STELUT: 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.
STELUT
Largest movements
- Tangible fixed assets -€58,190
down €58,190 (-5.1%), from €1.1m to €1.1m
of which Land and buildings: -€44,546
- Current investments -€25,000
down €25,000 (-18.5%), from €135,000 to €110,000
- Cash +€17,952
up €17,952 (+53.0%), from €33,891 to €51,843
mainly Depreciation (+€59,940) and Current investments (+€25,000)
- Profit (loss) carried forward -€25,644
down €25,644 (-18.6%), from €137,551 to €111,907
- Reserves -€20,076
down €20,076 (-3.6%), from €552,220 to €532,144
of which Tax-exempt reserves: -€20,076
- Gross operating margin +€36,263
up €36,263, from -€20,122 to €16,142
- Financial income +€6,319
up €6,319 (+242.7%), from €2,604 to €8,923
- Depreciation +€502
up €502 (+0.8%), from €59,439 to €59,940
- Taxes -€427
down €427 (-57.3%), from €745 to €318
- Other operating charges +€268
up €268 (+3.5%), from €7,737 to €8,006
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 | €1,333,652 | €1,271,700 | -€61,952 | -4.6% |
| Fixed assets | 21/28 | €1,149,155 | €1,090,964 | -€58,190 | -5.1% |
| Tangible fixed assets | 22/27 | €1,149,006 | €1,090,816 | -€58,190 | -5.1% |
| Land and buildings | 22 | €1,085,697 | €1,041,152 | -€44,546 | -4.1% |
| Plant, machinery and equipment | 23 | €32,023 | €27,449 | -€4,575 | -14.3% |
| Furniture and vehicles | 24 | €31,286 | €22,216 | -€9,070 | -29.0% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €184,497 | €180,736 | -€3,762 | -2.0% |
| Amounts receivable within one year | 40/41 | €13,324 | €16,542 | +€3,218 | +24.2% |
| Other amounts receivable | 41 | €13,324 | €16,542 | +€3,218 | +24.2% |
| Current investments | 50/53 | €135,000 | €110,000 | -€25,000 | -18.5% |
| Cash at bank and in hand | 54/58 | €33,891 | €51,843 | +€17,952 | +53.0% |
| Deferred charges and accrued income | 490/1 | €2,282 | €2,351 | +€69 | +3.0% |
| Total equity and liabilities | 10/49 | €1,333,652 | €1,271,700 | -€61,952 | -4.6% |
| Equity | 10/15 | €1,031,971 | €986,252 | -€45,720 | -4.4% |
| Contributions | 10/11 | €342,200 | €342,200 | = | 0.0% |
| Capital | 10 | €342,200 | €342,200 | = | 0.0% |
| Issued capital | 100 | €342,200 | €342,200 | = | 0.0% |
| Reserves | 13 | €552,220 | €532,144 | -€20,076 | -3.6% |
| Non-distributable reserves | 130/1 | €34,220 | €34,220 | = | 0.0% |
| Legal reserve | 130 | €34,220 | €34,220 | = | 0.0% |
| Tax-exempt reserves | 132 | €503,250 | €483,174 | -€20,076 | -4.0% |
| Distributable reserves | 133 | €14,750 | €14,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,551 | €111,907 | -€25,644 | -18.6% |
| Provisions and deferred taxes | 16 | €259,134 | €248,797 | -€10,337 | -4.0% |
| Deferred taxes | 168 | €259,134 | €248,797 | -€10,337 | -4.0% |
| Amounts payable | 17/49 | €42,547 | €36,652 | -€5,895 | -13.9% |
| Amounts payable after more than one year | 17 | €20,933 | €11,748 | -€9,186 | -43.9% |
| Financial debts | 170/4 | €20,933 | €11,748 | -€9,186 | -43.9% |
| Amounts payable within one year | 42/48 | €20,720 | €23,955 | +€3,235 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €8,942 | €9,165 | +€224 | +2.5% |
| Trade debts | 44 | €207 | €2,658 | +€2,452 | +1187.0% |
| Suppliers | 440/4 | €207 | €2,658 | +€2,452 | +1187.0% |
| Taxes, remuneration and social security | 45 | €3,471 | €3,639 | +€168 | +4.8% |
| Taxes | 450/3 | €3,471 | €3,639 | +€168 | +4.8% |
| Other amounts payable | 47/48 | €8,100 | €8,492 | +€392 | +4.8% |
| Accrued charges and deferred income | 492/3 | €894 | €949 | +€55 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,439 | €59,940 | +€502 | +0.8% |
| Other operating charges | 640/8 | €7,737 | €8,006 | +€268 | +3.5% |
| Gross operating margin | 9900 | -€20,122 | €16,142 | +€36,263 | |
| Operating profit (loss) | 9901 | -€87,298 | -€51,804 | +€35,493 | +40.7% |
| Financial income | 75/76B | €2,604 | €8,923 | +€6,319 | +242.7% |
| Recurring financial income | 75 | €2,604 | €8,923 | +€6,319 | +242.7% |
| Financial charges | 65/66B | €975 | €726 | -€249 | -25.5% |
| Recurring financial charges | 65 | €975 | €726 | -€249 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | -€85,669 | -€43,608 | +€42,061 | +49.1% |
| Transfer from deferred taxes | 780 | €10,337 | €10,337 | = | 0.0% |
| Income taxes | 67/77 | €745 | €318 | -€427 | -57.3% |
| Profit (loss) for the period | 9904 | -€76,076 | -€33,588 | +€42,488 | +55.8% |
| Transfer from tax-exempt reserves | 789 | €20,076 | €20,076 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,001 | -€13,513 | +€42,488 | +75.9% |
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 9 October 2026 via checked.be.