STELMON: 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.
STELMON
Largest movements
- Receivables within one year +€10,872
up €10,872 (+21.2%), from €51,267 to €62,139
of which Other amounts receivable: +€10,630
- Tangible fixed assets +€1,925
up €1,925 (+4.8%), from €40,140 to €42,065
- Trade debts +€10,062
new in 2025: €10,062
- Reserves +€1,648
up €1,648 (+2.4%), from €69,855 to €71,503
- Tax, wage and social debts +€1,169
up €1,169 (+245%), from €477 to €1,646
- Gross operating margin -€5,734
down €5,734 (-46.8%), from €12,264 to €6,529
- Taxes -€1,627
down €1,627 (-73.1%), from €2,227 to €600
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 | €101,345 | €114,197 | +€12,852 | +12.7% |
| Fixed assets | 21/28 | €40,179 | €42,104 | +€1,925 | +4.8% |
| Tangible fixed assets | 22/27 | €40,140 | €42,065 | +€1,925 | +4.8% |
| Land and buildings | 22 | €40,140 | €42,065 | +€1,925 | +4.8% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €61,166 | €72,093 | +€10,927 | +17.9% |
| Amounts receivable within one year | 40/41 | €51,267 | €62,139 | +€10,872 | +21.2% |
| Trade receivables | 40 | €12,607 | €12,849 | +€242 | +1.9% |
| Other amounts receivable | 41 | €38,661 | €49,291 | +€10,630 | +27.5% |
| Cash at bank and in hand | 54/58 | €9,833 | €9,875 | +€41 | +0.4% |
| Deferred charges and accrued income | 490/1 | €65 | €79 | +€13 | +20.5% |
| Total equity and liabilities | 10/49 | €101,345 | €114,197 | +€12,852 | +12.7% |
| Equity | 10/15 | €100,842 | €102,490 | +€1,648 | +1.6% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €69,855 | €71,503 | +€1,648 | +2.4% |
| Distributable reserves | 133 | €69,855 | €71,503 | +€1,648 | +2.4% |
| Amounts payable | 17/49 | €503 | €11,708 | +€11,204 | +2,226% |
| Amounts payable within one year | 42/48 | €477 | €11,707 | +€11,231 | +2,355% |
| Trade debts | 44 | - | €10,062 | +€10,062 | |
| Suppliers | 440/4 | - | €10,062 | +€10,062 | |
| Taxes, remuneration and social security | 45 | €477 | €1,646 | +€1,169 | +245% |
| Taxes | 450/3 | €477 | €1,646 | +€1,169 | +245% |
| Accrued charges and deferred income | 492/3 | €26 | €0 | -€26 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,195 | €2,291 | +€96 | +4.4% |
| Other operating charges | 640/8 | €1,787 | €1,842 | +€55 | +3.1% |
| Gross operating margin | 9900 | €12,264 | €6,529 | -€5,734 | -46.8% |
| Operating profit (loss) | 9901 | €8,282 | €2,397 | -€5,885 | -71.1% |
| Financial charges | 65/66B | €150 | €150 | -€0 | -0.2% |
| Recurring financial charges | 65 | €150 | €150 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €8,132 | €2,247 | -€5,885 | -72.4% |
| Income taxes | 67/77 | €2,227 | €600 | -€1,627 | -73.1% |
| Profit (loss) for the period | 9904 | €5,905 | €1,648 | -€4,257 | -72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,905 | €1,648 | -€4,257 | -72.1% |
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 16 October 2026 via checked.be.