STELOREAL: 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.
STELOREAL
Largest movements
- Cash +€17,153
up €17,153 (+337%), from €5,085 to €22,238
mainly Receivables within one year (+€10,202) and Other debts (+€8,080)
- Receivables within one year -€10,202
down €10,202 (-48.5%), from €21,021 to €10,819
of which Trade receivables: -€13,701
- Other debts +€8,080
up €8,080 (+30.3%), from €26,684 to €34,764
- Tax, wage and social debts -€7,039
down €7,039 (-65.7%), from €10,711 to €3,672
of which Taxes: -€7,039
- Gross operating margin -€36,874
down €36,874 (-63.3%), from €58,273 to €21,399
- Financial charges +€12,490
up €12,490 (+174%), from €7,188 to €19,679
- Taxes -€8,697
down €8,697 (-85.3%), from €10,197 to €1,501
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 | €524,481 | €526,462 | +€1,981 | +0.4% |
| Fixed assets | 21/28 | €405,472 | €402,571 | -€2,901 | -0.7% |
| Tangible fixed assets | 22/27 | €4,872 | €1,971 | -€2,901 | -59.5% |
| Furniture and vehicles | 24 | €4,872 | €1,971 | -€2,901 | -59.5% |
| Financial fixed assets | 28 | €400,600 | €400,600 | = | 0.0% |
| Current assets | 29/58 | €119,009 | €123,891 | +€4,882 | +4.1% |
| Amounts receivable within one year | 40/41 | €21,021 | €10,819 | -€10,202 | -48.5% |
| Trade receivables | 40 | €21,021 | €7,320 | -€13,701 | -65.2% |
| Other amounts receivable | 41 | - | €3,499 | +€3,499 | |
| Current investments | 50/53 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,085 | €22,238 | +€17,153 | +337% |
| Deferred charges and accrued income | 490/1 | €77,904 | €75,834 | -€2,070 | -2.7% |
| Total equity and liabilities | 10/49 | €524,481 | €526,462 | +€1,981 | +0.4% |
| Equity | 10/15 | €130,422 | €126,775 | -€3,647 | -2.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €68,922 | €65,275 | -€3,647 | -5.3% |
| Non-distributable reserves | 130/1 | €6,430 | €6,430 | = | 0.0% |
| Legal reserve | 130 | €6,430 | €6,430 | = | 0.0% |
| Distributable reserves | 133 | €62,492 | €58,844 | -€3,647 | -5.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €394,059 | €399,687 | +€5,628 | +1.4% |
| Amounts payable after more than one year | 17 | €350,000 | €350,000 | = | 0.0% |
| Financial debts | 170/4 | €350,000 | €350,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,852 | €47,386 | +€3,534 | +8.1% |
| Financial debts | 43 | - | €2,400 | +€2,400 | |
| Credit institutions | 430/8 | - | €2,400 | +€2,400 | |
| Trade debts | 44 | €6,458 | €6,550 | +€93 | +1.4% |
| Suppliers | 440/4 | €6,458 | €6,550 | +€93 | +1.4% |
| Taxes, remuneration and social security | 45 | €10,711 | €3,672 | -€7,039 | -65.7% |
| Taxes | 450/3 | €10,711 | €3,672 | -€7,039 | -65.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,684 | €34,764 | +€8,080 | +30.3% |
| Accrued charges and deferred income | 492/3 | €207 | €2,301 | +€2,095 | +1,013% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,717 | €2,901 | +€184 | +6.8% |
| Other operating charges | 640/8 | €1,245 | €968 | -€277 | -22.3% |
| Non-recurring operating charges | 66A | €2,220 | €0 | -€2,220 | -100% |
| Gross operating margin | 9900 | €58,273 | €21,399 | -€36,874 | -63.3% |
| Operating profit (loss) | 9901 | €52,092 | €17,531 | -€34,561 | -66.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €7,188 | €19,679 | +€12,490 | +174% |
| Recurring financial charges | 65 | €7,188 | €19,679 | +€12,490 | +174% |
| Profit (loss) for the period before taxes | 9903 | €44,903 | -€2,147 | -€47,050 | |
| Income taxes | 67/77 | €10,197 | €1,501 | -€8,697 | -85.3% |
| Profit (loss) for the period | 9904 | €34,706 | -€3,647 | -€38,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,706 | -€3,647 | -€38,354 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.