STELADA: 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.
STELADA
Largest movements
- Cash -€19,030
down €19,030 (-77.3%), from €24,623 to €5,593
mainly Debts after one year (-€27,598) and Other debts (-€23,380)
- Tangible fixed assets -€14,822
down €14,822 (-3.2%), from €463,695 to €448,874
of which Land and buildings: -€13,780
- Debts after one year -€27,598
down €27,598 (-8.8%), from €312,160 to €284,562
- Other debts -€23,380
down €23,380 (-33.5%), from €69,882 to €46,502
- Profit (loss) carried forward +€18,994
up €18,994 (+27.4%), from €69,402 to €88,396
- Tax, wage and social debts -€5,537
down €5,537 (-80.9%), from €6,841 to €1,304
- Gross operating margin -€6,804
down €6,804 (-12.2%), from €55,707 to €48,902
- Financial charges -€576
down €576 (-12.1%), from €4,775 to €4,199
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 | €491,783 | €455,336 | -€36,447 | -7.4% |
| Formation expenses | 20 | €394 | €134 | -€260 | -66.1% |
| Fixed assets | 21/28 | €463,695 | €448,874 | -€14,822 | -3.2% |
| Tangible fixed assets | 22/27 | €463,695 | €448,874 | -€14,822 | -3.2% |
| Land and buildings | 22 | €460,337 | €446,557 | -€13,780 | -3.0% |
| Furniture and vehicles | 24 | €3,358 | €2,317 | -€1,042 | -31.0% |
| Current assets | 29/58 | €27,694 | €6,328 | -€21,365 | -77.1% |
| Amounts receivable within one year | 40/41 | €961 | €0 | -€961 | -100.0% |
| Trade receivables | 40 | €961 | €0 | -€961 | -100.0% |
| Cash at bank and in hand | 54/58 | €24,623 | €5,593 | -€19,030 | -77.3% |
| Deferred charges and accrued income | 490/1 | €2,110 | €735 | -€1,375 | -65.2% |
| Total equity and liabilities | 10/49 | €491,783 | €455,336 | -€36,447 | -7.4% |
| Equity | 10/15 | €72,402 | €91,396 | +€18,994 | +26.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,402 | €88,396 | +€18,994 | +27.4% |
| Amounts payable | 17/49 | €419,380 | €363,939 | -€55,441 | -13.2% |
| Amounts payable after more than one year | 17 | €312,160 | €284,562 | -€27,598 | -8.8% |
| Financial debts | 170/4 | €312,160 | €284,562 | -€27,598 | -8.8% |
| Amounts payable within one year | 42/48 | €106,628 | €78,812 | -€27,816 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €29,527 | €29,883 | +€356 | +1.2% |
| Trade debts | 44 | €378 | €1,123 | +€745 | +197.3% |
| Suppliers | 440/4 | €378 | €1,123 | +€745 | +197.3% |
| Taxes, remuneration and social security | 45 | €6,841 | €1,304 | -€5,537 | -80.9% |
| Taxes | 450/3 | €6,841 | €1,304 | -€5,537 | -80.9% |
| Other amounts payable | 47/48 | €69,882 | €46,502 | -€23,380 | -33.5% |
| Accrued charges and deferred income | 492/3 | €592 | €564 | -€27 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,805 | €17,044 | +€239 | +1.4% |
| Other operating charges | 640/8 | €2,104 | €2,361 | +€257 | +12.2% |
| Gross operating margin | 9900 | €55,707 | €48,902 | -€6,804 | -12.2% |
| Operating profit (loss) | 9901 | €36,798 | €29,497 | -€7,301 | -19.8% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100.0% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100.0% |
| Financial charges | 65/66B | €4,775 | €4,199 | -€576 | -12.1% |
| Recurring financial charges | 65 | €4,775 | €4,199 | -€576 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €32,029 | €25,298 | -€6,731 | -21.0% |
| Income taxes | 67/77 | €6,841 | €6,304 | -€537 | -7.9% |
| Profit (loss) for the period | 9904 | €25,188 | €18,994 | -€6,193 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,188 | €18,994 | -€6,193 | -24.6% |
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 29 September 2026 via checked.be.