STILMANT: 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.
STILMANT
Largest movements
- Receivables within one year +€264,533
up €264,533 (+95.3%), from €277,602 to €542,135
of which Trade receivables: +€302,217
- Stocks and contracts -€122,395
down €122,395 (-47.5%), from €257,871 to €135,476
of which Contracts in progress: -€120,483
- Cash +€59,372
up €59,372 (+8.4%), from €703,513 to €762,885
mainly Net result for the year (+€347,749) and Other debts (+€270,534)
- Tangible fixed assets -€49,773
down €49,773 (-10.0%), from €499,061 to €449,289
of which Plant, machinery and equipment: -€33,209
- Other debts +€270,534
up €270,534 (+278.3%), from €97,214 to €367,749
- Trade debts -€146,498
down €146,498 (-54.8%), from €267,575 to €121,076
- Tax, wage and social debts +€40,899
up €40,899 (+76.5%), from €53,494 to €94,393
of which Taxes: +€52,011
- Gross operating margin +€192,609
up €192,609 (+20.1%), from €957,126 to €1.1m
- Staff costs +€88,989
up €88,989 (+21.4%), from €415,397 to €504,386
- Depreciation +€34,199
up €34,199 (+35.1%), from €97,573 to €131,773
- Taxes +€25,901
up €25,901 (+19.9%), from €130,454 to €156,355
- Financial income -€21,376
down €21,376 (-72.4%), from €29,517 to €8,140
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 | €1,749,116 | €1,889,785 | +€140,669 | +8.0% |
| Fixed assets | 21/28 | €499,061 | €449,289 | -€49,773 | -10.0% |
| Tangible fixed assets | 22/27 | €499,061 | €449,289 | -€49,773 | -10.0% |
| Land and buildings | 22 | €144,778 | €116,773 | -€28,005 | -19.3% |
| Plant, machinery and equipment | 23 | €138,543 | €105,334 | -€33,209 | -24.0% |
| Furniture and vehicles | 24 | €215,741 | €227,182 | +€11,441 | +5.3% |
| Current assets | 29/58 | €1,250,055 | €1,440,496 | +€190,442 | +15.2% |
| Stocks and contracts in progress | 3 | €257,871 | €135,476 | -€122,395 | -47.5% |
| Stocks | 30/36 | €29,358 | €27,446 | -€1,912 | -6.5% |
| Contracts in progress | 37 | €228,513 | €108,030 | -€120,483 | -52.7% |
| Amounts receivable within one year | 40/41 | €277,602 | €542,135 | +€264,533 | +95.3% |
| Trade receivables | 40 | €212,128 | €514,344 | +€302,217 | +142.5% |
| Other amounts receivable | 41 | €65,475 | €27,791 | -€37,684 | -57.6% |
| Cash at bank and in hand | 54/58 | €703,513 | €762,885 | +€59,372 | +8.4% |
| Deferred charges and accrued income | 490/1 | €11,068 | - | -€11,068 | |
| Total equity and liabilities | 10/49 | €1,749,116 | €1,889,785 | +€140,669 | +8.0% |
| Equity | 10/15 | €1,278,803 | €1,263,121 | -€15,682 | -1.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €957,644 | €945,744 | -€11,900 | -1.2% |
| Distributable reserves | 133 | €957,644 | €945,744 | -€11,900 | -1.2% |
| Profit (loss) carried forward | 14 | €277,515 | €277,564 | +€49 | 0.0% |
| Investment grants | 15 | €23,184 | €19,353 | -€3,831 | -16.5% |
| Amounts payable | 17/49 | €470,313 | €626,664 | +€156,351 | +33.2% |
| Amounts payable within one year | 42/48 | €470,313 | €616,551 | +€146,238 | +31.1% |
| Current portion of amounts payable after more than one year | 42 | €52,030 | €33,333 | -€18,696 | -35.9% |
| Trade debts | 44 | €267,575 | €121,076 | -€146,498 | -54.8% |
| Suppliers | 440/4 | €267,575 | €121,076 | -€146,498 | -54.8% |
| Taxes, remuneration and social security | 45 | €53,494 | €94,393 | +€40,899 | +76.5% |
| Taxes | 450/3 | €25,774 | €77,785 | +€52,011 | +201.8% |
| Remuneration and social security | 454/9 | €27,720 | €16,608 | -€11,112 | -40.1% |
| Other amounts payable | 47/48 | €97,214 | €367,749 | +€270,534 | +278.3% |
| Accrued charges and deferred income | 492/3 | - | €10,113 | +€10,113 | |
| Non-recurring operating income | 76A | €33,300 | - | -€33,300 | |
| Remuneration, social security and pensions | 62 | €415,397 | €504,386 | +€88,989 | +21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,573 | €131,773 | +€34,199 | +35.1% |
| Other operating charges | 640/8 | €14,190 | €14,475 | +€285 | +2.0% |
| Non-recurring operating charges | 66A | - | €959 | +€959 | |
| Gross operating margin | 9900 | €957,126 | €1,149,736 | +€192,609 | +20.1% |
| Operating profit (loss) | 9901 | €429,967 | €498,143 | +€68,176 | +15.9% |
| Financial income | 75/76B | €29,517 | €8,140 | -€21,376 | -72.4% |
| Recurring financial income | 75 | €29,517 | €8,140 | -€21,376 | -72.4% |
| Financial charges | 65/66B | €10,109 | €2,179 | -€7,930 | -78.4% |
| Recurring financial charges | 65 | €10,109 | €2,179 | -€7,930 | -78.4% |
| Profit (loss) for the period before taxes | 9903 | €449,374 | €504,104 | +€54,730 | +12.2% |
| Income taxes | 67/77 | €130,454 | €156,355 | +€25,901 | +19.9% |
| Profit (loss) for the period | 9904 | €318,920 | €347,749 | +€28,829 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €318,920 | €347,749 | +€28,829 | +9.0% |
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 9 October 2026 via checked.be.