Stivanno: 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.
Stivanno
Largest movements
- Tangible fixed assets -€10,671
down €10,671 (-26.0%), from €40,983 to €30,312
of which Plant, machinery and equipment: -€7,701
- Cash +€8,536
up €8,536 (+52.3%), from €16,316 to €24,852
mainly Current portion of long-term debt (+€20,785) and Depreciation (+€12,271)
- Financial fixed assets +€5,100
new in 2025: €5,100
- Receivables within one year +€2,120
up €2,120 (+44.2%), from €4,799 to €6,919
of which Trade receivables: +€1,123
- Current portion of long-term debt +€20,785
up €20,785 (+535%), from €3,888 to €24,674
- Debts after one year -€7,621
down €7,621 (-43.7%), from €17,423 to €9,802
- Trade debts -€4,633
down €4,633 (-28.1%), from €16,480 to €11,847
- Tax, wage and social debts -€3,960
down €3,960 (-36.7%), from €10,776 to €6,816
of which Taxes: -€6,968
- Gross operating margin +€2,093
up €2,093 (+4.2%), from €50,387 to €52,481
- Staff costs +€1,272
up €1,272 (+3.7%), from €34,309 to €35,581
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 | €64,396 | €68,929 | +€4,534 | +7.0% |
| Fixed assets | 21/28 | €42,095 | €36,375 | -€5,721 | -13.6% |
| Intangible fixed assets | 21 | €1,113 | €963 | -€150 | -13.5% |
| Tangible fixed assets | 22/27 | €40,983 | €30,312 | -€10,671 | -26.0% |
| Plant, machinery and equipment | 23 | €32,520 | €24,820 | -€7,701 | -23.7% |
| Leasing and similar rights | 25 | €8,462 | €5,492 | -€2,970 | -35.1% |
| Financial fixed assets | 28 | - | €5,100 | +€5,100 | |
| Current assets | 29/58 | €22,300 | €32,555 | +€10,254 | +46.0% |
| Stocks and contracts in progress | 3 | €206 | €311 | +€105 | +50.9% |
| Stocks | 30/36 | €206 | €311 | +€105 | +50.9% |
| Amounts receivable within one year | 40/41 | €4,799 | €6,919 | +€2,120 | +44.2% |
| Trade receivables | 40 | €4,610 | €5,733 | +€1,123 | +24.4% |
| Other amounts receivable | 41 | €189 | €1,186 | +€997 | +529% |
| Cash at bank and in hand | 54/58 | €16,316 | €24,852 | +€8,536 | +52.3% |
| Deferred charges and accrued income | 490/1 | €979 | €473 | -€506 | -51.7% |
| Total equity and liabilities | 10/49 | €64,396 | €68,929 | +€4,534 | +7.0% |
| Equity | 10/15 | €12,717 | €12,679 | -€38 | -0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,717 | €7,679 | -€38 | -0.5% |
| Amounts payable | 17/49 | €51,679 | €56,250 | +€4,572 | +8.8% |
| Amounts payable after more than one year | 17 | €17,423 | €9,802 | -€7,621 | -43.7% |
| Financial debts | 170/4 | €17,423 | €9,802 | -€7,621 | -43.7% |
| Amounts payable within one year | 42/48 | €34,255 | €46,448 | +€12,193 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €3,888 | €24,674 | +€20,785 | +535% |
| Trade debts | 44 | €16,480 | €11,847 | -€4,633 | -28.1% |
| Suppliers | 440/4 | €16,480 | €11,847 | -€4,633 | -28.1% |
| Taxes, remuneration and social security | 45 | €10,776 | €6,816 | -€3,960 | -36.7% |
| Taxes | 450/3 | €8,838 | €1,870 | -€6,968 | -78.8% |
| Remuneration and social security | 454/9 | €1,938 | €4,946 | +€3,008 | +155% |
| Other amounts payable | 47/48 | €3,110 | €3,110 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €34,309 | €35,581 | +€1,272 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,608 | €12,271 | -€337 | -2.7% |
| Other operating charges | 640/8 | €1,037 | €1,408 | +€371 | +35.8% |
| Gross operating margin | 9900 | €50,387 | €52,481 | +€2,093 | +4.2% |
| Operating profit (loss) | 9901 | €2,434 | €3,221 | +€787 | +32.3% |
| Financial income | 75/76B | €3 | €138 | +€135 | +4,363% |
| Recurring financial income | 75 | €3 | €138 | +€135 | +4,363% |
| Financial charges | 65/66B | €3,684 | €3,265 | -€419 | -11.4% |
| Recurring financial charges | 65 | €3,684 | €3,265 | -€419 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,247 | €94 | +€1,341 | |
| Income taxes | 67/77 | €255 | €132 | -€123 | -48.3% |
| Profit (loss) for the period | 9904 | -€1,502 | -€38 | +€1,464 | +97.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,502 | -€38 | +€1,464 | +97.5% |
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 23 October 2026 via checked.be.