Stielmann: 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.
Stielmann
Largest movements
- Tangible fixed assets +€78,867
up €78,867 (+424%), from €18,612 to €97,478
of which Furniture and vehicles: +€79,556
- Receivables within one year +€29,661
up €29,661 (+20.5%), from €144,517 to €174,179
of which Trade receivables: +€29,068
- Deferred charges and accrued income -€21,945
down €21,945 (-100%), from €21,945 to €0
- Cash +€19,097
up €19,097 (+43.2%), from €44,176 to €63,274
mainly Net result for the year (+€39,502) and Current portion of long-term debt (+€27,654)
- Reserves +€39,502
up €39,502 (+102%), from €38,900 to €78,402
- Current portion of long-term debt +€27,654
up €27,654 (+79.8%), from €34,638 to €62,292
- Other debts +€17,409
up €17,409 (+83.2%), from €20,925 to €38,333
- Tax, wage and social debts +€10,458
up €10,458 (+49.4%), from €21,175 to €31,633
of which Taxes: +€11,987
- Trade debts +€9,682
up €9,682 (+13.8%), from €70,014 to €79,695
- Staff costs -€90,746
down €90,746 (-11.4%), from €794,590 to €703,845
- Gross operating margin -€56,968
down €56,968 (-6.9%), from €828,914 to €771,947
- Taxes +€11,927
up €11,927 (+3,494%), from €341 to €12,269
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 | €229,250 | €334,931 | +€105,680 | +46.1% |
| Fixed assets | 21/28 | €18,612 | €97,478 | +€78,867 | +424% |
| Tangible fixed assets | 22/27 | €18,612 | €97,478 | +€78,867 | +424% |
| Plant, machinery and equipment | 23 | €847 | €158 | -€689 | -81.4% |
| Furniture and vehicles | 24 | €17,764 | €97,320 | +€79,556 | +448% |
| Current assets | 29/58 | €210,639 | €237,453 | +€26,814 | +12.7% |
| Amounts receivable within one year | 40/41 | €144,517 | €174,179 | +€29,661 | +20.5% |
| Trade receivables | 40 | €133,243 | €162,312 | +€29,068 | +21.8% |
| Other amounts receivable | 41 | €11,274 | €11,867 | +€593 | +5.3% |
| Cash at bank and in hand | 54/58 | €44,176 | €63,274 | +€19,097 | +43.2% |
| Deferred charges and accrued income | 490/1 | €21,945 | €0 | -€21,945 | -100% |
| Total equity and liabilities | 10/49 | €229,250 | €334,931 | +€105,680 | +46.1% |
| Equity | 10/15 | €57,500 | €97,002 | +€39,502 | +68.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,900 | €78,402 | +€39,502 | +102% |
| Distributable reserves | 133 | €38,900 | €78,402 | +€39,502 | +102% |
| Amounts payable | 17/49 | €171,750 | €237,929 | +€66,179 | +38.5% |
| Amounts payable after more than one year | 17 | €22,799 | €20,293 | -€2,506 | -11.0% |
| Financial debts | 170/4 | €22,799 | €20,293 | -€2,506 | -11.0% |
| Amounts payable within one year | 42/48 | €148,951 | €217,444 | +€68,493 | +46.0% |
| Current portion of amounts payable after more than one year | 42 | €34,638 | €62,292 | +€27,654 | +79.8% |
| Financial debts | 43 | €2,199 | €5,490 | +€3,291 | +150% |
| Credit institutions | 430/8 | €2,199 | €5,490 | +€3,291 | +150% |
| Trade debts | 44 | €70,014 | €79,695 | +€9,682 | +13.8% |
| Suppliers | 440/4 | €70,014 | €79,695 | +€9,682 | +13.8% |
| Taxes, remuneration and social security | 45 | €21,175 | €31,633 | +€10,458 | +49.4% |
| Taxes | 450/3 | €281 | €12,268 | +€11,987 | +4,269% |
| Remuneration and social security | 454/9 | €20,895 | €19,365 | -€1,530 | -7.3% |
| Other amounts payable | 47/48 | €20,925 | €38,333 | +€17,409 | +83.2% |
| Accrued charges and deferred income | 492/3 | €0 | €192 | +€192 | |
| Non-recurring operating income | 76A | €0 | €24,446 | +€24,446 | |
| Remuneration, social security and pensions | 62 | €794,590 | €703,845 | -€90,746 | -11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,818 | €11,241 | -€4,576 | -28.9% |
| Other operating charges | 640/8 | €3,680 | €1,004 | -€2,676 | -72.7% |
| Non-recurring operating charges | 66A | €0 | €882 | +€882 | |
| Gross operating margin | 9900 | €828,914 | €771,947 | -€56,968 | -6.9% |
| Operating profit (loss) | 9901 | €14,827 | €54,975 | +€40,148 | +271% |
| Financial income | 75/76B | €507 | €1,146 | +€639 | +126% |
| Recurring financial income | 75 | €507 | €1,146 | +€639 | +126% |
| Financial charges | 65/66B | €3,342 | €4,350 | +€1,009 | +30.2% |
| Recurring financial charges | 65 | €3,342 | €4,350 | +€1,009 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €11,992 | €51,770 | +€39,778 | +332% |
| Income taxes | 67/77 | €341 | €12,269 | +€11,927 | +3,494% |
| Profit (loss) for the period | 9904 | €11,651 | €39,502 | +€27,851 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €11,651 | €39,502 | +€27,851 | +239% |
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 14 October 2026 via checked.be.