STELMASHA: 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.
What changed
STELMASHA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€19
2024 · -€10,556+€10,575
Equity
€944,792
2024 · €944,773+€19
Cash
€21,711
2024 · €38,473-€16,762
Balance sheet total
€1.1m
2024 · €1.2m-€104,238
Largest movements
Assets
- Deferred charges and accrued income -€38,622
down €38,622 (-95.3%), from €40,509 to €1,887
- Receivables after one year -€30,000
down €30,000 (-33.3%), from €90,000 to €60,000
- Receivables within one year +€18,677
up €18,677 (+3.1%), from €596,139 to €614,816
of which Trade receivables: +€11,171
- Current investments -€18,225
down €18,225 (-22.1%), from €82,512 to €64,287
- Tangible fixed assets -€18,014
down €18,014 (-4.8%), from €372,129 to €354,115
of which Land and buildings: -€14,985
Equity and liabilities
- Other debts -€98,887
down €98,887 (-85.2%), from €116,076 to €17,189
Income statement
- Gross operating margin +€26,950
up €26,950 (+25.7%), from €104,802 to €131,752
- Financial income -€11,207
down €11,207 (-23.8%), from €47,101 to €35,894
- Staff costs +€7,775
up €7,775 (+6.2%), from €125,565 to €133,341
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.
Result 2024
-€10,556
Gross operating margin
+€26,950
Staff costs
-€7,775
Depreciation
+€194
Other operating charges
+€1,147
Financial income
-€11,207
Financial charges
+€1,255
Taxes
+€12
Result 2025
€19
raises the resultlowers the result
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.
From operations
-€24,376
Investment
+€16,976
Financing
-€9,362
Cash 2024
€38,473
From operations (derived)
-€24,376
Net result for the year
+€19
Depreciation
+€21,920
Receivables after one year
+€30,000
Stocks and contracts
-€1,365
Receivables within one year
-€18,677
Deferred charges and accrued income
+€38,622
Trade debts
+€260
Tax, wage and social debts
+€6,093
Other debts
-€98,887
Accrued charges and deferred income
-€2,360
Investment (derived)
+€16,976
Investment in fixed assets (net)
-€1,249
Current investments
+€18,225
Financing
-€9,362
Debts after one year
-€9,780
Current portion of long-term debt
+€314
Short-term financial debts
+€104
Cash 2025
€21,711
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,239,885 | €1,135,647 | -€104,238 | -8.4% |
| Fixed assets | 21/28 | €392,252 | €371,581 | -€20,671 | -5.3% |
| Intangible fixed assets | 21 | €20,123 | €17,466 | -€2,657 | -13.2% |
| Tangible fixed assets | 22/27 | €372,129 | €354,115 | -€18,014 | -4.8% |
| Land and buildings | 22 | €322,033 | €307,048 | -€14,985 | -4.7% |
| Plant, machinery and equipment | 23 | €11,721 | €8,692 | -€3,029 | -25.8% |
| Furniture and vehicles | 24 | €30,800 | €30,800 | = | 0.0% |
| Other tangible fixed assets | 26 | €7,575 | €7,575 | = | 0.0% |
| Current assets | 29/58 | €847,633 | €764,066 | -€83,566 | -9.9% |
| Amounts receivable after more than one year | 29 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Other amounts receivable | 291 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Stocks and contracts in progress | 3 | - | €1,365 | +€1,365 | |
| Stocks | 30/36 | - | €1,365 | +€1,365 | |
| Amounts receivable within one year | 40/41 | €596,139 | €614,816 | +€18,677 | +3.1% |
| Trade receivables | 40 | €24,034 | €35,206 | +€11,171 | +46.5% |
| Other amounts receivable | 41 | €572,104 | €579,610 | +€7,506 | +1.3% |
| Current investments | 50/53 | €82,512 | €64,287 | -€18,225 | -22.1% |
| Cash at bank and in hand | 54/58 | €38,473 | €21,711 | -€16,762 | -43.6% |
| Deferred charges and accrued income | 490/1 | €40,509 | €1,887 | -€38,622 | -95.3% |
| Total equity and liabilities | 10/49 | €1,239,885 | €1,135,647 | -€104,238 | -8.4% |
| Equity | 10/15 | €944,773 | €944,792 | +€19 | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €175,248 | €175,248 | = | 0.0% |
| Distributable reserves | 133 | €175,248 | €175,248 | = | 0.0% |
| Profit (loss) carried forward | 14 | €707,526 | €707,545 | +€19 | 0.0% |
| Amounts payable | 17/49 | €295,112 | €190,855 | -€104,257 | -35.3% |
| Amounts payable after more than one year | 17 | €135,388 | €125,608 | -€9,780 | -7.2% |
| Financial debts | 170/4 | €135,388 | €125,608 | -€9,780 | -7.2% |
| Amounts payable within one year | 42/48 | €157,363 | €65,247 | -€92,117 | -58.5% |
| Current portion of amounts payable after more than one year | 42 | €9,466 | €9,780 | +€314 | +3.3% |
| Financial debts | 43 | - | €104 | +€104 | |
| Credit institutions | 430/8 | - | €104 | +€104 | |
| Trade debts | 44 | €17,590 | €17,851 | +€260 | +1.5% |
| Suppliers | 440/4 | €17,590 | €17,851 | +€260 | +1.5% |
| Taxes, remuneration and social security | 45 | €14,231 | €20,323 | +€6,093 | +42.8% |
| Taxes | 450/3 | €2,782 | €7,925 | +€5,143 | +185% |
| Remuneration and social security | 454/9 | €11,449 | €12,399 | +€950 | +8.3% |
| Other amounts payable | 47/48 | €116,076 | €17,189 | -€98,887 | -85.2% |
| Accrued charges and deferred income | 492/3 | €2,360 | €0 | -€2,360 | -100% |
| Remuneration, social security and pensions | 62 | €125,565 | €133,341 | +€7,775 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,114 | €21,920 | -€194 | -0.9% |
| Other operating charges | 640/8 | €5,766 | €4,619 | -€1,147 | -19.9% |
| Gross operating margin | 9900 | €104,802 | €131,752 | +€26,950 | +25.7% |
| Operating profit (loss) | 9901 | -€48,644 | -€28,128 | +€20,516 | +42.2% |
| Financial income | 75/76B | €47,101 | €35,894 | -€11,207 | -23.8% |
| Recurring financial income | 75 | €47,101 | €35,894 | -€11,207 | -23.8% |
| Financial charges | 65/66B | €8,834 | €7,579 | -€1,255 | -14.2% |
| Recurring financial charges | 65 | €8,834 | €7,579 | -€1,255 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,377 | €187 | +€10,564 | |
| Income taxes | 67/77 | €179 | €168 | -€12 | -6.4% |
| Profit (loss) for the period | 9904 | -€10,556 | €19 | +€10,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,556 | €19 | +€10,575 |
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 20 October 2026 via checked.be.