STEMBERG: 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.
STEMBERG
Largest movements
- Receivables after one year +€210,000
new in 2025: €210,000
- Cash +€76,902
up €76,902 (+66.9%), from €114,912 to €191,814
mainly Net result for the year (+€124,016) and Trade debts (+€82,594)
- Receivables within one year -€76,154
down €76,154 (-7.7%), from €985,459 to €909,305
of which Other amounts receivable: -€95,039
- Current investments -€50,000
down €50,000 (-37.3%), from €134,000 to €84,000
- Financial fixed assets -€41,263
down €41,263 (-10.8%), from €380,820 to €339,557
- Reserves +€124,016
up €124,016 (+13.3%), from €929,559 to €1.1m
- Trade debts +€82,594
up €82,594 (+50.4%), from €163,849 to €246,443
- Accrued charges and deferred income -€37,750
down €37,750 (-13.0%), from €290,000 to €252,250
- Gross operating margin +€270,942
up €270,942 (+383.9%), from €70,572 to €341,514
- Other operating charges -€72,916
down €72,916 (-61.9%), from €117,801 to €44,885
- Financial income +€28,961
up €28,961 (+351.0%), from €8,250 to €37,211
of which Financial income: +€28,806
- Taxes +€15,668
up €15,668 (+65.6%), from €23,902 to €39,570
- Staff costs +€10,012
up €10,012 (+9.7%), from €103,394 to €113,406
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 | €1,689,394 | €1,823,220 | +€133,826 | +7.9% |
| Fixed assets | 21/28 | €454,338 | €402,624 | -€51,714 | -11.4% |
| Intangible fixed assets | 21 | €183 | €183 | = | 0.0% |
| Tangible fixed assets | 22/27 | €73,334 | €62,883 | -€10,451 | -14.3% |
| Land and buildings | 22 | €45,752 | €37,366 | -€8,385 | -18.3% |
| Plant, machinery and equipment | 23 | - | €3,945 | +€3,945 | |
| Furniture and vehicles | 24 | €8,821 | €8,497 | -€324 | -3.7% |
| Other tangible fixed assets | 26 | €18,761 | €13,075 | -€5,686 | -30.3% |
| Financial fixed assets | 28 | €380,820 | €339,557 | -€41,263 | -10.8% |
| Current assets | 29/58 | €1,235,056 | €1,420,596 | +€185,540 | +15.0% |
| Amounts receivable after more than one year | 29 | - | €210,000 | +€210,000 | |
| Other amounts receivable | 291 | - | €210,000 | +€210,000 | |
| Amounts receivable within one year | 40/41 | €985,459 | €909,305 | -€76,154 | -7.7% |
| Trade receivables | 40 | €652,235 | €671,120 | +€18,885 | +2.9% |
| Other amounts receivable | 41 | €333,224 | €238,186 | -€95,039 | -28.5% |
| Current investments | 50/53 | €134,000 | €84,000 | -€50,000 | -37.3% |
| Cash at bank and in hand | 54/58 | €114,912 | €191,814 | +€76,902 | +66.9% |
| Deferred charges and accrued income | 490/1 | €685 | €25,477 | +€24,792 | +3620.1% |
| Total equity and liabilities | 10/49 | €1,689,394 | €1,823,220 | +€133,826 | +7.9% |
| Equity | 10/15 | €1,026,989 | €1,151,005 | +€124,016 | +12.1% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | €27,430 | €27,430 | = | 0.0% |
| Reserves | 13 | €929,559 | €1,053,575 | +€124,016 | +13.3% |
| Distributable reserves | 133 | €929,559 | €1,053,575 | +€124,016 | +13.3% |
| Amounts payable | 17/49 | €662,405 | €672,215 | +€9,810 | +1.5% |
| Amounts payable after more than one year | 17 | €20,372 | €4,050 | -€16,322 | -80.1% |
| Financial debts | 170/4 | €16,322 | - | -€16,322 | |
| Other amounts payable | 178/9 | €4,050 | €4,050 | = | 0.0% |
| Amounts payable within one year | 42/48 | €352,033 | €415,915 | +€63,881 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €23,435 | €16,322 | -€7,114 | -30.4% |
| Financial debts | 43 | €127 | - | -€127 | |
| Credit institutions | 430/8 | €127 | - | -€127 | |
| Trade debts | 44 | €163,849 | €246,443 | +€82,594 | +50.4% |
| Suppliers | 440/4 | €163,849 | €246,443 | +€82,594 | +50.4% |
| Taxes, remuneration and social security | 45 | €32,414 | €20,942 | -€11,472 | -35.4% |
| Taxes | 450/3 | €7,411 | €15,077 | +€7,667 | +103.5% |
| Remuneration and social security | 454/9 | €25,004 | €5,865 | -€19,139 | -76.5% |
| Other amounts payable | 47/48 | €132,208 | €132,208 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €290,000 | €252,250 | -€37,750 | -13.0% |
| Remuneration, social security and pensions | 62 | €103,394 | €113,406 | +€10,012 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,630 | €17,288 | -€6,342 | -26.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,805 | €27,848 | +€9,042 | +48.1% |
| Other operating charges | 640/8 | €117,801 | €44,885 | -€72,916 | -61.9% |
| Gross operating margin | 9900 | €70,572 | €341,514 | +€270,942 | +383.9% |
| Operating profit (loss) | 9901 | -€193,058 | €138,087 | +€331,145 | |
| Financial income | 75/76B | €8,250 | €37,211 | +€28,961 | +351.0% |
| Recurring financial income | 75 | €8,250 | €37,056 | +€28,806 | +349.2% |
| Non-recurring financial income | 76B | - | €155 | +€155 | |
| Financial charges | 65/66B | €8,508 | €11,712 | +€3,204 | +37.7% |
| Recurring financial charges | 65 | €8,508 | €8,112 | -€396 | -4.7% |
| Non-recurring financial charges | 66B | - | €3,600 | +€3,600 | |
| Profit (loss) for the period before taxes | 9903 | -€193,316 | €163,586 | +€356,902 | |
| Income taxes | 67/77 | €23,902 | €39,570 | +€15,668 | +65.6% |
| Profit (loss) for the period | 9904 | -€217,218 | €124,016 | +€341,234 | |
| Profit (loss) for the period to be appropriated | 9905 | -€217,218 | €124,016 | +€341,234 |
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 9 October 2026 via checked.be.