STELADI: 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.
STELADI
Largest movements
- Cash +€23,988
up €23,988 (+66.9%), from €35,850 to €59,838
mainly Net result for the year (+€31,300) and Depreciation (+€13,368)
- Tangible fixed assets +€8,815
up €8,815 (+18.2%), from €48,364 to €57,179
of which Furniture and vehicles: +€20,928
- Receivables within one year +€2,643
up €2,643 (+2.8%), from €94,650 to €97,293
of which Trade receivables: +€5,826
- Reserves +€31,300
up €31,300 (+28.4%), from €110,177 to €141,477
- Trade debts -€16,933
down €16,933 (-73.5%), from €23,052 to €6,119
- Debts after one year +€12,437
up €12,437 (+51.7%), from €24,044 to €36,482
- Current portion of long-term debt +€5,003
up €5,003 (+89.8%), from €5,570 to €10,573
- Tax, wage and social debts +€3,648
up €3,648 (+31.3%), from €11,635 to €15,283
of which Taxes: +€2,128
- Depreciation +€6,411
up €6,411 (+92.2%), from €6,957 to €13,368
- Gross operating margin +€3,867
up €3,867 (+7.5%), from €51,840 to €55,708
- Financial charges +€1,029
up €1,029 (+519%), from €198 to €1,227
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 | €179,478 | €214,933 | +€35,455 | +19.8% |
| Fixed assets | 21/28 | €48,394 | €57,199 | +€8,805 | +18.2% |
| Intangible fixed assets | 21 | €30 | €20 | -€10 | -33.4% |
| Tangible fixed assets | 22/27 | €48,364 | €57,179 | +€8,815 | +18.2% |
| Plant, machinery and equipment | 23 | €42,669 | €30,556 | -€12,113 | -28.4% |
| Furniture and vehicles | 24 | €5,695 | €26,623 | +€20,928 | +367% |
| Current assets | 29/58 | €131,084 | €157,735 | +€26,651 | +20.3% |
| Amounts receivable within one year | 40/41 | €94,650 | €97,293 | +€2,643 | +2.8% |
| Trade receivables | 40 | €67,057 | €72,884 | +€5,826 | +8.7% |
| Other amounts receivable | 41 | €27,593 | €24,409 | -€3,184 | -11.5% |
| Cash at bank and in hand | 54/58 | €35,850 | €59,838 | +€23,988 | +66.9% |
| Deferred charges and accrued income | 490/1 | €583 | €604 | +€20 | +3.5% |
| Total equity and liabilities | 10/49 | €179,478 | €214,933 | +€35,455 | +19.8% |
| Equity | 10/15 | €113,177 | €144,477 | +€31,300 | +27.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €110,177 | €141,477 | +€31,300 | +28.4% |
| Distributable reserves | 133 | €110,177 | €141,477 | +€31,300 | +28.4% |
| Amounts payable | 17/49 | €66,301 | €70,456 | +€4,155 | +6.3% |
| Amounts payable after more than one year | 17 | €24,044 | €36,482 | +€12,437 | +51.7% |
| Financial debts | 170/4 | €24,044 | €36,482 | +€12,437 | +51.7% |
| Amounts payable within one year | 42/48 | €40,257 | €31,974 | -€8,282 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €5,570 | €10,573 | +€5,003 | +89.8% |
| Trade debts | 44 | €23,052 | €6,119 | -€16,933 | -73.5% |
| Suppliers | 440/4 | €23,052 | €6,119 | -€16,933 | -73.5% |
| Taxes, remuneration and social security | 45 | €11,635 | €15,283 | +€3,648 | +31.3% |
| Taxes | 450/3 | €10,129 | €12,257 | +€2,128 | +21.0% |
| Remuneration and social security | 454/9 | €1,506 | €3,026 | +€1,519 | +101% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,957 | €13,368 | +€6,411 | +92.2% |
| Other operating charges | 640/8 | €942 | €1,138 | +€197 | +20.9% |
| Gross operating margin | 9900 | €51,840 | €55,708 | +€3,867 | +7.5% |
| Operating profit (loss) | 9901 | €43,942 | €41,202 | -€2,740 | -6.2% |
| Financial income | 75/76B | €854 | €1,164 | +€310 | +36.2% |
| Recurring financial income | 75 | €854 | €1,164 | +€310 | +36.2% |
| Financial charges | 65/66B | €198 | €1,227 | +€1,029 | +519% |
| Recurring financial charges | 65 | €198 | €1,227 | +€1,029 | +519% |
| Profit (loss) for the period before taxes | 9903 | €44,598 | €41,139 | -€3,459 | -7.8% |
| Income taxes | 67/77 | €9,709 | €9,838 | +€129 | +1.3% |
| Profit (loss) for the period | 9904 | €34,889 | €31,300 | -€3,589 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,889 | €31,300 | -€3,589 | -10.3% |
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 19 October 2026 via checked.be.