STELLOW: 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.
STELLOW
Largest movements
- Cash +€83,597
up €83,597 (+274.8%), from €30,426 to €114,023
mainly Net result for the year (+€88,640) and Receivables within one year (+€19,119)
- Receivables within one year -€19,119
down €19,119 (-46.5%), from €41,104 to €21,985
of which Other amounts receivable: -€10,899
- Reserves +€88,640
up €88,640 (+160.3%), from €55,305 to €143,945
- Debts after one year -€20,845
down €20,845 (-2.5%), from €835,050 to €814,205
- Financial income +€99,997
up €99,997 (+3246653.2%), from €3 to €100,000
- Gross operating margin -€35,685
down €35,685 (-88.5%), from €40,319 to €4,634
- Depreciation +€821
up €821 (+1069.2%), from €77 to €898
- Other operating charges +€447
up €447 (+64.3%), from €694 to €1,141
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 | €909,923 | €975,949 | +€66,027 | +7.3% |
| Fixed assets | 21/28 | €837,575 | €839,941 | +€2,366 | +0.3% |
| Tangible fixed assets | 22/27 | €2,525 | €4,891 | +€2,366 | +93.7% |
| Plant, machinery and equipment | 23 | €2,525 | €2,005 | -€520 | -20.6% |
| Furniture and vehicles | 24 | - | €2,886 | +€2,886 | |
| Financial fixed assets | 28 | €835,050 | €835,050 | = | 0.0% |
| Current assets | 29/58 | €72,347 | €136,008 | +€63,661 | +88.0% |
| Amounts receivable within one year | 40/41 | €41,104 | €21,985 | -€19,119 | -46.5% |
| Trade receivables | 40 | €30,000 | €21,780 | -€8,220 | -27.4% |
| Other amounts receivable | 41 | €11,104 | €205 | -€10,899 | -98.2% |
| Cash at bank and in hand | 54/58 | €30,426 | €114,023 | +€83,597 | +274.8% |
| Deferred charges and accrued income | 490/1 | €817 | €0 | -€817 | -100.0% |
| Total equity and liabilities | 10/49 | €909,923 | €975,949 | +€66,027 | +7.3% |
| Equity | 10/15 | €61,505 | €150,145 | +€88,640 | +144.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55,305 | €143,945 | +€88,640 | +160.3% |
| Distributable reserves | 133 | €55,305 | €143,945 | +€88,640 | +160.3% |
| Amounts payable | 17/49 | €848,418 | €825,805 | -€22,613 | -2.7% |
| Amounts payable after more than one year | 17 | €835,050 | €814,205 | -€20,845 | -2.5% |
| Other amounts payable | 178/9 | €835,050 | €814,205 | -€20,845 | -2.5% |
| Amounts payable within one year | 42/48 | €13,368 | €11,600 | -€1,768 | -13.2% |
| Trade debts | 44 | €2,033 | €4,021 | +€1,988 | +97.8% |
| Suppliers | 440/4 | €2,033 | €4,021 | +€1,988 | +97.8% |
| Taxes, remuneration and social security | 45 | €7,352 | €7,579 | +€226 | +3.1% |
| Taxes | 450/3 | €7,352 | €7,579 | +€226 | +3.1% |
| Other amounts payable | 47/48 | €3,982 | €0 | -€3,982 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77 | €898 | +€821 | +1069.2% |
| Other operating charges | 640/8 | €694 | €1,141 | +€447 | +64.3% |
| Gross operating margin | 9900 | €40,319 | €4,634 | -€35,685 | -88.5% |
| Operating profit (loss) | 9901 | €39,548 | €2,595 | -€36,953 | -93.4% |
| Financial income | 75/76B | €3 | €100,000 | +€99,997 | +3246653.2% |
| Recurring financial income | 75 | €3 | €100,000 | +€99,997 | +3246653.2% |
| Financial charges | 65/66B | €4,138 | €4,161 | +€23 | +0.5% |
| Recurring financial charges | 65 | €4,138 | €4,161 | +€23 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €35,413 | €98,434 | +€63,022 | +178.0% |
| Income taxes | 67/77 | €10,180 | €9,795 | -€385 | -3.8% |
| Profit (loss) for the period | 9904 | €25,233 | €88,640 | +€63,407 | +251.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,233 | €88,640 | +€63,407 | +251.3% |
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 10 October 2026 via checked.be.