STEWALINDUS: 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.
STEWALINDUS
Largest movements
- Cash +€128,763
up €128,763 (+37.7%), from €341,299 to €470,061
mainly Contributions, distributions and other (+€360,000) and Net result for the year (+€106,342)
- Contributions +€360,000
up €360,000 (+35.1%), from €1.0m to €1.4m
- Other debts -€360,000
down €360,000 (-100%), from €360,000 to €0
- Reserves +€106,342
up €106,342 (+10.2%), from €1.0m to €1.1m
of which Distributable reserves: +€101,025
- Financial income -€302,838
down €302,838 (-99.5%), from €304,511 to €1,673
- Gross operating margin -€102,871
down €102,871 (-33.5%), from €307,231 to €204,360
- Taxes -€62,318
down €62,318 (-58.7%), from €106,112 to €43,794
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.
Derived cash bridge
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 | €2,533,525 | €2,612,423 | +€78,897 | +3.1% |
| Fixed assets | 21/28 | €1,764,250 | €1,741,726 | -€22,524 | -1.3% |
| Tangible fixed assets | 22/27 | €169,623 | €147,099 | -€22,524 | -13.3% |
| Land and buildings | 22 | €156,205 | €134,218 | -€21,987 | -14.1% |
| Plant, machinery and equipment | 23 | €11,826 | €10,294 | -€1,532 | -13.0% |
| Furniture and vehicles | 24 | €1,593 | €2,587 | +€994 | +62.4% |
| Financial fixed assets | 28 | €1,594,627 | €1,594,627 | = | 0.0% |
| Current assets | 29/58 | €769,275 | €870,697 | +€101,421 | +13.2% |
| Amounts receivable within one year | 40/41 | €51,418 | €31,780 | -€19,639 | -38.2% |
| Trade receivables | 40 | €48,684 | €28,161 | -€20,523 | -42.2% |
| Other amounts receivable | 41 | €2,734 | €3,619 | +€884 | +32.3% |
| Current investments | 50/53 | €370,000 | €365,000 | -€5,000 | -1.4% |
| Cash at bank and in hand | 54/58 | €341,299 | €470,061 | +€128,763 | +37.7% |
| Deferred charges and accrued income | 490/1 | €6,558 | €3,856 | -€2,702 | -41.2% |
| Total equity and liabilities | 10/49 | €2,533,525 | €2,612,423 | +€78,897 | +3.1% |
| Equity | 10/15 | €2,062,563 | €2,528,905 | +€466,342 | +22.6% |
| Contributions | 10/11 | €1,025,000 | €1,385,000 | +€360,000 | +35.1% |
| Capital | 10 | €1,025,000 | €1,385,000 | +€360,000 | +35.1% |
| Issued capital | 100 | €1,025,000 | €1,385,000 | +€360,000 | +35.1% |
| Reserves | 13 | €1,037,563 | €1,143,905 | +€106,342 | +10.2% |
| Non-distributable reserves | 130/1 | €102,500 | €107,817 | +€5,317 | +5.2% |
| Legal reserve | 130 | €102,500 | €107,817 | +€5,317 | +5.2% |
| Distributable reserves | 133 | €935,063 | €1,036,087 | +€101,025 | +10.8% |
| Amounts payable | 17/49 | €470,963 | €83,518 | -€387,444 | -82.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €470,288 | €83,518 | -€386,770 | -82.2% |
| Current portion of amounts payable after more than one year | 42 | €7,152 | €0 | -€7,152 | -100% |
| Trade debts | 44 | €33,501 | €13,882 | -€19,619 | -58.6% |
| Suppliers | 440/4 | €33,501 | €13,882 | -€19,619 | -58.6% |
| Taxes, remuneration and social security | 45 | €69,636 | €69,636 | = | 0.0% |
| Taxes | 450/3 | €69,636 | €69,636 | = | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €360,000 | €0 | -€360,000 | -100% |
| Accrued charges and deferred income | 492/3 | €674 | €0 | -€674 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,372 | €24,641 | +€1,269 | +5.4% |
| Other operating charges | 640/8 | €27,702 | €26,634 | -€1,068 | -3.9% |
| Gross operating margin | 9900 | €307,231 | €204,360 | -€102,871 | -33.5% |
| Operating profit (loss) | 9901 | €256,157 | €153,084 | -€103,072 | -40.2% |
| Financial income | 75/76B | €304,511 | €1,673 | -€302,838 | -99.5% |
| Recurring financial income | 75 | €304,511 | €1,673 | -€302,838 | -99.5% |
| Financial charges | 65/66B | €4,009 | €4,622 | +€612 | +15.3% |
| Recurring financial charges | 65 | €4,009 | €4,622 | +€612 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €556,658 | €150,136 | -€406,522 | -73.0% |
| Income taxes | 67/77 | €106,112 | €43,794 | -€62,318 | -58.7% |
| Profit (loss) for the period | 9904 | €450,545 | €106,342 | -€344,204 | -76.4% |
| Profit (loss) for the period to be appropriated | 9905 | €450,545 | €106,342 | -€344,204 | -76.4% |
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 18 October 2026 via checked.be.