STEWAL: what changed
What changed
STEWAL
NACE 25.530, Machining of metals
filed annual accounts (NBB)
Net result for the year
€197,131
2024 · €113,830+€83,301
Equity
€1.4m
2024 · €1.3m+€82,131
Cash
€508,872
2024 · €521,183-€12,312
Balance sheet total
€2.2m
2024 · €1.9m+€263,022
Largest movements
Assets
- Receivables within one year +€345,493
up €345,493 (+61.2%), from €564,936 to €910,429
of which Trade receivables: +€372,993
- Stocks and contracts -€112,840
down €112,840 (-42.4%), from €265,831 to €152,991
of which Contracts in progress: -€98,605
- Tangible fixed assets +€22,671
up €22,671 (+4.7%), from €486,190 to €508,861
of which Plant, machinery and equipment: +€47,038
Equity and liabilities
- Tax, wage and social debts +€143,055
up €143,055 (+83.3%), from €171,706 to €314,761
of which Taxes: +€74,350
- Other debts +€120,232
up €120,232 (+219%), from €54,867 to €175,099
- Reserves +€82,131
up €82,131 (+9.2%), from €891,741 to €973,872
of which Distributable reserves: +€82,131
- Accrued charges and deferred income -€36,165
down €36,165 (-89.5%), from €40,421 to €4,256
- Debts after one year -€30,900
down €30,900 (-20.3%), from €151,930 to €121,030
Income statement
- Gross operating margin +€122,215
up €122,215 (+8.4%), from €1.5m to €1.6m
- Write-downs -€51,460
down €51,460, from €40,876 to -€10,585
- Staff costs +€48,206
up €48,206 (+4.4%), from €1.1m to €1.1m
- Depreciation +€30,561
up €30,561 (+16.6%), from €184,555 to €215,116
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€113,830
Gross operating margin
+€122,215
Staff costs
-€48,206
Depreciation
-€30,561
Write-downs
+€51,460
Provisions
-€5,469
Other operating charges
+€733
Financial income
-€5,620
Financial charges
-€1,726
Taxes
+€475
Result 2025
€197,131
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€396,547
Investment
-€257,780
Financing
-€151,079
Cash 2024
€521,183
From operations (derived)
+€396,547
Net result for the year
+€197,131
Depreciation
+€215,116
Stocks and contracts
+€112,840
Receivables within one year
-€345,493
Smaller working-capital items
+€454
Trade debts
-€10,622
Tax, wage and social debts
+€143,055
Other debts
+€120,232
Accrued charges and deferred income
-€36,165
Investment (derived)
-€257,780
Investment in fixed assets (net)
-€257,780
Financing
-€151,079
Debts after one year
-€30,900
Current portion of long-term debt
-€5,179
Contributions, distributions and other
-€115,000
Cash 2025
€508,872
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,945,633 | €2,208,655 | +€263,022 | +13.5% |
| Fixed assets | 21/28 | €570,345 | €613,009 | +€42,664 | +7.5% |
| Intangible fixed assets | 21 | €84,155 | €104,148 | +€19,993 | +23.8% |
| Tangible fixed assets | 22/27 | €486,190 | €508,861 | +€22,671 | +4.7% |
| Plant, machinery and equipment | 23 | €290,632 | €337,670 | +€47,038 | +16.2% |
| Furniture and vehicles | 24 | €25,997 | €39,778 | +€13,782 | +53.0% |
| Leasing and similar rights | 25 | €156,183 | €122,311 | -€33,872 | -21.7% |
| Other tangible fixed assets | 26 | €13,379 | €9,102 | -€4,276 | -32.0% |
| Current assets | 29/58 | €1,375,288 | €1,595,646 | +€220,358 | +16.0% |
| Stocks and contracts in progress | 3 | €265,831 | €152,991 | -€112,840 | -42.4% |
| Stocks | 30/36 | €111,408 | €97,173 | -€14,235 | -12.8% |
| Contracts in progress | 37 | €154,423 | €55,818 | -€98,605 | -63.9% |
| Amounts receivable within one year | 40/41 | €564,936 | €910,429 | +€345,493 | +61.2% |
| Trade receivables | 40 | €536,169 | €909,162 | +€372,993 | +69.6% |
| Other amounts receivable | 41 | €28,767 | €1,268 | -€27,499 | -95.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €521,183 | €508,872 | -€12,312 | -2.4% |
| Deferred charges and accrued income | 490/1 | €23,338 | €23,354 | +€16 | +0.1% |
| Total equity and liabilities | 10/49 | €1,945,633 | €2,208,655 | +€263,022 | +13.5% |
| Equity | 10/15 | €1,316,741 | €1,398,872 | +€82,131 | +6.2% |
| Contributions | 10/11 | €425,000 | €425,000 | = | 0.0% |
| Capital | 10 | €425,000 | €425,000 | = | 0.0% |
| Issued capital | 100 | €425,000 | €425,000 | = | 0.0% |
| Reserves | 13 | €891,741 | €973,872 | +€82,131 | +9.2% |
| Non-distributable reserves | 130/1 | €42,500 | €42,500 | = | 0.0% |
| Legal reserve | 130 | €42,500 | €42,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,799 | €5,799 | = | 0.0% |
| Distributable reserves | 133 | €843,442 | €925,573 | +€82,131 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,412 | €12,882 | +€470 | +3.8% |
| Provisions for liabilities and charges | 160/5 | €12,412 | €12,882 | +€470 | +3.8% |
| Other liabilities and charges | 164/5 | €12,412 | €12,882 | +€470 | +3.8% |
| Amounts payable | 17/49 | €616,480 | €796,901 | +€180,421 | +29.3% |
| Amounts payable after more than one year | 17 | €151,930 | €121,030 | -€30,900 | -20.3% |
| Financial debts | 170/4 | €151,930 | €121,030 | -€30,900 | -20.3% |
| Amounts payable within one year | 42/48 | €424,129 | €671,615 | +€247,486 | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €33,287 | €28,108 | -€5,179 | -15.6% |
| Trade debts | 44 | €164,269 | €153,647 | -€10,622 | -6.5% |
| Suppliers | 440/4 | €164,269 | €153,647 | -€10,622 | -6.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €171,706 | €314,761 | +€143,055 | +83.3% |
| Taxes | 450/3 | €51,486 | €125,836 | +€74,350 | +144% |
| Remuneration and social security | 454/9 | €120,220 | €188,924 | +€68,705 | +57.1% |
| Other amounts payable | 47/48 | €54,867 | €175,099 | +€120,232 | +219% |
| Accrued charges and deferred income | 492/3 | €40,421 | €4,256 | -€36,165 | -89.5% |
| Remuneration, social security and pensions | 62 | €1,093,086 | €1,141,292 | +€48,206 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,555 | €215,116 | +€30,561 | +16.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,876 | -€10,585 | -€51,460 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,999 | €470 | +€5,469 | |
| Other operating charges | 640/8 | €2,768 | €2,035 | -€733 | -26.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,452,681 | €1,574,895 | +€122,215 | +8.4% |
| Operating profit (loss) | 9901 | €136,394 | €226,566 | +€90,172 | +66.1% |
| Financial income | 75/76B | €5,788 | €168 | -€5,620 | -97.1% |
| Recurring financial income | 75 | €5,788 | €168 | -€5,620 | -97.1% |
| Financial charges | 65/66B | €13,394 | €15,121 | +€1,726 | +12.9% |
| Recurring financial charges | 65 | €13,394 | €15,121 | +€1,726 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €128,788 | €211,613 | +€82,825 | +64.3% |
| Income taxes | 67/77 | €14,958 | €14,483 | -€475 | -3.2% |
| Profit (loss) for the period | 9904 | €113,830 | €197,131 | +€83,301 | +73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €113,830 | €197,131 | +€83,301 | +73.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.