STELENA: 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.
STELENA
Largest movements
- Cash -€40,437
down €40,437 (-81.2%), from €49,802 to €9,365
mainly Net result for the year (-€24,288) and Current portion of long-term debt (-€9,640)
- Receivables within one year -€4,731
down €4,731 (-94.1%), from €5,029 to €298
of which Trade receivables: -€4,756
- Tangible fixed assets -€2,138
down €2,138 (-32.1%), from €6,659 to €4,521
of which Plant, machinery and equipment: -€1,457
- Profit (loss) carried forward -€24,288
down €24,288 (-51.0%), from -€47,615 to -€71,903
- Current portion of long-term debt -€9,640
down €9,640 (-49.2%), from €19,589 to €9,949
- Trade debts -€7,656
down €7,656 (-30.8%), from €24,861 to €17,205
- Debts after one year -€4,930
down €4,930 (-78.1%), from €6,316 to €1,386
- Advances received -€4,427
down €4,427 (-100%), from €4,427 to €0
- Gross operating margin -€24,778
down €24,778 (-10.4%), from €238,500 to €213,723
- Staff costs -€20,117
down €20,117 (-8.0%), from €252,038 to €231,921
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 | €83,868 | €37,305 | -€46,563 | -55.5% |
| Fixed assets | 21/28 | €10,887 | €8,471 | -€2,417 | -22.2% |
| Tangible fixed assets | 22/27 | €6,659 | €4,521 | -€2,138 | -32.1% |
| Land and buildings | 22 | €2,782 | €2,101 | -€681 | -24.5% |
| Plant, machinery and equipment | 23 | €3,877 | €2,420 | -€1,457 | -37.6% |
| Financial fixed assets | 28 | €4,229 | €3,950 | -€279 | -6.6% |
| Current assets | 29/58 | €72,981 | €28,834 | -€44,146 | -60.5% |
| Stocks and contracts in progress | 3 | €18,032 | €18,283 | +€251 | +1.4% |
| Stocks | 30/36 | €18,032 | €18,283 | +€251 | +1.4% |
| Amounts receivable within one year | 40/41 | €5,029 | €298 | -€4,731 | -94.1% |
| Trade receivables | 40 | €4,986 | €230 | -€4,756 | -95.4% |
| Other amounts receivable | 41 | €43 | €68 | +€25 | +57.0% |
| Cash at bank and in hand | 54/58 | €49,802 | €9,365 | -€40,437 | -81.2% |
| Deferred charges and accrued income | 490/1 | €118 | €889 | +€771 | +651% |
| Total equity and liabilities | 10/49 | €83,868 | €37,305 | -€46,563 | -55.5% |
| Equity | 10/15 | -€27,155 | -€51,443 | -€24,288 | -89.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,615 | -€71,903 | -€24,288 | -51.0% |
| Amounts payable | 17/49 | €111,023 | €88,748 | -€22,275 | -20.1% |
| Amounts payable after more than one year | 17 | €6,316 | €1,386 | -€4,930 | -78.1% |
| Financial debts | 170/4 | €6,316 | €1,386 | -€4,930 | -78.1% |
| Amounts payable within one year | 42/48 | €104,707 | €87,362 | -€17,345 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €19,589 | €9,949 | -€9,640 | -49.2% |
| Financial debts | 43 | €573 | €4,705 | +€4,132 | +722% |
| Credit institutions | 430/8 | €573 | €4,705 | +€4,132 | +722% |
| Trade debts | 44 | €24,861 | €17,205 | -€7,656 | -30.8% |
| Suppliers | 440/4 | €24,861 | €17,205 | -€7,656 | -30.8% |
| Advances received on contracts in progress | 46 | €4,427 | €0 | -€4,427 | -100% |
| Taxes, remuneration and social security | 45 | €50,569 | €51,504 | +€934 | +1.8% |
| Taxes | 450/3 | €19,204 | €19,325 | +€121 | +0.6% |
| Remuneration and social security | 454/9 | €31,366 | €32,178 | +€813 | +2.6% |
| Other amounts payable | 47/48 | €4,689 | €3,999 | -€689 | -14.7% |
| Remuneration, social security and pensions | 62 | €252,038 | €231,921 | -€20,117 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,833 | €2,138 | +€305 | +16.7% |
| Other operating charges | 640/8 | €3,154 | €1,986 | -€1,168 | -37.0% |
| Gross operating margin | 9900 | €238,500 | €213,723 | -€24,778 | -10.4% |
| Operating profit (loss) | 9901 | -€18,524 | -€22,322 | -€3,798 | -20.5% |
| Financial income | 75/76B | €344 | €186 | -€158 | -46.0% |
| Recurring financial income | 75 | €344 | €186 | -€158 | -46.0% |
| Financial charges | 65/66B | €2,735 | €2,152 | -€583 | -21.3% |
| Recurring financial charges | 65 | €2,735 | €2,152 | -€583 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€20,915 | -€24,288 | -€3,373 | -16.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€20,915 | -€24,288 | -€3,373 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,915 | -€24,288 | -€3,373 | -16.1% |
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.