11,619 | +25.2% |
| Transfer from tax-exempt reserves | 789 | €32,844 | €32,844 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,999 | €90,618 | +€11,619 | +14.7% |
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 14 October 2026 via checked.be.