STIELMANNEN: what changed
STIELMANNEN
Largest movements
- Cash +€85,929
up €85,929 (+358%), from €23,999 to €109,928
mainly Trade debts (+€171,945) and Stocks and contracts (+€38,143)
- Stocks and contracts -€38,143
down €38,143 (-59.3%), from €64,308 to €26,165
of which Contracts in progress: -€41,493
- Deferred charges and accrued income +€33,513
up €33,513 (+482%), from €6,946 to €40,459
- Tangible fixed assets -€24,769
down €24,769 (-7.5%), from €328,283 to €303,513
of which Furniture and vehicles: -€17,291
- Trade debts +€171,945
up €171,945 (+325%), from €52,872 to €224,817
- Advances received -€79,699
down €79,699 (-79.0%), from €100,941 to €21,242
- Debts after one year -€21,307
down €21,307 (-8.1%), from €264,445 to €243,138
of which Financial debts: -€21,307
- Other debts -€15,468
down €15,468 (-35.6%), from €43,499 to €28,030
- Current portion of long-term debt -€7,686
down €7,686 (-26.5%), from €28,993 to €21,307
- Gross operating margin -€133,342
down €133,342 (-58.6%), from €227,469 to €94,127
- Staff costs -€38,793
down €38,793 (-42.0%), from €92,291 to €53,498
- Taxes -€10,277
down €10,277 (-74.5%), from €13,793 to €3,516
- Financial charges -€7,458
down €7,458 (-69.8%), from €10,685 to €3,227
- Financial income +€3,246
up €3,246 (+252%), from €1,288 to €4,534
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €646,351 | €698,185 | +€51,834 | +8.0% |
| Fixed assets | 21/28 | €334,002 | €309,232 | -€24,769 | -7.4% |
| Tangible fixed assets | 22/27 | €328,283 | €303,513 | -€24,769 | -7.5% |
| Land and buildings | 22 | €280,154 | €272,367 | -€7,786 | -2.8% |
| Plant, machinery and equipment | 23 | €7,253 | €7,561 | +€308 | +4.2% |
| Furniture and vehicles | 24 | €40,876 | €23,585 | -€17,291 | -42.3% |
| Financial fixed assets | 28 | €5,719 | €5,719 | = | 0.0% |
| Current assets | 29/58 | €312,350 | €388,953 | +€76,604 | +24.5% |
| Stocks and contracts in progress | 3 | €64,308 | €26,165 | -€38,143 | -59.3% |
| Stocks | 30/36 | €22,815 | €26,165 | +€3,350 | +14.7% |
| Contracts in progress | 37 | €41,493 | €0 | -€41,493 | -100% |
| Amounts receivable within one year | 40/41 | €217,096 | €212,401 | -€4,695 | -2.2% |
| Trade receivables | 40 | €178,559 | €154,047 | -€24,513 | -13.7% |
| Other amounts receivable | 41 | €38,536 | €58,354 | +€19,818 | +51.4% |
| Cash at bank and in hand | 54/58 | €23,999 | €109,928 | +€85,929 | +358% |
| Deferred charges and accrued income | 490/1 | €6,946 | €40,459 | +€33,513 | +482% |
| Total equity and liabilities | 10/49 | €646,351 | €698,185 | +€51,834 | +8.0% |
| Equity | 10/15 | €147,614 | €154,199 | +€6,585 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €129,014 | €135,599 | +€6,585 | +5.1% |
| Distributable reserves | 133 | €129,014 | €135,599 | +€6,585 | +5.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €498,738 | €543,986 | +€45,249 | +9.1% |
| Amounts payable after more than one year | 17 | €264,445 | €243,138 | -€21,307 | -8.1% |
| Financial debts | 170/4 | €261,200 | €239,893 | -€21,307 | -8.2% |
| Other amounts payable | 178/9 | €3,245 | €3,245 | = | 0.0% |
| Amounts payable within one year | 42/48 | €233,792 | €300,458 | +€66,667 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €28,993 | €21,307 | -€7,686 | -26.5% |
| Financial debts | 43 | €3,388 | €3,380 | -€9 | -0.3% |
| Credit institutions | 430/8 | €3,388 | €3,380 | -€9 | -0.3% |
| Trade debts | 44 | €52,872 | €224,817 | +€171,945 | +325% |
| Suppliers | 440/4 | €52,872 | €224,817 | +€171,945 | +325% |
| Advances received on contracts in progress | 46 | €100,941 | €21,242 | -€79,699 | -79.0% |
| Taxes, remuneration and social security | 45 | €4,099 | €1,682 | -€2,417 | -59.0% |
| Taxes | 450/3 | €1,945 | €1,456 | -€488 | -25.1% |
| Remuneration and social security | 454/9 | €2,155 | €226 | -€1,928 | -89.5% |
| Other amounts payable | 47/48 | €43,499 | €28,030 | -€15,468 | -35.6% |
| Accrued charges and deferred income | 492/3 | €501 | €390 | -€111 | -22.1% |
| Remuneration, social security and pensions | 62 | €92,291 | €53,498 | -€38,793 | -42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,605 | €28,873 | -€733 | -2.5% |
| Other operating charges | 640/8 | €4,975 | €2,963 | -€2,012 | -40.4% |
| Gross operating margin | 9900 | €227,469 | €94,127 | -€133,342 | -58.6% |
| Operating profit (loss) | 9901 | €100,598 | €8,794 | -€91,804 | -91.3% |
| Financial income | 75/76B | €1,288 | €4,534 | +€3,246 | +252% |
| Recurring financial income | 75 | €1,288 | €4,534 | +€3,246 | +252% |
| Financial charges | 65/66B | €10,685 | €3,227 | -€7,458 | -69.8% |
| Recurring financial charges | 65 | €10,685 | €3,227 | -€7,458 | -69.8% |
| Profit (loss) for the period before taxes | 9903 | €91,201 | €10,102 | -€81,099 | -88.9% |
| Income taxes | 67/77 | €13,793 | €3,516 | -€10,277 | -74.5% |
| Profit (loss) for the period | 9904 | €77,408 | €6,585 | -€70,823 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,408 | €6,585 | -€70,823 | -91.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.