STICHELBAUT: 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.
STICHELBAUT
Largest movements
- Cash +€412,552
up €412,552 (+65.7%), from €627,859 to €1.0m
mainly Net result for the year (+€447,791) and Receivables within one year (+€122,946)
- Tangible fixed assets +€149,235
up €149,235 (+63.1%), from €236,575 to €385,809
of which Land and buildings: +€162,343
- Receivables within one year -€122,946
down €122,946 (-15.8%), from €779,733 to €656,788
of which Trade receivables: -€75,912
- Stocks and contracts +€46,488
up €46,488 (+15.0%), from €310,350 to €356,838
- Profit (loss) carried forward +€447,791
up €447,791 (+363%), from €123,238 to €571,029
- Debts after one year +€98,690
up €98,690, from €0 to €98,690
- Trade debts -€39,732
down €39,732 (-42.5%), from €93,396 to €53,663
- Gross operating margin +€147,278
up €147,278 (+18.5%), from €796,698 to €943,976
- Staff costs -€37,367
down €37,367 (-10.4%), from €357,989 to €320,622
- Other operating charges +€13,010
up €13,010 (+258%), from €5,040 to €18,050
- Depreciation +€11,589
up €11,589 (+45.6%), from €25,424 to €37,013
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 | €2,353,800 | €2,871,000 | +€517,199 | +22.0% |
| Fixed assets | 21/28 | €236,575 | €385,809 | +€149,235 | +63.1% |
| Tangible fixed assets | 22/27 | €236,575 | €385,809 | +€149,235 | +63.1% |
| Land and buildings | 22 | €187,030 | €349,373 | +€162,343 | +86.8% |
| Plant, machinery and equipment | 23 | €23,871 | €19,864 | -€4,007 | -16.8% |
| Furniture and vehicles | 24 | €25,674 | €16,573 | -€9,101 | -35.4% |
| Current assets | 29/58 | €2,117,226 | €2,485,190 | +€367,965 | +17.4% |
| Amounts receivable after more than one year | 29 | €397,000 | €417,000 | +€20,000 | +5.0% |
| Other amounts receivable | 291 | €397,000 | €417,000 | +€20,000 | +5.0% |
| Stocks and contracts in progress | 3 | €310,350 | €356,838 | +€46,488 | +15.0% |
| Stocks | 30/36 | €310,350 | €356,838 | +€46,488 | +15.0% |
| Amounts receivable within one year | 40/41 | €779,733 | €656,788 | -€122,946 | -15.8% |
| Trade receivables | 40 | €716,265 | €640,354 | -€75,912 | -10.6% |
| Other amounts receivable | 41 | €63,468 | €16,434 | -€47,034 | -74.1% |
| Cash at bank and in hand | 54/58 | €627,859 | €1,040,411 | +€412,552 | +65.7% |
| Deferred charges and accrued income | 490/1 | €2,282 | €14,153 | +€11,870 | +520% |
| Total equity and liabilities | 10/49 | €2,353,800 | €2,871,000 | +€517,199 | +22.0% |
| Equity | 10/15 | €2,157,389 | €2,605,180 | +€447,791 | +20.8% |
| Contributions | 10/11 | €158,592 | €158,592 | = | 0.0% |
| Reserves | 13 | €1,875,559 | €1,875,559 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,710 | €4,710 | = | 0.0% |
| Distributable reserves | 133 | €1,870,849 | €1,870,849 | = | 0.0% |
| Profit (loss) carried forward | 14 | €123,238 | €571,029 | +€447,791 | +363% |
| Amounts payable | 17/49 | €196,411 | €265,820 | +€69,408 | +35.3% |
| Amounts payable after more than one year | 17 | €0 | €98,690 | +€98,690 | |
| Financial debts | 170/4 | €0 | €98,690 | +€98,690 | |
| Amounts payable within one year | 42/48 | €194,412 | €162,715 | -€31,697 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €1,269 | €21,310 | +€20,040 | +1,579% |
| Trade debts | 44 | €93,396 | €53,663 | -€39,732 | -42.5% |
| Suppliers | 440/4 | €93,396 | €53,663 | -€39,732 | -42.5% |
| Taxes, remuneration and social security | 45 | €86,079 | €87,175 | +€1,096 | +1.3% |
| Taxes | 450/3 | €42,052 | €50,027 | +€7,975 | +19.0% |
| Remuneration and social security | 454/9 | €44,027 | €37,148 | -€6,879 | -15.6% |
| Other amounts payable | 47/48 | €13,668 | €567 | -€13,101 | -95.9% |
| Accrued charges and deferred income | 492/3 | €2,000 | €4,414 | +€2,415 | +121% |
| Non-recurring operating income | 76A | €7,369 | €0 | -€7,369 | -100% |
| Remuneration, social security and pensions | 62 | €357,989 | €320,622 | -€37,367 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,424 | €37,013 | +€11,589 | +45.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,142 | €10,634 | -€3,507 | -24.8% |
| Other operating charges | 640/8 | €5,040 | €18,050 | +€13,010 | +258% |
| Non-recurring operating charges | 66A | €16,456 | €174 | -€16,283 | -98.9% |
| Gross operating margin | 9900 | €796,698 | €943,976 | +€147,278 | +18.5% |
| Operating profit (loss) | 9901 | €377,646 | €557,483 | +€179,836 | +47.6% |
| Financial income | 75/76B | €49,357 | €44,015 | -€5,341 | -10.8% |
| Recurring financial income | 75 | €49,357 | €44,015 | -€5,341 | -10.8% |
| Financial charges | 65/66B | €19,944 | €23,625 | +€3,682 | +18.5% |
| Recurring financial charges | 65 | €19,944 | €23,625 | +€3,682 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €407,059 | €577,873 | +€170,814 | +42.0% |
| Income taxes | 67/77 | €122,988 | €130,082 | +€7,094 | +5.8% |
| Profit (loss) for the period | 9904 | €284,071 | €447,791 | +€163,720 | +57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €284,071 | €447,791 | +€163,720 | +57.6% |
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 31 October 2026 via checked.be.