STEL: 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.
STEL
Largest movements
- Tangible fixed assets -€14,803
down €14,803 (-68.8%), from €21,524 to €6,721
- Receivables within one year -€11,869
down €11,869 (-63.1%), from €18,801 to €6,932
of which Other amounts receivable: -€15,573
- Cash -€615
down €615 (-86.7%), from €709 to €94
mainly Other debts (-€13,748) and Trade debts (-€8,420)
- Other debts -€13,748
down €13,748 (-5.9%), from €232,577 to €218,829
- Trade debts -€8,420
down €8,420 (-72.6%), from €11,604 to €3,184
- Profit (loss) carried forward -€6,123
down €6,123 (-2.9%), from -€208,547 to -€214,670
- Tax, wage and social debts +€1,005
new in 2025: €1,005
- Gross operating margin +€31,428
up €31,428, from -€22,288 to €9,140
- Depreciation -€489
down €489 (-3.2%), from €15,292 to €14,803
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 | €41,834 | €14,547 | -€27,287 | -65.2% |
| Fixed assets | 21/28 | €22,324 | €7,521 | -€14,803 | -66.3% |
| Tangible fixed assets | 22/27 | €21,524 | €6,721 | -€14,803 | -68.8% |
| Furniture and vehicles | 24 | €21,524 | €6,721 | -€14,803 | -68.8% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €19,510 | €7,026 | -€12,484 | -64.0% |
| Amounts receivable within one year | 40/41 | €18,801 | €6,932 | -€11,869 | -63.1% |
| Trade receivables | 40 | €3,229 | €6,932 | +€3,704 | +115% |
| Other amounts receivable | 41 | €15,573 | €0 | -€15,573 | -100% |
| Cash at bank and in hand | 54/58 | €709 | €94 | -€615 | -86.7% |
| Total equity and liabilities | 10/49 | €41,834 | €14,547 | -€27,287 | -65.2% |
| Equity | 10/15 | -€202,347 | -€208,470 | -€6,123 | -3.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,547 | -€214,670 | -€6,123 | -2.9% |
| Amounts payable | 17/49 | €244,181 | €223,017 | -€21,163 | -8.7% |
| Amounts payable within one year | 42/48 | €244,181 | €223,017 | -€21,163 | -8.7% |
| Trade debts | 44 | €11,604 | €3,184 | -€8,420 | -72.6% |
| Suppliers | 440/4 | €11,604 | €3,184 | -€8,420 | -72.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | - | €1,005 | +€1,005 | |
| Taxes | 450/3 | - | €1,005 | +€1,005 | |
| Other amounts payable | 47/48 | €232,577 | €218,829 | -€13,748 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,292 | €14,803 | -€489 | -3.2% |
| Other operating charges | 640/8 | €440 | €400 | -€41 | -9.2% |
| Gross operating margin | 9900 | -€22,288 | €9,140 | +€31,428 | |
| Operating profit (loss) | 9901 | -€38,020 | -€6,063 | +€31,958 | +84.1% |
| Financial income | 75/76B | €5 | €0 | -€4 | -95.9% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -95.9% |
| Financial charges | 65/66B | €65 | €61 | -€4 | -6.1% |
| Recurring financial charges | 65 | €65 | €61 | -€4 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
| Profit (loss) for the period | 9904 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
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.