STELIAN: 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.
STELIAN
Largest movements
- Current investments +€90,000
up €90,000 (+113%), from €80,000 to €170,000
- Receivables within one year +€21,167
up €21,167 (+615%), from €3,441 to €24,609
of which Other amounts receivable: +€21,107
- Tangible fixed assets +€3,501
up €3,501 (+77.6%), from €4,515 to €8,016
of which Furniture and vehicles: +€2,153
- Cash +€3,198
up €3,198 (+6.6%), from €48,717 to €51,916
mainly Net result for the year (+€120,246) and Depreciation (+€696)
- Profit (loss) carried forward +€119,413
up €119,413 (+100%), from €118,889 to €238,302
- Gross operating margin +€21,960
up €21,960 (+16.4%), from €133,518 to €155,477
- Taxes +€6,269
up €6,269 (+21.7%), from €28,852 to €35,121
- Financial income +€2,484
up €2,484 (+1,549%), from €160 to €2,644
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 | €137,139 | €256,072 | +€118,933 | +86.7% |
| Fixed assets | 21/28 | €4,515 | €8,016 | +€3,501 | +77.6% |
| Tangible fixed assets | 22/27 | €4,515 | €8,016 | +€3,501 | +77.6% |
| Plant, machinery and equipment | 23 | €4,515 | €5,863 | +€1,348 | +29.9% |
| Furniture and vehicles | 24 | - | €2,153 | +€2,153 | |
| Current assets | 29/58 | €132,624 | €248,056 | +€115,432 | +87.0% |
| Amounts receivable within one year | 40/41 | €3,441 | €24,609 | +€21,167 | +615% |
| Trade receivables | 40 | - | €60 | +€60 | |
| Other amounts receivable | 41 | €3,441 | €24,549 | +€21,107 | +613% |
| Current investments | 50/53 | €80,000 | €170,000 | +€90,000 | +113% |
| Cash at bank and in hand | 54/58 | €48,717 | €51,916 | +€3,198 | +6.6% |
| Deferred charges and accrued income | 490/1 | €465 | €1,531 | +€1,066 | +229% |
| Total equity and liabilities | 10/49 | €137,139 | €256,072 | +€118,933 | +86.7% |
| Equity | 10/15 | €120,889 | €240,302 | +€119,413 | +98.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,889 | €238,302 | +€119,413 | +100% |
| Amounts payable | 17/49 | €16,250 | €15,770 | -€480 | -3.0% |
| Amounts payable within one year | 42/48 | €16,250 | €15,770 | -€480 | -3.0% |
| Trade debts | 44 | €1,262 | €1,305 | +€43 | +3.4% |
| Suppliers | 440/4 | €1,262 | €1,305 | +€43 | +3.4% |
| Taxes, remuneration and social security | 45 | €11,597 | €11,459 | -€138 | -1.2% |
| Taxes | 450/3 | €11,597 | €11,459 | -€138 | -1.2% |
| Other amounts payable | 47/48 | €3,390 | €3,006 | -€385 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266 | €696 | +€430 | +162% |
| Other operating charges | 640/8 | €1,091 | €544 | -€547 | -50.2% |
| Gross operating margin | 9900 | €133,518 | €155,477 | +€21,960 | +16.4% |
| Operating profit (loss) | 9901 | €132,161 | €154,238 | +€22,077 | +16.7% |
| Financial income | 75/76B | €160 | €2,644 | +€2,484 | +1,549% |
| Recurring financial income | 75 | €160 | €2,644 | +€2,484 | +1,549% |
| Financial charges | 65/66B | €863 | €1,514 | +€651 | +75.5% |
| Recurring financial charges | 65 | €863 | €1,514 | +€651 | +75.5% |
| Profit (loss) for the period before taxes | 9903 | €131,458 | €155,367 | +€23,909 | +18.2% |
| Income taxes | 67/77 | €28,852 | €35,121 | +€6,269 | +21.7% |
| Profit (loss) for the period | 9904 | €102,606 | €120,246 | +€17,640 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,606 | €120,246 | +€17,640 | +17.2% |
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.