STELIVAN: what changed
Two fiscal 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.
STELIVAN
Largest movements
- Cash +€33,149
up €33,149 (+123.4%), from €26,862 to €60,011
mainly Net result for the year (+€25,434) and Current investments (+€15,000)
- Current investments -€15,000
down €15,000 (-10.2%), from €146,837 to €131,837
- Deferred charges and accrued income -€3,364
down €3,364 (-38.8%), from €8,675 to €5,310
- Tangible fixed assets +€2,609
up €2,609 (+36.0%), from €7,242 to €9,852
of which Furniture and vehicles: +€4,059
- Reserves +€13,534
up €13,534 (+8.2%), from €164,255 to €177,789
of which Distributable reserves: +€13,534
- Tax, wage and social debts +€3,869
up €3,869 (+174.5%), from €2,217 to €6,087
- Gross operating margin +€17,059
up €17,059 (+64.9%), from €26,289 to €43,348
- Taxes +€6,712
up €6,712 (+84.1%), from €7,981 to €14,693
- Financial charges +€4,563
up €4,563, from -€4,106 to €456
- Depreciation +€866
up €866 (+27.9%), from €3,107 to €3,973
- Financial income +€455
up €455 (+29.0%), from €1,570 to €2,025
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.
Cash bridge derived
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 | €196,233 | €214,072 | +€17,839 | +9.1% |
| Fixed assets | 21/28 | €7,242 | €9,852 | +€2,609 | +36.0% |
| Tangible fixed assets | 22/27 | €7,242 | €9,852 | +€2,609 | +36.0% |
| Plant, machinery and equipment | 23 | €869 | €689 | -€179 | -20.7% |
| Furniture and vehicles | 24 | €3,012 | €7,071 | +€4,059 | +134.7% |
| Other tangible fixed assets | 26 | €3,361 | €2,091 | -€1,270 | -37.8% |
| Current assets | 29/58 | €188,991 | €204,221 | +€15,230 | +8.1% |
| Amounts receivable within one year | 40/41 | €6,617 | €7,062 | +€445 | +6.7% |
| Other amounts receivable | 41 | €6,617 | €7,062 | +€445 | +6.7% |
| Current investments | 50/53 | €146,837 | €131,837 | -€15,000 | -10.2% |
| Cash at bank and in hand | 54/58 | €26,862 | €60,011 | +€33,149 | +123.4% |
| Deferred charges and accrued income | 490/1 | €8,675 | €5,310 | -€3,364 | -38.8% |
| Total equity and liabilities | 10/49 | €196,233 | €214,072 | +€17,839 | +9.1% |
| Equity | 10/15 | €170,455 | €183,989 | +€13,534 | +7.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €164,255 | €177,789 | +€13,534 | +8.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €162,395 | €175,929 | +€13,534 | +8.3% |
| Amounts payable | 17/49 | €25,778 | €30,083 | +€4,305 | +16.7% |
| Amounts payable within one year | 42/48 | €24,278 | €28,583 | +€4,305 | +17.7% |
| Trade debts | 44 | €444 | €2,222 | +€1,777 | +399.8% |
| Suppliers | 440/4 | €444 | €2,222 | +€1,777 | +399.8% |
| Taxes, remuneration and social security | 45 | €2,217 | €6,087 | +€3,869 | +174.5% |
| Taxes | 450/3 | €2,217 | €6,087 | +€3,869 | +174.5% |
| Other amounts payable | 47/48 | €21,616 | €20,275 | -€1,342 | -6.2% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,107 | €3,973 | +€866 | +27.9% |
| Other operating charges | 640/8 | €799 | €817 | +€18 | +2.2% |
| Gross operating margin | 9900 | €26,289 | €43,348 | +€17,059 | +64.9% |
| Operating profit (loss) | 9901 | €22,382 | €38,558 | +€16,175 | +72.3% |
| Financial income | 75/76B | €1,570 | €2,025 | +€455 | +29.0% |
| Recurring financial income | 75 | €1,570 | €2,025 | +€455 | +29.0% |
| Financial charges | 65/66B | -€4,106 | €456 | +€4,563 | |
| Recurring financial charges | 65 | -€4,106 | €456 | +€4,563 | |
| Profit (loss) for the period before taxes | 9903 | €28,059 | €40,127 | +€12,068 | +43.0% |
| Income taxes | 67/77 | €7,981 | €14,693 | +€6,712 | +84.1% |
| Profit (loss) for the period | 9904 | €20,078 | €25,434 | +€5,356 | +26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,078 | €25,434 | +€5,356 | +26.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.