STEMIELINA: 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.
STEMIELINA
Largest movements
- Receivables within one year +€33,610
up €33,610 (+1945.3%), from €1,728 to €35,338
of which Other amounts receivable: +€30,747
- Cash +€26,932
up €26,932 (+39.5%), from €68,239 to €95,171
mainly Net result for the year (+€58,396) and Depreciation (+€52,307)
- Tangible fixed assets -€13,149
down €13,149 (-4.0%), from €326,118 to €312,969
of which Plant, machinery and equipment: -€22,590
- Reserves +€58,396
up €58,396 (+59.2%), from €98,644 to €157,040
- Debts after one year -€24,658
down €24,658 (-10.0%), from €247,040 to €222,382
- Tax, wage and social debts +€16,775
up €16,775 (+101.9%), from €16,460 to €33,235
of which Taxes: +€16,668
- Other debts -€8,087
no longer reported in 2025 (was €8,087)
- Gross operating margin +€38,926
up €38,926 (+25.3%), from €153,605 to €192,530
- Depreciation -€25,017
down €25,017 (-32.4%), from €77,324 to €52,307
- Staff costs +€16,074
up €16,074 (+47.4%), from €33,921 to €49,995
- Taxes +€9,815
up €9,815 (+139.0%), from €7,061 to €16,876
- Other operating charges -€2,269
down €2,269 (-34.3%), from €6,625 to €4,356
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 | €403,003 | €447,077 | +€44,074 | +10.9% |
| Fixed assets | 21/28 | €326,118 | €312,969 | -€13,149 | -4.0% |
| Tangible fixed assets | 22/27 | €326,118 | €312,969 | -€13,149 | -4.0% |
| Land and buildings | 22 | €240,958 | €228,316 | -€12,642 | -5.2% |
| Plant, machinery and equipment | 23 | €72,205 | €49,615 | -€22,590 | -31.3% |
| Furniture and vehicles | 24 | €12,956 | €35,039 | +€22,083 | +170.5% |
| Current assets | 29/58 | €76,885 | €134,108 | +€57,224 | +74.4% |
| Stocks and contracts in progress | 3 | €1,233 | €1,011 | -€223 | -18.1% |
| Stocks | 30/36 | €1,233 | €1,011 | -€223 | -18.1% |
| Amounts receivable within one year | 40/41 | €1,728 | €35,338 | +€33,610 | +1945.3% |
| Trade receivables | 40 | €1,435 | €4,298 | +€2,863 | +199.5% |
| Other amounts receivable | 41 | €293 | €31,040 | +€30,747 | +10509.3% |
| Cash at bank and in hand | 54/58 | €68,239 | €95,171 | +€26,932 | +39.5% |
| Deferred charges and accrued income | 490/1 | €5,684 | €2,589 | -€3,095 | -54.5% |
| Total equity and liabilities | 10/49 | €403,003 | €447,077 | +€44,074 | +10.9% |
| Equity | 10/15 | €103,644 | €162,040 | +€58,396 | +56.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €98,644 | €157,040 | +€58,396 | +59.2% |
| Distributable reserves | 133 | €98,644 | €157,040 | +€58,396 | +59.2% |
| Amounts payable | 17/49 | €299,359 | €285,037 | -€14,321 | -4.8% |
| Amounts payable after more than one year | 17 | €247,040 | €222,382 | -€24,658 | -10.0% |
| Financial debts | 170/4 | €247,040 | €222,382 | -€24,658 | -10.0% |
| Amounts payable within one year | 42/48 | €52,319 | €62,655 | +€10,336 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €23,832 | €24,658 | +€825 | +3.5% |
| Trade debts | 44 | €3,940 | €4,762 | +€823 | +20.9% |
| Suppliers | 440/4 | €3,940 | €4,762 | +€823 | +20.9% |
| Taxes, remuneration and social security | 45 | €16,460 | €33,235 | +€16,775 | +101.9% |
| Taxes | 450/3 | €11,832 | €28,499 | +€16,668 | +140.9% |
| Remuneration and social security | 454/9 | €4,628 | €4,736 | +€107 | +2.3% |
| Other amounts payable | 47/48 | €8,087 | - | -€8,087 | |
| Remuneration, social security and pensions | 62 | €33,921 | €49,995 | +€16,074 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,324 | €52,307 | -€25,017 | -32.4% |
| Other operating charges | 640/8 | €6,625 | €4,356 | -€2,269 | -34.3% |
| Gross operating margin | 9900 | €153,605 | €192,530 | +€38,926 | +25.3% |
| Operating profit (loss) | 9901 | €35,735 | €85,872 | +€50,138 | +140.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €11,221 | €10,601 | -€621 | -5.5% |
| Recurring financial charges | 65 | €11,221 | €10,601 | -€621 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €24,514 | €75,272 | +€50,758 | +207.1% |
| Income taxes | 67/77 | €7,061 | €16,876 | +€9,815 | +139.0% |
| Profit (loss) for the period | 9904 | €17,453 | €58,396 | +€40,943 | +234.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,453 | €58,396 | +€40,943 | +234.6% |
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.