STIMULANZ: 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.
STIMULANZ
Largest movements
- Tangible fixed assets -€26,193
down €26,193 (-23.3%), from €112,522 to €86,330
of which Other tangible fixed assets: -€22,998
- Cash +€25,953
up €25,953 (+52.3%), from €49,642 to €75,595
mainly Net result for the year (+€32,701) and Depreciation (+€26,328)
- Receivables within one year +€6,255
up €6,255 (+14.3%), from €43,709 to €49,964
of which Other amounts receivable: +€23,362
- Stocks and contracts +€5,032
up €5,032 (+70.6%), from €7,123 to €12,155
- Deferred charges and accrued income +€3,694
up €3,694 (+51.5%), from €7,168 to €10,862
- Profit (loss) carried forward +€32,701
up €32,701 (+45.6%), from -€71,645 to -€38,944
- Trade debts -€26,223
down €26,223 (-24.0%), from €109,377 to €83,154
- Tax, wage and social debts +€5,482
up €5,482 (+12.9%), from €42,392 to €47,874
of which Remuneration and social security: +€11,787
- Advances received +€2,646
up €2,646 (+98.4%), from €2,690 to €5,336
- Gross operating margin +€136,225
up €136,225 (+50.5%), from €269,754 to €405,979
- Staff costs +€30,127
up €30,127 (+9.7%), from €311,650 to €341,777
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €220,300 | €234,905 | +€14,606 | +6.6% |
| Fixed assets | 21/28 | €112,658 | €86,330 | -€26,328 | -23.4% |
| Intangible fixed assets | 21 | €135 | €0 | -€135 | -100% |
| Tangible fixed assets | 22/27 | €112,522 | €86,330 | -€26,193 | -23.3% |
| Plant, machinery and equipment | 23 | €5,380 | €2,185 | -€3,195 | -59.4% |
| Other tangible fixed assets | 26 | €107,143 | €84,144 | -€22,998 | -21.5% |
| Current assets | 29/58 | €107,642 | €148,576 | +€40,934 | +38.0% |
| Stocks and contracts in progress | 3 | €7,123 | €12,155 | +€5,032 | +70.6% |
| Stocks | 30/36 | €7,123 | €12,155 | +€5,032 | +70.6% |
| Amounts receivable within one year | 40/41 | €43,709 | €49,964 | +€6,255 | +14.3% |
| Trade receivables | 40 | €21,460 | €4,353 | -€17,107 | -79.7% |
| Other amounts receivable | 41 | €22,249 | €45,611 | +€23,362 | +105% |
| Cash at bank and in hand | 54/58 | €49,642 | €75,595 | +€25,953 | +52.3% |
| Deferred charges and accrued income | 490/1 | €7,168 | €10,862 | +€3,694 | +51.5% |
| Total equity and liabilities | 10/49 | €220,300 | €234,905 | +€14,606 | +6.6% |
| Equity | 10/15 | €58,420 | €91,121 | +€32,701 | +56.0% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €61,465 | €61,465 | = | 0.0% |
| Distributable reserves | 133 | €61,465 | €61,465 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,645 | -€38,944 | +€32,701 | +45.6% |
| Amounts payable | 17/49 | €161,880 | €143,784 | -€18,096 | -11.2% |
| Amounts payable within one year | 42/48 | €157,880 | €139,784 | -€18,096 | -11.5% |
| Trade debts | 44 | €109,377 | €83,154 | -€26,223 | -24.0% |
| Suppliers | 440/4 | €109,377 | €83,154 | -€26,223 | -24.0% |
| Advances received on contracts in progress | 46 | €2,690 | €5,336 | +€2,646 | +98.4% |
| Taxes, remuneration and social security | 45 | €42,392 | €47,874 | +€5,482 | +12.9% |
| Taxes | 450/3 | €8,675 | €2,370 | -€6,305 | -72.7% |
| Remuneration and social security | 454/9 | €33,717 | €45,504 | +€11,787 | +35.0% |
| Other amounts payable | 47/48 | €3,420 | €3,420 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,000 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €311,650 | €341,777 | +€30,127 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,654 | €26,328 | -€326 | -1.2% |
| Other operating charges | 640/8 | €1,431 | €1,380 | -€50 | -3.5% |
| Gross operating margin | 9900 | €269,754 | €405,979 | +€136,225 | +50.5% |
| Operating profit (loss) | 9901 | -€69,980 | €36,494 | +€106,474 | |
| Financial income | 75/76B | €270 | €488 | +€218 | +80.9% |
| Recurring financial income | 75 | €270 | €488 | +€218 | +80.9% |
| Financial charges | 65/66B | €3,584 | €4,281 | +€697 | +19.4% |
| Recurring financial charges | 65 | €3,584 | €4,281 | +€697 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | -€73,295 | €32,701 | +€105,996 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€73,295 | €32,701 | +€105,996 | |
| Profit (loss) for the period to be appropriated | 9905 | -€73,295 | €32,701 | +€105,996 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.