STIEL: 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.
STIEL
Largest movements
- Receivables within one year -€36,462
down €36,462 (-74.0%), from €49,274 to €12,813
of which Trade receivables: -€42,724
- Cash -€36,388
down €36,388 (-77.1%), from €47,222 to €10,834
mainly Net result for the year (-€33,841) and Current investments (-€26,069)
- Current investments +€26,069
up €26,069 (+23.1%), from €112,632 to €138,701
- Tangible fixed assets -€11,775
down €11,775 (-24.4%), from €48,336 to €36,561
of which Furniture and vehicles: -€10,775
- Profit (loss) carried forward -€34,674
down €34,674 (-31.7%), from €109,282 to €74,608
- Other debts -€8,877
down €8,877 (-18.4%), from €48,228 to €39,351
- Tax, wage and social debts -€7,905
down €7,905 (-80.3%), from €9,849 to €1,945
- Reserves -€5,514
down €5,514 (-4.7%), from €116,419 to €110,904
- Trade debts -€2,881
down €2,881 (-77.6%), from €3,714 to €833
- Gross operating margin -€61,333
down €61,333, from €45,011 to -€16,322
- Taxes -€9,624
down €9,624 (-98.4%), from €9,781 to €157
- Financial income -€3,712
down €3,712 (-80.8%), from €4,597 to €885
- Other operating charges +€526
up €526 (+55.7%), from €945 to €1,471
- Depreciation +€504
up €504 (+3.3%), from €15,401 to €15,906
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 | €287,714 | €227,808 | -€59,906 | -20.8% |
| Fixed assets | 21/28 | €48,336 | €36,561 | -€11,775 | -24.4% |
| Tangible fixed assets | 22/27 | €48,336 | €36,561 | -€11,775 | -24.4% |
| Plant, machinery and equipment | 23 | €8,184 | €7,183 | -€1,001 | -12.2% |
| Furniture and vehicles | 24 | €40,152 | €29,377 | -€10,775 | -26.8% |
| Current assets | 29/58 | €239,378 | €191,247 | -€48,131 | -20.1% |
| Amounts receivable after more than one year | 29 | €27,405 | €25,010 | -€2,395 | -8.7% |
| Trade receivables | 290 | €27,405 | €25,010 | -€2,395 | -8.7% |
| Amounts receivable within one year | 40/41 | €49,274 | €12,813 | -€36,462 | -74.0% |
| Trade receivables | 40 | €45,664 | €2,940 | -€42,724 | -93.6% |
| Other amounts receivable | 41 | €3,610 | €9,872 | +€6,262 | +173.4% |
| Current investments | 50/53 | €112,632 | €138,701 | +€26,069 | +23.1% |
| Cash at bank and in hand | 54/58 | €47,222 | €10,834 | -€36,388 | -77.1% |
| Deferred charges and accrued income | 490/1 | €2,845 | €3,891 | +€1,045 | +36.7% |
| Total equity and liabilities | 10/49 | €287,714 | €227,808 | -€59,906 | -20.8% |
| Equity | 10/15 | €225,701 | €185,513 | -€40,189 | -17.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €116,419 | €110,904 | -€5,514 | -4.7% |
| Distributable reserves | 133 | €116,419 | €110,904 | -€5,514 | -4.7% |
| Profit (loss) carried forward | 14 | €109,282 | €74,608 | -€34,674 | -31.7% |
| Amounts payable | 17/49 | €62,013 | €42,295 | -€19,718 | -31.8% |
| Amounts payable within one year | 42/48 | €61,792 | €42,129 | -€19,663 | -31.8% |
| Trade debts | 44 | €3,714 | €833 | -€2,881 | -77.6% |
| Suppliers | 440/4 | €3,714 | €833 | -€2,881 | -77.6% |
| Taxes, remuneration and social security | 45 | €9,849 | €1,945 | -€7,905 | -80.3% |
| Taxes | 450/3 | €9,849 | €1,945 | -€7,905 | -80.3% |
| Other amounts payable | 47/48 | €48,228 | €39,351 | -€8,877 | -18.4% |
| Accrued charges and deferred income | 492/3 | €221 | €166 | -€55 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,401 | €15,906 | +€504 | +3.3% |
| Other operating charges | 640/8 | €945 | €1,471 | +€526 | +55.7% |
| Gross operating margin | 9900 | €45,011 | -€16,322 | -€61,333 | |
| Operating profit (loss) | 9901 | €28,665 | -€33,698 | -€62,363 | |
| Financial income | 75/76B | €4,597 | €885 | -€3,712 | -80.8% |
| Recurring financial income | 75 | €4,597 | €885 | -€3,712 | -80.8% |
| Financial charges | 65/66B | €448 | €870 | +€422 | +94.1% |
| Recurring financial charges | 65 | €448 | €870 | +€422 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | €32,813 | -€33,684 | -€66,497 | |
| Income taxes | 67/77 | €9,781 | €157 | -€9,624 | -98.4% |
| Profit (loss) for the period | 9904 | €23,032 | -€33,841 | -€56,874 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,032 | -€33,841 | -€56,874 |
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.