STEMALO: 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.
STEMALO
Largest movements
- Tangible fixed assets +€166,663
up €166,663 (+64.4%), from €258,760 to €425,423
of which Furniture and vehicles: +€142,322
- Cash +€47,131
up €47,131 (+52.6%), from €89,521 to €136,652
mainly Other debts (+€200,000) and Depreciation (+€122,999)
- Receivables within one year +€8,095
up €8,095 (+36.3%), from €22,288 to €30,383
of which Trade receivables: +€8,249
- Other debts +€200,000
up €200,000 (+95.8%), from €208,778 to €408,778
- Reserves +€22,882
up €22,882 (+23.9%), from €95,759 to €118,641
of which Tax-exempt reserves: +€13,691
- Debts after one year -€14,223
down €14,223 (-79.9%), from €17,798 to €3,576
- Gross operating margin +€54,989
up €54,989 (+56.2%), from €97,764 to €152,753
- Depreciation +€39,145
up €39,145 (+46.7%), from €83,854 to €122,999
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 | €373,438 | €595,336 | +€221,898 | +59.4% |
| Fixed assets | 21/28 | €258,760 | €425,423 | +€166,663 | +64.4% |
| Tangible fixed assets | 22/27 | €258,760 | €425,423 | +€166,663 | +64.4% |
| Land and buildings | 22 | €476 | €199 | -€277 | -58.2% |
| Plant, machinery and equipment | 23 | €220,087 | €244,705 | +€24,618 | +11.2% |
| Furniture and vehicles | 24 | €38,197 | €180,519 | +€142,322 | +372.6% |
| Current assets | 29/58 | €114,678 | €169,913 | +€55,235 | +48.2% |
| Amounts receivable within one year | 40/41 | €22,288 | €30,383 | +€8,095 | +36.3% |
| Trade receivables | 40 | €19,778 | €28,027 | +€8,249 | +41.7% |
| Other amounts receivable | 41 | €2,510 | €2,356 | -€154 | -6.1% |
| Cash at bank and in hand | 54/58 | €89,521 | €136,652 | +€47,131 | +52.6% |
| Deferred charges and accrued income | 490/1 | €2,869 | €2,878 | +€9 | +0.3% |
| Total equity and liabilities | 10/49 | €373,438 | €595,336 | +€221,898 | +59.4% |
| Equity | 10/15 | €116,219 | €139,101 | +€22,882 | +19.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €95,759 | €118,641 | +€22,882 | +23.9% |
| Tax-exempt reserves | 132 | €25,444 | €39,135 | +€13,691 | +53.8% |
| Distributable reserves | 133 | €70,315 | €79,506 | +€9,191 | +13.1% |
| Provisions and deferred taxes | 16 | €6,361 | €9,784 | +€3,423 | +53.8% |
| Deferred taxes | 168 | €6,361 | €9,784 | +€3,423 | +53.8% |
| Amounts payable | 17/49 | €250,858 | €446,451 | +€195,593 | +78.0% |
| Amounts payable after more than one year | 17 | €17,798 | €3,576 | -€14,223 | -79.9% |
| Financial debts | 170/4 | €17,798 | €3,576 | -€14,223 | -79.9% |
| Amounts payable within one year | 42/48 | €233,060 | €442,875 | +€209,816 | +90.0% |
| Current portion of amounts payable after more than one year | 42 | €14,094 | €14,223 | +€128 | +0.9% |
| Trade debts | 44 | €10,187 | €14,741 | +€4,554 | +44.7% |
| Suppliers | 440/4 | €10,187 | €14,741 | +€4,554 | +44.7% |
| Taxes, remuneration and social security | 45 | - | €5,133 | +€5,133 | |
| Taxes | 450/3 | - | €5,133 | +€5,133 | |
| Other amounts payable | 47/48 | €208,778 | €408,778 | +€200,000 | +95.8% |
| Non-recurring operating income | 76A | €12,994 | €42,500 | +€29,506 | +227.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,854 | €122,999 | +€39,145 | +46.7% |
| Other operating charges | 640/8 | €1,573 | €804 | -€768 | -48.9% |
| Gross operating margin | 9900 | €97,764 | €152,753 | +€54,989 | +56.2% |
| Operating profit (loss) | 9901 | €12,337 | €28,950 | +€16,612 | +134.6% |
| Financial income | 75/76B | €337 | €165 | -€171 | -50.8% |
| Recurring financial income | 75 | €337 | €165 | -€171 | -50.8% |
| Financial charges | 65/66B | €510 | €407 | -€103 | -20.2% |
| Recurring financial charges | 65 | €510 | €407 | -€103 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €12,164 | €28,708 | +€16,544 | +136.0% |
| Transfer from deferred taxes | 780 | €1,420 | €2,477 | +€1,057 | +74.5% |
| Transfer to deferred taxes | 680 | €2,599 | €5,900 | +€3,301 | +127.0% |
| Income taxes | 67/77 | €2,203 | €2,403 | +€200 | +9.1% |
| Profit (loss) for the period | 9904 | €8,782 | €22,882 | +€14,100 | +160.6% |
| Transfer from tax-exempt reserves | 789 | €5,680 | €9,909 | +€4,229 | +74.5% |
| Transfer to tax-exempt reserves | 689 | €10,395 | €23,600 | +€13,205 | +127.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,067 | €9,191 | +€5,124 | +126.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.