STINAL: 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.
STINAL
Largest movements
- Cash -€22,883
no longer reported in 2025 (was €22,883)
mainly Advances received (-€18,520) and Debts after one year (-€17,491)
- Tangible fixed assets -€17,444
down €17,444 (-7.4%), from €234,787 to €217,343
of which Land and buildings: -€13,081
- Receivables within one year +€13,305
up €13,305 (+27.7%), from €48,086 to €61,392
of which Trade receivables: +€12,281
- Advances received -€18,520
no longer reported in 2025 (was €18,520)
- Debts after one year -€17,491
down €17,491 (-10.5%), from €166,450 to €148,960
of which Financial debts: -€17,491
- Trade debts -€6,013
down €6,013 (-23.7%), from €25,416 to €19,402
- Tax, wage and social debts +€4,385
up €4,385 (+757.9%), from €579 to €4,964
of which Remuneration and social security: +€4,117
- Short-term financial debts +€3,828
new in 2025: €3,828
- Gross operating margin -€19,053
down €19,053 (-42.5%), from €44,829 to €25,777
- Other operating charges -€497
down €497 (-17.7%), from €2,808 to €2,311
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 | €306,764 | €279,172 | -€27,592 | -9.0% |
| Fixed assets | 21/28 | €234,787 | €217,343 | -€17,444 | -7.4% |
| Tangible fixed assets | 22/27 | €234,787 | €217,343 | -€17,444 | -7.4% |
| Land and buildings | 22 | €217,240 | €204,160 | -€13,081 | -6.0% |
| Plant, machinery and equipment | 23 | €2,204 | €1,100 | -€1,104 | -50.1% |
| Furniture and vehicles | 24 | €15,342 | €12,083 | -€3,259 | -21.2% |
| Current assets | 29/58 | €71,977 | €61,829 | -€10,148 | -14.1% |
| Amounts receivable within one year | 40/41 | €48,086 | €61,392 | +€13,305 | +27.7% |
| Trade receivables | 40 | €47,022 | €59,303 | +€12,281 | +26.1% |
| Other amounts receivable | 41 | €1,064 | €2,089 | +€1,025 | +96.3% |
| Cash at bank and in hand | 54/58 | €22,883 | - | -€22,883 | |
| Deferred charges and accrued income | 490/1 | €1,008 | €438 | -€570 | -56.6% |
| Total equity and liabilities | 10/49 | €306,764 | €279,172 | -€27,592 | -9.0% |
| Equity | 10/15 | €59,235 | €61,339 | +€2,104 | +3.6% |
| Reserves | 13 | €79,074 | €79,074 | = | 0.0% |
| Distributable reserves | 133 | €79,074 | €79,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,839 | -€17,735 | +€2,104 | +10.6% |
| Amounts payable | 17/49 | €247,528 | €217,833 | -€29,696 | -12.0% |
| Amounts payable after more than one year | 17 | €166,450 | €148,960 | -€17,491 | -10.5% |
| Financial debts | 170/4 | €151,450 | €133,960 | -€17,491 | -11.5% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €81,078 | €68,873 | -€12,205 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €17,106 | €17,491 | +€385 | +2.2% |
| Financial debts | 43 | - | €3,828 | +€3,828 | |
| Credit institutions | 430/8 | - | €3,828 | +€3,828 | |
| Trade debts | 44 | €25,416 | €19,402 | -€6,013 | -23.7% |
| Suppliers | 440/4 | €25,416 | €19,402 | -€6,013 | -23.7% |
| Advances received on contracts in progress | 46 | €18,520 | - | -€18,520 | |
| Taxes, remuneration and social security | 45 | €579 | €4,964 | +€4,385 | +757.9% |
| Taxes | 450/3 | €579 | €847 | +€269 | +46.4% |
| Remuneration and social security | 454/9 | - | €4,117 | +€4,117 | |
| Other amounts payable | 47/48 | €19,458 | €23,188 | +€3,730 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,509 | €17,774 | +€265 | +1.5% |
| Other operating charges | 640/8 | €2,808 | €2,311 | -€497 | -17.7% |
| Gross operating margin | 9900 | €44,829 | €25,777 | -€19,053 | -42.5% |
| Operating profit (loss) | 9901 | €24,513 | €5,692 | -€18,821 | -76.8% |
| Financial income | 75/76B | €102 | €1 | -€101 | -98.5% |
| Recurring financial income | 75 | €102 | €1 | -€101 | -98.5% |
| Financial charges | 65/66B | €2,941 | €3,326 | +€385 | +13.1% |
| Recurring financial charges | 65 | €2,941 | €3,326 | +€385 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €21,674 | €2,368 | -€19,307 | -89.1% |
| Income taxes | 67/77 | €283 | €264 | -€20 | -7.0% |
| Profit (loss) for the period | 9904 | €21,391 | €2,104 | -€19,287 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,391 | €2,104 | -€19,287 | -90.2% |
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 28 September 2026 via checked.be.