Stelmarc: 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.
Stelmarc
Largest movements
- Cash -€20,230
down €20,230 (-32.5%), from €62,224 to €41,994
mainly Debts after one year (-€13,500) and Receivables within one year (-€10,263)
- Tangible fixed assets -€13,252
down €13,252 (-47.6%), from €27,845 to €14,593
- Receivables within one year +€10,263
up €10,263 (+49.8%), from €20,607 to €30,870
of which Trade receivables: +€11,041
- Debts after one year -€13,500
down €13,500 (-91.5%), from €14,750 to €1,250
of which Other amounts payable: -€14,750
- Current portion of long-term debt -€8,945
down €8,945 (-100.0%), from €8,945 to €0
- Tax, wage and social debts -€5,932
down €5,932 (-42.1%), from €14,103 to €8,170
of which Remuneration and social security: -€6,336
- Reserves +€3,027
up €3,027 (+5.7%), from €52,803 to €55,830
- Trade debts +€1,813
up €1,813 (+58.3%), from €3,109 to €4,922
- Gross operating margin +€31,812
up €31,812, from -€12,539 to €19,273
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 | €113,460 | €91,259 | -€22,201 | -19.6% |
| Fixed assets | 21/28 | €27,845 | €14,593 | -€13,252 | -47.6% |
| Tangible fixed assets | 22/27 | €27,845 | €14,593 | -€13,252 | -47.6% |
| Furniture and vehicles | 24 | €27,845 | €14,593 | -€13,252 | -47.6% |
| Current assets | 29/58 | €85,616 | €76,667 | -€8,949 | -10.5% |
| Amounts receivable within one year | 40/41 | €20,607 | €30,870 | +€10,263 | +49.8% |
| Trade receivables | 40 | €18,967 | €30,008 | +€11,041 | +58.2% |
| Other amounts receivable | 41 | €1,641 | €862 | -€778 | -47.4% |
| Cash at bank and in hand | 54/58 | €62,224 | €41,994 | -€20,230 | -32.5% |
| Deferred charges and accrued income | 490/1 | €2,784 | €3,802 | +€1,018 | +36.6% |
| Total equity and liabilities | 10/49 | €113,460 | €91,259 | -€22,201 | -19.6% |
| Equity | 10/15 | €71,403 | €74,430 | +€3,027 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,803 | €55,830 | +€3,027 | +5.7% |
| Distributable reserves | 133 | €52,803 | €55,830 | +€3,027 | +5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,057 | €16,829 | -€25,228 | -60.0% |
| Amounts payable after more than one year | 17 | €14,750 | €1,250 | -€13,500 | -91.5% |
| Financial debts | 170/4 | €0 | €1,250 | +€1,250 | |
| Other amounts payable | 178/9 | €14,750 | €0 | -€14,750 | -100.0% |
| Amounts payable within one year | 42/48 | €27,307 | €15,579 | -€11,728 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €8,945 | €0 | -€8,945 | -100.0% |
| Financial debts | 43 | €256 | €1,654 | +€1,397 | +544.9% |
| Credit institutions | 430/8 | €256 | €0 | -€256 | -100.0% |
| Other loans | 439 | - | €1,654 | +€1,654 | |
| Trade debts | 44 | €3,109 | €4,922 | +€1,813 | +58.3% |
| Suppliers | 440/4 | €3,109 | €4,922 | +€1,813 | +58.3% |
| Taxes, remuneration and social security | 45 | €14,103 | €8,170 | -€5,932 | -42.1% |
| Taxes | 450/3 | €7,767 | €8,170 | +€403 | +5.2% |
| Remuneration and social security | 454/9 | €6,336 | €0 | -€6,336 | -100.0% |
| Other amounts payable | 47/48 | €894 | €833 | -€61 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,252 | €13,252 | = | 0.0% |
| Other operating charges | 640/8 | €1,306 | €1,348 | +€41 | +3.2% |
| Gross operating margin | 9900 | -€12,539 | €19,273 | +€31,812 | |
| Operating profit (loss) | 9901 | -€27,097 | €4,674 | +€31,771 | |
| Financial income | 75/76B | €0 | €23 | +€23 | |
| Recurring financial income | 75 | €0 | €23 | +€23 | |
| Financial charges | 65/66B | €335 | €228 | -€107 | -32.0% |
| Recurring financial charges | 65 | €335 | €228 | -€107 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | -€27,432 | €4,469 | +€31,901 | |
| Income taxes | 67/77 | €620 | €609 | -€11 | -1.8% |
| Profit (loss) for the period | 9904 | -€28,052 | €3,860 | +€31,912 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,052 | €3,860 | +€31,912 |
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 8 October 2026 via checked.be.