Stella P.: 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 P.
Largest movements
- Cash +€33,914
up €33,914 (+59.8%), from €56,743 to €90,657
mainly Net result for the year (+€132,127) and Other debts (+€75,000)
- Receivables within one year +€24,035
up €24,035 (+26.0%), from €92,458 to €116,494
of which Trade receivables: +€13,015
- Intangible fixed assets -€11,873
down €11,873 (-25.0%), from €47,557 to €35,684
- Tangible fixed assets -€7,229
down €7,229 (-55.3%), from €13,064 to €5,835
of which Other tangible fixed assets: -€6,107
- Deferred charges and accrued income +€4,338
up €4,338 (+42.5%), from €10,209 to €14,548
- Other debts +€75,000
up €75,000 (+250.0%), from €30,000 to €105,000
- Reserves -€47,500
down €47,500 (-38.4%), from €123,810 to €76,310
of which Distributable reserves: -€47,500
- Tax, wage and social debts +€26,142
up €26,142 (+167.4%), from €15,617 to €41,759
of which Taxes: +€23,518
- Trade debts -€9,892
down €9,892 (-10.2%), from €96,774 to €86,882
- Gross operating margin +€13,220
up €13,220 (+4.5%), from €296,491 to €309,711
- Staff costs +€3,954
up €3,954 (+3.5%), from €111,900 to €115,854
- Depreciation +€3,471
up €3,471 (+23.1%), from €15,028 to €18,499
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 | €324,409 | €367,595 | +€43,185 | +13.3% |
| Fixed assets | 21/28 | €64,999 | €45,897 | -€19,101 | -29.4% |
| Intangible fixed assets | 21 | €47,557 | €35,684 | -€11,873 | -25.0% |
| Tangible fixed assets | 22/27 | €13,064 | €5,835 | -€7,229 | -55.3% |
| Plant, machinery and equipment | 23 | €1,076 | €346 | -€730 | -67.8% |
| Furniture and vehicles | 24 | €548 | €157 | -€391 | -71.4% |
| Other tangible fixed assets | 26 | €11,440 | €5,333 | -€6,107 | -53.4% |
| Financial fixed assets | 28 | €4,377 | €4,377 | = | 0.0% |
| Current assets | 29/58 | €259,411 | €321,698 | +€62,287 | +24.0% |
| Amounts receivable within one year | 40/41 | €92,458 | €116,494 | +€24,035 | +26.0% |
| Trade receivables | 40 | €55,418 | €68,434 | +€13,015 | +23.5% |
| Other amounts receivable | 41 | €37,040 | €48,060 | +€11,020 | +29.8% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,743 | €90,657 | +€33,914 | +59.8% |
| Deferred charges and accrued income | 490/1 | €10,209 | €14,548 | +€4,338 | +42.5% |
| Total equity and liabilities | 10/49 | €324,409 | €367,595 | +€43,185 | +13.3% |
| Equity | 10/15 | €168,316 | €120,443 | -€47,873 | -28.4% |
| Contributions | 10/11 | €43,600 | €43,600 | = | 0.0% |
| Reserves | 13 | €123,810 | €76,310 | -€47,500 | -38.4% |
| Tax-exempt reserves | 132 | €46,310 | €46,310 | = | 0.0% |
| Distributable reserves | 133 | €77,500 | €30,000 | -€47,500 | -61.3% |
| Profit (loss) carried forward | 14 | €906 | €533 | -€373 | -41.1% |
| Amounts payable | 17/49 | €156,093 | €247,151 | +€91,058 | +58.3% |
| Amounts payable within one year | 42/48 | €155,920 | €247,142 | +€91,222 | +58.5% |
| Financial debts | 43 | €13,529 | €13,500 | -€29 | -0.2% |
| Credit institutions | 430/8 | €13,529 | €13,500 | -€29 | -0.2% |
| Trade debts | 44 | €96,774 | €86,882 | -€9,892 | -10.2% |
| Suppliers | 440/4 | €96,774 | €86,882 | -€9,892 | -10.2% |
| Taxes, remuneration and social security | 45 | €15,617 | €41,759 | +€26,142 | +167.4% |
| Taxes | 450/3 | €3,962 | €27,479 | +€23,518 | +593.6% |
| Remuneration and social security | 454/9 | €11,655 | €14,280 | +€2,625 | +22.5% |
| Other amounts payable | 47/48 | €30,000 | €105,000 | +€75,000 | +250.0% |
| Accrued charges and deferred income | 492/3 | €173 | €10 | -€163 | -94.3% |
| Non-recurring operating income | 76A | €5,329 | €0 | -€5,329 | -100.0% |
| Remuneration, social security and pensions | 62 | €111,900 | €115,854 | +€3,954 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,028 | €18,499 | +€3,471 | +23.1% |
| Other operating charges | 640/8 | €960 | €1,393 | +€433 | +45.1% |
| Non-recurring operating charges | 66A | - | €602 | +€602 | |
| Gross operating margin | 9900 | €296,491 | €309,711 | +€13,220 | +4.5% |
| Operating profit (loss) | 9901 | €168,603 | €173,363 | +€4,760 | +2.8% |
| Financial income | 75/76B | €1,065 | €211 | -€854 | -80.2% |
| Recurring financial income | 75 | €1,065 | €211 | -€854 | -80.2% |
| Financial charges | 65/66B | €3,307 | €1,792 | -€1,515 | -45.8% |
| Recurring financial charges | 65 | €3,307 | €1,792 | -€1,515 | -45.8% |
| Profit (loss) for the period before taxes | 9903 | €166,361 | €171,782 | +€5,421 | +3.3% |
| Income taxes | 67/77 | €36,962 | €39,654 | +€2,693 | +7.3% |
| Profit (loss) for the period | 9904 | €129,399 | €132,127 | +€2,728 | +2.1% |
| Transfer from tax-exempt reserves | 789 | - | €75,000 | +€75,000 | |
| Transfer to tax-exempt reserves | 689 | €46,310 | €0 | -€46,310 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €83,089 | €207,127 | +€124,038 | +149.3% |
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 11 October 2026 via checked.be.