STENABO: 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.
STENABO
Largest movements
- Cash -€499,400
down €499,400 (-52.6%), from €949,584 to €450,184
mainly Other debts (-€723,522) and Receivables after one year (-€385,000)
- Receivables after one year +€385,000
up €385,000 (+177.0%), from €217,507 to €602,507
- Tangible fixed assets -€258,436
down €258,436 (-23.5%), from €1.1m to €840,278
of which Furniture and vehicles: -€139,297
- Receivables within one year +€191,479
up €191,479 (+15.9%), from €1.2m to €1.4m
of which Trade receivables: +€173,899
- Current investments -€189,026
down €189,026 (-44.4%), from €426,071 to €237,044
- Other debts -€723,522
down €723,522 (-100.0%), from €723,522 to €0
- Reserves +€587,148
up €587,148 (+29.4%), from €2.0m to €2.6m
- Debts after one year -€234,928
down €234,928 (-49.3%), from €476,373 to €241,445
- Financial charges +€165,711
up €165,711 (+299.5%), from €55,332 to €221,043
- Write-downs +€47,707
up €47,707, from €0 to €47,707
- Gross operating margin -€47,049
down €47,049 (-1.2%), from €4.1m to €4.0m
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 | €4,012,404 | €3,619,962 | -€392,442 | -9.8% |
| Fixed assets | 21/28 | €1,102,193 | €843,878 | -€258,316 | -23.4% |
| Tangible fixed assets | 22/27 | €1,098,713 | €840,278 | -€258,436 | -23.5% |
| Land and buildings | 22 | €136,610 | €121,238 | -€15,372 | -11.3% |
| Plant, machinery and equipment | 23 | €462,085 | €340,809 | -€121,276 | -26.2% |
| Furniture and vehicles | 24 | €500,019 | €360,722 | -€139,297 | -27.9% |
| Leasing and similar rights | 25 | - | €17,509 | +€17,509 | |
| Financial fixed assets | 28 | €3,480 | €3,600 | +€120 | +3.4% |
| Current assets | 29/58 | €2,910,210 | €2,776,084 | -€134,126 | -4.6% |
| Amounts receivable after more than one year | 29 | €217,507 | €602,507 | +€385,000 | +177.0% |
| Other amounts receivable | 291 | €217,507 | €602,507 | +€385,000 | +177.0% |
| Stocks and contracts in progress | 3 | €74,981 | €72,076 | -€2,905 | -3.9% |
| Stocks | 30/36 | €74,981 | €72,076 | -€2,905 | -3.9% |
| Amounts receivable within one year | 40/41 | €1,207,793 | €1,399,272 | +€191,479 | +15.9% |
| Trade receivables | 40 | €1,125,869 | €1,299,767 | +€173,899 | +15.4% |
| Other amounts receivable | 41 | €81,924 | €99,505 | +€17,581 | +21.5% |
| Current investments | 50/53 | €426,071 | €237,044 | -€189,026 | -44.4% |
| Cash at bank and in hand | 54/58 | €949,584 | €450,184 | -€499,400 | -52.6% |
| Deferred charges and accrued income | 490/1 | €34,275 | €15,002 | -€19,273 | -56.2% |
| Total equity and liabilities | 10/49 | €4,012,404 | €3,619,962 | -€392,442 | -9.8% |
| Equity | 10/15 | €2,010,875 | €2,598,023 | +€587,148 | +29.2% |
| Contributions | 10/11 | €13,642 | €13,642 | = | 0.0% |
| Reserves | 13 | €1,997,232 | €2,584,381 | +€587,148 | +29.4% |
| Distributable reserves | 133 | €1,997,232 | €2,584,381 | +€587,148 | +29.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,001,529 | €1,021,939 | -€979,590 | -48.9% |
| Amounts payable after more than one year | 17 | €476,373 | €241,445 | -€234,928 | -49.3% |
| Financial debts | 170/4 | €476,373 | €241,445 | -€234,928 | -49.3% |
| Amounts payable within one year | 42/48 | €1,524,954 | €780,494 | -€744,460 | -48.8% |
| Current portion of amounts payable after more than one year | 42 | €311,193 | €278,202 | -€32,992 | -10.6% |
| Financial debts | 43 | - | €190 | +€190 | |
| Credit institutions | 430/8 | - | €190 | +€190 | |
| Trade debts | 44 | €192,468 | €211,970 | +€19,503 | +10.1% |
| Suppliers | 440/4 | €192,468 | €211,970 | +€19,503 | +10.1% |
| Taxes, remuneration and social security | 45 | €297,772 | €290,133 | -€7,639 | -2.6% |
| Taxes | 450/3 | €125,322 | €147,762 | +€22,441 | +17.9% |
| Remuneration and social security | 454/9 | €172,450 | €142,371 | -€30,079 | -17.4% |
| Other amounts payable | 47/48 | €723,522 | €0 | -€723,522 | -100.0% |
| Accrued charges and deferred income | 492/3 | €202 | €0 | -€202 | -100.0% |
| Remuneration, social security and pensions | 62 | €2,388,305 | €2,420,239 | +€31,933 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €386,843 | €392,005 | +€5,161 | +1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €47,707 | +€47,707 | |
| Other operating charges | 640/8 | €13,063 | €18,406 | +€5,342 | +40.9% |
| Gross operating margin | 9900 | €4,054,498 | €4,007,448 | -€47,049 | -1.2% |
| Operating profit (loss) | 9901 | €1,266,286 | €1,129,092 | -€137,193 | -10.8% |
| Financial income | 75/76B | €32,942 | €4,011 | -€28,931 | -87.8% |
| Recurring financial income | 75 | €32,942 | €4,011 | -€28,931 | -87.8% |
| Financial charges | 65/66B | €55,332 | €221,043 | +€165,711 | +299.5% |
| Recurring financial charges | 65 | €55,332 | €221,043 | +€165,711 | +299.5% |
| Profit (loss) for the period before taxes | 9903 | €1,243,896 | €912,060 | -€331,836 | -26.7% |
| Income taxes | 67/77 | €357,162 | €324,912 | -€32,250 | -9.0% |
| Profit (loss) for the period | 9904 | €886,734 | €587,148 | -€299,585 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €886,734 | €587,148 | -€299,585 | -33.8% |
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 30 September 2026 via checked.be.