STELINCO: 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.
STELINCO
Largest movements
- Tangible fixed assets -€57,419
down €57,419 (-12.8%), from €447,816 to €390,397
of which Land and buildings: -€31,644
- Cash -€45,514
down €45,514 (-43.9%), from €103,744 to €58,230
mainly Net result for the year (-€55,481) and Stocks and contracts (-€43,926)
- Stocks and contracts +€43,926
up €43,926 (+17.1%), from €257,035 to €300,961
- Profit (loss) carried forward -€47,228
down €47,228 (-70.1%), from €67,396 to €20,168
- Trade debts +€21,344
up €21,344 (+260%), from €8,213 to €29,558
- Current portion of long-term debt -€9,006
down €9,006 (-57.2%), from €15,746 to €6,740
- Gross operating margin -€86,527
down €86,527 (-43.7%), from €198,013 to €111,486
- Financial income +€9,444
up €9,444 (+30.5%), from €30,986 to €40,430
of which Non-recurring financial income: +€7,000
- Staff costs -€6,166
down €6,166 (-4.7%), from €130,109 to €123,943
- Depreciation -€6,099
down €6,099 (-8.2%), from €74,603 to €68,504
- Taxes -€5,822
down €5,822 (-87.3%), from €6,666 to €844
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 | €825,783 | €769,188 | -€56,595 | -6.9% |
| Fixed assets | 21/28 | €452,150 | €394,768 | -€57,382 | -12.7% |
| Tangible fixed assets | 22/27 | €447,816 | €390,397 | -€57,419 | -12.8% |
| Land and buildings | 22 | €381,614 | €349,970 | -€31,644 | -8.3% |
| Plant, machinery and equipment | 23 | €21,473 | €13,497 | -€7,976 | -37.1% |
| Furniture and vehicles | 24 | €44,728 | €26,930 | -€17,799 | -39.8% |
| Financial fixed assets | 28 | €4,333 | €4,371 | +€37 | +0.9% |
| Current assets | 29/58 | €373,633 | €374,420 | +€787 | +0.2% |
| Stocks and contracts in progress | 3 | €257,035 | €300,961 | +€43,926 | +17.1% |
| Stocks | 30/36 | €257,035 | €300,961 | +€43,926 | +17.1% |
| Amounts receivable within one year | 40/41 | €615 | €4,803 | +€4,188 | +681% |
| Trade receivables | 40 | €73 | €0 | -€73 | -100% |
| Other amounts receivable | 41 | €542 | €4,803 | +€4,261 | +787% |
| Cash at bank and in hand | 54/58 | €103,744 | €58,230 | -€45,514 | -43.9% |
| Deferred charges and accrued income | 490/1 | €12,239 | €10,426 | -€1,813 | -14.8% |
| Total equity and liabilities | 10/49 | €825,783 | €769,188 | -€56,595 | -6.9% |
| Equity | 10/15 | €664,783 | €609,303 | -€55,481 | -8.3% |
| Contributions | 10/11 | €402,975 | €402,975 | = | 0.0% |
| Reserves | 13 | €194,413 | €186,160 | -€8,253 | -4.2% |
| Non-distributable reserves | 130/1 | €24,551 | €24,551 | = | 0.0% |
| Reserves not available under the articles | 1311 | €24,551 | €24,551 | = | 0.0% |
| Tax-exempt reserves | 132 | €74,279 | €66,026 | -€8,253 | -11.1% |
| Distributable reserves | 133 | €95,583 | €95,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,396 | €20,168 | -€47,228 | -70.1% |
| Provisions and deferred taxes | 16 | €24,760 | €22,009 | -€2,751 | -11.1% |
| Deferred taxes | 168 | €24,760 | €22,009 | -€2,751 | -11.1% |
| Amounts payable | 17/49 | €136,239 | €137,877 | +€1,637 | +1.2% |
| Amounts payable after more than one year | 17 | €6,740 | €0 | -€6,740 | -100% |
| Financial debts | 170/4 | €6,740 | €0 | -€6,740 | -100% |
| Amounts payable within one year | 42/48 | €128,500 | €136,877 | +€8,377 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €15,746 | €6,740 | -€9,006 | -57.2% |
| Trade debts | 44 | €8,213 | €29,558 | +€21,344 | +260% |
| Suppliers | 440/4 | €8,213 | €29,558 | +€21,344 | +260% |
| Taxes, remuneration and social security | 45 | €52,471 | €45,312 | -€7,159 | -13.6% |
| Taxes | 450/3 | €24,739 | €18,560 | -€6,179 | -25.0% |
| Remuneration and social security | 454/9 | €27,732 | €26,752 | -€980 | -3.5% |
| Other amounts payable | 47/48 | €52,069 | €55,267 | +€3,197 | +6.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €130,109 | €123,943 | -€6,166 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,603 | €68,504 | -€6,099 | -8.2% |
| Other operating charges | 640/8 | €9,117 | €9,480 | +€363 | +4.0% |
| Gross operating margin | 9900 | €198,013 | €111,486 | -€86,527 | -43.7% |
| Operating profit (loss) | 9901 | -€15,816 | -€90,442 | -€74,625 | -472% |
| Financial income | 75/76B | €30,986 | €40,430 | +€9,444 | +30.5% |
| Recurring financial income | 75 | €30,986 | €33,430 | +€2,444 | +7.9% |
| Non-recurring financial income | 76B | - | €7,000 | +€7,000 | |
| Financial charges | 65/66B | €8,108 | €7,377 | -€731 | -9.0% |
| Recurring financial charges | 65 | €8,108 | €7,377 | -€731 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €7,062 | -€57,388 | -€64,450 | |
| Transfer from deferred taxes | 780 | €2,751 | €2,751 | -€0 | 0.0% |
| Income taxes | 67/77 | €6,666 | €844 | -€5,822 | -87.3% |
| Profit (loss) for the period | 9904 | €3,147 | -€55,481 | -€58,628 | |
| Transfer from tax-exempt reserves | 789 | €8,253 | €8,253 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,401 | -€47,228 | -€58,628 |
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 21 October 2026 via checked.be.