STELLAR: what changed
What changed
STELLAR
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€8,677
2024 · €5,429+€3,249
Equity
€256,373
2024 · €247,695+€8,677
Cash
€27,035
2024 · €4,605+€22,430
Balance sheet total
€1.0m
2024 · €1.0m+€23,315
Largest movements
Assets
- Receivables within one year -€25,704
down €25,704 (-40.8%), from €62,966 to €37,262
of which Other amounts receivable: -€18,401
- Intangible fixed assets +€25,000
new in 2025: €25,000
- Cash +€22,430
up €22,430 (+487%), from €4,605 to €27,035
mainly Depreciation (+€84,354) and Receivables within one year (+€25,704)
Equity and liabilities
- Current portion of long-term debt +€19,432
up €19,432 (+49.4%), from €39,325 to €58,757
- Tax, wage and social debts +€16,500
new in 2025: €16,500
- Other debts -€15,945
down €15,945 (-11.1%), from €143,786 to €127,841
Income statement
- Gross operating margin +€88,107
up €88,107 (+313%), from €28,183 to €116,290
- Depreciation +€29,651
up €29,651 (+54.2%), from €54,703 to €84,354
- Financial charges -€9,516
down €9,516 (-49.5%), from €19,228 to €9,712
- Taxes +€5,163
up €5,163 (+103%), from €5,001 to €10,163
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.
Result 2024
€5,429
Gross operating margin
+€88,107
Depreciation
-€29,651
Other operating charges
+€444
Other operating items
-€60,000
Financial income
-€5
Financial charges
+€9,516
Taxes
-€5,163
Result 2025
€8,677
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€119,279
Investment
-€110,943
Financing
+€14,095
Cash 2024
€4,605
From operations (derived)
+€119,279
Net result for the year
+€8,677
Depreciation
+€84,354
Receivables within one year
+€25,704
Trade debts
-€13
Tax, wage and social debts
+€16,500
Other debts
-€15,945
Investment (derived)
-€110,943
Investment in fixed assets (net)
-€110,943
Financing
+€14,095
Debts after one year
-€1,916
Current portion of long-term debt
+€19,432
Short-term financial debts
-€3,421
Cash 2025
€27,035
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,016,957 | €1,040,273 | +€23,315 | +2.3% |
| Formation expenses | 20 | €60,000 | €60,000 | = | 0.0% |
| Fixed assets | 21/28 | €889,386 | €915,975 | +€26,589 | +3.0% |
| Intangible fixed assets | 21 | - | €25,000 | +€25,000 | |
| Tangible fixed assets | 22/27 | €889,386 | €890,975 | +€1,589 | +0.2% |
| Land and buildings | 22 | €726,475 | €733,145 | +€6,670 | +0.9% |
| Furniture and vehicles | 24 | €126,626 | €125,814 | -€811 | -0.6% |
| Other tangible fixed assets | 26 | €36,285 | €32,016 | -€4,269 | -11.8% |
| Current assets | 29/58 | €67,571 | €64,297 | -€3,274 | -4.8% |
| Amounts receivable within one year | 40/41 | €62,966 | €37,262 | -€25,704 | -40.8% |
| Trade receivables | 40 | €39,565 | €32,263 | -€7,303 | -18.5% |
| Other amounts receivable | 41 | €23,401 | €4,999 | -€18,401 | -78.6% |
| Cash at bank and in hand | 54/58 | €4,605 | €27,035 | +€22,430 | +487% |
| Total equity and liabilities | 10/49 | €1,016,957 | €1,040,273 | +€23,315 | +2.3% |
| Equity | 10/15 | €247,695 | €256,373 | +€8,677 | +3.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €235,295 | €243,973 | +€8,677 | +3.7% |
| 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 | €233,435 | €242,113 | +€8,677 | +3.7% |
| Amounts payable | 17/49 | €769,262 | €783,900 | +€14,638 | +1.9% |
| Amounts payable after more than one year | 17 | €561,954 | €560,038 | -€1,916 | -0.3% |
| Financial debts | 170/4 | €561,954 | €560,038 | -€1,916 | -0.3% |
| Amounts payable within one year | 42/48 | €207,308 | €223,862 | +€16,554 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €39,325 | €58,757 | +€19,432 | +49.4% |
| Financial debts | 43 | €3,421 | - | -€3,421 | |
| Credit institutions | 430/8 | €3,421 | - | -€3,421 | |
| Trade debts | 44 | €20,777 | €20,764 | -€13 | -0.1% |
| Suppliers | 440/4 | €20,777 | €20,764 | -€13 | -0.1% |
| Taxes, remuneration and social security | 45 | - | €16,500 | +€16,500 | |
| Taxes | 450/3 | - | €16,500 | +€16,500 | |
| Other amounts payable | 47/48 | €143,786 | €127,841 | -€15,945 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,703 | €84,354 | +€29,651 | +54.2% |
| Other operating charges | 640/8 | €3,830 | €3,385 | -€444 | -11.6% |
| Non-recurring operating charges | 66A | -€60,000 | - | +€60,000 | |
| Gross operating margin | 9900 | €28,183 | €116,290 | +€88,107 | +313% |
| Operating profit (loss) | 9901 | €29,651 | €28,551 | -€1,100 | -3.7% |
| Financial income | 75/76B | €6 | €2 | -€5 | -72.5% |
| Recurring financial income | 75 | €6 | €2 | -€5 | -72.5% |
| Financial charges | 65/66B | €19,228 | €9,712 | -€9,516 | -49.5% |
| Recurring financial charges | 65 | €19,228 | €9,712 | -€9,516 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €10,429 | €18,841 | +€8,411 | +80.7% |
| Income taxes | 67/77 | €5,001 | €10,163 | +€5,163 | +103% |
| Profit (loss) for the period | 9904 | €5,429 | €8,677 | +€3,249 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,429 | €8,677 | +€3,249 | +59.8% |
Next steps
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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 2 November 2026 via checked.be.