STIPO: what changed
STIPO
Largest movements
- Receivables within one year +€58,517
up €58,517 (+238%), from €24,561 to €83,078
of which Trade receivables: +€58,517
- Cash -€34,058
down €34,058 (-20.0%), from €170,289 to €136,231
mainly Trade debts (-€71,456) and Receivables within one year (-€58,517)
- Tangible fixed assets -€15,669
down €15,669 (-28.4%), from €55,183 to €39,514
of which Furniture and vehicles: -€15,344
- Trade debts -€71,456
down €71,456 (-93.8%), from €76,207 to €4,751
- Reserves +€43,597
up €43,597 (+46.0%), from €94,852 to €138,450
- Accrued charges and deferred income +€37,677
up €37,677 (+2,534%), from €1,487 to €39,164
- Tax, wage and social debts +€8,979
up €8,979 (+29.5%), from €30,435 to €39,414
of which Taxes: +€11,279
- Current portion of long-term debt -€4,439
down €4,439 (-52.9%), from €8,398 to €3,959
- Gross operating margin -€4,186
down €4,186 (-4.9%), from €85,011 to €80,825
- Depreciation +€1,764
up €1,764 (+11.1%), from €15,834 to €17,598
- Taxes -€1,044
down €1,044 (-5.8%), from €18,111 to €17,066
- Financial charges -€877
down €877 (-29.1%), from €3,012 to €2,135
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €250,064 | €258,822 | +€8,758 | +3.5% |
| Fixed assets | 21/28 | €55,183 | €39,514 | -€15,669 | -28.4% |
| Tangible fixed assets | 22/27 | €55,183 | €39,514 | -€15,669 | -28.4% |
| Plant, machinery and equipment | 23 | €331 | €6 | -€325 | -98.3% |
| Furniture and vehicles | 24 | €54,852 | €39,509 | -€15,344 | -28.0% |
| Current assets | 29/58 | €194,881 | €219,308 | +€24,427 | +12.5% |
| Amounts receivable within one year | 40/41 | €24,561 | €83,078 | +€58,517 | +238% |
| Trade receivables | 40 | €24,561 | €83,078 | +€58,517 | +238% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €170,289 | €136,231 | -€34,058 | -20.0% |
| Deferred charges and accrued income | 490/1 | €31 | €0 | -€31 | -100% |
| Total equity and liabilities | 10/49 | €250,064 | €258,822 | +€8,758 | +3.5% |
| Equity | 10/15 | €101,052 | €144,650 | +€43,597 | +43.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €94,852 | €138,450 | +€43,597 | +46.0% |
| Distributable reserves | 133 | €94,852 | €138,450 | +€43,597 | +46.0% |
| Amounts payable | 17/49 | €149,012 | €114,173 | -€34,839 | -23.4% |
| Amounts payable after more than one year | 17 | €13,407 | €9,448 | -€3,959 | -29.5% |
| Financial debts | 170/4 | €13,407 | €9,448 | -€3,959 | -29.5% |
| Amounts payable within one year | 42/48 | €134,118 | €65,561 | -€68,557 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | €8,398 | €3,959 | -€4,439 | -52.9% |
| Trade debts | 44 | €76,207 | €4,751 | -€71,456 | -93.8% |
| Suppliers | 440/4 | €76,207 | €4,751 | -€71,456 | -93.8% |
| Taxes, remuneration and social security | 45 | €30,435 | €39,414 | +€8,979 | +29.5% |
| Taxes | 450/3 | €27,435 | €38,714 | +€11,279 | +41.1% |
| Remuneration and social security | 454/9 | €3,000 | €700 | -€2,300 | -76.7% |
| Other amounts payable | 47/48 | €19,078 | €17,437 | -€1,641 | -8.6% |
| Accrued charges and deferred income | 492/3 | €1,487 | €39,164 | +€37,677 | +2,534% |
| Non-recurring operating income | 76A | €9,750 | €0 | -€9,750 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,834 | €17,598 | +€1,764 | +11.1% |
| Other operating charges | 640/8 | €738 | €529 | -€209 | -28.4% |
| Gross operating margin | 9900 | €85,011 | €80,825 | -€4,186 | -4.9% |
| Operating profit (loss) | 9901 | €68,438 | €62,698 | -€5,740 | -8.4% |
| Financial income | 75/76B | €72 | €100 | +€28 | +39.0% |
| Recurring financial income | 75 | €72 | €100 | +€28 | +39.0% |
| Financial charges | 65/66B | €3,012 | €2,135 | -€877 | -29.1% |
| Recurring financial charges | 65 | €3,012 | €2,135 | -€877 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €65,498 | €60,663 | -€4,835 | -7.4% |
| Income taxes | 67/77 | €18,111 | €17,066 | -€1,044 | -5.8% |
| Profit (loss) for the period | 9904 | €47,388 | €43,597 | -€3,790 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,388 | €43,597 | -€3,790 | -8.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.