Stella: 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.
Stella
Largest movements
- Cash +€122,628
up €122,628 (+72.8%), from €168,343 to €290,970
mainly Net result for the year (+€257,145) and Depreciation (+€28,705)
- Receivables after one year +€31,424
up €31,424 (+2.8%), from €1.1m to €1.1m
- Reserves +€257,145
up €257,145 (+9.4%), from €2.7m to €3.0m
of which Distributable reserves: +€257,145
- Tax, wage and social debts -€84,875
down €84,875 (-69.2%), from €122,700 to €37,825
- Gross operating margin +€195,776
up €195,776 (+96.8%), from €202,200 to €397,976
- Taxes +€50,695
up €50,695 (+61.4%), from €82,556 to €133,251
- Financial income -€20,475
down €20,475 (-36.7%), from €55,841 to €35,366
- Other operating charges +€12,052
up €12,052 (+570%), from €2,114 to €14,166
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 | €2,932,195 | €3,107,653 | +€175,458 | +6.0% |
| Fixed assets | 21/28 | €254,304 | €270,369 | +€16,065 | +6.3% |
| Tangible fixed assets | 22/27 | €254,304 | €270,369 | +€16,065 | +6.3% |
| Furniture and vehicles | 24 | €75,049 | €46,496 | -€28,553 | -38.0% |
| Other tangible fixed assets | 26 | €179,255 | €223,873 | +€44,618 | +24.9% |
| Current assets | 29/58 | €2,677,891 | €2,837,284 | +€159,393 | +6.0% |
| Amounts receivable after more than one year | 29 | €1,117,475 | €1,148,900 | +€31,424 | +2.8% |
| Other amounts receivable | 291 | €1,117,475 | €1,148,900 | +€31,424 | +2.8% |
| Stocks and contracts in progress | 3 | €27,840 | €29,331 | +€1,491 | +5.4% |
| Stocks | 30/36 | €27,840 | €29,331 | +€1,491 | +5.4% |
| Amounts receivable within one year | 40/41 | €1,259,096 | €1,276,387 | +€17,291 | +1.4% |
| Trade receivables | 40 | €100,575 | €16,355 | -€84,220 | -83.7% |
| Other amounts receivable | 41 | €1,158,520 | €1,260,032 | +€101,511 | +8.8% |
| Current investments | 50/53 | €31,767 | €45,245 | +€13,478 | +42.4% |
| Cash at bank and in hand | 54/58 | €168,343 | €290,970 | +€122,628 | +72.8% |
| Deferred charges and accrued income | 490/1 | €73,371 | €46,452 | -€26,919 | -36.7% |
| Total equity and liabilities | 10/49 | €2,932,195 | €3,107,653 | +€175,458 | +6.0% |
| Equity | 10/15 | €2,764,295 | €3,021,440 | +€257,145 | +9.3% |
| Contributions | 10/11 | €34,525 | €34,525 | = | 0.0% |
| Reserves | 13 | €2,729,770 | €2,986,915 | +€257,145 | +9.4% |
| Non-distributable reserves | 130/1 | €3,452 | €3,452 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,452 | €3,452 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,124 | €16,124 | = | 0.0% |
| Distributable reserves | 133 | €2,710,193 | €2,967,338 | +€257,145 | +9.5% |
| Amounts payable | 17/49 | €167,901 | €86,214 | -€81,687 | -48.7% |
| Amounts payable within one year | 42/48 | €167,901 | €86,214 | -€81,687 | -48.7% |
| Trade debts | 44 | €6,164 | €16,832 | +€10,667 | +173% |
| Suppliers | 440/4 | €6,164 | €16,832 | +€10,667 | +173% |
| Taxes, remuneration and social security | 45 | €122,700 | €37,825 | -€84,875 | -69.2% |
| Taxes | 450/3 | €122,700 | €37,825 | -€84,875 | -69.2% |
| Other amounts payable | 47/48 | €39,036 | €31,557 | -€7,479 | -19.2% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,970 | €28,705 | +€736 | +2.6% |
| Other operating charges | 640/8 | €2,114 | €14,166 | +€12,052 | +570% |
| Gross operating margin | 9900 | €202,200 | €397,976 | +€195,776 | +96.8% |
| Operating profit (loss) | 9901 | €172,116 | €355,104 | +€182,988 | +106% |
| Financial income | 75/76B | €55,841 | €35,366 | -€20,475 | -36.7% |
| Recurring financial income | 75 | €55,841 | €35,366 | -€20,475 | -36.7% |
| Financial charges | 65/66B | €60 | €74 | +€15 | +24.5% |
| Recurring financial charges | 65 | €60 | €74 | +€15 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €227,898 | €390,396 | +€162,498 | +71.3% |
| Income taxes | 67/77 | €82,556 | €133,251 | +€50,695 | +61.4% |
| Profit (loss) for the period | 9904 | €145,342 | €257,145 | +€111,803 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €145,342 | €257,145 | +€111,803 | +76.9% |
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 15 October 2026 via checked.be.