STOCKMAN: 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.
STOCKMAN
Largest movements
- Tangible fixed assets +€552,301
up €552,301 (+39.4%), from €1.4m to €2.0m
of which Land and buildings: +€571,399
- Current investments +€454,658
up €454,658 (+128.1%), from €355,052 to €809,711
- Cash -€294,057
down €294,057 (-29.3%), from €1.0m to €708,291
mainly Investment in fixed assets (net) (-€721,217) and Current investments (-€454,658)
- Stocks and contracts +€94,639
up €94,639 (+11.1%), from €849,687 to €944,325
- Other debts +€432,259
up €432,259 (+252.2%), from €171,426 to €603,684
- Reserves +€240,188
up €240,188 (+15.6%), from €1.5m to €1.8m
of which Distributable reserves: +€240,188
- Debts after one year +€145,273
up €145,273 (+18.4%), from €789,290 to €934,564
- Gross operating margin +€36,042
up €36,042 (+3.3%), from €1.1m to €1.1m
- Staff costs +€35,902
up €35,902 (+12.5%), from €287,163 to €323,066
- Depreciation +€29,616
up €29,616 (+21.8%), from €136,137 to €165,754
- Taxes -€14,730
down €14,730 (-7.4%), from €199,188 to €184,458
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 | €3,890,197 | €4,736,602 | +€846,406 | +21.8% |
| Fixed assets | 21/28 | €1,418,234 | €1,973,698 | +€555,464 | +39.2% |
| Intangible fixed assets | 21 | €6,728 | €9,891 | +€3,163 | +47.0% |
| Tangible fixed assets | 22/27 | €1,400,512 | €1,952,813 | +€552,301 | +39.4% |
| Land and buildings | 22 | €1,329,645 | €1,901,044 | +€571,399 | +43.0% |
| Plant, machinery and equipment | 23 | €18,641 | €12,157 | -€6,484 | -34.8% |
| Furniture and vehicles | 24 | €52,226 | €39,612 | -€12,614 | -24.2% |
| Financial fixed assets | 28 | €10,994 | €10,994 | = | 0.0% |
| Current assets | 29/58 | €2,471,962 | €2,762,904 | +€290,942 | +11.8% |
| Stocks and contracts in progress | 3 | €849,687 | €944,325 | +€94,639 | +11.1% |
| Stocks | 30/36 | €849,687 | €944,325 | +€94,639 | +11.1% |
| Amounts receivable within one year | 40/41 | €249,817 | €284,066 | +€34,249 | +13.7% |
| Trade receivables | 40 | €237,834 | €254,828 | +€16,994 | +7.1% |
| Other amounts receivable | 41 | €11,983 | €29,238 | +€17,255 | +144.0% |
| Current investments | 50/53 | €355,052 | €809,711 | +€454,658 | +128.1% |
| Cash at bank and in hand | 54/58 | €1,002,348 | €708,291 | -€294,057 | -29.3% |
| Deferred charges and accrued income | 490/1 | €15,058 | €16,511 | +€1,453 | +9.6% |
| Total equity and liabilities | 10/49 | €3,890,197 | €4,736,602 | +€846,406 | +21.8% |
| Equity | 10/15 | €2,213,464 | €2,453,652 | +€240,188 | +10.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €7,774 | €7,774 | = | 0.0% |
| Reserves | 13 | €1,540,349 | €1,780,537 | +€240,188 | +15.6% |
| Tax-exempt reserves | 132 | €721 | €721 | = | 0.0% |
| Distributable reserves | 133 | €1,539,628 | €1,779,816 | +€240,188 | +15.6% |
| Profit (loss) carried forward | 14 | €565,341 | €565,341 | = | 0.0% |
| Amounts payable | 17/49 | €1,676,733 | €2,282,950 | +€606,217 | +36.2% |
| Amounts payable after more than one year | 17 | €789,290 | €934,564 | +€145,273 | +18.4% |
| Financial debts | 170/4 | €789,290 | €934,564 | +€145,273 | +18.4% |
| Amounts payable within one year | 42/48 | €885,335 | €1,341,749 | +€456,414 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | €118,295 | €132,086 | +€13,790 | +11.7% |
| Trade debts | 44 | €424,925 | €429,142 | +€4,217 | +1.0% |
| Suppliers | 440/4 | €424,925 | €429,142 | +€4,217 | +1.0% |
| Taxes, remuneration and social security | 45 | €170,688 | €176,836 | +€6,148 | +3.6% |
| Taxes | 450/3 | €118,301 | €120,215 | +€1,913 | +1.6% |
| Remuneration and social security | 454/9 | €52,387 | €56,622 | +€4,235 | +8.1% |
| Other amounts payable | 47/48 | €171,426 | €603,684 | +€432,259 | +252.2% |
| Accrued charges and deferred income | 492/3 | €2,108 | €6,638 | +€4,530 | +214.9% |
| Remuneration, social security and pensions | 62 | €287,163 | €323,066 | +€35,902 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,137 | €165,754 | +€29,616 | +21.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,771 | +€1,771 | |
| Other operating charges | 640/8 | €15,687 | €20,051 | +€4,363 | +27.8% |
| Non-recurring operating charges | 66A | €157 | - | -€157 | |
| Gross operating margin | 9900 | €1,094,775 | €1,130,817 | +€36,042 | +3.3% |
| Operating profit (loss) | 9901 | €655,631 | €620,176 | -€35,455 | -5.4% |
| Financial income | 75/76B | €18,628 | €11,235 | -€7,393 | -39.7% |
| Recurring financial income | 75 | €18,628 | €11,235 | -€7,393 | -39.7% |
| Financial charges | 65/66B | €34,822 | €38,286 | +€3,464 | +9.9% |
| Recurring financial charges | 65 | €34,822 | €38,286 | +€3,464 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €639,437 | €593,125 | -€46,312 | -7.2% |
| Income taxes | 67/77 | €199,188 | €184,458 | -€14,730 | -7.4% |
| Profit (loss) for the period | 9904 | €440,248 | €408,667 | -€31,581 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €440,248 | €408,667 | -€31,581 | -7.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.