STILCO: 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.
STILCO
Largest movements
- Receivables within one year +€98,886
up €98,886 (+50.5%), from €195,699 to €294,585
of which Trade receivables: +€101,143
- Tangible fixed assets -€56,217
down €56,217 (-33.1%), from €169,756 to €113,539
of which Furniture and vehicles: -€48,315
- Deferred charges and accrued income -€27,500
down €27,500 (-64.5%), from €42,611 to €15,111
- Receivables after one year -€21,000
down €21,000 (-12.5%), from €168,000 to €147,000
- Current investments -€11,000
no longer reported in 2025 (was €11,000)
- Debts after one year -€39,983
down €39,983 (-11.9%), from €337,151 to €297,168
- Current portion of long-term debt +€22,772
up €22,772 (+57.8%), from €39,410 to €62,182
- Gross operating margin -€32,680
down €32,680 (-29.0%), from €112,512 to €79,832
- Financial charges -€14,113
down €14,113 (-40.6%), from €34,793 to €20,680
of which Financial charges: -€8,018
- Staff costs -€7,161
down €7,161 (-15.5%), from €46,211 to €39,050
- Other operating charges -€4,454
down €4,454 (-61.8%), from €7,205 to €2,751
- Depreciation -€1,499
down €1,499 (-6.7%), from €22,361 to €20,862
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 | €595,808 | €576,815 | -€18,993 | -3.2% |
| Fixed assets | 21/28 | €169,756 | €113,539 | -€56,217 | -33.1% |
| Tangible fixed assets | 22/27 | €169,756 | €113,539 | -€56,217 | -33.1% |
| Land and buildings | 22 | €83,680 | €76,731 | -€6,949 | -8.3% |
| Plant, machinery and equipment | 23 | €4,083 | €3,130 | -€953 | -23.3% |
| Furniture and vehicles | 24 | €81,993 | €33,678 | -€48,315 | -58.9% |
| Current assets | 29/58 | €426,052 | €463,276 | +€37,224 | +8.7% |
| Amounts receivable after more than one year | 29 | €168,000 | €147,000 | -€21,000 | -12.5% |
| Other amounts receivable | 291 | €168,000 | €147,000 | -€21,000 | -12.5% |
| Stocks and contracts in progress | 3 | €3,237 | €536 | -€2,701 | -83.4% |
| Stocks | 30/36 | €3,237 | €536 | -€2,701 | -83.4% |
| Amounts receivable within one year | 40/41 | €195,699 | €294,585 | +€98,886 | +50.5% |
| Trade receivables | 40 | €191,127 | €292,270 | +€101,143 | +52.9% |
| Other amounts receivable | 41 | €4,572 | €2,315 | -€2,257 | -49.4% |
| Current investments | 50/53 | €11,000 | - | -€11,000 | |
| Cash at bank and in hand | 54/58 | €5,505 | €6,044 | +€539 | +9.8% |
| Deferred charges and accrued income | 490/1 | €42,611 | €15,111 | -€27,500 | -64.5% |
| Total equity and liabilities | 10/49 | €595,808 | €576,815 | -€18,993 | -3.2% |
| Equity | 10/15 | €209,062 | €205,037 | -€4,025 | -1.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,903 | €1,903 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,903 | €1,903 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,903 | €1,903 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,609 | -€55,634 | -€2,025 | -3.8% |
| Investment grants | 15 | €10,768 | €8,768 | -€2,000 | -18.6% |
| Amounts payable | 17/49 | €386,746 | €371,778 | -€14,968 | -3.9% |
| Amounts payable after more than one year | 17 | €337,151 | €297,168 | -€39,983 | -11.9% |
| Financial debts | 170/4 | €337,151 | €297,168 | -€39,983 | -11.9% |
| Amounts payable within one year | 42/48 | €49,595 | €74,610 | +€25,015 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €39,410 | €62,182 | +€22,772 | +57.8% |
| Trade debts | 44 | €7,208 | €10,790 | +€3,582 | +49.7% |
| Suppliers | 440/4 | €7,208 | €10,790 | +€3,582 | +49.7% |
| Taxes, remuneration and social security | 45 | €621 | €1,638 | +€1,017 | +163.8% |
| Remuneration and social security | 454/9 | €621 | €1,638 | +€1,017 | +163.8% |
| Other amounts payable | 47/48 | €2,356 | - | -€2,356 | |
| Remuneration, social security and pensions | 62 | €46,211 | €39,050 | -€7,161 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,361 | €20,862 | -€1,499 | -6.7% |
| Other operating charges | 640/8 | €7,205 | €2,751 | -€4,454 | -61.8% |
| Gross operating margin | 9900 | €112,512 | €79,832 | -€32,680 | -29.0% |
| Operating profit (loss) | 9901 | €36,735 | €17,169 | -€19,566 | -53.3% |
| Financial income | 75/76B | €2,495 | €2,160 | -€335 | -13.4% |
| Recurring financial income | 75 | €2,252 | €2,000 | -€252 | -11.2% |
| Non-recurring financial income | 76B | €243 | €160 | -€83 | -34.2% |
| Financial charges | 65/66B | €34,793 | €20,680 | -€14,113 | -40.6% |
| Recurring financial charges | 65 | €14,674 | €6,656 | -€8,018 | -54.6% |
| Non-recurring financial charges | 66B | €20,119 | €14,024 | -€6,095 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €4,437 | -€1,351 | -€5,788 | |
| Income taxes | 67/77 | €703 | €673 | -€30 | -4.3% |
| Profit (loss) for the period | 9904 | €3,734 | -€2,024 | -€5,758 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,734 | -€2,024 | -€5,758 |
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 29 September 2026 via checked.be.