STELLINI: 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.
STELLINI
Largest movements
- Tangible fixed assets +€2,689
up €2,689 (+7.5%), from €36,085 to €38,774
of which Plant, machinery and equipment: +€8,759
- Deferred charges and accrued income +€1,602
up €1,602 (+690%), from €232 to €1,834
- Cash -€1,559
down €1,559 (-16.5%), from €9,462 to €7,902
mainly Investment in fixed assets (net) (-€11,726) and Debts after one year (-€5,518)
- Stocks and contracts -€791
down €791 (-19.8%), from €3,991 to €3,200
- Debts after one year -€5,518
down €5,518 (-32.9%), from €16,783 to €11,265
- Profit (loss) carried forward +€4,841
up €4,841 (+550%), from €881 to €5,722
- Tax, wage and social debts +€958
up €958 (+49.3%), from €1,942 to €2,900
of which Taxes: +€958
- Gross operating margin +€9,539
up €9,539 (+144%), from €6,623 to €16,162
- Depreciation +€4,279
up €4,279 (+89.9%), from €4,758 to €9,037
- Taxes +€958
up €958 (+430%), from €223 to €1,181
- Financial charges +€684
up €684 (+216%), from €316 to €1,001
- Other operating charges -€257
down €257 (-56.0%), from €460 to €202
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 | €58,875 | €60,911 | +€2,036 | +3.5% |
| Fixed assets | 21/28 | €36,085 | €38,774 | +€2,689 | +7.5% |
| Tangible fixed assets | 22/27 | €36,085 | €38,774 | +€2,689 | +7.5% |
| Plant, machinery and equipment | 23 | €6,394 | €15,153 | +€8,759 | +137% |
| Furniture and vehicles | 24 | €29,691 | €23,621 | -€6,070 | -20.4% |
| Current assets | 29/58 | €22,790 | €22,137 | -€653 | -2.9% |
| Stocks and contracts in progress | 3 | €3,991 | €3,200 | -€791 | -19.8% |
| Stocks | 30/36 | €3,991 | €3,200 | -€791 | -19.8% |
| Amounts receivable within one year | 40/41 | €9,105 | €9,201 | +€96 | +1.0% |
| Trade receivables | 40 | €470 | €4,424 | +€3,954 | +842% |
| Other amounts receivable | 41 | €8,636 | €4,777 | -€3,859 | -44.7% |
| Cash at bank and in hand | 54/58 | €9,462 | €7,902 | -€1,559 | -16.5% |
| Deferred charges and accrued income | 490/1 | €232 | €1,834 | +€1,602 | +690% |
| Total equity and liabilities | 10/49 | €58,875 | €60,911 | +€2,036 | +3.5% |
| Equity | 10/15 | €12,881 | €17,722 | +€4,841 | +37.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €881 | €5,722 | +€4,841 | +550% |
| Amounts payable | 17/49 | €45,995 | €43,189 | -€2,806 | -6.1% |
| Amounts payable after more than one year | 17 | €16,783 | €11,265 | -€5,518 | -32.9% |
| Financial debts | 170/4 | €16,783 | €11,265 | -€5,518 | -32.9% |
| Amounts payable within one year | 42/48 | €29,180 | €31,317 | +€2,137 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €5,285 | €5,518 | +€233 | +4.4% |
| Trade debts | 44 | €7,256 | €7,811 | +€556 | +7.7% |
| Suppliers | 440/4 | €7,256 | €7,811 | +€556 | +7.7% |
| Taxes, remuneration and social security | 45 | €1,942 | €2,900 | +€958 | +49.3% |
| Taxes | 450/3 | €223 | €1,181 | +€958 | +430% |
| Remuneration and social security | 454/9 | €1,719 | €1,719 | = | 0.0% |
| Other amounts payable | 47/48 | €14,697 | €15,088 | +€391 | +2.7% |
| Accrued charges and deferred income | 492/3 | €31 | €606 | +€575 | +1,853% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,758 | €9,037 | +€4,279 | +89.9% |
| Other operating charges | 640/8 | €460 | €202 | -€257 | -56.0% |
| Gross operating margin | 9900 | €6,623 | €16,162 | +€9,539 | +144% |
| Operating profit (loss) | 9901 | €1,405 | €6,922 | +€5,517 | +393% |
| Financial income | 75/76B | €15 | €100 | +€85 | +557% |
| Recurring financial income | 75 | €15 | €100 | +€85 | +557% |
| Financial charges | 65/66B | €316 | €1,001 | +€684 | +216% |
| Recurring financial charges | 65 | €316 | €1,001 | +€684 | +216% |
| Profit (loss) for the period before taxes | 9903 | €1,104 | €6,022 | +€4,918 | +446% |
| Income taxes | 67/77 | €223 | €1,181 | +€958 | +430% |
| Profit (loss) for the period | 9904 | €881 | €4,841 | +€3,961 | +450% |
| Profit (loss) for the period to be appropriated | 9905 | €881 | €4,841 | +€3,961 | +450% |
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 28 October 2026 via checked.be.