STELL: 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.
STELL
Largest movements
- Cash -€250,632
down €250,632 (-84.0%), from €298,250 to €47,618
mainly Current investments (-€250,000) and Contributions, distributions and other (-€65,416)
- Current investments +€250,000
new in 2025: €250,000
- Receivables within one year -€11,869
down €11,869 (-99.5%), from €11,929 to €60
of which Trade receivables: -€7,380
- Reserves -€47,489
down €47,489 (-16.7%), from €284,080 to €236,592
- Other debts +€33,248
up €33,248 (+164.8%), from €20,172 to €53,420
- Gross operating margin +€10,873
up €10,873 (+85.2%), from €12,764 to €23,637
- Financial income +€5,051
up €5,051 (+632.9%), from €798 to €5,849
- Taxes +€4,249
up €4,249 (+141.1%), from €3,010 to €7,259
- Other operating charges +€316
up €316 (+85.2%), from €370 to €686
- Financial charges +€304
up €304 (+21.7%), from €1,401 to €1,705
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 | €320,546 | €308,199 | -€12,347 | -3.9% |
| Fixed assets | 21/28 | €7,256 | €5,348 | -€1,909 | -26.3% |
| Tangible fixed assets | 22/27 | €7,256 | €5,348 | -€1,909 | -26.3% |
| Plant, machinery and equipment | 23 | €1,751 | €1,312 | -€438 | -25.0% |
| Furniture and vehicles | 24 | €218 | €0 | -€218 | -100.0% |
| Other tangible fixed assets | 26 | €5,287 | €4,035 | -€1,252 | -23.7% |
| Current assets | 29/58 | €313,290 | €302,852 | -€10,438 | -3.3% |
| Stocks and contracts in progress | 3 | €701 | €344 | -€357 | -50.9% |
| Stocks | 30/36 | €701 | €344 | -€357 | -50.9% |
| Amounts receivable within one year | 40/41 | €11,929 | €60 | -€11,869 | -99.5% |
| Trade receivables | 40 | €7,440 | €60 | -€7,380 | -99.2% |
| Other amounts receivable | 41 | €4,490 | €0 | -€4,490 | -100.0% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €298,250 | €47,618 | -€250,632 | -84.0% |
| Deferred charges and accrued income | 490/1 | €2,410 | €4,830 | +€2,419 | +100.4% |
| Total equity and liabilities | 10/49 | €320,546 | €308,199 | -€12,347 | -3.9% |
| Equity | 10/15 | €290,280 | €242,792 | -€47,489 | -16.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €284,080 | €236,592 | -€47,489 | -16.7% |
| Distributable reserves | 133 | €284,080 | €236,592 | -€47,489 | -16.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €30,266 | €65,408 | +€35,142 | +116.1% |
| Amounts payable within one year | 42/48 | €28,709 | €63,423 | +€34,714 | +120.9% |
| Trade debts | 44 | €3,208 | €3,186 | -€22 | -0.7% |
| Suppliers | 440/4 | €3,208 | €3,186 | -€22 | -0.7% |
| Taxes, remuneration and social security | 45 | €5,328 | €6,817 | +€1,489 | +27.9% |
| Taxes | 450/3 | €3,228 | €4,717 | +€1,489 | +46.1% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Other amounts payable | 47/48 | €20,172 | €53,420 | +€33,248 | +164.8% |
| Accrued charges and deferred income | 492/3 | €1,557 | €1,985 | +€428 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,915 | €1,909 | -€7 | -0.3% |
| Other operating charges | 640/8 | €370 | €686 | +€316 | +85.2% |
| Gross operating margin | 9900 | €12,764 | €23,637 | +€10,873 | +85.2% |
| Operating profit (loss) | 9901 | €10,479 | €21,042 | +€10,564 | +100.8% |
| Financial income | 75/76B | €798 | €5,849 | +€5,051 | +632.9% |
| Recurring financial income | 75 | €798 | €5,849 | +€5,051 | +632.9% |
| Financial charges | 65/66B | €1,401 | €1,705 | +€304 | +21.7% |
| Recurring financial charges | 65 | €1,401 | €1,705 | +€304 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €9,876 | €25,186 | +€15,310 | +155.0% |
| Income taxes | 67/77 | €3,010 | €7,259 | +€4,249 | +141.1% |
| Profit (loss) for the period | 9904 | €6,865 | €17,927 | +€11,062 | +161.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,865 | €17,927 | +€11,062 | +161.1% |
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 10 October 2026 via checked.be.