STOVE: 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.
STOVE
Largest movements
- Receivables within one year +€302,478
up €302,478 (+52.4%), from €577,514 to €879,993
of which Trade receivables: +€205,053
- Stocks and contracts -€149,963
down €149,963 (-25.3%), from €592,256 to €442,293
of which Stocks: -€119,736
- Cash -€46,799
down €46,799 (-36.4%), from €128,714 to €81,915
mainly Receivables within one year (-€302,478) and Trade debts (-€96,821)
- Tangible fixed assets -€31,347
down €31,347 (-11.9%), from €262,370 to €231,023
of which Leasing and similar rights: -€41,986
- Reserves +€132,467
up €132,467 (+38.2%), from €346,494 to €478,961
- Trade debts -€96,821
down €96,821 (-14.9%), from €648,121 to €551,299
- Debts after one year -€53,572
down €53,572 (-28.5%), from €188,099 to €134,528
- Other debts +€31,407
up €31,407 (+316.5%), from €9,924 to €41,332
- Tax, wage and social debts +€21,371
up €21,371 (+32.7%), from €65,325 to €86,696
of which Taxes: +€30,609
- Staff costs -€125,592
down €125,592 (-20.7%), from €607,685 to €482,093
- Taxes +€66,182
up €66,182 (+390.0%), from €16,969 to €83,151
- Gross operating margin +€51,953
up €51,953 (+6.6%), from €781,534 to €833,487
- Other operating charges -€12,546
down €12,546 (-37.3%), from €33,595 to €21,050
- Financial charges -€11,051
down €11,051 (-20.3%), from €54,372 to €43,321
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 | €1,736,352 | €1,792,207 | +€55,855 | +3.2% |
| Fixed assets | 21/28 | €268,818 | €238,495 | -€30,323 | -11.3% |
| Intangible fixed assets | 21 | €6,448 | €7,471 | +€1,023 | +15.9% |
| Tangible fixed assets | 22/27 | €262,370 | €231,023 | -€31,347 | -11.9% |
| Plant, machinery and equipment | 23 | €65,126 | €56,950 | -€8,175 | -12.6% |
| Furniture and vehicles | 24 | €45,941 | €64,755 | +€18,814 | +41.0% |
| Leasing and similar rights | 25 | €151,304 | €109,318 | -€41,986 | -27.7% |
| Current assets | 29/58 | €1,467,534 | €1,553,712 | +€86,178 | +5.9% |
| Amounts receivable after more than one year | 29 | €133,911 | €119,110 | -€14,801 | -11.1% |
| Other amounts receivable | 291 | €133,911 | €119,110 | -€14,801 | -11.1% |
| Stocks and contracts in progress | 3 | €592,256 | €442,293 | -€149,963 | -25.3% |
| Stocks | 30/36 | €425,533 | €305,798 | -€119,736 | -28.1% |
| Contracts in progress | 37 | €166,722 | €136,495 | -€30,227 | -18.1% |
| Amounts receivable within one year | 40/41 | €577,514 | €879,993 | +€302,478 | +52.4% |
| Trade receivables | 40 | €358,509 | €563,562 | +€205,053 | +57.2% |
| Other amounts receivable | 41 | €219,006 | €316,431 | +€97,425 | +44.5% |
| Cash at bank and in hand | 54/58 | €128,714 | €81,915 | -€46,799 | -36.4% |
| Deferred charges and accrued income | 490/1 | €35,139 | €30,402 | -€4,737 | -13.5% |
| Total equity and liabilities | 10/49 | €1,736,352 | €1,792,207 | +€55,855 | +3.2% |
| Equity | 10/15 | €355,068 | €490,171 | +€135,103 | +38.0% |
| Contributions | 10/11 | €11,210 | €11,210 | = | 0.0% |
| Reserves | 13 | €346,494 | €478,961 | +€132,467 | +38.2% |
| Distributable reserves | 133 | €346,494 | €478,961 | +€132,467 | +38.2% |
| Profit (loss) carried forward | 14 | -€2,637 | - | +€2,637 | |
| Amounts payable | 17/49 | €1,381,285 | €1,302,036 | -€79,248 | -5.7% |
| Amounts payable after more than one year | 17 | €188,099 | €134,528 | -€53,572 | -28.5% |
| Financial debts | 170/4 | €188,099 | €134,528 | -€53,572 | -28.5% |
| Amounts payable within one year | 42/48 | €1,187,072 | €1,161,207 | -€25,865 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €78,703 | €84,291 | +€5,589 | +7.1% |
| Financial debts | 43 | €385,000 | €396,479 | +€11,479 | +3.0% |
| Credit institutions | 430/8 | €385,000 | €396,479 | +€11,479 | +3.0% |
| Trade debts | 44 | €648,121 | €551,299 | -€96,821 | -14.9% |
| Suppliers | 440/4 | €648,121 | €551,299 | -€96,821 | -14.9% |
| Advances received on contracts in progress | 46 | - | €1,110 | +€1,110 | |
| Taxes, remuneration and social security | 45 | €65,325 | €86,696 | +€21,371 | +32.7% |
| Taxes | 450/3 | €6,969 | €37,578 | +€30,609 | +439.2% |
| Remuneration and social security | 454/9 | €58,356 | €49,118 | -€9,238 | -15.8% |
| Other amounts payable | 47/48 | €9,924 | €41,332 | +€31,407 | +316.5% |
| Accrued charges and deferred income | 492/3 | €6,113 | €6,302 | +€189 | +3.1% |
| Non-recurring operating income | 76A | - | €129,294 | +€129,294 | |
| Remuneration, social security and pensions | 62 | €607,685 | €482,093 | -€125,592 | -20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,273 | €76,247 | +€6,975 | +10.1% |
| Other operating charges | 640/8 | €33,595 | €21,050 | -€12,546 | -37.3% |
| Gross operating margin | 9900 | €781,534 | €833,487 | +€51,953 | +6.6% |
| Operating profit (loss) | 9901 | €70,981 | €254,097 | +€183,116 | +258.0% |
| Financial income | 75/76B | €5,217 | €7,478 | +€2,262 | +43.4% |
| Recurring financial income | 75 | €5,217 | €7,478 | +€2,262 | +43.4% |
| Financial charges | 65/66B | €54,372 | €43,321 | -€11,051 | -20.3% |
| Recurring financial charges | 65 | €54,372 | €43,321 | -€11,051 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €21,826 | €218,254 | +€196,428 | +900.0% |
| Income taxes | 67/77 | €16,969 | €83,151 | +€66,182 | +390.0% |
| Profit (loss) for the period | 9904 | €4,857 | €135,103 | +€130,246 | +2681.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,857 | €135,103 | +€130,246 | +2681.5% |
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.