STIGAM: 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.
STIGAM
Largest movements
- Current investments -€757,022
no longer reported in 2025 (was €757,022)
- Stocks and contracts +€374,636
up €374,636 (+95.7%), from €391,513 to €766,149
- Intangible fixed assets +€371,562
up €371,562 (+65.0%), from €571,858 to €943,420
- Cash +€109,180
up €109,180 (+290.1%), from €37,636 to €146,816
mainly Current investments (+€757,022) and Short-term financial debts (+€611,573)
- Tangible fixed assets -€96,812
down €96,812 (-14.0%), from €690,644 to €593,832
of which Plant, machinery and equipment: -€120,016
- Profit (loss) carried forward -€994,839
down €994,839, from €383,075 to -€611,764
- Short-term financial debts +€611,573
new in 2025: €611,573
- Trade debts +€361,633
up €361,633 (+86.4%), from €418,602 to €780,235
- Tax, wage and social debts +€67,616
up €67,616 (+148.0%), from €45,694 to €113,309
of which Remuneration and social security: +€48,393
- Turnover +€4.6m
up €4.6m (+78.8%), from €5.9m to €10.5m
- Goods and materials +€4.0m
up €4.0m (+82.2%), from €4.9m to €8.9m
of which Purchases: +€4.0m
- Services and other goods +€835,439
up €835,439 (+71.1%), from €1.2m to €2.0m
- Staff costs +€412,648
up €412,648 (+212.7%), from €194,030 to €606,678
- Depreciation +€115,167
up €115,167 (+48.4%), from €238,060 to €353,227
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 | €2,521,045 | €2,567,002 | +€45,957 | +1.8% |
| Fixed assets | 21/28 | €1,267,460 | €1,542,210 | +€274,750 | +21.7% |
| Intangible fixed assets | 21 | €571,858 | €943,420 | +€371,562 | +65.0% |
| Tangible fixed assets | 22/27 | €690,644 | €593,832 | -€96,812 | -14.0% |
| Plant, machinery and equipment | 23 | €690,149 | €570,132 | -€120,016 | -17.4% |
| Furniture and vehicles | 24 | €495 | €23,700 | +€23,205 | +4683.5% |
| Financial fixed assets | 28 | €4,958 | €4,958 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,958 | €4,958 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €4,958 | €4,958 | = | 0.0% |
| Current assets | 29/58 | €1,253,585 | €1,024,792 | -€228,793 | -18.3% |
| Stocks and contracts in progress | 3 | €391,513 | €766,149 | +€374,636 | +95.7% |
| Stocks | 30/36 | €391,513 | €766,149 | +€374,636 | +95.7% |
| Goods purchased for resale | 34 | €391,513 | €766,149 | +€374,636 | +95.7% |
| Amounts receivable within one year | 40/41 | €55,204 | €83,324 | +€28,120 | +50.9% |
| Trade receivables | 40 | €41,003 | €48,528 | +€7,525 | +18.4% |
| Other amounts receivable | 41 | €14,201 | €34,796 | +€20,595 | +145.0% |
| Current investments | 50/53 | €757,022 | - | -€757,022 | |
| Other investments | 51/53 | €757,022 | - | -€757,022 | |
| Cash at bank and in hand | 54/58 | €37,636 | €146,816 | +€109,180 | +290.1% |
| Deferred charges and accrued income | 490/1 | €12,210 | €28,503 | +€16,294 | +133.4% |
| Total equity and liabilities | 10/49 | €2,521,045 | €2,567,002 | +€45,957 | +1.8% |
| Equity | 10/15 | €2,036,965 | €1,042,126 | -€994,839 | -48.8% |
| Contributions | 10/11 | €1,588,467 | €1,588,467 | = | 0.0% |
| Capital | 10 | €1,588,467 | €1,588,467 | = | 0.0% |
| Issued capital | 100 | €1,588,467 | €1,588,467 | = | 0.0% |
| Reserves | 13 | €65,424 | €65,424 | = | 0.0% |
| Non-distributable reserves | 130/1 | €65,424 | €65,424 | = | 0.0% |
| Legal reserve | 130 | €65,424 | €65,424 | = | 0.0% |
| Profit (loss) carried forward | 14 | €383,075 | -€611,764 | -€994,839 | |
| Amounts payable | 17/49 | €484,080 | €1,524,876 | +€1.0m | +215.0% |
| Amounts payable within one year | 42/48 | €464,334 | €1,505,129 | +€1.0m | +224.1% |
| Financial debts | 43 | - | €611,573 | +€611,573 | |
| Other loans | 439 | - | €611,573 | +€611,573 | |
| Trade debts | 44 | €418,602 | €780,235 | +€361,633 | +86.4% |
| Suppliers | 440/4 | €418,602 | €780,235 | +€361,633 | +86.4% |
| Taxes, remuneration and social security | 45 | €45,694 | €113,309 | +€67,616 | +148.0% |
| Taxes | 450/3 | €29,556 | €48,779 | +€19,223 | +65.0% |
| Remuneration and social security | 454/9 | €16,137 | €64,530 | +€48,393 | +299.9% |
| Other amounts payable | 47/48 | €38 | €12 | -€26 | -68.9% |
| Accrued charges and deferred income | 492/3 | €19,747 | €19,747 | = | 0.0% |
| Operating income | 70/76A | €6,154,891 | €10,933,496 | +€4.8m | +77.6% |
| Turnover | 70 | €5,852,577 | €10,466,846 | +€4.6m | +78.8% |
| Other operating income | 74 | €268,208 | €369,204 | +€100,996 | +37.7% |
| Non-recurring operating income | 76A | €34,105 | €97,446 | +€63,341 | +185.7% |
| Operating charges | 60/66A | €6,473,703 | €11,870,365 | +€5.4m | +83.4% |
| Goods for resale, raw materials and consumables | 60 | €4,884,645 | €8,899,191 | +€4.0m | +82.2% |
| Purchases | 600/8 | €5,276,158 | €9,273,827 | +€4.0m | +75.8% |
| Change in stocks: decrease (increase) | 609 | -€391,513 | -€374,636 | +€16,877 | +4.3% |
| Services and other goods | 61 | €1,174,706 | €2,010,145 | +€835,439 | +71.1% |
| Remuneration, social security and pensions | 62 | €194,030 | €606,678 | +€412,648 | +212.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,060 | €353,227 | +€115,167 | +48.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€18,705 | - | +€18,705 | |
| Other operating charges | 640/8 | €968 | €1,123 | +€156 | +16.1% |
| Operating profit (loss) | 9901 | -€318,813 | -€936,869 | -€618,056 | -193.9% |
| Financial income | 75/76B | €40,241 | €8,786 | -€31,455 | -78.2% |
| Recurring financial income | 75 | €40,241 | €8,786 | -€31,455 | -78.2% |
| Income from current assets | 751 | €40,241 | €8,786 | -€31,455 | -78.2% |
| Financial charges | 65/66B | €28,520 | €66,756 | +€38,237 | +134.1% |
| Recurring financial charges | 65 | €28,520 | €66,756 | +€38,237 | +134.1% |
| Debt charges | 650 | - | €1,795 | +€1,795 | |
| Other financial charges | 652/9 | €28,520 | €64,961 | +€36,442 | +127.8% |
| Profit (loss) for the period before taxes | 9903 | -€307,091 | -€994,839 | -€687,748 | -224.0% |
| Profit (loss) for the period | 9904 | -€307,091 | -€994,839 | -€687,748 | -224.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€307,091 | -€994,839 | -€687,748 | -224.0% |
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 7 October 2026 via checked.be.