STELKCO: 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.
STELKCO
Largest movements
- Tangible fixed assets +€411,256
up €411,256 (+140%), from €294,368 to €705,624
of which Land and buildings: +€477,275
- Cash +€16,836
up €16,836 (+176%), from €9,563 to €26,399
mainly Debts after one year (+€353,744) and Other debts (+€78,000)
- Debts after one year +€353,744
up €353,744 (+211%), from €167,340 to €521,084
- Other debts +€78,000
up €78,000 (+255%), from €30,634 to €108,634
- Reserves -€23,015
down €23,015 (-15.5%), from €148,128 to €125,113
of which Distributable reserves: -€23,015
- Current portion of long-term debt +€14,040
up €14,040 (+106%), from €13,220 to €27,260
- Gross operating margin +€11,390
up €11,390 (+57.4%), from €19,831 to €31,221
- Financial charges +€10,430
up €10,430 (+368%), from €2,838 to €13,268
- Other operating charges -€2,469
down €2,469 (-47.2%), from €5,226 to €2,757
- Taxes -€2,060
down €2,060 (-78.2%), from €2,634 to €574
- Depreciation -€473
down €473 (-1.3%), from €37,333 to €36,860
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 | €379,682 | €803,600 | +€423,918 | +112% |
| Fixed assets | 21/28 | €294,368 | €705,624 | +€411,256 | +140% |
| Tangible fixed assets | 22/27 | €294,368 | €705,624 | +€411,256 | +140% |
| Land and buildings | 22 | €171,513 | €648,788 | +€477,275 | +278% |
| Plant, machinery and equipment | 23 | €36,172 | €26,684 | -€9,487 | -26.2% |
| Furniture and vehicles | 24 | €60,951 | €9,940 | -€51,011 | -83.7% |
| Other tangible fixed assets | 26 | €25,732 | €20,211 | -€5,521 | -21.5% |
| Current assets | 29/58 | €85,315 | €97,976 | +€12,661 | +14.8% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,847 | €426 | -€7,421 | -94.6% |
| Trade receivables | 40 | €438 | €0 | -€438 | -100% |
| Other amounts receivable | 41 | €7,409 | €426 | -€6,983 | -94.2% |
| Cash at bank and in hand | 54/58 | €9,563 | €26,399 | +€16,836 | +176% |
| Deferred charges and accrued income | 490/1 | €7,905 | €11,152 | +€3,247 | +41.1% |
| Total equity and liabilities | 10/49 | €379,682 | €803,600 | +€423,918 | +112% |
| Equity | 10/15 | €154,328 | €131,313 | -€23,015 | -14.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €148,128 | €125,113 | -€23,015 | -15.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €148,128 | €125,113 | -€23,015 | -15.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €225,355 | €672,287 | +€446,933 | +198% |
| Amounts payable after more than one year | 17 | €167,340 | €521,084 | +€353,744 | +211% |
| Financial debts | 170/4 | €167,340 | €521,084 | +€353,744 | +211% |
| Amounts payable within one year | 42/48 | €55,710 | €147,441 | +€91,730 | +165% |
| Current portion of amounts payable after more than one year | 42 | €13,220 | €27,260 | +€14,040 | +106% |
| Trade debts | 44 | €3,784 | €3,027 | -€757 | -20.0% |
| Suppliers | 440/4 | €3,784 | €3,027 | -€757 | -20.0% |
| Taxes, remuneration and social security | 45 | €8,073 | €8,521 | +€448 | +5.5% |
| Taxes | 450/3 | €6,073 | €8,521 | +€2,448 | +40.3% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100% |
| Other amounts payable | 47/48 | €30,634 | €108,634 | +€78,000 | +255% |
| Accrued charges and deferred income | 492/3 | €2,305 | €3,763 | +€1,458 | +63.3% |
| Non-recurring operating income | 76A | €0 | €5,738 | +€5,738 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,333 | €36,860 | -€473 | -1.3% |
| Other operating charges | 640/8 | €5,226 | €2,757 | -€2,469 | -47.2% |
| Non-recurring operating charges | 66A | €213 | €778 | +€565 | +266% |
| Gross operating margin | 9900 | €19,831 | €31,221 | +€11,390 | +57.4% |
| Operating profit (loss) | 9901 | -€22,941 | -€9,173 | +€13,768 | +60.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,838 | €13,268 | +€10,430 | +368% |
| Recurring financial charges | 65 | €2,838 | €13,268 | +€10,430 | +368% |
| Profit (loss) for the period before taxes | 9903 | -€25,779 | -€22,441 | +€3,338 | +12.9% |
| Income taxes | 67/77 | €2,634 | €574 | -€2,060 | -78.2% |
| Profit (loss) for the period | 9904 | -€28,413 | -€23,015 | +€5,398 | +19.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,413 | -€23,015 | +€5,398 | +19.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.