STILAN: 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.
STILAN
Largest movements
- Receivables within one year +€239,904
up €239,904 (+74.3%), from €322,866 to €562,770
of which Trade receivables: +€194,915
- Current investments +€187,699
up €187,699 (+226.0%), from €83,038 to €270,737
- Cash -€147,134
down €147,134 (-43.1%), from €341,499 to €194,365
mainly Receivables within one year (-€239,904) and Current investments (-€187,699)
- Tangible fixed assets -€91,888
down €91,888 (-21.9%), from €419,448 to €327,559
of which Furniture and vehicles: -€97,297
- Intangible fixed assets +€20,370
new in 2025: €20,370
- Trade debts +€191,050
up €191,050 (+218.2%), from €87,551 to €278,601
- Reserves +€116,999
up €116,999 (+16.7%), from €701,341 to €818,340
of which Distributable reserves: +€116,999
- Accrued charges and deferred income +€84,243
up €84,243 (+190.5%), from €44,226 to €128,469
- Debts after one year -€65,348
down €65,348 (-44.0%), from €148,540 to €83,192
- Tax, wage and social debts -€52,485
down €52,485 (-43.6%), from €120,357 to €67,872
of which Remuneration and social security: -€43,542
- Staff costs -€119,499
down €119,499 (-19.5%), from €611,857 to €492,357
- Gross operating margin +€21,413
up €21,413 (+2.7%), from €780,603 to €802,016
- Taxes +€19,039
up €19,039 (+143.0%), from €13,318 to €32,357
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 | €1,233,716 | €1,450,796 | +€217,081 | +17.6% |
| Fixed assets | 21/28 | €419,448 | €347,929 | -€71,518 | -17.1% |
| Intangible fixed assets | 21 | - | €20,370 | +€20,370 | |
| Tangible fixed assets | 22/27 | €419,448 | €327,559 | -€91,888 | -21.9% |
| Land and buildings | 22 | €149,035 | €129,037 | -€19,998 | -13.4% |
| Plant, machinery and equipment | 23 | €45,388 | €23,439 | -€21,949 | -48.4% |
| Furniture and vehicles | 24 | €205,537 | €108,240 | -€97,297 | -47.3% |
| Other tangible fixed assets | 26 | €19,488 | €66,843 | +€47,355 | +243.0% |
| Current assets | 29/58 | €814,268 | €1,102,867 | +€288,599 | +35.4% |
| Stocks and contracts in progress | 3 | €50,545 | €62,897 | +€12,352 | +24.4% |
| Stocks | 30/36 | €50,545 | €62,897 | +€12,352 | +24.4% |
| Amounts receivable within one year | 40/41 | €322,866 | €562,770 | +€239,904 | +74.3% |
| Trade receivables | 40 | €227,651 | €422,567 | +€194,915 | +85.6% |
| Other amounts receivable | 41 | €95,215 | €140,203 | +€44,989 | +47.2% |
| Current investments | 50/53 | €83,038 | €270,737 | +€187,699 | +226.0% |
| Cash at bank and in hand | 54/58 | €341,499 | €194,365 | -€147,134 | -43.1% |
| Deferred charges and accrued income | 490/1 | €16,320 | €12,098 | -€4,222 | -25.9% |
| Total equity and liabilities | 10/49 | €1,233,716 | €1,450,796 | +€217,081 | +17.6% |
| Equity | 10/15 | €741,654 | €836,940 | +€95,286 | +12.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €701,341 | €818,340 | +€116,999 | +16.7% |
| Tax-exempt reserves | 132 | €56,628 | €56,628 | = | 0.0% |
| Distributable reserves | 133 | €644,713 | €761,712 | +€116,999 | +18.1% |
| Profit (loss) carried forward | 14 | €21,713 | - | -€21,713 | |
| Amounts payable | 17/49 | €492,062 | €613,857 | +€121,795 | +24.8% |
| Amounts payable after more than one year | 17 | €148,540 | €83,192 | -€65,348 | -44.0% |
| Financial debts | 170/4 | €148,540 | €83,192 | -€65,348 | -44.0% |
| Amounts payable within one year | 42/48 | €299,295 | €402,196 | +€102,900 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €91,386 | €54,073 | -€37,314 | -40.8% |
| Trade debts | 44 | €87,551 | €278,601 | +€191,050 | +218.2% |
| Suppliers | 440/4 | €87,551 | €278,601 | +€191,050 | +218.2% |
| Advances received on contracts in progress | 46 | - | €665 | +€665 | |
| Taxes, remuneration and social security | 45 | €120,357 | €67,872 | -€52,485 | -43.6% |
| Taxes | 450/3 | €46,865 | €37,922 | -€8,943 | -19.1% |
| Remuneration and social security | 454/9 | €73,493 | €29,951 | -€43,542 | -59.2% |
| Other amounts payable | 47/48 | - | €984 | +€984 | |
| Accrued charges and deferred income | 492/3 | €44,226 | €128,469 | +€84,243 | +190.5% |
| Non-recurring operating income | 76A | - | €17,000 | +€17,000 | |
| Remuneration, social security and pensions | 62 | €611,857 | €492,357 | -€119,499 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,100 | €132,851 | -€6,250 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,069 | +€1,069 | |
| Other operating charges | 640/8 | €3,648 | €3,655 | +€8 | +0.2% |
| Non-recurring operating charges | 66A | - | €40,349 | +€40,349 | |
| Gross operating margin | 9900 | €780,603 | €802,016 | +€21,413 | +2.7% |
| Operating profit (loss) | 9901 | €25,998 | €131,735 | +€105,736 | +406.7% |
| Financial income | 75/76B | €4,117 | €3,939 | -€179 | -4.3% |
| Recurring financial income | 75 | €4,060 | €3,939 | -€122 | -3.0% |
| Non-recurring financial income | 76B | €57 | - | -€57 | |
| Financial charges | 65/66B | €9,575 | €8,031 | -€1,544 | -16.1% |
| Recurring financial charges | 65 | €9,575 | €8,031 | -€1,544 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €20,541 | €127,643 | +€107,102 | +521.4% |
| Income taxes | 67/77 | €13,318 | €32,357 | +€19,039 | +143.0% |
| Profit (loss) for the period | 9904 | €7,223 | €95,286 | +€88,063 | +1219.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,223 | €95,286 | +€88,063 | +1219.2% |
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 6 October 2026 via checked.be.