STILETTO: 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.
STILETTO
Largest movements
- Tangible fixed assets -€38,094
down €38,094 (-11.1%), from €341,699 to €303,605
of which Land and buildings: -€37,657
- Cash +€20,296
up €20,296 (+467.3%), from €4,343 to €24,639
mainly Depreciation (+€41,288) and Other debts (+€1,930)
- Debts after one year -€18,463
down €18,463 (-12.7%), from €145,949 to €127,486
- Gross operating margin -€33,092
down €33,092 (-38.4%), from €86,226 to €53,134
- Taxes -€10,665
down €10,665 (-95.9%), from €11,123 to €458
- Other operating charges -€6,379
down €6,379 (-69.6%), from €9,164 to €2,785
- Financial charges +€4,849
up €4,849 (+117.4%), from €4,131 to €8,980
- Depreciation +€3,658
up €3,658 (+9.7%), from €37,630 to €41,288
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 | €364,906 | €350,721 | -€14,186 | -3.9% |
| Fixed assets | 21/28 | €341,699 | €303,605 | -€38,094 | -11.1% |
| Tangible fixed assets | 22/27 | €341,699 | €303,605 | -€38,094 | -11.1% |
| Land and buildings | 22 | €320,866 | €283,209 | -€37,657 | -11.7% |
| Plant, machinery and equipment | 23 | €1,205 | €682 | -€524 | -43.4% |
| Furniture and vehicles | 24 | €3,177 | €3,264 | +€86 | +2.7% |
| Other tangible fixed assets | 26 | €16,450 | €16,450 | = | 0.0% |
| Current assets | 29/58 | €23,208 | €47,116 | +€23,908 | +103.0% |
| Amounts receivable within one year | 40/41 | €5,602 | €8,587 | +€2,985 | +53.3% |
| Trade receivables | 40 | €5,575 | €5,028 | -€547 | -9.8% |
| Other amounts receivable | 41 | €27 | €3,559 | +€3,532 | +12971.5% |
| Current investments | 50/53 | €10,000 | €10,030 | +€30 | +0.3% |
| Cash at bank and in hand | 54/58 | €4,343 | €24,639 | +€20,296 | +467.3% |
| Deferred charges and accrued income | 490/1 | €3,263 | €3,859 | +€597 | +18.3% |
| Total equity and liabilities | 10/49 | €364,906 | €350,721 | -€14,186 | -3.9% |
| Equity | 10/15 | €186,505 | €186,441 | -€64 | 0.0% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €28,201 | €28,201 | = | 0.0% |
| Distributable reserves | 133 | €28,201 | €28,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,899 | €145,834 | -€64 | 0.0% |
| Amounts payable | 17/49 | €178,401 | €164,280 | -€14,121 | -7.9% |
| Amounts payable after more than one year | 17 | €145,949 | €127,486 | -€18,463 | -12.7% |
| Financial debts | 170/4 | €145,949 | €127,486 | -€18,463 | -12.7% |
| Amounts payable within one year | 42/48 | €32,452 | €35,836 | +€3,383 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €21,359 | €21,965 | +€605 | +2.8% |
| Trade debts | 44 | €1,692 | €665 | -€1,027 | -60.7% |
| Suppliers | 440/4 | €1,692 | €665 | -€1,027 | -60.7% |
| Taxes, remuneration and social security | 45 | €7,986 | €9,861 | +€1,875 | +23.5% |
| Taxes | 450/3 | €7,986 | €9,861 | +€1,875 | +23.5% |
| Other amounts payable | 47/48 | €1,415 | €3,345 | +€1,930 | +136.3% |
| Accrued charges and deferred income | 492/3 | - | €958 | +€958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,630 | €41,288 | +€3,658 | +9.7% |
| Other operating charges | 640/8 | €9,164 | €2,785 | -€6,379 | -69.6% |
| Gross operating margin | 9900 | €86,226 | €53,134 | -€33,092 | -38.4% |
| Operating profit (loss) | 9901 | €39,432 | €9,061 | -€30,372 | -77.0% |
| Financial income | 75/76B | €2,164 | €313 | -€1,850 | -85.5% |
| Recurring financial income | 75 | €2,164 | €313 | -€1,850 | -85.5% |
| Financial charges | 65/66B | €4,131 | €8,980 | +€4,849 | +117.4% |
| Recurring financial charges | 65 | €4,131 | €8,980 | +€4,849 | +117.4% |
| Profit (loss) for the period before taxes | 9903 | €37,465 | €394 | -€37,071 | -98.9% |
| Income taxes | 67/77 | €11,123 | €458 | -€10,665 | -95.9% |
| Profit (loss) for the period | 9904 | €26,341 | -€64 | -€26,406 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,341 | -€64 | -€26,406 |
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 9 October 2026 via checked.be.