STEWICO: 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.
STEWICO
Largest movements
- Receivables within one year +€319,934
up €319,934 (+8220.3%), from €3,892 to €323,826
of which Other amounts receivable: +€313,808
- Tangible fixed assets -€190,426
down €190,426 (-6.9%), from €2.8m to €2.6m
of which Land and buildings: -€182,681
- Reserves +€269,700
up €269,700 (+17.1%), from €1.6m to €1.8m
of which Distributable reserves: +€269,700
- Debts after one year -€171,191
down €171,191 (-16.3%), from €1.0m to €876,527
- Other operating charges -€71,394
down €71,394 (-97.4%), from €73,262 to €1,869
- Write-downs +€70,262
no longer reported in 2025 (was -€70,262)
- Gross operating margin +€32,560
up €32,560 (+6.1%), from €534,609 to €567,169
- Taxes +€31,514
up €31,514 (+37.7%), from €83,588 to €115,102
- Financial income +€12,931
up €12,931 (+47.9%), from €27,015 to €39,947
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 | €3,907,177 | €4,029,009 | +€121,832 | +3.1% |
| Fixed assets | 21/28 | €3,116,889 | €2,926,463 | -€190,426 | -6.1% |
| Tangible fixed assets | 22/27 | €2,773,167 | €2,582,741 | -€190,426 | -6.9% |
| Land and buildings | 22 | €2,764,131 | €2,581,451 | -€182,681 | -6.6% |
| Furniture and vehicles | 24 | €9,036 | €1,291 | -€7,745 | -85.7% |
| Financial fixed assets | 28 | €343,722 | €343,722 | = | 0.0% |
| Current assets | 29/58 | €790,288 | €1,102,546 | +€312,258 | +39.5% |
| Amounts receivable within one year | 40/41 | €3,892 | €323,826 | +€319,934 | +8220.3% |
| Trade receivables | 40 | €3,892 | €10,018 | +€6,126 | +157.4% |
| Other amounts receivable | 41 | - | €313,808 | +€313,808 | |
| Cash at bank and in hand | 54/58 | €786,123 | €774,486 | -€11,638 | -1.5% |
| Deferred charges and accrued income | 490/1 | €273 | €4,234 | +€3,961 | +1453.6% |
| Total equity and liabilities | 10/49 | €3,907,177 | €4,029,009 | +€121,832 | +3.1% |
| Equity | 10/15 | €2,665,351 | €2,935,159 | +€269,808 | +10.1% |
| Contributions | 10/11 | €290,000 | €290,000 | = | 0.0% |
| Capital | 10 | €290,000 | €290,000 | = | 0.0% |
| Issued capital | 100 | €290,000 | €290,000 | = | 0.0% |
| Reserves | 13 | €1,576,613 | €1,846,313 | +€269,700 | +17.1% |
| Non-distributable reserves | 130/1 | €29,000 | €29,000 | = | 0.0% |
| Legal reserve | 130 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €1,547,613 | €1,817,313 | +€269,700 | +17.4% |
| Profit (loss) carried forward | 14 | €798,738 | €798,846 | +€108 | 0.0% |
| Amounts payable | 17/49 | €1,241,826 | €1,093,850 | -€147,976 | -11.9% |
| Amounts payable after more than one year | 17 | €1,047,718 | €876,527 | -€171,191 | -16.3% |
| Financial debts | 170/4 | €1,047,718 | €876,527 | -€171,191 | -16.3% |
| Amounts payable within one year | 42/48 | €194,108 | €217,323 | +€23,215 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €171,191 | €171,191 | = | 0.0% |
| Trade debts | 44 | €1,591 | - | -€1,591 | |
| Suppliers | 440/4 | €1,591 | - | -€1,591 | |
| Taxes, remuneration and social security | 45 | €14,978 | €42,756 | +€27,777 | +185.4% |
| Taxes | 450/3 | €14,978 | €42,756 | +€27,777 | +185.4% |
| Other amounts payable | 47/48 | €6,348 | €3,377 | -€2,971 | -46.8% |
| Remuneration, social security and pensions | 62 | €9,763 | €9,763 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,240 | €194,093 | +€853 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€70,262 | - | +€70,262 | |
| Other operating charges | 640/8 | €73,262 | €1,869 | -€71,394 | -97.4% |
| Gross operating margin | 9900 | €534,609 | €567,169 | +€32,560 | +6.1% |
| Operating profit (loss) | 9901 | €328,606 | €361,444 | +€32,838 | +10.0% |
| Financial income | 75/76B | €27,015 | €39,947 | +€12,931 | +47.9% |
| Recurring financial income | 75 | €27,015 | €39,947 | +€12,931 | +47.9% |
| Financial charges | 65/66B | €19,483 | €16,481 | -€3,002 | -15.4% |
| Recurring financial charges | 65 | €19,483 | €16,481 | -€3,002 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €336,139 | €384,910 | +€48,772 | +14.5% |
| Income taxes | 67/77 | €83,588 | €115,102 | +€31,514 | +37.7% |
| Profit (loss) for the period | 9904 | €252,550 | €269,808 | +€17,258 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €252,550 | €269,808 | +€17,258 | +6.8% |
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 5 October 2026 via checked.be.