Stewalco: 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.
Stewalco
Largest movements
- Financial fixed assets +€68,173
new in 2025: €68,173
- Cash -€64,303
down €64,303 (-56.6%), from €113,638 to €49,336
mainly Investment in fixed assets (net) (-€81,580) and Tax, wage and social debts (-€3,883)
- Tangible fixed assets +€11,792
up €11,792 (+389.7%), from €3,026 to €14,819
of which Land and buildings: +€13,371
- Receivables within one year -€1,772
down €1,772 (-5.8%), from €30,331 to €28,559
of which Other amounts receivable: -€12,304
- Reserves +€22,882
up €22,882 (+22.9%), from €100,022 to €122,904
- Tax, wage and social debts -€3,883
down €3,883 (-28.3%), from €13,725 to €9,842
- Trade debts -€2,185
down €2,185 (-92.7%), from €2,356 to €172
- Accrued charges and deferred income -€1,819
no longer reported in 2025 (was €1,819)
- Gross operating margin +€8,417
up €8,417 (+31.3%), from €26,916 to €35,333
- Taxes +€1,946
up €1,946 (+29.0%), from €6,716 to €8,662
- Staff costs -€1,748
no longer reported in 2025 (was €1,748)
- Other operating charges +€1,319
up €1,319 (+340.6%), from €387 to €1,707
- Financial charges +€611
up €611 (+157.8%), from €388 to €999
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 | €149,001 | €163,768 | +€14,767 | +9.9% |
| Fixed assets | 21/28 | €3,026 | €82,992 | +€79,966 | +2642.6% |
| Tangible fixed assets | 22/27 | €3,026 | €14,819 | +€11,792 | +389.7% |
| Land and buildings | 22 | - | €13,371 | +€13,371 | |
| Plant, machinery and equipment | 23 | €3,026 | €1,447 | -€1,579 | -52.2% |
| Financial fixed assets | 28 | - | €68,173 | +€68,173 | |
| Current assets | 29/58 | €145,975 | €80,776 | -€65,199 | -44.7% |
| Amounts receivable within one year | 40/41 | €30,331 | €28,559 | -€1,772 | -5.8% |
| Trade receivables | 40 | €18,026 | €28,559 | +€10,532 | +58.4% |
| Other amounts receivable | 41 | €12,304 | - | -€12,304 | |
| Cash at bank and in hand | 54/58 | €113,638 | €49,336 | -€64,303 | -56.6% |
| Deferred charges and accrued income | 490/1 | €2,006 | €2,882 | +€876 | +43.7% |
| Total equity and liabilities | 10/49 | €149,001 | €163,768 | +€14,767 | +9.9% |
| Equity | 10/15 | €118,572 | €141,454 | +€22,882 | +19.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | - | -€18,550 | |
| Other | 1109/19 | €18,550 | - | -€18,550 | |
| Reserves | 13 | €100,022 | €122,904 | +€22,882 | +22.9% |
| Distributable reserves | 133 | €100,022 | €122,904 | +€22,882 | +22.9% |
| Amounts payable | 17/49 | €30,429 | €22,314 | -€8,115 | -26.7% |
| Amounts payable within one year | 42/48 | €28,610 | €22,314 | -€6,296 | -22.0% |
| Trade debts | 44 | €2,356 | €172 | -€2,185 | -92.7% |
| Suppliers | 440/4 | €2,356 | €172 | -€2,185 | -92.7% |
| Taxes, remuneration and social security | 45 | €13,725 | €9,842 | -€3,883 | -28.3% |
| Taxes | 450/3 | €13,725 | €9,842 | -€3,883 | -28.3% |
| Other amounts payable | 47/48 | €12,528 | €12,300 | -€228 | -1.8% |
| Accrued charges and deferred income | 492/3 | €1,819 | - | -€1,819 | |
| Remuneration, social security and pensions | 62 | €1,748 | - | -€1,748 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,579 | €1,615 | +€36 | +2.3% |
| Other operating charges | 640/8 | €387 | €1,707 | +€1,319 | +340.6% |
| Gross operating margin | 9900 | €26,916 | €35,333 | +€8,417 | +31.3% |
| Operating profit (loss) | 9901 | €23,201 | €32,012 | +€8,811 | +38.0% |
| Financial income | 75/76B | €523 | €531 | +€8 | +1.5% |
| Recurring financial income | 75 | €523 | €531 | +€8 | +1.5% |
| Financial charges | 65/66B | €388 | €999 | +€611 | +157.8% |
| Recurring financial charges | 65 | €388 | €999 | +€611 | +157.8% |
| Profit (loss) for the period before taxes | 9903 | €23,337 | €31,544 | +€8,207 | +35.2% |
| Income taxes | 67/77 | €6,716 | €8,662 | +€1,946 | +29.0% |
| Profit (loss) for the period | 9904 | €16,620 | €22,882 | +€6,261 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,620 | €22,882 | +€6,261 | +37.7% |
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 12 October 2026 via checked.be.