STOWAGE FACTOR 13: 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.
STOWAGE FACTOR 13
Largest movements
- Tangible fixed assets +€20,163
up €20,163 (+2.9%), from €691,763 to €711,926
of which Land and buildings: +€21,659
- Cash -€15,142
down €15,142 (-10.2%), from €148,120 to €132,978
mainly Investment in fixed assets (net) (-€54,123) and Debts after one year (-€20,516)
- Receivables after one year -€10,045
down €10,045 (-14.4%), from €69,896 to €59,851
- Debts after one year -€20,516
down €20,516 (-5.2%), from €391,053 to €370,537
- Reserves +€15,359
up €15,359 (+4.0%), from €381,405 to €396,764
- Gross operating margin -€9,858
down €9,858 (-8.2%), from €120,946 to €111,089
- Other operating charges +€5,928
up €5,928 (+221%), from €2,683 to €8,611
- Taxes -€1,889
down €1,889 (-12.9%), from €14,691 to €12,802
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 | €984,856 | €972,591 | -€12,265 | -1.2% |
| Fixed assets | 21/28 | €692,976 | €712,734 | +€19,759 | +2.9% |
| Intangible fixed assets | 21 | €1,213 | €808 | -€405 | -33.4% |
| Tangible fixed assets | 22/27 | €691,763 | €711,926 | +€20,163 | +2.9% |
| Land and buildings | 22 | €680,365 | €702,024 | +€21,659 | +3.2% |
| Plant, machinery and equipment | 23 | €1,881 | €1,486 | -€395 | -21.0% |
| Furniture and vehicles | 24 | €9,517 | €8,416 | -€1,100 | -11.6% |
| Current assets | 29/58 | €291,880 | €259,856 | -€32,024 | -11.0% |
| Amounts receivable after more than one year | 29 | €69,896 | €59,851 | -€10,045 | -14.4% |
| Other amounts receivable | 291 | €69,896 | €59,851 | -€10,045 | -14.4% |
| Amounts receivable within one year | 40/41 | €64,595 | €59,390 | -€5,205 | -8.1% |
| Trade receivables | 40 | €49,756 | €50,124 | +€368 | +0.7% |
| Other amounts receivable | 41 | €14,839 | €9,266 | -€5,573 | -37.6% |
| Current investments | 50/53 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €148,120 | €132,978 | -€15,142 | -10.2% |
| Deferred charges and accrued income | 490/1 | €9,269 | €1,637 | -€7,632 | -82.3% |
| Total equity and liabilities | 10/49 | €984,856 | €972,591 | -€12,265 | -1.2% |
| Equity | 10/15 | €383,405 | €398,764 | +€15,359 | +4.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €381,405 | €396,764 | +€15,359 | +4.0% |
| Distributable reserves | 133 | €381,405 | €396,764 | +€15,359 | +4.0% |
| Amounts payable | 17/49 | €601,451 | €573,826 | -€27,625 | -4.6% |
| Amounts payable after more than one year | 17 | €391,053 | €370,537 | -€20,516 | -5.2% |
| Financial debts | 170/4 | €391,053 | €370,537 | -€20,516 | -5.2% |
| Amounts payable within one year | 42/48 | €197,692 | €192,546 | -€5,146 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €20,148 | €20,516 | +€369 | +1.8% |
| Trade debts | 44 | €3,984 | €7,006 | +€3,022 | +75.9% |
| Suppliers | 440/4 | €3,984 | €7,006 | +€3,022 | +75.9% |
| Taxes, remuneration and social security | 45 | €4,015 | - | -€4,015 | |
| Taxes | 450/3 | €4,015 | - | -€4,015 | |
| Other amounts payable | 47/48 | €169,545 | €165,023 | -€4,521 | -2.7% |
| Accrued charges and deferred income | 492/3 | €12,706 | €10,744 | -€1,962 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,619 | €34,364 | +€745 | +2.2% |
| Other operating charges | 640/8 | €2,683 | €8,611 | +€5,928 | +221% |
| Gross operating margin | 9900 | €120,946 | €111,089 | -€9,858 | -8.2% |
| Operating profit (loss) | 9901 | €84,644 | €68,113 | -€16,531 | -19.5% |
| Financial income | 75/76B | €1,970 | €2,077 | +€107 | +5.4% |
| Recurring financial income | 75 | €1,970 | €2,077 | +€107 | +5.4% |
| Financial charges | 65/66B | €23,011 | €22,029 | -€983 | -4.3% |
| Recurring financial charges | 65 | €23,011 | €22,029 | -€983 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €63,602 | €48,162 | -€15,441 | -24.3% |
| Income taxes | 67/77 | €14,691 | €12,802 | -€1,889 | -12.9% |
| Profit (loss) for the period | 9904 | €48,911 | €35,359 | -€13,552 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €48,911 | €35,359 | -€13,552 | -27.7% |
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 26 October 2026 via checked.be.