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.
What changed
STELLA
NACE 10.410, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €300,571+€1.2m
Equity
€5.0m
2024 · €4.9m+€77,321
Cash
€1.5m
2024 · €736,405+€770,365
Balance sheet total
€17.0m
2024 · €16.6m+€445,882
Largest movements
Assets
- Stocks and contracts -€1.0m
down €1.0m (-12.7%), from €8.1m to €7.1m
- Cash +€770,365
up €770,365 (+105%), from €736,405 to €1.5m
mainly Net result for the year (+€1.5m) and Stocks and contracts (+€1.0m)
- Receivables within one year +€650,095
up €650,095 (+19.8%), from €3.3m to €3.9m
of which Trade receivables: +€857,986
Equity and liabilities
- Other debts +€794,119
up €794,119 (+43.9%), from €1.8m to €2.6m
- Current portion of long-term debt -€382,547
down €382,547 (-54.5%), from €701,885 to €319,339
Income statement
- Goods and materials -€1.9m
down €1.9m (-17.2%), from €10.9m to €9.0m
of which Change in stocks: decrease (increase): -€1.2m
- Turnover +€877,350
up €877,350 (+4.6%), from €19.2m to €20.1m
- Write-downs -€472,861
down €472,861 (-627%), from -€75,363 to -€548,224
- Services and other goods +€449,035
up €449,035 (+10.7%), from €4.2m to €4.6m
- Taxes +€426,389
up €426,389 (+377%), from €113,197 to €539,586
of which Taxes: +€426,389
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.
Result 2024
€300,571
Turnover
+€877,350
Other operating income
+€1,471
Goods and materials
+€1.9m
Services and other goods
-€449,035
Staff costs
-€217,554
Depreciation
+€3,749
Write-downs
+€472,861
Other operating charges
+€4,900
Other operating items
-€859,689
Financial income
-€5,337
Financial charges
-€89,907
Taxes
-€426,389
Deferred taxes and other
-€441
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.3m
Investment
-€741,931
Financing
-€1.7m
Cash 2024
€736,405
From operations (derived)
+€3.3m
Net result for the year
+€1.5m
Depreciation
+€698,969
Stocks and contracts
+€1.0m
Receivables within one year
-€650,095
Deferred charges and accrued income
-€10,250
Trade debts
-€118,640
Tax, wage and social debts
+€43,541
Other debts
+€794,119
Accrued charges and deferred income
-€5,083
Investment (derived)
-€741,931
Investment in fixed assets (net)
-€719,440
Current investments
-€22,490
Financing
-€1.7m
Debts after one year
+€37,171
Current portion of long-term debt
-€382,547
Contributions, distributions and other
-€1.4m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,586,702 | €17,032,584 | +€445,882 | +2.7% |
| Fixed assets | 21/28 | €3,871,276 | €3,891,748 | +€20,472 | +0.5% |
| Intangible fixed assets | 21 | - | €13,795 | +€13,795 | |
| Tangible fixed assets | 22/27 | €3,743,089 | €3,812,274 | +€69,185 | +1.8% |
| Land and buildings | 22 | €1,437,918 | €1,763,573 | +€325,656 | +22.6% |
| Plant, machinery and equipment | 23 | €2,180,807 | €1,979,194 | -€201,613 | -9.2% |
| Furniture and vehicles | 24 | €124,364 | €69,507 | -€54,857 | -44.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €128,187 | €65,678 | -€62,508 | -48.8% |
| Affiliated companies | 280/1 | €124,044 | €61,536 | -€62,508 | -50.4% |
| Participating interests | 280 | €124,044 | €61,536 | -€62,508 | -50.4% |
| Other financial fixed assets | 284/8 | €4,142 | €4,142 | = | 0.0% |
| Shares | 284 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €4,142 | €4,142 | = | 0.0% |
| Current assets | 29/58 | €12,715,426 | €13,140,836 | +€425,410 | +3.3% |
| Stocks and contracts in progress | 3 | €8,081,102 | €7,053,312 | -€1.0m | -12.7% |
| Stocks | 30/36 | €8,081,102 | €7,053,312 | -€1.0m | -12.7% |
| Raw materials and consumables | 30/31 | €3,731,040 | €2,697,846 | -€1.0m | -27.7% |
| Work in progress | 32 | €874,212 | €739,060 | -€135,152 | -15.5% |
| Finished goods | 33 | €3,320,418 | €2,648,915 | -€671,503 | -20.2% |
| Goods purchased for resale | 34 | €155,432 | €967,491 | +€812,059 | +522% |
| Amounts receivable within one year | 40/41 | €3,278,335 | €3,928,430 | +€650,095 | +19.8% |
| Trade receivables | 40 | €2,837,378 | €3,695,364 | +€857,986 | +30.2% |
| Other amounts receivable | 41 | €440,956 | €233,066 | -€207,890 | -47.1% |
| Current investments | 50/53 | €534,882 | €557,372 | +€22,490 | +4.2% |
| Other investments | 51/53 | €534,882 | €557,372 | +€22,490 | +4.2% |
| Cash at bank and in hand | 54/58 | €736,405 | €1,506,769 | +€770,365 | +105% |
| Deferred charges and accrued income | 490/1 | €84,702 | €94,952 | +€10,250 | +12.1% |
| Total equity and liabilities | 10/49 | €16,586,702 | €17,032,584 | +€445,882 | +2.7% |
| Equity | 10/15 | €4,875,715 | €4,953,036 | +€77,321 | +1.6% |
| Contributions | 10/11 | €1,950,000 | €1,950,000 | = | 0.0% |
| Capital | 10 | €1,950,000 | €1,950,000 | = | 0.0% |
| Issued capital | 100 | €1,950,000 | €1,950,000 | = | 0.0% |
| Reserves | 13 | €2,716,546 | €2,796,265 | +€79,719 | +2.9% |
| Non-distributable reserves | 130/1 | €195,000 | €195,000 | = | 0.0% |
| Legal reserve | 130 | €195,000 | €195,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,504 | €96,504 | = | 0.0% |
| Distributable reserves | 133 | €2,425,042 | €2,504,761 | +€79,719 | +3.3% |
| Investment grants | 15 | €209,169 | €206,771 | -€2,398 | -1.1% |
| Provisions and deferred taxes | 16 | €63,367 | €63,367 | = | 0.0% |
| Deferred taxes | 168 | €63,367 | €63,367 | = | 0.0% |
| Amounts payable | 17/49 | €11,647,619 | €12,016,181 | +€368,561 | +3.2% |
| Amounts payable after more than one year | 17 | €4,892,128 | €4,929,299 | +€37,171 | +0.8% |
| Financial debts | 170/4 | €4,892,128 | €4,929,299 | +€37,171 | +0.8% |
| Credit institutions | 173 | €892,128 | €929,299 | +€37,171 | +4.2% |
| Other loans | 174 | €4,000,000 | €4,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,750,408 | €7,086,882 | +€336,474 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €701,885 | €319,339 | -€382,547 | -54.5% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €2,840,791 | €2,722,151 | -€118,640 | -4.2% |
| Suppliers | 440/4 | €2,840,791 | €2,722,151 | -€118,640 | -4.2% |
| Taxes, remuneration and social security | 45 | €399,147 | €442,688 | +€43,541 | +10.9% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €399,147 | €442,688 | +€43,541 | +10.9% |
| Other amounts payable | 47/48 | €1,808,585 | €2,602,704 | +€794,119 | +43.9% |
| Accrued charges and deferred income | 492/3 | €5,083 | €0 | -€5,083 | -100% |
| Operating income | 70/76A | €18,923,552 | €18,810,270 | -€113,282 | -0.6% |
| Turnover | 70 | €19,204,681 | €20,082,031 | +€877,350 | +4.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€376,290 | -€1,354,879 | -€978,589 | -260% |
| Other operating income | 74 | €80,289 | €81,760 | +€1,471 | +1.8% |
| Non-recurring operating income | 76A | €14,872 | €1,357 | -€13,514 | -90.9% |
| Operating charges | 60/66A | €18,156,537 | €16,342,033 | -€1.8m | -10.0% |
| Goods for resale, raw materials and consumables | 60 | €10,873,371 | €9,006,202 | -€1.9m | -17.2% |
| Purchases | 600/8 | €9,436,416 | €8,785,067 | -€651,349 | -6.9% |
| Change in stocks: decrease (increase) | 609 | €1,436,955 | €221,135 | -€1.2m | -84.6% |
| Services and other goods | 61 | €4,197,230 | €4,646,265 | +€449,035 | +10.7% |
| Remuneration, social security and pensions | 62 | €2,202,260 | €2,419,814 | +€217,554 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €702,717 | €698,969 | -€3,749 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€75,363 | -€548,224 | -€472,861 | -627% |
| Other operating charges | 640/8 | €123,808 | €118,907 | -€4,900 | -4.0% |
| Non-recurring operating charges | 66A | €132,514 | €100 | -€132,414 | -99.9% |
| Operating profit (loss) | 9901 | €767,015 | €2,468,237 | +€1.7m | +222% |
| Financial income | 75/76B | €24,700 | €19,363 | -€5,337 | -21.6% |
| Recurring financial income | 75 | €24,700 | €19,363 | -€5,337 | -21.6% |
| Income from financial fixed assets | 750 | €9 | €0 | -€9 | -100% |
| Income from current assets | 751 | €5,617 | €8,619 | +€3,002 | +53.4% |
| Other financial income | 752/9 | €19,074 | €10,744 | -€8,330 | -43.7% |
| Financial charges | 65/66B | €378,387 | €468,295 | +€89,907 | +23.8% |
| Recurring financial charges | 65 | €378,387 | €405,786 | +€27,399 | +7.2% |
| Debt charges | 650 | €395,629 | €381,442 | -€14,186 | -3.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€43,204 | €1,152 | +€44,355 | |
| Other financial charges | 652/9 | €25,962 | €23,192 | -€2,770 | -10.7% |
| Non-recurring financial charges | 66B | - | €62,508 | +€62,508 | |
| Profit (loss) for the period before taxes | 9903 | €413,327 | €2,019,305 | +€1.6m | +389% |
| Transfer from deferred taxes | 780 | €441 | €0 | -€441 | -100% |
| Income taxes | 67/77 | €113,197 | €539,586 | +€426,389 | +377% |
| Taxes | 670/3 | €113,197 | €539,586 | +€426,389 | +377% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €300,571 | €1,479,719 | +€1.2m | +392% |
| Transfer from tax-exempt reserves | 789 | €1,050 | €0 | -€1,050 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €301,621 | €1,479,719 | +€1.2m | +391% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.