STEMALUCS: 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.
STEMALUCS
Largest movements
- Cash +€15,715
up €15,715 (+77.0%), from €20,413 to €36,129
mainly Net result for the year (+€38,743) and Depreciation (+€4,686)
- Receivables within one year +€11,503
up €11,503 (+42.9%), from €26,800 to €38,302
of which Trade receivables: +€8,198
- Stocks and contracts +€4,279
up €4,279 (+28.6%), from €14,972 to €19,251
of which Stocks: +€6,526
- Tangible fixed assets +€2,504
up €2,504 (+27.0%), from €9,280 to €11,785
of which Plant, machinery and equipment: +€4,185
- Reserves +€23,629
up €23,629 (+1,270%), from €1,860 to €25,489
- Profit (loss) carried forward +€15,114
no longer reported in 2025 (was -€15,114)
- Tax, wage and social debts -€4,177
down €4,177 (-20.5%), from €20,411 to €16,234
of which Remuneration and social security: -€15,609
- Current portion of long-term debt -€1,442
no longer reported in 2025 (was €1,442)
- Other debts +€1,170
up €1,170 (+3.0%), from €38,532 to €39,702
- Gross operating margin +€38,132
up €38,132 (+179%), from €21,304 to €59,436
- Taxes +€12,593
new in 2025: €12,593
- Financial charges -€3,543
down €3,543 (-61.6%), from €5,747 to €2,205
- Depreciation -€2,475
down €2,475 (-34.6%), from €7,162 to €4,686
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 | €71,683 | €105,466 | +€33,783 | +47.1% |
| Fixed assets | 21/28 | €9,280 | €11,785 | +€2,504 | +27.0% |
| Tangible fixed assets | 22/27 | €9,280 | €11,785 | +€2,504 | +27.0% |
| Plant, machinery and equipment | 23 | €6,309 | €10,494 | +€4,185 | +66.3% |
| Furniture and vehicles | 24 | €2,971 | €1,290 | -€1,681 | -56.6% |
| Current assets | 29/58 | €62,403 | €93,682 | +€31,279 | +50.1% |
| Stocks and contracts in progress | 3 | €14,972 | €19,251 | +€4,279 | +28.6% |
| Stocks | 30/36 | €4,562 | €11,087 | +€6,526 | +143% |
| Contracts in progress | 37 | €10,411 | €8,164 | -€2,247 | -21.6% |
| Amounts receivable within one year | 40/41 | €26,800 | €38,302 | +€11,503 | +42.9% |
| Trade receivables | 40 | €23,791 | €31,989 | +€8,198 | +34.5% |
| Other amounts receivable | 41 | €3,009 | €6,313 | +€3,304 | +110% |
| Cash at bank and in hand | 54/58 | €20,413 | €36,129 | +€15,715 | +77.0% |
| Deferred charges and accrued income | 490/1 | €218 | - | -€218 | |
| Total equity and liabilities | 10/49 | €71,683 | €105,466 | +€33,783 | +47.1% |
| Equity | 10/15 | €5,346 | €44,089 | +€38,743 | +725% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €25,489 | +€23,629 | +1,270% |
| Distributable reserves | 133 | €1,860 | €25,489 | +€23,629 | +1,270% |
| Profit (loss) carried forward | 14 | -€15,114 | - | +€15,114 | |
| Amounts payable | 17/49 | €66,337 | €61,377 | -€4,960 | -7.5% |
| Amounts payable within one year | 42/48 | €66,337 | €61,377 | -€4,960 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €1,442 | - | -€1,442 | |
| Trade debts | 44 | €5,953 | €5,442 | -€511 | -8.6% |
| Suppliers | 440/4 | €5,953 | €5,442 | -€511 | -8.6% |
| Taxes, remuneration and social security | 45 | €20,411 | €16,234 | -€4,177 | -20.5% |
| Taxes | 450/3 | €1,161 | €12,593 | +€11,432 | +985% |
| Remuneration and social security | 454/9 | €19,250 | €3,641 | -€15,609 | -81.1% |
| Other amounts payable | 47/48 | €38,532 | €39,702 | +€1,170 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,162 | €4,686 | -€2,475 | -34.6% |
| Other operating charges | 640/8 | €1,135 | €1,370 | +€235 | +20.7% |
| Gross operating margin | 9900 | €21,304 | €59,436 | +€38,132 | +179% |
| Operating profit (loss) | 9901 | €13,007 | €53,380 | +€40,373 | +310% |
| Financial income | 75/76B | €181 | €161 | -€20 | -11.1% |
| Recurring financial income | 75 | €181 | €161 | -€20 | -11.1% |
| Financial charges | 65/66B | €5,747 | €2,205 | -€3,543 | -61.6% |
| Recurring financial charges | 65 | €5,747 | €2,205 | -€3,543 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | €7,441 | €51,336 | +€43,895 | +590% |
| Income taxes | 67/77 | - | €12,593 | +€12,593 | |
| Profit (loss) for the period | 9904 | €7,441 | €38,743 | +€31,302 | +421% |
| Profit (loss) for the period to be appropriated | 9905 | €7,441 | €38,743 | +€31,302 | +421% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.