STELLAMAR: what changed
Two fiscal 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.
STELLAMAR
Largest movements
- Receivables within one year +€41,774
up €41,774 (+242.6%), from €17,219 to €58,994
of which Trade receivables: +€53,265
- Cash -€9,644
down €9,644 (-13.9%), from €69,472 to €59,828
mainly Contributions, distributions and other (-€77,651) and Receivables within one year (-€41,774)
- Tangible fixed assets -€1,688
down €1,688 (-36.3%), from €4,646 to €2,959
of which Furniture and vehicles: -€1,058
- Other debts +€55,229
up €55,229 (+144.5%), from €38,208 to €93,437
- Reserves -€23,958
no longer reported in 2025 (was €23,958)
- Gross operating margin +€43,887
up €43,887 (+168.8%), from €25,999 to €69,886
- Taxes +€9,266
up €9,266 (+170.3%), from €5,440 to €14,706
- Financial income +€739
up €739 (+1767.0%), from €42 to €781
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 | €92,647 | €123,143 | +€30,496 | +32.9% |
| Fixed assets | 21/28 | €4,646 | €2,959 | -€1,688 | -36.3% |
| Tangible fixed assets | 22/27 | €4,646 | €2,959 | -€1,688 | -36.3% |
| Plant, machinery and equipment | 23 | €2,691 | €2,061 | -€630 | -23.4% |
| Furniture and vehicles | 24 | €1,955 | €897 | -€1,058 | -54.1% |
| Current assets | 29/58 | €88,000 | €120,184 | +€32,184 | +36.6% |
| Amounts receivable within one year | 40/41 | €17,219 | €58,994 | +€41,774 | +242.6% |
| Trade receivables | 40 | €200 | €53,465 | +€53,265 | +26632.5% |
| Other amounts receivable | 41 | €17,019 | €5,529 | -€11,491 | -67.5% |
| Cash at bank and in hand | 54/58 | €69,472 | €59,828 | -€9,644 | -13.9% |
| Deferred charges and accrued income | 490/1 | €1,309 | €1,363 | +€54 | +4.1% |
| Total equity and liabilities | 10/49 | €92,647 | €123,143 | +€30,496 | +32.9% |
| Equity | 10/15 | €42,558 | €18,600 | -€23,958 | -56.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,958 | - | -€23,958 | |
| Distributable reserves | 133 | €23,958 | - | -€23,958 | |
| Amounts payable | 17/49 | €50,088 | €104,543 | +€54,454 | +108.7% |
| Amounts payable within one year | 42/48 | €50,088 | €104,543 | +€54,454 | +108.7% |
| Trade debts | 44 | €1,792 | €984 | -€808 | -45.1% |
| Suppliers | 440/4 | €1,792 | €984 | -€808 | -45.1% |
| Taxes, remuneration and social security | 45 | €10,088 | €10,122 | +€34 | +0.3% |
| Taxes | 450/3 | €7,088 | €6,727 | -€361 | -5.1% |
| Remuneration and social security | 454/9 | €3,000 | €3,395 | +€395 | +13.2% |
| Other amounts payable | 47/48 | €38,208 | €93,437 | +€55,229 | +144.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,516 | €1,688 | +€172 | +11.4% |
| Other operating charges | 640/8 | €842 | €462 | -€380 | -45.2% |
| Gross operating margin | 9900 | €25,999 | €69,886 | +€43,887 | +168.8% |
| Operating profit (loss) | 9901 | €23,641 | €67,736 | +€44,095 | +186.5% |
| Financial income | 75/76B | €42 | €781 | +€739 | +1767.0% |
| Recurring financial income | 75 | €42 | €781 | +€739 | +1767.0% |
| Financial charges | 65/66B | €115 | €119 | +€3 | +3.0% |
| Recurring financial charges | 65 | €115 | €119 | +€3 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €23,568 | €68,398 | +€44,831 | +190.2% |
| Income taxes | 67/77 | €5,440 | €14,706 | +€9,266 | +170.3% |
| Profit (loss) for the period | 9904 | €18,128 | €53,692 | +€35,564 | +196.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,128 | €53,692 | +€35,564 | +196.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.