STEMALY: 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.
STEMALY
Largest movements
- Tangible fixed assets +€6,584
up €6,584 (+2.8%), from €232,290 to €238,873
of which Land and buildings: +€15,961
- Cash +€4,422
up €4,422 (+7.0%), from €63,369 to €67,792
mainly Depreciation (+€36,385) and Net result for the year (+€16,797)
- Receivables within one year -€3,529
down €3,529 (-48.8%), from €7,225 to €3,696
of which Other amounts receivable: -€3,543
- Profit (loss) carried forward +€16,797
up €16,797 (+16.6%), from €101,299 to €118,096
- Trade debts -€10,882
down €10,882 (-77.8%), from €13,989 to €3,107
- Current portion of long-term debt +€8,364
up €8,364 (+40.8%), from €20,519 to €28,882
- Debts after one year -€6,154
down €6,154 (-4.2%), from €148,049 to €141,895
- Gross operating margin +€17,018
up €17,018 (+33.2%), from €51,213 to €68,231
- Taxes +€3,686
new in 2025: €3,686
- Financial charges +€1,963
up €1,963 (+29.9%), from €6,565 to €8,528
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 | €307,553 | €315,463 | +€7,910 | +2.6% |
| Fixed assets | 21/28 | €232,488 | €239,071 | +€6,584 | +2.8% |
| Tangible fixed assets | 22/27 | €232,290 | €238,873 | +€6,584 | +2.8% |
| Land and buildings | 22 | €176,602 | €192,563 | +€15,961 | +9.0% |
| Plant, machinery and equipment | 23 | €33,488 | €34,423 | +€935 | +2.8% |
| Furniture and vehicles | 24 | €22,200 | €11,887 | -€10,312 | -46.5% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €75,066 | €76,392 | +€1,327 | +1.8% |
| Stocks and contracts in progress | 3 | €3,451 | €3,842 | +€390 | +11.3% |
| Stocks | 30/36 | €3,451 | €3,842 | +€390 | +11.3% |
| Amounts receivable within one year | 40/41 | €7,225 | €3,696 | -€3,529 | -48.8% |
| Trade receivables | 40 | €156 | €171 | +€15 | +9.3% |
| Other amounts receivable | 41 | €7,069 | €3,525 | -€3,543 | -50.1% |
| Cash at bank and in hand | 54/58 | €63,369 | €67,792 | +€4,422 | +7.0% |
| Deferred charges and accrued income | 490/1 | €1,020 | €1,063 | +€43 | +4.2% |
| Total equity and liabilities | 10/49 | €307,553 | €315,463 | +€7,910 | +2.6% |
| Equity | 10/15 | €116,299 | €133,096 | +€16,797 | +14.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,299 | €118,096 | +€16,797 | +16.6% |
| Amounts payable | 17/49 | €191,255 | €182,367 | -€8,887 | -4.6% |
| Amounts payable after more than one year | 17 | €148,049 | €141,895 | -€6,154 | -4.2% |
| Financial debts | 170/4 | €148,049 | €141,895 | -€6,154 | -4.2% |
| Amounts payable within one year | 42/48 | €42,027 | €39,629 | -€2,398 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €20,519 | €28,882 | +€8,364 | +40.8% |
| Trade debts | 44 | €13,989 | €3,107 | -€10,882 | -77.8% |
| Suppliers | 440/4 | €13,989 | €3,107 | -€10,882 | -77.8% |
| Other amounts payable | 47/48 | €7,519 | €7,639 | +€120 | +1.6% |
| Accrued charges and deferred income | 492/3 | €1,178 | €843 | -€335 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,162 | €36,385 | +€223 | +0.6% |
| Other operating charges | 640/8 | €541 | €431 | -€110 | -20.3% |
| Non-recurring operating charges | 66A | - | €2,424 | +€2,424 | |
| Gross operating margin | 9900 | €51,213 | €68,231 | +€17,018 | +33.2% |
| Operating profit (loss) | 9901 | €14,510 | €28,991 | +€14,481 | +99.8% |
| Financial income | 75/76B | €1 | €20 | +€19 | +1,279% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +1,279% |
| Financial charges | 65/66B | €6,565 | €8,528 | +€1,963 | +29.9% |
| Recurring financial charges | 65 | €6,565 | €8,528 | +€1,963 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €7,946 | €20,483 | +€12,537 | +158% |
| Income taxes | 67/77 | - | €3,686 | +€3,686 | |
| Profit (loss) for the period | 9904 | €7,946 | €16,797 | +€8,852 | +111% |
| Profit (loss) for the period to be appropriated | 9905 | €7,946 | €16,797 | +€8,852 | +111% |
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 15 October 2026 via checked.be.