STIPO: 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.
STIPO
Largest movements
- Stocks and contracts -€387,709
down €387,709 (-35.7%), from €1.1m to €697,618
- Receivables within one year +€185,881
up €185,881 (+163%), from €114,059 to €299,940
of which Trade receivables: +€159,925
- Deferred charges and accrued income -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€45,737
up €45,737 (+149%), from €30,718 to €76,454
mainly Debts after one year (+€425,274) and Stocks and contracts (+€387,709)
- Tangible fixed assets -€42,227
down €42,227 (-26.3%), from €160,774 to €118,547
of which Furniture and vehicles: -€46,215
- Profit (loss) carried forward -€1.3m
down €1.3m (-514%), from -€257,335 to -€1.6m
- Debts after one year +€425,274
up €425,274 (+506%), from €83,989 to €509,262
of which Trade debts: +€455,000
- Other debts +€311,443
up €311,443 (+20.1%), from €1.5m to €1.9m
- Current portion of long-term debt +€182,579
up €182,579 (+583%), from €31,315 to €213,894
- Tax, wage and social debts +€121,960
up €121,960 (+714%), from €17,077 to €139,037
of which Taxes: +€95,731
- Gross operating margin -€1.2m
down €1.2m, from €97,791 to -€1.1m
- Financial charges -€19,570
down €19,570 (-59.9%), from €32,657 to €13,087
- Staff costs +€16,784
up €16,784 (+17.0%), from €98,691 to €115,475
- Other operating charges +€15,038
up €15,038 (+919%), from €1,636 to €16,675
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 | €1,440,877 | €1,192,559 | -€248,318 | -17.2% |
| Fixed assets | 21/28 | €160,774 | €118,547 | -€42,227 | -26.3% |
| Tangible fixed assets | 22/27 | €160,774 | €118,547 | -€42,227 | -26.3% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €8,430 | €12,418 | +€3,988 | +47.3% |
| Furniture and vehicles | 24 | €152,343 | €106,129 | -€46,215 | -30.3% |
| Current assets | 29/58 | €1,280,104 | €1,074,012 | -€206,092 | -16.1% |
| Stocks and contracts in progress | 3 | €1,085,327 | €697,618 | -€387,709 | -35.7% |
| Stocks | 30/36 | €1,085,327 | €697,618 | -€387,709 | -35.7% |
| Amounts receivable within one year | 40/41 | €114,059 | €299,940 | +€185,881 | +163% |
| Trade receivables | 40 | €0 | €159,925 | +€159,925 | |
| Other amounts receivable | 41 | €114,059 | €140,016 | +€25,956 | +22.8% |
| Cash at bank and in hand | 54/58 | €30,718 | €76,454 | +€45,737 | +149% |
| Deferred charges and accrued income | 490/1 | €50,000 | - | -€50,000 | |
| Total equity and liabilities | 10/49 | €1,440,877 | €1,192,559 | -€248,318 | -17.2% |
| Equity | 10/15 | -€250,315 | -€1,574,025 | -€1.3m | -529% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €820 | €820 | = | 0.0% |
| Non-distributable reserves | 130/1 | €820 | €820 | = | 0.0% |
| Reserves not available under the articles | 1311 | €820 | €820 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€257,335 | -€1,581,045 | -€1.3m | -514% |
| Amounts payable | 17/49 | €1,691,192 | €2,766,584 | +€1.1m | +63.6% |
| Amounts payable after more than one year | 17 | €83,989 | €509,262 | +€425,274 | +506% |
| Financial debts | 170/4 | €83,989 | €54,262 | -€29,726 | -35.4% |
| Trade debts | 175 | - | €455,000 | +€455,000 | |
| Amounts payable within one year | 42/48 | €1,607,203 | €2,257,322 | +€650,119 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | €31,315 | €213,894 | +€182,579 | +583% |
| Trade debts | 44 | €9,034 | €43,172 | +€34,137 | +378% |
| Suppliers | 440/4 | €9,034 | €43,172 | +€34,137 | +378% |
| Taxes, remuneration and social security | 45 | €17,077 | €139,037 | +€121,960 | +714% |
| Taxes | 450/3 | €6,832 | €102,564 | +€95,731 | +1,401% |
| Remuneration and social security | 454/9 | €10,245 | €36,473 | +€26,228 | +256% |
| Other amounts payable | 47/48 | €1,549,776 | €1,861,219 | +€311,443 | +20.1% |
| Non-recurring operating income | 76A | €17,076 | €709 | -€16,368 | -95.9% |
| Remuneration, social security and pensions | 62 | €98,691 | €115,475 | +€16,784 | +17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,450 | €47,540 | +€90 | +0.2% |
| Other operating charges | 640/8 | €1,636 | €16,675 | +€15,038 | +919% |
| Gross operating margin | 9900 | €97,791 | -€1,133,032 | -€1.2m | |
| Operating profit (loss) | 9901 | -€49,987 | -€1,312,721 | -€1.3m | -2,526% |
| Financial income | 75/76B | €6,585 | €3,113 | -€3,472 | -52.7% |
| Recurring financial income | 75 | €6,585 | €3,113 | -€3,472 | -52.7% |
| Financial charges | 65/66B | €32,657 | €13,087 | -€19,570 | -59.9% |
| Recurring financial charges | 65 | €32,657 | €13,087 | -€19,570 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | -€76,058 | -€1,322,695 | -€1.2m | -1,639% |
| Income taxes | 67/77 | €545 | €1,016 | +€471 | +86.4% |
| Profit (loss) for the period | 9904 | -€76,603 | -€1,323,711 | -€1.2m | -1,628% |
| Profit (loss) for the period to be appropriated | 9905 | -€76,603 | -€1,323,711 | -€1.2m | -1,628% |
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 15 October 2026 via checked.be.