STUBBE: 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.
STUBBE
Largest movements
- Receivables within one year +€290,829
up €290,829 (+41.1%), from €708,238 to €999,067
- Cash +€228,677
up €228,677 (+67.4%), from €339,507 to €568,184
mainly Net result for the year (+€484,895) and Depreciation (+€194,167)
- Tangible fixed assets -€191,167
down €191,167 (-18.5%), from €1.0m to €843,450
of which Plant, machinery and equipment: -€179,174
- Stocks and contracts +€26,980
up €26,980 (+26.6%), from €101,525 to €128,505
- Reserves +€304,506
up €304,506 (+33.0%), from €921,402 to €1.2m
- Debts after one year -€168,639
down €168,639 (-29.1%), from €579,346 to €410,708
- Tax, wage and social debts +€110,546
up €110,546 (+61.3%), from €180,197 to €290,743
of which Taxes: +€140,961
- Other debts +€108,681
up €108,681 (+12652.0%), from €859 to €109,540
- Trade debts -€33,112
down €33,112 (-9.5%), from €347,059 to €313,947
- Gross operating margin +€525,872
up €525,872 (+33.2%), from €1.6m to €2.1m
- Taxes +€138,326
up €138,326 (+360.8%), from €38,340 to €176,666
- Staff costs +€24,003
up €24,003 (+2.0%), from €1.2m to €1.2m
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 | €2,214,424 | €2,553,386 | +€338,962 | +15.3% |
| Fixed assets | 21/28 | €1,034,617 | €843,450 | -€191,167 | -18.5% |
| Tangible fixed assets | 22/27 | €1,034,617 | €843,450 | -€191,167 | -18.5% |
| Plant, machinery and equipment | 23 | €982,458 | €803,283 | -€179,174 | -18.2% |
| Furniture and vehicles | 24 | €52,159 | €40,167 | -€11,993 | -23.0% |
| Current assets | 29/58 | €1,179,807 | €1,709,936 | +€530,129 | +44.9% |
| Stocks and contracts in progress | 3 | €101,525 | €128,505 | +€26,980 | +26.6% |
| Stocks | 30/36 | €101,525 | €128,505 | +€26,980 | +26.6% |
| Amounts receivable within one year | 40/41 | €708,238 | €999,067 | +€290,829 | +41.1% |
| Trade receivables | 40 | €708,238 | €999,067 | +€290,829 | +41.1% |
| Cash at bank and in hand | 54/58 | €339,507 | €568,184 | +€228,677 | +67.4% |
| Deferred charges and accrued income | 490/1 | €30,537 | €14,181 | -€16,357 | -53.6% |
| Total equity and liabilities | 10/49 | €2,214,424 | €2,553,386 | +€338,962 | +15.3% |
| Equity | 10/15 | €940,002 | €1,244,507 | +€304,506 | +32.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €921,402 | €1,225,907 | +€304,506 | +33.0% |
| Distributable reserves | 133 | €921,402 | €1,225,907 | +€304,506 | +33.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,274,423 | €1,308,879 | +€34,456 | +2.7% |
| Amounts payable after more than one year | 17 | €579,346 | €410,708 | -€168,639 | -29.1% |
| Financial debts | 170/4 | €579,346 | €410,708 | -€168,639 | -29.1% |
| Amounts payable within one year | 42/48 | €695,076 | €882,868 | +€187,792 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €166,962 | €168,639 | +€1,677 | +1.0% |
| Trade debts | 44 | €347,059 | €313,947 | -€33,112 | -9.5% |
| Suppliers | 440/4 | €347,059 | €313,947 | -€33,112 | -9.5% |
| Taxes, remuneration and social security | 45 | €180,197 | €290,743 | +€110,546 | +61.3% |
| Taxes | 450/3 | €53,914 | €194,875 | +€140,961 | +261.5% |
| Remuneration and social security | 454/9 | €126,282 | €95,868 | -€30,414 | -24.1% |
| Other amounts payable | 47/48 | €859 | €109,540 | +€108,681 | +12652.0% |
| Accrued charges and deferred income | 492/3 | - | €15,303 | +€15,303 | |
| Non-recurring operating income | 76A | €12,288 | €0 | -€12,288 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,214,505 | €1,238,508 | +€24,003 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,357 | €194,167 | -€190 | -0.1% |
| Other operating charges | 640/8 | €3,047 | €1,815 | -€1,232 | -40.4% |
| Gross operating margin | 9900 | €1,581,951 | €2,107,823 | +€525,872 | +33.2% |
| Operating profit (loss) | 9901 | €170,041 | €673,333 | +€503,292 | +296.0% |
| Financial income | 75/76B | €9,667 | €1,313 | -€8,353 | -86.4% |
| Recurring financial income | 75 | €9,667 | €1,313 | -€8,353 | -86.4% |
| Financial charges | 65/66B | €33,283 | €13,085 | -€20,198 | -60.7% |
| Recurring financial charges | 65 | €33,283 | €13,085 | -€20,198 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €146,425 | €661,561 | +€515,136 | +351.8% |
| Income taxes | 67/77 | €38,340 | €176,666 | +€138,326 | +360.8% |
| Profit (loss) for the period | 9904 | €108,085 | €484,895 | +€376,810 | +348.6% |
| Profit (loss) for the period to be appropriated | 9905 | €108,085 | €484,895 | +€376,810 | +348.6% |
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 8 October 2026 via checked.be.