STIVALI: 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.
STIVALI
Largest movements
- Stocks and contracts -€31,190
down €31,190 (-13.3%), from €234,968 to €203,777
- Cash +€15,188
up €15,188 (+201.7%), from €7,530 to €22,718
mainly Other debts (+€264,319) and Stocks and contracts (+€31,190)
- Receivables within one year -€14,084
down €14,084 (-88.7%), from €15,874 to €1,790
of which Trade receivables: -€12,654
- Tangible fixed assets +€4,683
up €4,683 (+10.4%), from €44,849 to €49,532
of which Other tangible fixed assets: +€5,183
- Other debts +€264,319
up €264,319 (+17196.8%), from €1,537 to €265,857
- Trade debts -€246,677
down €246,677 (-94.5%), from €260,899 to €14,222
- Profit (loss) carried forward -€39,459
down €39,459 (-44.8%), from -€88,108 to -€127,567
- Short-term financial debts -€7,949
no longer reported in 2025 (was €7,949)
- Tax, wage and social debts -€5,810
down €5,810 (-14.4%), from €40,445 to €34,635
of which Taxes: -€2,935
- Gross operating margin +€32,568
up €32,568 (+251.3%), from €12,958 to €45,526
- Staff costs -€17,077
down €17,077 (-19.4%), from €87,979 to €70,902
- Depreciation +€800
up €800 (+8.8%), from €9,116 to €9,916
- Financial charges +€628
up €628 (+20.0%), from €3,148 to €3,775
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 | €328,105 | €298,339 | -€29,766 | -9.1% |
| Fixed assets | 21/28 | €67,517 | €69,200 | +€1,683 | +2.5% |
| Intangible fixed assets | 21 | €22,668 | €19,668 | -€3,000 | -13.2% |
| Tangible fixed assets | 22/27 | €44,849 | €49,532 | +€4,683 | +10.4% |
| Furniture and vehicles | 24 | €1,930 | €1,430 | -€500 | -25.9% |
| Other tangible fixed assets | 26 | €42,918 | €48,102 | +€5,183 | +12.1% |
| Current assets | 29/58 | €260,588 | €229,139 | -€31,449 | -12.1% |
| Stocks and contracts in progress | 3 | €234,968 | €203,777 | -€31,190 | -13.3% |
| Stocks | 30/36 | €234,968 | €203,777 | -€31,190 | -13.3% |
| Amounts receivable within one year | 40/41 | €15,874 | €1,790 | -€14,084 | -88.7% |
| Trade receivables | 40 | €12,654 | - | -€12,654 | |
| Other amounts receivable | 41 | €3,220 | €1,790 | -€1,429 | -44.4% |
| Cash at bank and in hand | 54/58 | €7,530 | €22,718 | +€15,188 | +201.7% |
| Deferred charges and accrued income | 490/1 | €2,216 | €854 | -€1,363 | -61.5% |
| Total equity and liabilities | 10/49 | €328,105 | €298,339 | -€29,766 | -9.1% |
| Equity | 10/15 | -€33,526 | -€72,985 | -€39,459 | -117.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €35,990 | €35,990 | = | 0.0% |
| Distributable reserves | 133 | €35,990 | €35,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,108 | -€127,567 | -€39,459 | -44.8% |
| Amounts payable | 17/49 | €361,631 | €371,324 | +€9,693 | +2.7% |
| Amounts payable after more than one year | 17 | €38,000 | €40,287 | +€2,287 | +6.0% |
| Financial debts | 170/4 | €22,000 | €24,287 | +€2,287 | +10.4% |
| Other amounts payable | 178/9 | €16,000 | €16,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €323,631 | €331,037 | +€7,407 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €12,800 | €16,323 | +€3,523 | +27.5% |
| Financial debts | 43 | €7,949 | - | -€7,949 | |
| Credit institutions | 430/8 | €7,949 | - | -€7,949 | |
| Trade debts | 44 | €260,899 | €14,222 | -€246,677 | -94.5% |
| Suppliers | 440/4 | €260,899 | €14,222 | -€246,677 | -94.5% |
| Taxes, remuneration and social security | 45 | €40,445 | €34,635 | -€5,810 | -14.4% |
| Taxes | 450/3 | €29,261 | €26,326 | -€2,935 | -10.0% |
| Remuneration and social security | 454/9 | €11,184 | €8,309 | -€2,875 | -25.7% |
| Other amounts payable | 47/48 | €1,537 | €265,857 | +€264,319 | +17196.8% |
| Remuneration, social security and pensions | 62 | €87,979 | €70,902 | -€17,077 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,116 | €9,916 | +€800 | +8.8% |
| Other operating charges | 640/8 | €824 | €768 | -€56 | -6.8% |
| Gross operating margin | 9900 | €12,958 | €45,526 | +€32,568 | +251.3% |
| Operating profit (loss) | 9901 | -€84,960 | -€36,060 | +€48,900 | +57.6% |
| Financial income | 75/76B | - | €377 | +€377 | |
| Recurring financial income | 75 | - | €377 | +€377 | |
| Financial charges | 65/66B | €3,148 | €3,775 | +€628 | +20.0% |
| Recurring financial charges | 65 | €3,148 | €3,775 | +€628 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€88,108 | -€39,459 | +€48,649 | +55.2% |
| Profit (loss) for the period | 9904 | -€88,108 | -€39,459 | +€48,649 | +55.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,108 | -€39,459 | +€48,649 | +55.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.