STIPAR: 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.
STIPAR
Largest movements
- Receivables within one year +€112,160
up €112,160 (+40.7%), from €275,489 to €387,649
of which Trade receivables: +€92,981
- Cash -€50,103
down €50,103 (-40.9%), from €122,565 to €72,462
mainly Receivables within one year (-€112,160) and Contributions, distributions and other (-€70,614)
- Tangible fixed assets -€48,865
down €48,865 (-9.6%), from €507,450 to €458,585
of which Furniture and vehicles: -€26,951
- Stocks and contracts +€41,000
up €41,000 (+51.9%), from €79,000 to €120,000
- Reserves -€55,697
down €55,697 (-21.5%), from €258,487 to €202,791
- Accrued charges and deferred income +€38,418
new in 2025: €38,418
- Debts after one year +€29,938
up €29,938 (+7.8%), from €381,903 to €411,841
- Current portion of long-term debt +€24,879
up €24,879 (+47.6%), from €52,215 to €77,094
- Trade debts +€14,765
up €14,765 (+11.2%), from €132,300 to €147,066
- Staff costs +€82,362
up €82,362 (+54.7%), from €150,540 to €232,901
- Gross operating margin +€58,934
up €58,934 (+20.4%), from €289,454 to €348,389
- Other operating charges -€9,688
down €9,688 (-69.6%), from €13,916 to €4,228
- Financial income -€9,056
down €9,056 (-98.3%), from €9,214 to €158
- Depreciation +€7,050
up €7,050 (+18.0%), from €39,112 to €46,163
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.
Derived cash bridge
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 | €994,012 | €1,055,470 | +€61,458 | +6.2% |
| Fixed assets | 21/28 | €511,209 | €461,545 | -€49,664 | -9.7% |
| Intangible fixed assets | 21 | €3,459 | €2,660 | -€799 | -23.1% |
| Tangible fixed assets | 22/27 | €507,450 | €458,585 | -€48,865 | -9.6% |
| Land and buildings | 22 | €394,443 | €376,849 | -€17,593 | -4.5% |
| Plant, machinery and equipment | 23 | €16,810 | €12,489 | -€4,321 | -25.7% |
| Furniture and vehicles | 24 | €96,197 | €69,246 | -€26,951 | -28.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €482,803 | €593,925 | +€111,122 | +23.0% |
| Stocks and contracts in progress | 3 | €79,000 | €120,000 | +€41,000 | +51.9% |
| Stocks | 30/36 | €79,000 | €120,000 | +€41,000 | +51.9% |
| Amounts receivable within one year | 40/41 | €275,489 | €387,649 | +€112,160 | +40.7% |
| Trade receivables | 40 | €245,895 | €338,876 | +€92,981 | +37.8% |
| Other amounts receivable | 41 | €29,594 | €48,773 | +€19,179 | +64.8% |
| Cash at bank and in hand | 54/58 | €122,565 | €72,462 | -€50,103 | -40.9% |
| Deferred charges and accrued income | 490/1 | €5,748 | €13,813 | +€8,065 | +140% |
| Total equity and liabilities | 10/49 | €994,012 | €1,055,470 | +€61,458 | +6.2% |
| Equity | 10/15 | €265,487 | €221,391 | -€44,097 | -16.6% |
| Contributions | 10/11 | €7,000 | €18,600 | +€11,600 | +166% |
| Reserves | 13 | €258,487 | €202,791 | -€55,697 | -21.5% |
| Distributable reserves | 133 | €258,487 | €202,791 | -€55,697 | -21.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €728,524 | €834,080 | +€105,555 | +14.5% |
| Amounts payable after more than one year | 17 | €381,903 | €411,841 | +€29,938 | +7.8% |
| Financial debts | 170/4 | €381,903 | €411,841 | +€29,938 | +7.8% |
| Amounts payable within one year | 42/48 | €346,621 | €383,820 | +€37,199 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €52,215 | €77,094 | +€24,879 | +47.6% |
| Trade debts | 44 | €132,300 | €147,066 | +€14,765 | +11.2% |
| Suppliers | 440/4 | €132,300 | €147,066 | +€14,765 | +11.2% |
| Taxes, remuneration and social security | 45 | €156,721 | €158,347 | +€1,627 | +1.0% |
| Taxes | 450/3 | €125,192 | €130,398 | +€5,207 | +4.2% |
| Remuneration and social security | 454/9 | €31,529 | €27,949 | -€3,580 | -11.4% |
| Other amounts payable | 47/48 | €5,385 | €1,313 | -€4,072 | -75.6% |
| Accrued charges and deferred income | 492/3 | - | €38,418 | +€38,418 | |
| Remuneration, social security and pensions | 62 | €150,540 | €232,901 | +€82,362 | +54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,112 | €46,163 | +€7,050 | +18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,897 | +€5,897 | |
| Other operating charges | 640/8 | €13,916 | €4,228 | -€9,688 | -69.6% |
| Non-recurring operating charges | 66A | €2,678 | €0 | -€2,678 | -100% |
| Gross operating margin | 9900 | €289,454 | €348,389 | +€58,934 | +20.4% |
| Operating profit (loss) | 9901 | €83,207 | €59,200 | -€24,008 | -28.9% |
| Financial income | 75/76B | €9,214 | €158 | -€9,056 | -98.3% |
| Recurring financial income | 75 | €9,214 | €158 | -€9,056 | -98.3% |
| Financial charges | 65/66B | €11,350 | €17,213 | +€5,863 | +51.7% |
| Recurring financial charges | 65 | €11,350 | €17,213 | +€5,863 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | €81,072 | €42,145 | -€38,927 | -48.0% |
| Income taxes | 67/77 | €20,658 | €15,627 | -€5,031 | -24.4% |
| Profit (loss) for the period | 9904 | €60,413 | €26,517 | -€33,896 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,413 | €26,517 | -€33,896 | -56.1% |
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 19 October 2026 via checked.be.