STOGEMA: 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.
STOGEMA
Largest movements
- Receivables within one year +€166,043
up €166,043 (+38.2%), from €435,186 to €601,229
of which Trade receivables: +€168,598
- Intangible fixed assets +€64,235
up €64,235 (+232.9%), from €27,586 to €91,820
- Tangible fixed assets -€57,902
down €57,902 (-3.7%), from €1.6m to €1.5m
of which Land and buildings: -€81,731
- Cash -€28,915
down €28,915 (-75.4%), from €38,367 to €9,452
mainly Investment in fixed assets (net) (-€188,564) and Receivables within one year (-€166,043)
- Trade debts +€208,348
up €208,348 (+127.6%), from €163,276 to €371,624
- Other debts +€113,839
up €113,839 (+19.5%), from €583,929 to €697,768
- Profit (loss) carried forward -€85,470
down €85,470 (-26.7%), from €319,984 to €234,513
- Reserves -€53,978
down €53,978 (-7.2%), from €750,854 to €696,876
of which Tax-exempt reserves: -€53,978
- Provisions -€27,794
down €27,794 (-10.7%), from €260,370 to €232,576
- Staff costs +€59,240
up €59,240 (+23.4%), from €253,343 to €312,583
- Depreciation +€30,219
up €30,219 (+19.9%), from €152,012 to €182,231
- Other operating charges +€26,668
up €26,668 (+51.3%), from €51,973 to €78,641
- Write-downs -€20,589
down €20,589, from €0 to -€20,589
- Gross operating margin +€9,052
up €9,052 (+2.3%), from €390,357 to €399,410
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 | €2,427,893 | €2,570,830 | +€142,937 | +5.9% |
| Fixed assets | 21/28 | €1,921,635 | €1,927,967 | +€6,333 | +0.3% |
| Intangible fixed assets | 21 | €27,586 | €91,820 | +€64,235 | +232.9% |
| Tangible fixed assets | 22/27 | €1,552,441 | €1,494,539 | -€57,902 | -3.7% |
| Land and buildings | 22 | €1,511,609 | €1,429,878 | -€81,731 | -5.4% |
| Plant, machinery and equipment | 23 | €14,969 | €12,883 | -€2,086 | -13.9% |
| Furniture and vehicles | 24 | €25,863 | €5,249 | -€20,614 | -79.7% |
| Leasing and similar rights | 25 | - | €46,530 | +€46,530 | |
| Financial fixed assets | 28 | €341,608 | €341,608 | = | 0.0% |
| Current assets | 29/58 | €506,258 | €642,863 | +€136,604 | +27.0% |
| Amounts receivable within one year | 40/41 | €435,186 | €601,229 | +€166,043 | +38.2% |
| Trade receivables | 40 | €211,039 | €379,637 | +€168,598 | +79.9% |
| Other amounts receivable | 41 | €224,146 | €221,592 | -€2,554 | -1.1% |
| Cash at bank and in hand | 54/58 | €38,367 | €9,452 | -€28,915 | -75.4% |
| Deferred charges and accrued income | 490/1 | €32,706 | €32,182 | -€524 | -1.6% |
| Total equity and liabilities | 10/49 | €2,427,893 | €2,570,830 | +€142,937 | +5.9% |
| Equity | 10/15 | €1,135,290 | €995,842 | -€139,448 | -12.3% |
| Contributions | 10/11 | €64,452 | €64,452 | = | 0.0% |
| Capital | 10 | €64,452 | €64,452 | = | 0.0% |
| Issued capital | 100 | €64,452 | €64,452 | = | 0.0% |
| Reserves | 13 | €750,854 | €696,876 | -€53,978 | -7.2% |
| Non-distributable reserves | 130/1 | €6,445 | €6,445 | = | 0.0% |
| Legal reserve | 130 | €6,445 | €6,445 | = | 0.0% |
| Tax-exempt reserves | 132 | €505,650 | €451,672 | -€53,978 | -10.7% |
| Distributable reserves | 133 | €238,759 | €238,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | €319,984 | €234,513 | -€85,470 | -26.7% |
| Provisions and deferred taxes | 16 | €260,370 | €232,576 | -€27,794 | -10.7% |
| Deferred taxes | 168 | €260,370 | €232,576 | -€27,794 | -10.7% |
| Amounts payable | 17/49 | €1,032,233 | €1,342,412 | +€310,179 | +30.0% |
| Amounts payable after more than one year | 17 | €167,952 | €154,831 | -€13,120 | -7.8% |
| Financial debts | 170/4 | €167,952 | €154,831 | -€13,120 | -7.8% |
| Amounts payable within one year | 42/48 | €853,085 | €1,184,244 | +€331,159 | +38.8% |
| Current portion of amounts payable after more than one year | 42 | €58,849 | €58,609 | -€240 | -0.4% |
| Trade debts | 44 | €163,276 | €371,624 | +€208,348 | +127.6% |
| Suppliers | 440/4 | €163,276 | €371,624 | +€208,348 | +127.6% |
| Taxes, remuneration and social security | 45 | €47,032 | €56,244 | +€9,212 | +19.6% |
| Taxes | 450/3 | €8,778 | €13,725 | +€4,947 | +56.4% |
| Remuneration and social security | 454/9 | €38,254 | €42,519 | +€4,265 | +11.1% |
| Other amounts payable | 47/48 | €583,929 | €697,768 | +€113,839 | +19.5% |
| Accrued charges and deferred income | 492/3 | €11,196 | €3,337 | -€7,859 | -70.2% |
| Non-recurring operating income | 76A | - | €805 | +€805 | |
| Remuneration, social security and pensions | 62 | €253,343 | €312,583 | +€59,240 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,012 | €182,231 | +€30,219 | +19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€20,589 | -€20,589 | |
| Other operating charges | 640/8 | €51,973 | €78,641 | +€26,668 | +51.3% |
| Gross operating margin | 9900 | €390,357 | €399,410 | +€9,052 | +2.3% |
| Operating profit (loss) | 9901 | -€66,970 | -€153,457 | -€86,487 | -129.1% |
| Financial income | 75/76B | €3,489 | €3,264 | -€225 | -6.5% |
| Recurring financial income | 75 | €3,489 | €3,264 | -€225 | -6.5% |
| Financial charges | 65/66B | €16,894 | €17,007 | +€113 | +0.7% |
| Recurring financial charges | 65 | €16,894 | €17,007 | +€113 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | -€80,375 | -€167,200 | -€86,825 | -108.0% |
| Transfer from deferred taxes | 780 | €28,543 | €27,794 | -€749 | -2.6% |
| Income taxes | 67/77 | -€1,022 | €43 | +€1,064 | |
| Profit (loss) for the period | 9904 | -€50,810 | -€139,448 | -€88,638 | -174.4% |
| Transfer from tax-exempt reserves | 789 | €55,432 | €53,978 | -€1,454 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,621 | -€85,470 | -€90,092 |
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 11 October 2026 via checked.be.