STELI-INVEST: 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.
STELI-INVEST
Largest movements
- Tangible fixed assets +€59,966
up €59,966 (+36.3%), from €164,997 to €224,963
of which Furniture and vehicles: +€59,967
- Cash -€8,717
down €8,717 (-16.9%), from €51,435 to €42,718
mainly Contributions, distributions and other (-€99,000) and Investment in fixed assets (net) (-€64,250)
- Receivables within one year +€5,024
up €5,024 (+126%), from €4,000 to €9,024
of which Other amounts receivable: +€4,024
- Other debts +€85,250
up €85,250 (+179%), from €47,626 to €132,876
- Profit (loss) carried forward -€73,571
down €73,571 (-96.0%), from €76,622 to €3,051
- Debts after one year +€44,033
up €44,033 (+58.7%), from €75,000 to €119,033
- Current portion of long-term debt +€7,084
new in 2025: €7,084
- Tax, wage and social debts -€6,198
down €6,198 (-48.9%), from €12,683 to €6,485
- Gross operating margin +€6,107
up €6,107 (+18.5%), from €33,099 to €39,206
- Depreciation +€4,283
up €4,283 (+428,300%), from €1 to €4,284
- Financial charges -€1,476
down €1,476 (-36.0%), from €4,100 to €2,624
- Other operating charges +€981
up €981 (+108%), from €912 to €1,893
- Taxes -€731
down €731 (-12.8%), from €5,707 to €4,976
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 | €220,432 | €278,188 | +€57,756 | +26.2% |
| Fixed assets | 21/28 | €164,997 | €224,963 | +€59,966 | +36.3% |
| Tangible fixed assets | 22/27 | €164,997 | €224,963 | +€59,966 | +36.3% |
| Land and buildings | 22 | €164,997 | €164,996 | -€1 | 0.0% |
| Furniture and vehicles | 24 | - | €59,967 | +€59,967 | |
| Current assets | 29/58 | €55,435 | €53,225 | -€2,210 | -4.0% |
| Amounts receivable within one year | 40/41 | €4,000 | €9,024 | +€5,024 | +126% |
| Trade receivables | 40 | €4,000 | €5,000 | +€1,000 | +25.0% |
| Other amounts receivable | 41 | - | €4,024 | +€4,024 | |
| Cash at bank and in hand | 54/58 | €51,435 | €42,718 | -€8,717 | -16.9% |
| Deferred charges and accrued income | 490/1 | - | €1,483 | +€1,483 | |
| Total equity and liabilities | 10/49 | €220,432 | €278,188 | +€57,756 | +26.2% |
| Equity | 10/15 | €81,622 | €8,051 | -€73,571 | -90.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,622 | €3,051 | -€73,571 | -96.0% |
| Amounts payable | 17/49 | €138,810 | €270,137 | +€131,327 | +94.6% |
| Amounts payable after more than one year | 17 | €75,000 | €119,033 | +€44,033 | +58.7% |
| Financial debts | 170/4 | €75,000 | €119,033 | +€44,033 | +58.7% |
| Amounts payable within one year | 42/48 | €62,165 | €149,061 | +€86,896 | +140% |
| Current portion of amounts payable after more than one year | 42 | - | €7,084 | +€7,084 | |
| Trade debts | 44 | €1,856 | €2,616 | +€760 | +40.9% |
| Suppliers | 440/4 | €1,856 | €2,616 | +€760 | +40.9% |
| Taxes, remuneration and social security | 45 | €12,683 | €6,485 | -€6,198 | -48.9% |
| Taxes | 450/3 | €12,683 | €6,485 | -€6,198 | -48.9% |
| Other amounts payable | 47/48 | €47,626 | €132,876 | +€85,250 | +179% |
| Accrued charges and deferred income | 492/3 | €1,645 | €2,043 | +€398 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1 | €4,284 | +€4,283 | +428,300% |
| Other operating charges | 640/8 | €912 | €1,893 | +€981 | +108% |
| Gross operating margin | 9900 | €33,099 | €39,206 | +€6,107 | +18.5% |
| Operating profit (loss) | 9901 | €32,186 | €33,029 | +€843 | +2.6% |
| Financial charges | 65/66B | €4,100 | €2,624 | -€1,476 | -36.0% |
| Recurring financial charges | 65 | €4,100 | €2,624 | -€1,476 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €28,086 | €30,405 | +€2,319 | +8.3% |
| Income taxes | 67/77 | €5,707 | €4,976 | -€731 | -12.8% |
| Profit (loss) for the period | 9904 | €22,379 | €25,429 | +€3,050 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,379 | €25,429 | +€3,050 | +13.6% |
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 1 November 2026 via checked.be.