STEWOOD: 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.
STEWOOD
Largest movements
- Cash +€28,804
up €28,804 (+41.7%), from €69,082 to €97,886
mainly Net result for the year (+€42,638) and Depreciation (+€16,454)
- Receivables within one year -€7,378
down €7,378 (-35.9%), from €20,535 to €13,157
of which Other amounts receivable: -€10,740
- Tangible fixed assets +€2,206
up €2,206 (+5.9%), from €37,602 to €39,809
of which Furniture and vehicles: +€5,737
- Reserves +€30,638
up €30,638 (+35.8%), from €85,487 to €116,126
- Debts after one year -€4,553
down €4,553 (-20.9%), from €21,754 to €17,201
- Trade debts -€3,098
down €3,098 (-28.1%), from €11,008 to €7,910
- Gross operating margin +€73,742
up €73,742 (+247.6%), from €29,788 to €103,531
- Staff costs +€27,024
new in 2025: €27,024
- Taxes +€9,017
up €9,017 (+378.4%), from €2,383 to €11,400
- Depreciation +€3,671
up €3,671 (+28.7%), from €12,784 to €16,454
- Other operating charges -€1,308
down €1,308 (-45.1%), from €2,903 to €1,595
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 | €131,401 | €155,379 | +€23,978 | +18.2% |
| Fixed assets | 21/28 | €38,512 | €40,719 | +€2,206 | +5.7% |
| Tangible fixed assets | 22/27 | €37,602 | €39,809 | +€2,206 | +5.9% |
| Plant, machinery and equipment | 23 | €12,631 | €9,100 | -€3,531 | -28.0% |
| Furniture and vehicles | 24 | €24,971 | €30,708 | +€5,737 | +23.0% |
| Financial fixed assets | 28 | €910 | €910 | = | 0.0% |
| Current assets | 29/58 | €92,888 | €114,660 | +€21,771 | +23.4% |
| Stocks and contracts in progress | 3 | €1,500 | €1,500 | = | 0.0% |
| Stocks | 30/36 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,535 | €13,157 | -€7,378 | -35.9% |
| Trade receivables | 40 | €7,794 | €11,156 | +€3,362 | +43.1% |
| Other amounts receivable | 41 | €12,741 | €2,001 | -€10,740 | -84.3% |
| Cash at bank and in hand | 54/58 | €69,082 | €97,886 | +€28,804 | +41.7% |
| Deferred charges and accrued income | 490/1 | €1,772 | €2,117 | +€345 | +19.5% |
| Total equity and liabilities | 10/49 | €131,401 | €155,379 | +€23,978 | +18.2% |
| Equity | 10/15 | €92,487 | €123,126 | +€30,638 | +33.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €85,487 | €116,126 | +€30,638 | +35.8% |
| Distributable reserves | 133 | €85,487 | €116,126 | +€30,638 | +35.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €38,913 | €32,253 | -€6,661 | -17.1% |
| Amounts payable after more than one year | 17 | €21,754 | €17,201 | -€4,553 | -20.9% |
| Financial debts | 170/4 | €21,754 | €17,201 | -€4,553 | -20.9% |
| Amounts payable within one year | 42/48 | €16,760 | €15,052 | -€1,708 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €4,352 | €4,553 | +€201 | +4.6% |
| Trade debts | 44 | €11,008 | €7,910 | -€3,098 | -28.1% |
| Suppliers | 440/4 | €11,008 | €7,910 | -€3,098 | -28.1% |
| Taxes, remuneration and social security | 45 | €59 | €108 | +€49 | +82.8% |
| Taxes | 450/3 | €59 | €108 | +€49 | +82.8% |
| Other amounts payable | 47/48 | €1,341 | €2,482 | +€1,141 | +85.1% |
| Accrued charges and deferred income | 492/3 | €399 | €0 | -€399 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €27,024 | +€27,024 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,784 | €16,454 | +€3,671 | +28.7% |
| Other operating charges | 640/8 | €2,903 | €1,595 | -€1,308 | -45.1% |
| Gross operating margin | 9900 | €29,788 | €103,531 | +€73,742 | +247.6% |
| Operating profit (loss) | 9901 | €14,102 | €58,458 | +€44,356 | +314.5% |
| Financial income | 75/76B | €239 | €287 | +€48 | +20.1% |
| Recurring financial income | 75 | €239 | €287 | +€48 | +20.1% |
| Financial charges | 65/66B | €5,481 | €4,707 | -€774 | -14.1% |
| Recurring financial charges | 65 | €5,481 | €4,707 | -€774 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €8,860 | €54,038 | +€45,178 | +509.9% |
| Income taxes | 67/77 | €2,383 | €11,400 | +€9,017 | +378.4% |
| Profit (loss) for the period | 9904 | €6,477 | €42,638 | +€36,162 | +558.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,477 | €42,638 | +€36,162 | +558.3% |
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 1 October 2026 via checked.be.