STELLA MAY: 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 MAY
Largest movements
- Intangible fixed assets -€2,100
down €2,100 (-35.7%), from €5,880 to €3,780
- Stocks and contracts -€1,775
down €1,775 (-2.6%), from €68,119 to €66,344
- Cash +€1,160
up €1,160 (+23.4%), from €4,968 to €6,128
mainly Other debts (+€17,349) and Depreciation (+€3,117)
- Tangible fixed assets -€1,017
down €1,017 (-17.0%), from €5,974 to €4,957
of which Plant, machinery and equipment: -€819
- Other debts +€17,349
up €17,349 (+60.5%), from €28,662 to €46,011
- Tax, wage and social debts -€10,508
down €10,508 (-40.4%), from €26,004 to €15,496
of which Remuneration and social security: -€6,087
- Trade debts -€7,549
down €7,549 (-83.6%), from €9,031 to €1,482
- Profit (loss) carried forward -€1,581
down €1,581 (-11.6%), from €13,579 to €11,998
- Gross operating margin +€52,764
up €52,764 (+5067.7%), from €1,041 to €53,805
- Provisions +€22,790
no longer reported in 2025 (was -€22,790)
- Staff costs -€10,952
down €10,952 (-20.2%), from €54,286 to €43,333
- Depreciation -€843
down €843 (-21.3%), from €3,960 to €3,117
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 | €92,255 | €89,247 | -€3,007 | -3.3% |
| Fixed assets | 21/28 | €16,214 | €13,097 | -€3,117 | -19.2% |
| Intangible fixed assets | 21 | €5,880 | €3,780 | -€2,100 | -35.7% |
| Tangible fixed assets | 22/27 | €5,974 | €4,957 | -€1,017 | -17.0% |
| Plant, machinery and equipment | 23 | €5,777 | €4,957 | -€819 | -14.2% |
| Furniture and vehicles | 24 | €197 | - | -€197 | |
| Financial fixed assets | 28 | €4,360 | €4,360 | = | 0.0% |
| Current assets | 29/58 | €76,040 | €76,150 | +€109 | +0.1% |
| Stocks and contracts in progress | 3 | €68,119 | €66,344 | -€1,775 | -2.6% |
| Stocks | 30/36 | €68,119 | €66,344 | -€1,775 | -2.6% |
| Amounts receivable within one year | 40/41 | €2,954 | €3,678 | +€724 | +24.5% |
| Other amounts receivable | 41 | €2,954 | €3,678 | +€724 | +24.5% |
| Cash at bank and in hand | 54/58 | €4,968 | €6,128 | +€1,160 | +23.4% |
| Total equity and liabilities | 10/49 | €92,255 | €89,247 | -€3,007 | -3.3% |
| Equity | 10/15 | €27,839 | €26,258 | -€1,581 | -5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,579 | €11,998 | -€1,581 | -11.6% |
| Amounts payable | 17/49 | €64,415 | €62,989 | -€1,426 | -2.2% |
| Amounts payable within one year | 42/48 | €64,415 | €62,989 | -€1,426 | -2.2% |
| Financial debts | 43 | €718 | - | -€718 | |
| Credit institutions | 430/8 | €718 | - | -€718 | |
| Trade debts | 44 | €9,031 | €1,482 | -€7,549 | -83.6% |
| Suppliers | 440/4 | €9,031 | €1,482 | -€7,549 | -83.6% |
| Taxes, remuneration and social security | 45 | €26,004 | €15,496 | -€10,508 | -40.4% |
| Taxes | 450/3 | €16,543 | €12,122 | -€4,421 | -26.7% |
| Remuneration and social security | 454/9 | €9,462 | €3,374 | -€6,087 | -64.3% |
| Other amounts payable | 47/48 | €28,662 | €46,011 | +€17,349 | +60.5% |
| Remuneration, social security and pensions | 62 | €54,286 | €43,333 | -€10,952 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,960 | €3,117 | -€843 | -21.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€22,790 | - | +€22,790 | |
| Other operating charges | 640/8 | €3,522 | €3,777 | +€255 | +7.2% |
| Non-recurring operating charges | 66A | €244 | - | -€244 | |
| Gross operating margin | 9900 | €1,041 | €53,805 | +€52,764 | +5067.7% |
| Operating profit (loss) | 9901 | -€38,180 | €3,578 | +€41,759 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €4,912 | €5,029 | +€118 | +2.4% |
| Recurring financial charges | 65 | €4,912 | €5,029 | +€118 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€43,092 | -€1,449 | +€41,643 | +96.6% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€43,220 | -€1,581 | +€41,639 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,220 | -€1,581 | +€41,639 | +96.3% |
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 9 October 2026 via checked.be.