STELLA: 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.
STELLA
Largest movements
- Tangible fixed assets +€293,419
up €293,419 (+83.7%), from €350,425 to €643,844
of which Other tangible fixed assets: +€220,390
- Intangible fixed assets +€37,447
new in 2025: €37,447
- Cash +€24,165
up €24,165 (+197.6%), from €12,231 to €36,396
mainly Debts after one year (+€557,052) and Depreciation (+€71,643)
- Receivables within one year -€18,258
down €18,258 (-26.5%), from €68,870 to €50,612
of which Trade receivables: -€18,566
- Debts after one year +€557,052
up €557,052 (+678.2%), from €82,136 to €639,188
- Profit (loss) carried forward -€235,888
down €235,888 (-240.8%), from -€97,969 to -€333,857
- Other debts -€178,069
down €178,069 (-71.3%), from €249,891 to €71,822
- Trade debts +€53,989
up €53,989 (+43.5%), from €124,045 to €178,035
- Tax, wage and social debts +€53,015
up €53,015 (+214.1%), from €24,761 to €77,776
of which Remuneration and social security: +€61,497
- Staff costs +€250,166
up €250,166 (+64.4%), from €388,524 to €638,690
- Gross operating margin +€187,631
up €187,631 (+53.9%), from €348,073 to €535,704
- Depreciation +€36,431
up €36,431 (+103.5%), from €35,212 to €71,643
- Financial charges +€22,111
up €22,111 (+123.9%), from €17,839 to €39,950
- Other operating charges +€6,220
up €6,220 (+127.1%), from €4,894 to €11,114
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 | €452,156 | €782,064 | +€329,907 | +73.0% |
| Formation expenses | 20 | €8,111 | €6,554 | -€1,557 | -19.2% |
| Fixed assets | 21/28 | €350,525 | €681,391 | +€330,866 | +94.4% |
| Intangible fixed assets | 21 | - | €37,447 | +€37,447 | |
| Tangible fixed assets | 22/27 | €350,425 | €643,844 | +€293,419 | +83.7% |
| Plant, machinery and equipment | 23 | €109,614 | €183,624 | +€74,011 | +67.5% |
| Furniture and vehicles | 24 | €9,368 | €8,387 | -€981 | -10.5% |
| Other tangible fixed assets | 26 | €231,443 | €451,833 | +€220,390 | +95.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €93,520 | €94,119 | +€599 | +0.6% |
| Stocks and contracts in progress | 3 | €3,000 | €4,000 | +€1,000 | +33.3% |
| Stocks | 30/36 | €3,000 | €4,000 | +€1,000 | +33.3% |
| Amounts receivable within one year | 40/41 | €68,870 | €50,612 | -€18,258 | -26.5% |
| Trade receivables | 40 | €67,606 | €49,040 | -€18,566 | -27.5% |
| Other amounts receivable | 41 | €1,264 | €1,572 | +€308 | +24.4% |
| Cash at bank and in hand | 54/58 | €12,231 | €36,396 | +€24,165 | +197.6% |
| Deferred charges and accrued income | 490/1 | €9,419 | €3,111 | -€6,308 | -67.0% |
| Total equity and liabilities | 10/49 | €452,156 | €782,064 | +€329,907 | +73.0% |
| Equity | 10/15 | -€65,969 | -€301,857 | -€235,888 | -357.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €17,000 | €17,000 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €17,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,969 | -€333,857 | -€235,888 | -240.8% |
| Amounts payable | 17/49 | €518,126 | €1,083,921 | +€565,795 | +109.2% |
| Amounts payable after more than one year | 17 | €82,136 | €639,188 | +€557,052 | +678.2% |
| Financial debts | 170/4 | €82,136 | €639,188 | +€557,052 | +678.2% |
| Amounts payable within one year | 42/48 | €435,070 | €425,756 | -€9,314 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €36,195 | €48,122 | +€11,928 | +33.0% |
| Financial debts | 43 | €177 | €50,000 | +€49,823 | +28092.8% |
| Credit institutions | 430/8 | €177 | €50,000 | +€49,823 | +28092.8% |
| Trade debts | 44 | €124,045 | €178,035 | +€53,989 | +43.5% |
| Suppliers | 440/4 | €124,045 | €178,035 | +€53,989 | +43.5% |
| Taxes, remuneration and social security | 45 | €24,761 | €77,776 | +€53,015 | +214.1% |
| Taxes | 450/3 | €18,725 | €10,242 | -€8,482 | -45.3% |
| Remuneration and social security | 454/9 | €6,037 | €67,534 | +€61,497 | +1018.7% |
| Other amounts payable | 47/48 | €249,891 | €71,822 | -€178,069 | -71.3% |
| Accrued charges and deferred income | 492/3 | €919 | €18,977 | +€18,058 | +1964.5% |
| Remuneration, social security and pensions | 62 | €388,524 | €638,690 | +€250,166 | +64.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,212 | €71,643 | +€36,431 | +103.5% |
| Other operating charges | 640/8 | €4,894 | €11,114 | +€6,220 | +127.1% |
| Non-recurring operating charges | 66A | - | €10,214 | +€10,214 | |
| Gross operating margin | 9900 | €348,073 | €535,704 | +€187,631 | +53.9% |
| Operating profit (loss) | 9901 | -€80,557 | -€195,957 | -€115,400 | -143.3% |
| Financial income | 75/76B | €18 | €19 | +€0 | +2.1% |
| Recurring financial income | 75 | €18 | €19 | +€0 | +2.1% |
| Financial charges | 65/66B | €17,839 | €39,950 | +€22,111 | +123.9% |
| Recurring financial charges | 65 | €17,839 | €39,950 | +€22,111 | +123.9% |
| Profit (loss) for the period before taxes | 9903 | -€98,378 | -€235,888 | -€137,510 | -139.8% |
| Profit (loss) for the period | 9904 | -€98,378 | -€235,888 | -€137,510 | -139.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€98,378 | -€235,888 | -€137,510 | -139.8% |
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.