Stekelorum Management: 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.
Stekelorum Management
Largest movements
- Receivables within one year +€47,006
up €47,006 (+56.7%), from €82,870 to €129,875
- Cash -€9,810
down €9,810 (-65.8%), from €14,917 to €5,106
mainly Contributions, distributions and other (-€95,430) and Debts after one year (-€57,028)
- Other debts +€95,430
up €95,430 (+247,870%), from €39 to €95,469
- Debts after one year -€57,028
down €57,028 (-19.6%), from €291,058 to €234,030
- Current portion of long-term debt +€22,868
up €22,868 (+182%), from €12,538 to €35,406
- Reserves -€20,336
down €20,336 (-9.7%), from €209,634 to €189,298
of which Distributable reserves: -€20,336
- Gross operating margin +€30,318
up €30,318 (+62.5%), from €48,506 to €78,824
- Other operating charges +€9,513
up €9,513 (+416%), from €2,287 to €11,800
- Financial income -€7,800
down €7,800 (-15.3%), from €51,145 to €43,345
- Taxes +€5,004
up €5,004 (+26.7%), from €18,750 to €23,754
- Financial charges +€4,325
up €4,325 (+68.4%), from €6,320 to €10,645
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 | €542,874 | €582,874 | +€40,000 | +7.4% |
| Fixed assets | 21/28 | €444,970 | €447,845 | +€2,875 | +0.6% |
| Tangible fixed assets | 22/27 | €3,820 | €6,695 | +€2,875 | +75.3% |
| Land and buildings | 22 | €2,522 | €5,760 | +€3,238 | +128% |
| Furniture and vehicles | 24 | €1,298 | €935 | -€363 | -28.0% |
| Financial fixed assets | 28 | €441,150 | €441,150 | = | 0.0% |
| Current assets | 29/58 | €97,904 | €135,030 | +€37,125 | +37.9% |
| Amounts receivable within one year | 40/41 | €82,870 | €129,875 | +€47,006 | +56.7% |
| Other amounts receivable | 41 | €82,870 | €129,875 | +€47,006 | +56.7% |
| Cash at bank and in hand | 54/58 | €14,917 | €5,106 | -€9,810 | -65.8% |
| Deferred charges and accrued income | 490/1 | €118 | €48 | -€70 | -59.5% |
| Total equity and liabilities | 10/49 | €542,874 | €582,874 | +€40,000 | +7.4% |
| Equity | 10/15 | €228,234 | €207,898 | -€20,336 | -8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,634 | €189,298 | -€20,336 | -9.7% |
| Non-distributable reserves | 130/1 | €101 | €101 | = | 0.0% |
| Reserves not available under the articles | 1311 | €101 | €101 | = | 0.0% |
| Distributable reserves | 133 | €209,534 | €189,198 | -€20,336 | -9.7% |
| Amounts payable | 17/49 | €314,640 | €374,976 | +€60,336 | +19.2% |
| Amounts payable after more than one year | 17 | €291,058 | €234,030 | -€57,028 | -19.6% |
| Financial debts | 170/4 | €291,058 | €234,030 | -€57,028 | -19.6% |
| Amounts payable within one year | 42/48 | €23,582 | €140,946 | +€117,364 | +498% |
| Current portion of amounts payable after more than one year | 42 | €12,538 | €35,406 | +€22,868 | +182% |
| Trade debts | 44 | €1,597 | €1,168 | -€429 | -26.9% |
| Suppliers | 440/4 | €1,597 | €1,168 | -€429 | -26.9% |
| Taxes, remuneration and social security | 45 | €9,409 | €8,903 | -€505 | -5.4% |
| Taxes | 450/3 | €9,409 | €8,903 | -€505 | -5.4% |
| Other amounts payable | 47/48 | €39 | €95,469 | +€95,430 | +247,870% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €522 | €875 | +€354 | +67.8% |
| Other operating charges | 640/8 | €2,287 | €11,800 | +€9,513 | +416% |
| Gross operating margin | 9900 | €48,506 | €78,824 | +€30,318 | +62.5% |
| Operating profit (loss) | 9901 | €45,697 | €66,148 | +€20,451 | +44.8% |
| Financial income | 75/76B | €51,145 | €43,345 | -€7,800 | -15.3% |
| Recurring financial income | 75 | €51,145 | €43,345 | -€7,800 | -15.3% |
| Financial charges | 65/66B | €6,320 | €10,645 | +€4,325 | +68.4% |
| Recurring financial charges | 65 | €6,320 | €10,645 | +€4,325 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €90,521 | €98,848 | +€8,326 | +9.2% |
| Income taxes | 67/77 | €18,750 | €23,754 | +€5,004 | +26.7% |
| Profit (loss) for the period | 9904 | €71,772 | €75,094 | +€3,322 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,772 | €75,094 | +€3,322 | +4.6% |
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 27 October 2026 via checked.be.