STELEC: what changed
STELEC
Largest movements
- Receivables within one year -€63,365
down €63,365 (-4.2%), from €1.5m to €1.4m
of which Other amounts receivable: -€132,548
- Stocks and contracts -€63,058
down €63,058 (-11.7%), from €538,156 to €475,098
of which Contracts in progress: -€41,071
- Tangible fixed assets -€41,139
down €41,139 (-13.2%), from €312,367 to €271,228
of which Furniture and vehicles: -€50,979
- Cash +€32,548
up €32,548 (+610%), from €5,333 to €37,882
mainly Depreciation (+€104,818) and Other debts (+€80,151)
- Reserves -€190,508
down €190,508 (-25.6%), from €745,568 to €555,060
of which Distributable reserves: -€189,708
- Other debts +€80,151
up €80,151 (+55.5%), from €144,461 to €224,612
- Debts after one year -€57,643
down €57,643 (-28.0%), from €206,037 to €148,393
of which Financial debts: -€57,643
- Trade debts +€53,886
up €53,886 (+37.6%), from €143,501 to €197,387
- Short-term financial debts -€47,186
down €47,186 (-8.0%), from €587,007 to €539,821
- Gross operating margin +€73,129
up €73,129 (+11.0%), from €662,646 to €735,775
- Staff costs +€39,789
up €39,789 (+9.0%), from €440,385 to €480,174
- Depreciation -€32,024
down €32,024 (-23.4%), from €136,842 to €104,818
- Other operating charges +€27,924
up €27,924 (+289%), from €9,658 to €37,582
- Financial income -€8,976
down €8,976 (-52.1%), from €17,212 to €8,236
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,368,210 | €2,242,548 | -€125,663 | -5.3% |
| Fixed assets | 21/28 | €313,128 | €271,228 | -€41,900 | -13.4% |
| Intangible fixed assets | 21 | €762 | €0 | -€762 | -100% |
| Tangible fixed assets | 22/27 | €312,367 | €271,228 | -€41,139 | -13.2% |
| Plant, machinery and equipment | 23 | €113,194 | €130,171 | +€16,977 | +15.0% |
| Furniture and vehicles | 24 | €131,253 | €80,274 | -€50,979 | -38.8% |
| Leasing and similar rights | 25 | €56,246 | €50,590 | -€5,656 | -10.1% |
| Other tangible fixed assets | 26 | €11,674 | €10,193 | -€1,480 | -12.7% |
| Current assets | 29/58 | €2,055,082 | €1,971,320 | -€83,762 | -4.1% |
| Stocks and contracts in progress | 3 | €538,156 | €475,098 | -€63,058 | -11.7% |
| Stocks | 30/36 | €246,774 | €224,787 | -€21,987 | -8.9% |
| Contracts in progress | 37 | €291,383 | €250,311 | -€41,071 | -14.1% |
| Amounts receivable within one year | 40/41 | €1,499,122 | €1,435,757 | -€63,365 | -4.2% |
| Trade receivables | 40 | €644,758 | €713,941 | +€69,183 | +10.7% |
| Other amounts receivable | 41 | €854,364 | €721,816 | -€132,548 | -15.5% |
| Cash at bank and in hand | 54/58 | €5,333 | €37,882 | +€32,548 | +610% |
| Deferred charges and accrued income | 490/1 | €12,470 | €22,583 | +€10,112 | +81.1% |
| Total equity and liabilities | 10/49 | €2,368,210 | €2,242,548 | -€125,663 | -5.3% |
| Equity | 10/15 | €1,134,997 | €951,489 | -€183,508 | -16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €745,568 | €555,060 | -€190,508 | -25.6% |
| Tax-exempt reserves | 132 | €2,400 | €1,600 | -€800 | -33.3% |
| Distributable reserves | 133 | €743,168 | €553,460 | -€189,708 | -25.5% |
| Profit (loss) carried forward | 14 | €370,830 | €377,830 | +€7,000 | +1.9% |
| Provisions and deferred taxes | 16 | €600 | €400 | -€200 | -33.3% |
| Deferred taxes | 168 | €600 | €400 | -€200 | -33.3% |
| Amounts payable | 17/49 | €1,232,613 | €1,290,659 | +€58,046 | +4.7% |
| Amounts payable after more than one year | 17 | €206,037 | €148,393 | -€57,643 | -28.0% |
| Financial debts | 170/4 | €200,037 | €142,393 | -€57,643 | -28.8% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,026,287 | €1,142,265 | +€115,979 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €82,322 | €84,678 | +€2,356 | +2.9% |
| Financial debts | 43 | €587,007 | €539,821 | -€47,186 | -8.0% |
| Credit institutions | 430/8 | €587,007 | €539,821 | -€47,186 | -8.0% |
| Trade debts | 44 | €143,501 | €197,387 | +€53,886 | +37.6% |
| Suppliers | 440/4 | €143,501 | €197,387 | +€53,886 | +37.6% |
| Taxes, remuneration and social security | 45 | €68,996 | €95,768 | +€26,772 | +38.8% |
| Taxes | 450/3 | €9,806 | €21,627 | +€11,822 | +121% |
| Remuneration and social security | 454/9 | €59,190 | €74,141 | +€14,951 | +25.3% |
| Other amounts payable | 47/48 | €144,461 | €224,612 | +€80,151 | +55.5% |
| Accrued charges and deferred income | 492/3 | €290 | €0 | -€290 | -100% |
| Remuneration, social security and pensions | 62 | €440,385 | €480,174 | +€39,789 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,842 | €104,818 | -€32,024 | -23.4% |
| Other operating charges | 640/8 | €9,658 | €37,582 | +€27,924 | +289% |
| Gross operating margin | 9900 | €662,646 | €735,775 | +€73,129 | +11.0% |
| Operating profit (loss) | 9901 | €75,762 | €113,201 | +€37,440 | +49.4% |
| Financial income | 75/76B | €17,212 | €8,236 | -€8,976 | -52.1% |
| Recurring financial income | 75 | €17,212 | €8,236 | -€8,976 | -52.1% |
| Financial charges | 65/66B | €51,974 | €47,841 | -€4,133 | -8.0% |
| Recurring financial charges | 65 | €51,974 | €47,841 | -€4,133 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €41,000 | €73,597 | +€32,597 | +79.5% |
| Transfer from deferred taxes | 780 | €200 | €200 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €12,932 | €20,872 | +€7,940 | +61.4% |
| Profit (loss) for the period | 9904 | €28,268 | €52,925 | +€24,658 | +87.2% |
| Transfer from tax-exempt reserves | 789 | €800 | €800 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €29,068 | €53,725 | +€24,658 | +84.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.