Stewie: 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.
Stewie
Largest movements
- Cash -€152,107
down €152,107 (-69.1%), from €220,198 to €68,091
mainly Investment in fixed assets (net) (-€143,703) and Other debts (-€127,462)
- Tangible fixed assets +€114,927
up €114,927 (+33.0%), from €348,211 to €463,138
of which Other tangible fixed assets: +€79,570
- Receivables within one year +€23,297
up €23,297 (+256.6%), from €9,080 to €32,376
of which Trade receivables: +€22,973
- Other debts -€127,462
down €127,462 (-98.9%), from €128,943 to €1,481
- Reserves +€66,066
up €66,066 (+38.5%), from €171,492 to €237,558
- Current portion of long-term debt +€42,386
up €42,386 (+527.1%), from €8,041 to €50,426
- Tax, wage and social debts +€6,006
up €6,006 (+62.8%), from €9,561 to €15,566
- Gross operating margin -€127,252
down €127,252 (-49.2%), from €258,795 to €131,543
- Taxes -€35,685
down €35,685 (-65.6%), from €54,367 to €18,682
- Depreciation +€11,421
up €11,421 (+65.8%), from €17,355 to €28,776
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 | €577,488 | €563,605 | -€13,883 | -2.4% |
| Fixed assets | 21/28 | €348,211 | €463,138 | +€114,927 | +33.0% |
| Tangible fixed assets | 22/27 | €348,211 | €463,138 | +€114,927 | +33.0% |
| Land and buildings | 22 | €311,616 | €315,427 | +€3,811 | +1.2% |
| Plant, machinery and equipment | 23 | €7,596 | €6,415 | -€1,182 | -15.6% |
| Furniture and vehicles | 24 | €14,637 | €47,364 | +€32,727 | +223.6% |
| Other tangible fixed assets | 26 | €14,362 | €93,932 | +€79,570 | +554.0% |
| Current assets | 29/58 | €229,277 | €100,467 | -€128,811 | -56.2% |
| Amounts receivable within one year | 40/41 | €9,080 | €32,376 | +€23,297 | +256.6% |
| Trade receivables | 40 | €8,953 | €31,926 | +€22,973 | +256.6% |
| Other amounts receivable | 41 | €127 | €450 | +€324 | +255.3% |
| Cash at bank and in hand | 54/58 | €220,198 | €68,091 | -€152,107 | -69.1% |
| Total equity and liabilities | 10/49 | €577,488 | €563,605 | -€13,883 | -2.4% |
| Equity | 10/15 | €172,992 | €239,058 | +€66,066 | +38.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Capital | 10 | €1,500 | €1,500 | = | 0.0% |
| Issued capital | 100 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €171,492 | €237,558 | +€66,066 | +38.5% |
| Distributable reserves | 133 | €171,492 | €237,558 | +€66,066 | +38.5% |
| Amounts payable | 17/49 | €404,496 | €324,547 | -€79,949 | -19.8% |
| Amounts payable after more than one year | 17 | €256,182 | €256,182 | = | 0.0% |
| Financial debts | 170/4 | €256,182 | €256,182 | = | 0.0% |
| Amounts payable within one year | 42/48 | €148,314 | €68,365 | -€79,949 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €8,041 | €50,426 | +€42,386 | +527.1% |
| Trade debts | 44 | €1,770 | €891 | -€879 | -49.7% |
| Suppliers | 440/4 | €1,770 | €891 | -€879 | -49.7% |
| Taxes, remuneration and social security | 45 | €9,561 | €15,566 | +€6,006 | +62.8% |
| Taxes | 450/3 | €9,561 | €15,566 | +€6,006 | +62.8% |
| Other amounts payable | 47/48 | €128,943 | €1,481 | -€127,462 | -98.9% |
| Remuneration, social security and pensions | 62 | €1,538 | €1,824 | +€285 | +18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,355 | €28,776 | +€11,421 | +65.8% |
| Other operating charges | 640/8 | €2,675 | €3,996 | +€1,321 | +49.4% |
| Gross operating margin | 9900 | €258,795 | €131,543 | -€127,252 | -49.2% |
| Operating profit (loss) | 9901 | €237,227 | €96,947 | -€140,279 | -59.1% |
| Financial charges | 65/66B | €11,367 | €12,199 | +€833 | +7.3% |
| Recurring financial charges | 65 | €11,367 | €12,199 | +€833 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €225,860 | €84,748 | -€141,112 | -62.5% |
| Income taxes | 67/77 | €54,367 | €18,682 | -€35,685 | -65.6% |
| Profit (loss) for the period | 9904 | €171,492 | €66,066 | -€105,426 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €171,492 | €66,066 | -€105,426 | -61.5% |
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.