STELLA d'ORO: what changed
STELLA d'ORO
Largest movements
- Cash +€98,704
up €98,704 (+22.9%), from €431,534 to €530,238
mainly Net result for the year (+€153,627) and Receivables within one year (+€28,483)
- Receivables within one year -€28,483
down €28,483 (-54.0%), from €52,719 to €24,236
of which Trade receivables: -€17,008
- Tangible fixed assets +€28,461
up €28,461 (+20.4%), from €139,646 to €168,107
of which Land and buildings: +€29,064
- Profit (loss) carried forward +€153,627
up €153,627 (+42.1%), from €364,986 to €518,613
- Trade debts -€42,418
down €42,418 (-58.7%), from €72,220 to €29,802
- Other debts -€27,217
down €27,217 (-64.8%), from €42,000 to €14,783
- Tax, wage and social debts +€14,390
up €14,390 (+12.1%), from €119,062 to €133,452
of which Remuneration and social security: +€17,085
- Staff costs +€60,253
up €60,253 (+86.6%), from €69,590 to €129,843
- Taxes -€26,818
down €26,818 (-32.9%), from €81,511 to €54,693
- Gross operating margin -€11,064
down €11,064 (-2.9%), from €381,948 to €370,884
- Depreciation +€7,551
up €7,551 (+40.2%), from €18,779 to €26,330
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €637,109 | €734,002 | +€96,893 | +15.2% |
| Fixed assets | 21/28 | €145,246 | €175,426 | +€30,180 | +20.8% |
| Intangible fixed assets | 21 | - | €1,719 | +€1,719 | |
| Tangible fixed assets | 22/27 | €139,646 | €168,107 | +€28,461 | +20.4% |
| Land and buildings | 22 | €97,577 | €126,641 | +€29,064 | +29.8% |
| Plant, machinery and equipment | 23 | €35,209 | €35,655 | +€446 | +1.3% |
| Furniture and vehicles | 24 | €6,860 | €5,811 | -€1,049 | -15.3% |
| Financial fixed assets | 28 | €5,600 | €5,600 | = | 0.0% |
| Current assets | 29/58 | €491,863 | €558,576 | +€66,713 | +13.6% |
| Stocks and contracts in progress | 3 | €3,392 | €3,392 | = | 0.0% |
| Stocks | 30/36 | €3,392 | €3,392 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,719 | €24,236 | -€28,483 | -54.0% |
| Trade receivables | 40 | €35,986 | €18,978 | -€17,008 | -47.3% |
| Other amounts receivable | 41 | €16,733 | €5,258 | -€11,475 | -68.6% |
| Cash at bank and in hand | 54/58 | €431,534 | €530,238 | +€98,704 | +22.9% |
| Deferred charges and accrued income | 490/1 | €4,218 | €710 | -€3,508 | -83.2% |
| Total equity and liabilities | 10/49 | €637,109 | €734,002 | +€96,893 | +15.2% |
| Equity | 10/15 | €400,586 | €554,213 | +€153,627 | +38.4% |
| Contributions | 10/11 | €35,600 | €35,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,986 | €518,613 | +€153,627 | +42.1% |
| Amounts payable | 17/49 | €236,523 | €179,789 | -€56,734 | -24.0% |
| Amounts payable after more than one year | 17 | €934 | - | -€934 | |
| Financial debts | 170/4 | €934 | - | -€934 | |
| Amounts payable within one year | 42/48 | €235,389 | €178,971 | -€56,418 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €2,107 | €934 | -€1,173 | -55.7% |
| Trade debts | 44 | €72,220 | €29,802 | -€42,418 | -58.7% |
| Suppliers | 440/4 | €72,220 | €29,802 | -€42,418 | -58.7% |
| Taxes, remuneration and social security | 45 | €119,062 | €133,452 | +€14,390 | +12.1% |
| Taxes | 450/3 | €111,697 | €109,002 | -€2,695 | -2.4% |
| Remuneration and social security | 454/9 | €7,365 | €24,450 | +€17,085 | +232% |
| Other amounts payable | 47/48 | €42,000 | €14,783 | -€27,217 | -64.8% |
| Accrued charges and deferred income | 492/3 | €200 | €818 | +€618 | +309% |
| Remuneration, social security and pensions | 62 | €69,590 | €129,843 | +€60,253 | +86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,779 | €26,330 | +€7,551 | +40.2% |
| Other operating charges | 640/8 | €2,555 | €1,667 | -€888 | -34.8% |
| Gross operating margin | 9900 | €381,948 | €370,884 | -€11,064 | -2.9% |
| Operating profit (loss) | 9901 | €291,024 | €213,044 | -€77,980 | -26.8% |
| Financial income | 75/76B | €276 | €4 | -€272 | -98.6% |
| Recurring financial income | 75 | €276 | €4 | -€272 | -98.6% |
| Financial charges | 65/66B | €3,820 | €4,728 | +€908 | +23.8% |
| Recurring financial charges | 65 | €3,820 | €4,728 | +€908 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €287,480 | €208,320 | -€79,160 | -27.5% |
| Income taxes | 67/77 | €81,511 | €54,693 | -€26,818 | -32.9% |
| Profit (loss) for the period | 9904 | €205,969 | €153,627 | -€52,342 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €205,969 | €153,627 | -€52,342 | -25.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.