STELWIG: what changed
STELWIG
Largest movements
- Receivables within one year +€22,632
up €22,632 (+994%), from €2,276 to €24,907
of which Trade receivables: +€23,257
- Tangible fixed assets -€16,555
down €16,555 (-45.8%), from €36,124 to €19,569
of which Furniture and vehicles: -€15,835
- Cash -€9,984
down €9,984 (-45.0%), from €22,209 to €12,224
mainly Receivables within one year (-€22,632) and Net result for the year (-€13,788)
- Deferred charges and accrued income -€1,679
down €1,679 (-43.5%), from €3,862 to €2,184
- Stocks and contracts -€1,239
no longer reported in 2025 (was €1,239)
- Profit (loss) carried forward -€13,788
down €13,788 (-38.2%), from €36,054 to €22,266
- Tax, wage and social debts +€7,468
up €7,468 (+87.9%), from €8,492 to €15,960
of which Remuneration and social security: +€4,200
- Current portion of long-term debt -€3,917
no longer reported in 2025 (was €3,917)
- Trade debts +€2,413
up €2,413 (+243%), from €994 to €3,407
- Other debts +€998
up €998 (+79.7%), from €1,253 to €2,251
- Gross operating margin +€34,022
up €34,022, from -€27,779 to €6,244
- Depreciation -€8,772
down €8,772 (-34.6%), from €25,327 to €16,555
- Write-downs +€1,239
new in 2025: €1,239
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,710 | €58,884 | -€6,826 | -10.4% |
| Fixed assets | 21/28 | €36,124 | €19,569 | -€16,555 | -45.8% |
| Tangible fixed assets | 22/27 | €36,124 | €19,569 | -€16,555 | -45.8% |
| Furniture and vehicles | 24 | €30,617 | €14,782 | -€15,835 | -51.7% |
| Other tangible fixed assets | 26 | €5,507 | €4,787 | -€720 | -13.1% |
| Current assets | 29/58 | €29,586 | €39,316 | +€9,729 | +32.9% |
| Stocks and contracts in progress | 3 | €1,239 | - | -€1,239 | |
| Stocks | 30/36 | €1,239 | - | -€1,239 | |
| Amounts receivable within one year | 40/41 | €2,276 | €24,907 | +€22,632 | +994% |
| Trade receivables | 40 | €205 | €23,463 | +€23,257 | +11,336% |
| Other amounts receivable | 41 | €2,071 | €1,445 | -€626 | -30.2% |
| Cash at bank and in hand | 54/58 | €22,209 | €12,224 | -€9,984 | -45.0% |
| Deferred charges and accrued income | 490/1 | €3,862 | €2,184 | -€1,679 | -43.5% |
| Total equity and liabilities | 10/49 | €65,710 | €58,884 | -€6,826 | -10.4% |
| Equity | 10/15 | €51,054 | €37,266 | -€13,788 | -27.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,054 | €22,266 | -€13,788 | -38.2% |
| Amounts payable | 17/49 | €14,656 | €21,618 | +€6,962 | +47.5% |
| Amounts payable within one year | 42/48 | €14,656 | €21,618 | +€6,962 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €3,917 | - | -€3,917 | |
| Trade debts | 44 | €994 | €3,407 | +€2,413 | +243% |
| Suppliers | 440/4 | €994 | €3,407 | +€2,413 | +243% |
| Taxes, remuneration and social security | 45 | €8,492 | €15,960 | +€7,468 | +87.9% |
| Taxes | 450/3 | €8,492 | €11,760 | +€3,268 | +38.5% |
| Remuneration and social security | 454/9 | - | €4,200 | +€4,200 | |
| Other amounts payable | 47/48 | €1,253 | €2,251 | +€998 | +79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,327 | €16,555 | -€8,772 | -34.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,239 | +€1,239 | |
| Other operating charges | 640/8 | €1,748 | €1,615 | -€133 | -7.6% |
| Gross operating margin | 9900 | -€27,779 | €6,244 | +€34,022 | |
| Operating profit (loss) | 9901 | -€54,854 | -€13,166 | +€41,688 | +76.0% |
| Financial income | 75/76B | €106 | €104 | -€2 | -2.1% |
| Recurring financial income | 75 | €106 | €104 | -€2 | -2.1% |
| Financial charges | 65/66B | €295 | €139 | -€156 | -52.8% |
| Recurring financial charges | 65 | €295 | €139 | -€156 | -52.8% |
| Profit (loss) for the period before taxes | 9903 | -€55,043 | -€13,202 | +€41,842 | +76.0% |
| Income taxes | 67/77 | €587 | €586 | -€1 | -0.1% |
| Profit (loss) for the period | 9904 | -€55,630 | -€13,788 | +€41,842 | +75.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,630 | -€13,788 | +€41,842 | +75.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.