Stella and Maynard: 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 and Maynard
Largest movements
- Tangible fixed assets -€27,283
down €27,283 (-12.4%), from €219,631 to €192,348
of which Land and buildings: -€14,239
- Intangible fixed assets -€26,400
down €26,400 (-33.3%), from €79,200 to €52,800
- Cash +€22,759
up €22,759 (+15.7%), from €145,412 to €168,171
mainly Net result for the year (+€57,601) and Depreciation (+€54,385)
- Receivables within one year -€9,457
down €9,457 (-11.2%), from €84,087 to €74,630
of which Other amounts receivable: -€9,872
- Other debts -€80,342
down €80,342 (-51.3%), from €156,465 to €76,122
- Reserves +€57,601
up €57,601 (+18.7%), from €307,364 to €364,965
- Debts after one year -€18,795
down €18,795 (-25.2%), from €74,491 to €55,697
- Gross operating margin -€11,091
down €11,091 (-6.4%), from €172,037 to €160,946
- Taxes -€2,822
down €2,822 (-11.3%), from €25,016 to €22,193
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 | €633,403 | €597,024 | -€36,379 | -5.7% |
| Fixed assets | 21/28 | €298,831 | €245,148 | -€53,683 | -18.0% |
| Intangible fixed assets | 21 | €79,200 | €52,800 | -€26,400 | -33.3% |
| Tangible fixed assets | 22/27 | €219,631 | €192,348 | -€27,283 | -12.4% |
| Land and buildings | 22 | €202,139 | €187,901 | -€14,239 | -7.0% |
| Plant, machinery and equipment | 23 | €4,985 | €3,458 | -€1,528 | -30.6% |
| Furniture and vehicles | 24 | €12,506 | €990 | -€11,517 | -92.1% |
| Current assets | 29/58 | €334,572 | €351,877 | +€17,305 | +5.2% |
| Stocks and contracts in progress | 3 | €96,649 | €100,321 | +€3,672 | +3.8% |
| Stocks | 30/36 | €96,649 | €100,321 | +€3,672 | +3.8% |
| Amounts receivable within one year | 40/41 | €84,087 | €74,630 | -€9,457 | -11.2% |
| Trade receivables | 40 | €74,204 | €74,620 | +€416 | +0.6% |
| Other amounts receivable | 41 | €9,883 | €10 | -€9,872 | -99.9% |
| Cash at bank and in hand | 54/58 | €145,412 | €168,171 | +€22,759 | +15.7% |
| Deferred charges and accrued income | 490/1 | €8,424 | €8,755 | +€330 | +3.9% |
| Total equity and liabilities | 10/49 | €633,403 | €597,024 | -€36,379 | -5.7% |
| Equity | 10/15 | €325,964 | €383,565 | +€57,601 | +17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €307,364 | €364,965 | +€57,601 | +18.7% |
| Distributable reserves | 133 | €307,364 | €364,965 | +€57,601 | +18.7% |
| Amounts payable | 17/49 | €307,439 | €213,459 | -€93,980 | -30.6% |
| Amounts payable after more than one year | 17 | €74,491 | €55,697 | -€18,795 | -25.2% |
| Financial debts | 170/4 | €74,491 | €55,697 | -€18,795 | -25.2% |
| Amounts payable within one year | 42/48 | €232,200 | €157,762 | -€74,438 | -32.1% |
| Financial debts | 43 | €18,643 | €18,795 | +€152 | +0.8% |
| Credit institutions | 430/8 | €18,643 | €18,795 | +€152 | +0.8% |
| Trade debts | 44 | €41,681 | €41,177 | -€504 | -1.2% |
| Suppliers | 440/4 | €41,681 | €41,177 | -€504 | -1.2% |
| Taxes, remuneration and social security | 45 | €15,412 | €21,669 | +€6,257 | +40.6% |
| Taxes | 450/3 | €11,527 | €17,669 | +€6,141 | +53.3% |
| Remuneration and social security | 454/9 | €3,884 | €4,000 | +€116 | +3.0% |
| Other amounts payable | 47/48 | €156,465 | €76,122 | -€80,342 | -51.3% |
| Accrued charges and deferred income | 492/3 | €748 | €0 | -€748 | -100% |
| Remuneration, social security and pensions | 62 | €29,209 | €29,988 | +€779 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,971 | €54,385 | -€1,585 | -2.8% |
| Other operating charges | 640/8 | €1,626 | €1,772 | +€147 | +9.0% |
| Gross operating margin | 9900 | €172,037 | €160,946 | -€11,091 | -6.4% |
| Operating profit (loss) | 9901 | €85,232 | €74,800 | -€10,432 | -12.2% |
| Financial income | 75/76B | €7,988 | €7,724 | -€264 | -3.3% |
| Recurring financial income | 75 | €7,988 | €7,724 | -€264 | -3.3% |
| Financial charges | 65/66B | €2,652 | €2,730 | +€78 | +2.9% |
| Recurring financial charges | 65 | €2,652 | €2,730 | +€78 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €90,568 | €79,794 | -€10,774 | -11.9% |
| Income taxes | 67/77 | €25,016 | €22,193 | -€2,822 | -11.3% |
| Profit (loss) for the period | 9904 | €65,552 | €57,601 | -€7,951 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,552 | €57,601 | -€7,951 | -12.1% |
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 29 October 2026 via checked.be.