Stellar Ordnance: 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.
Stellar Ordnance
Largest movements
- Stocks and contracts +€25,682
up €25,682 (+146.0%), from €17,594 to €43,275
- Receivables within one year -€7,785
down €7,785 (-68.3%), from €11,406 to €3,621
of which Trade receivables: -€5,285
- Deferred charges and accrued income +€6,569
new in 2025: €6,569
- Cash +€6,466
up €6,466 (+82.6%), from €7,825 to €14,291
mainly Current portion of long-term debt (+€50,000) and Trade debts (+€43,883)
- Profit (loss) carried forward -€95,416
new in 2025: -€95,416
- Current portion of long-term debt +€50,000
new in 2025: €50,000
- Trade debts +€43,883
up €43,883 (+1640.9%), from €2,674 to €46,558
- Tax, wage and social debts +€16,141
up €16,141 (+4491.0%), from €359 to €16,500
of which Remuneration and social security: +€9,765
- Other debts +€15,405
up €15,405 (+46.9%), from €32,837 to €48,242
- Staff costs +€66,053
new in 2025: €66,053
- Gross operating margin -€32,825
down €32,825, from €2,347 to -€30,477
- Financial income +€3,690
up €3,690 (+4975.3%), from €74 to €3,764
- Financial charges +€2,737
up €2,737 (+497.7%), from €550 to €3,287
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 | €38,045 | €68,666 | +€30,621 | +80.5% |
| Fixed assets | 21/28 | €1,220 | €909 | -€312 | -25.5% |
| Tangible fixed assets | 22/27 | €1,220 | €909 | -€312 | -25.5% |
| Plant, machinery and equipment | 23 | €1,220 | €909 | -€312 | -25.5% |
| Current assets | 29/58 | €36,825 | €67,757 | +€30,932 | +84.0% |
| Stocks and contracts in progress | 3 | €17,594 | €43,275 | +€25,682 | +146.0% |
| Stocks | 30/36 | €17,594 | €43,275 | +€25,682 | +146.0% |
| Amounts receivable within one year | 40/41 | €11,406 | €3,621 | -€7,785 | -68.3% |
| Trade receivables | 40 | €8,906 | €3,621 | -€5,285 | -59.3% |
| Other amounts receivable | 41 | €2,500 | €0 | -€2,500 | -100.0% |
| Cash at bank and in hand | 54/58 | €7,825 | €14,291 | +€6,466 | +82.6% |
| Deferred charges and accrued income | 490/1 | - | €6,569 | +€6,569 | |
| Total equity and liabilities | 10/49 | €38,045 | €68,666 | +€30,621 | +80.5% |
| Equity | 10/15 | €2,174 | -€94,416 | -€96,590 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €1,174 | €0 | -€1,174 | -100.0% |
| Distributable reserves | 133 | €1,174 | €0 | -€1,174 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€95,416 | -€95,416 | |
| Amounts payable | 17/49 | €35,871 | €163,081 | +€127,211 | +354.6% |
| Amounts payable within one year | 42/48 | €35,871 | €161,300 | +€125,429 | +349.7% |
| Current portion of amounts payable after more than one year | 42 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €2,674 | €46,558 | +€43,883 | +1640.9% |
| Suppliers | 440/4 | €2,674 | €46,558 | +€43,883 | +1640.9% |
| Taxes, remuneration and social security | 45 | €359 | €16,500 | +€16,141 | +4491.0% |
| Taxes | 450/3 | €359 | €6,735 | +€6,376 | +1774.0% |
| Remuneration and social security | 454/9 | - | €9,765 | +€9,765 | |
| Other amounts payable | 47/48 | €32,837 | €48,242 | +€15,405 | +46.9% |
| Accrued charges and deferred income | 492/3 | - | €1,781 | +€1,781 | |
| Remuneration, social security and pensions | 62 | - | €66,053 | +€66,053 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338 | €312 | -€26 | -7.7% |
| Other operating charges | 640/8 | - | €75 | +€75 | |
| Gross operating margin | 9900 | €2,347 | -€30,477 | -€32,825 | |
| Operating profit (loss) | 9901 | €2,010 | -€96,916 | -€98,926 | |
| Financial income | 75/76B | €74 | €3,764 | +€3,690 | +4975.3% |
| Recurring financial income | 75 | €74 | €3,764 | +€3,690 | +4975.3% |
| Financial charges | 65/66B | €550 | €3,287 | +€2,737 | +497.7% |
| Recurring financial charges | 65 | €550 | €3,287 | +€2,737 | +497.7% |
| Profit (loss) for the period before taxes | 9903 | €1,534 | -€96,439 | -€97,973 | |
| Income taxes | 67/77 | €359 | €151 | -€208 | -58.0% |
| Profit (loss) for the period | 9904 | €1,174 | -€96,590 | -€97,764 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,174 | -€96,590 | -€97,764 |
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 2 October 2026 via checked.be.