STELVANK: 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.
STELVANK
Largest movements
- Financial fixed assets +€540,098
up €540,098 (+13.7%), from €3.9m to €4.5m
- Receivables within one year +€415,738
up €415,738 (+310.2%), from €134,016 to €549,755
of which Other amounts receivable: +€406,922
- Tangible fixed assets +€125,733
up €125,733 (+1.9%), from €6.6m to €6.7m
of which Land and buildings: +€108,793
- Other debts +€1.2m
up €1.2m (+22.0%), from €5.3m to €6.5m
- Debts after one year -€149,917
down €149,917 (-10.5%), from €1.4m to €1.3m
- Profit (loss) carried forward -€134,733
down €134,733 (-43.1%), from €312,457 to €177,724
- Financial charges -€92,365
down €92,365 (-52.0%), from €177,654 to €85,289
of which Non-recurring financial charges: -€50,000
- Write-downs +€70,000
new in 2025: €70,000
- Depreciation +€10,818
up €10,818 (+4.5%), from €241,021 to €251,839
- Gross operating margin -€5,781
down €5,781 (-7.0%), from €82,349 to €76,567
- Other operating charges +€3,115
up €3,115 (+14.7%), from €21,190 to €24,305
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 | €11,101,824 | €12,029,556 | +€927,732 | +8.4% |
| Fixed assets | 21/28 | €10,494,300 | €11,160,131 | +€665,831 | +6.3% |
| Tangible fixed assets | 22/27 | €6,558,844 | €6,684,577 | +€125,733 | +1.9% |
| Land and buildings | 22 | €5,289,498 | €5,398,292 | +€108,793 | +2.1% |
| Plant, machinery and equipment | 23 | €35,506 | €56,456 | +€20,950 | +59.0% |
| Furniture and vehicles | 24 | €6,798 | €2,787 | -€4,011 | -59.0% |
| Other tangible fixed assets | 26 | €1,227,042 | €1,227,042 | = | 0.0% |
| Financial fixed assets | 28 | €3,935,456 | €4,475,554 | +€540,098 | +13.7% |
| Current assets | 29/58 | €607,524 | €869,425 | +€261,901 | +43.1% |
| Stocks and contracts in progress | 3 | €241,282 | €171,282 | -€70,000 | -29.0% |
| Stocks | 30/36 | €241,282 | €171,282 | -€70,000 | -29.0% |
| Amounts receivable within one year | 40/41 | €134,016 | €549,755 | +€415,738 | +310.2% |
| Trade receivables | 40 | €74,528 | €83,344 | +€8,816 | +11.8% |
| Other amounts receivable | 41 | €59,489 | €466,411 | +€406,922 | +684.0% |
| Current investments | 50/53 | €5 | €5 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €212,928 | €124,602 | -€88,326 | -41.5% |
| Deferred charges and accrued income | 490/1 | €19,294 | €23,782 | +€4,488 | +23.3% |
| Total equity and liabilities | 10/49 | €11,101,824 | €12,029,556 | +€927,732 | +8.4% |
| Equity | 10/15 | €4,105,466 | €3,970,733 | -€134,733 | -3.3% |
| Contributions | 10/11 | €1,711,724 | €1,711,724 | = | 0.0% |
| Reserves | 13 | €2,081,285 | €2,081,285 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,736 | €2,736 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,736 | €2,736 | = | 0.0% |
| Distributable reserves | 133 | €2,078,548 | €2,078,548 | = | 0.0% |
| Profit (loss) carried forward | 14 | €312,457 | €177,724 | -€134,733 | -43.1% |
| Amounts payable | 17/49 | €6,996,359 | €8,058,823 | +€1.1m | +15.2% |
| Amounts payable after more than one year | 17 | €1,428,220 | €1,278,303 | -€149,917 | -10.5% |
| Financial debts | 170/4 | €1,428,220 | €1,278,303 | -€149,917 | -10.5% |
| Amounts payable within one year | 42/48 | €5,568,139 | €6,777,914 | +€1.2m | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €165,897 | €162,495 | -€3,402 | -2.1% |
| Trade debts | 44 | €72,300 | €118,258 | +€45,958 | +63.6% |
| Suppliers | 440/4 | €72,300 | €118,258 | +€45,958 | +63.6% |
| Taxes, remuneration and social security | 45 | €10,228 | €9,183 | -€1,045 | -10.2% |
| Taxes | 450/3 | €10,228 | €9,183 | -€1,045 | -10.2% |
| Other amounts payable | 47/48 | €5,319,714 | €6,487,978 | +€1.2m | +22.0% |
| Accrued charges and deferred income | 492/3 | - | €2,606 | +€2,606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241,021 | €251,839 | +€10,818 | +4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €70,000 | +€70,000 | |
| Other operating charges | 640/8 | €21,190 | €24,305 | +€3,115 | +14.7% |
| Gross operating margin | 9900 | €82,349 | €76,567 | -€5,781 | -7.0% |
| Operating profit (loss) | 9901 | -€179,862 | -€269,576 | -€89,714 | -49.9% |
| Financial income | 75/76B | €221,625 | €220,133 | -€1,492 | -0.7% |
| Recurring financial income | 75 | €221,625 | €220,133 | -€1,492 | -0.7% |
| Financial charges | 65/66B | €177,654 | €85,289 | -€92,365 | -52.0% |
| Recurring financial charges | 65 | €127,654 | €85,289 | -€42,365 | -33.2% |
| Non-recurring financial charges | 66B | €50,000 | €0 | -€50,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€135,891 | -€134,733 | +€1,158 | +0.9% |
| Profit (loss) for the period | 9904 | -€135,891 | -€134,733 | +€1,158 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€135,891 | -€134,733 | +€1,158 | +0.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.