STOGEL: 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.
STOGEL
Largest movements
- Receivables within one year +€29,677
up €29,677 (+8.6%), from €346,682 to €376,359
of which Trade receivables: +€31,807
- Cash +€28,318
up €28,318 (+162.4%), from €17,439 to €45,756
mainly Net result for the year (+€189,370) and Depreciation (+€44,721)
- Tangible fixed assets +€26,984
up €26,984 (+9.5%), from €283,793 to €310,777
of which Plant, machinery and equipment: +€29,616
- Profit (loss) carried forward +€189,370
up €189,370 (+177.2%), from €106,840 to €296,209
- Trade debts -€95,616
down €95,616 (-27.4%), from €348,780 to €253,164
- Short-term financial debts -€27,618
down €27,618 (-89.5%), from €30,868 to €3,250
of which Credit institutions: -€27,618
- Debts after one year +€22,832
up €22,832 (+24.6%), from €92,769 to €115,601
- Tax, wage and social debts +€19,037
up €19,037 (+598.3%), from €3,182 to €22,219
of which Taxes: +€20,359
- Gross operating margin +€211,064
up €211,064 (+30.2%), from €699,902 to €910,966
- Staff costs +€80,402
up €80,402 (+14.8%), from €544,916 to €625,318
- Taxes +€20,626
new in 2025: €20,626
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 | €680,735 | €770,645 | +€89,910 | +13.2% |
| Fixed assets | 21/28 | €283,793 | €310,777 | +€26,984 | +9.5% |
| Tangible fixed assets | 22/27 | €283,793 | €310,777 | +€26,984 | +9.5% |
| Land and buildings | 22 | €158,107 | €155,249 | -€2,858 | -1.8% |
| Plant, machinery and equipment | 23 | €120,669 | €150,285 | +€29,616 | +24.5% |
| Furniture and vehicles | 24 | €245 | €1,505 | +€1,261 | +514.6% |
| Other tangible fixed assets | 26 | €4,773 | €3,738 | -€1,035 | -21.7% |
| Current assets | 29/58 | €396,943 | €459,869 | +€62,926 | +15.9% |
| Stocks and contracts in progress | 3 | €30,143 | €30,143 | = | 0.0% |
| Stocks | 30/36 | €30,143 | €30,143 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €346,682 | €376,359 | +€29,677 | +8.6% |
| Trade receivables | 40 | €258,100 | €289,907 | +€31,807 | +12.3% |
| Other amounts receivable | 41 | €88,581 | €86,452 | -€2,130 | -2.4% |
| Cash at bank and in hand | 54/58 | €17,439 | €45,756 | +€28,318 | +162.4% |
| Deferred charges and accrued income | 490/1 | €2,679 | €7,611 | +€4,931 | +184.0% |
| Total equity and liabilities | 10/49 | €680,735 | €770,645 | +€89,910 | +13.2% |
| Equity | 10/15 | €162,407 | €351,777 | +€189,370 | +116.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,975 | €36,975 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,900 | €36,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,900 | €36,900 | = | 0.0% |
| Distributable reserves | 133 | €75 | €75 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,840 | €296,209 | +€189,370 | +177.2% |
| Amounts payable | 17/49 | €518,329 | €418,869 | -€99,460 | -19.2% |
| Amounts payable after more than one year | 17 | €92,769 | €115,601 | +€22,832 | +24.6% |
| Financial debts | 170/4 | €92,769 | €115,601 | +€22,832 | +24.6% |
| Amounts payable within one year | 42/48 | €425,560 | €303,268 | -€122,292 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €31,121 | €13,026 | -€18,094 | -58.1% |
| Financial debts | 43 | €30,868 | €3,250 | -€27,618 | -89.5% |
| Credit institutions | 430/8 | €27,618 | - | -€27,618 | |
| Other loans | 439 | €3,250 | €3,250 | = | 0.0% |
| Trade debts | 44 | €348,780 | €253,164 | -€95,616 | -27.4% |
| Suppliers | 440/4 | €348,780 | €253,164 | -€95,616 | -27.4% |
| Taxes, remuneration and social security | 45 | €3,182 | €22,219 | +€19,037 | +598.3% |
| Taxes | 450/3 | €222 | €20,581 | +€20,359 | +9164.0% |
| Remuneration and social security | 454/9 | €2,959 | €1,638 | -€1,322 | -44.7% |
| Other amounts payable | 47/48 | €11,609 | €11,609 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €544,916 | €625,318 | +€80,402 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,721 | €44,721 | -€6,000 | -11.8% |
| Other operating charges | 640/8 | €1,748 | €3,762 | +€2,014 | +115.2% |
| Gross operating margin | 9900 | €699,902 | €910,966 | +€211,064 | +30.2% |
| Operating profit (loss) | 9901 | €102,517 | €237,165 | +€134,648 | +131.3% |
| Financial income | 75/76B | €8,792 | €1,551 | -€7,240 | -82.4% |
| Recurring financial income | 75 | €8,792 | €1,551 | -€7,240 | -82.4% |
| Financial charges | 65/66B | €25,249 | €28,720 | +€3,472 | +13.7% |
| Recurring financial charges | 65 | €25,249 | €28,720 | +€3,472 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €86,060 | €209,996 | +€123,936 | +144.0% |
| Income taxes | 67/77 | - | €20,626 | +€20,626 | |
| Profit (loss) for the period | 9904 | €86,060 | €189,370 | +€103,310 | +120.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,060 | €189,370 | +€103,310 | +120.0% |
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 9 October 2026 via checked.be.