STELLA & BLANCHE: 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 & BLANCHE
Largest movements
- Receivables within one year -€65,274
down €65,274 (-91.2%), from €71,558 to €6,284
of which Trade receivables: -€69,007
- Cash +€9,189
up €9,189 (+14.5%), from €63,458 to €72,647
mainly Receivables within one year (+€65,274) and Depreciation (+€10,910)
- Tangible fixed assets -€4,939
down €4,939 (-11.1%), from €44,433 to €39,494
of which Leasing and similar rights: -€7,643
- Trade debts -€46,186
down €46,186 (-99.4%), from €46,452 to €266
- Debts after one year -€6,157
down €6,157 (-23.9%), from €25,762 to €19,605
- Reserves -€5,365
down €5,365 (-9.1%), from €59,225 to €53,860
of which Distributable reserves: -€5,365
- Tax, wage and social debts -€3,972
no longer reported in 2025 (was €3,972)
- Gross operating margin -€78,750
down €78,750 (-71.3%), from €110,498 to €31,748
- Financial charges -€5,989
down €5,989 (-61.1%), from €9,797 to €3,808
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 | €179,450 | €118,775 | -€60,675 | -33.8% |
| Fixed assets | 21/28 | €44,433 | €39,494 | -€4,939 | -11.1% |
| Tangible fixed assets | 22/27 | €44,433 | €39,494 | -€4,939 | -11.1% |
| Plant, machinery and equipment | 23 | €5,498 | €3,669 | -€1,829 | -33.3% |
| Furniture and vehicles | 24 | €4,028 | €8,560 | +€4,532 | +113% |
| Leasing and similar rights | 25 | €34,907 | €27,265 | -€7,643 | -21.9% |
| Current assets | 29/58 | €135,016 | €79,281 | -€55,736 | -41.3% |
| Amounts receivable after more than one year | 29 | - | €350 | +€350 | |
| Other amounts receivable | 291 | - | €350 | +€350 | |
| Amounts receivable within one year | 40/41 | €71,558 | €6,284 | -€65,274 | -91.2% |
| Trade receivables | 40 | €71,558 | €2,551 | -€69,007 | -96.4% |
| Other amounts receivable | 41 | - | €3,733 | +€3,733 | |
| Cash at bank and in hand | 54/58 | €63,458 | €72,647 | +€9,189 | +14.5% |
| Total equity and liabilities | 10/49 | €179,450 | €118,775 | -€60,675 | -33.8% |
| Equity | 10/15 | €58,807 | €53,577 | -€5,229 | -8.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,225 | €53,860 | -€5,365 | -9.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,365 | €52,000 | -€5,365 | -9.4% |
| Profit (loss) carried forward | 14 | -€6,618 | -€6,483 | +€135 | +2.0% |
| Amounts payable | 17/49 | €120,643 | €65,197 | -€55,446 | -46.0% |
| Amounts payable after more than one year | 17 | €25,762 | €19,605 | -€6,157 | -23.9% |
| Financial debts | 170/4 | €25,762 | €19,605 | -€6,157 | -23.9% |
| Amounts payable within one year | 42/48 | €94,881 | €45,582 | -€49,299 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €5,827 | €6,055 | +€228 | +3.9% |
| Trade debts | 44 | €46,452 | €266 | -€46,186 | -99.4% |
| Suppliers | 440/4 | €46,452 | €266 | -€46,186 | -99.4% |
| Taxes, remuneration and social security | 45 | €3,972 | - | -€3,972 | |
| Taxes | 450/3 | €3,972 | - | -€3,972 | |
| Other amounts payable | 47/48 | €38,630 | €39,261 | +€632 | +1.6% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Non-recurring operating income | 76A | €14,651 | - | -€14,651 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,914 | €10,910 | +€996 | +10.0% |
| Other operating charges | 640/8 | €1,199 | €1,213 | +€14 | +1.2% |
| Gross operating margin | 9900 | €110,498 | €31,748 | -€78,750 | -71.3% |
| Operating profit (loss) | 9901 | €99,384 | €19,625 | -€79,759 | -80.3% |
| Financial income | 75/76B | €8 | €0 | -€7 | -96.0% |
| Recurring financial income | 75 | €8 | €0 | -€7 | -96.0% |
| Financial charges | 65/66B | €9,797 | €3,808 | -€5,989 | -61.1% |
| Recurring financial charges | 65 | €9,797 | €3,808 | -€5,989 | -61.1% |
| Profit (loss) for the period before taxes | 9903 | €89,595 | €15,817 | -€73,778 | -82.3% |
| Income taxes | 67/77 | €5,014 | €5,682 | +€668 | +13.3% |
| Profit (loss) for the period | 9904 | €84,581 | €10,135 | -€74,446 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €84,581 | €10,135 | -€74,446 | -88.0% |
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 19 October 2026 via checked.be.