STELLE: 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.
STELLE
Largest movements
- Cash +€93,723
up €93,723 (+58.2%), from €161,082 to €254,804
mainly Net result for the year (+€161,772) and Other debts (+€136,409)
- Current investments -€83,500
down €83,500 (-76.6%), from €109,000 to €25,500
- Receivables within one year +€25,000
new in 2025: €25,000
- Other debts +€136,409
up €136,409 (+19,259%), from €708 to €137,117
- Reserves -€98,228
down €98,228 (-37.4%), from €262,970 to €164,743
- Tax, wage and social debts -€6,745
down €6,745 (-48.4%), from €13,936 to €7,191
of which Taxes: -€6,745
- Gross operating margin +€45,475
up €45,475 (+27.0%), from €168,617 to €214,092
- Taxes +€11,255
up €11,255 (+29.0%), from €38,761 to €50,016
- Financial income -€2,448
down €2,448 (-100%), from €2,448 to €0
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.
Derived cash bridge
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 | €279,034 | €310,470 | +€31,436 | +11.3% |
| Fixed assets | 21/28 | €5,118 | €3,772 | -€1,346 | -26.3% |
| Tangible fixed assets | 22/27 | €4,788 | €3,442 | -€1,346 | -28.1% |
| Furniture and vehicles | 24 | €1,534 | €1,174 | -€360 | -23.5% |
| Other tangible fixed assets | 26 | €3,254 | €2,268 | -€986 | -30.3% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €273,916 | €306,698 | +€32,782 | +12.0% |
| Amounts receivable within one year | 40/41 | - | €25,000 | +€25,000 | |
| Trade receivables | 40 | - | €25,000 | +€25,000 | |
| Current investments | 50/53 | €109,000 | €25,500 | -€83,500 | -76.6% |
| Cash at bank and in hand | 54/58 | €161,082 | €254,804 | +€93,723 | +58.2% |
| Deferred charges and accrued income | 490/1 | €3,834 | €1,394 | -€2,440 | -63.6% |
| Total equity and liabilities | 10/49 | €279,034 | €310,470 | +€31,436 | +11.3% |
| Equity | 10/15 | €263,970 | €165,743 | -€98,228 | -37.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €262,970 | €164,743 | -€98,228 | -37.4% |
| Distributable reserves | 133 | €262,970 | €164,743 | -€98,228 | -37.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,064 | €144,728 | +€129,664 | +861% |
| Amounts payable within one year | 42/48 | €14,644 | €144,308 | +€129,664 | +885% |
| Taxes, remuneration and social security | 45 | €13,936 | €7,191 | -€6,745 | -48.4% |
| Taxes | 450/3 | €11,686 | €4,941 | -€6,745 | -57.7% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €708 | €137,117 | +€136,409 | +19,259% |
| Accrued charges and deferred income | 492/3 | €420 | €420 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,252 | €1,346 | +€93 | +7.5% |
| Other operating charges | 640/8 | €261 | €667 | +€407 | +156% |
| Gross operating margin | 9900 | €168,617 | €214,092 | +€45,475 | +27.0% |
| Operating profit (loss) | 9901 | €167,104 | €212,079 | +€44,975 | +26.9% |
| Financial income | 75/76B | €2,448 | €0 | -€2,448 | -100% |
| Recurring financial income | 75 | €2,448 | €0 | -€2,448 | -100% |
| Financial charges | 65/66B | €45 | €291 | +€246 | +547% |
| Recurring financial charges | 65 | €45 | €291 | +€246 | +547% |
| Profit (loss) for the period before taxes | 9903 | €169,507 | €211,788 | +€42,281 | +24.9% |
| Income taxes | 67/77 | €38,761 | €50,016 | +€11,255 | +29.0% |
| Profit (loss) for the period | 9904 | €130,747 | €161,772 | +€31,026 | +23.7% |
| Profit (loss) for the period to be appropriated | 9905 | €130,747 | €161,772 | +€31,026 | +23.7% |
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 14 October 2026 via checked.be.