STUBBE-DENOO: 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.
STUBBE-DENOO
Largest movements
- Current investments -€127,985
down €127,985 (-23.6%), from €542,001 to €414,016
- Cash +€112,720
up €112,720 (+18.4%), from €613,208 to €725,927
mainly Current investments (+€127,985) and Net result for the year (+€124,418)
- Tangible fixed assets -€69,655
down €69,655 (-2.5%), from €2.8m to €2.8m
of which Land and buildings: -€68,215
- Debts after one year -€51,428
down €51,428 (-10.9%), from €470,343 to €418,914
- Financial income +€10,780
up €10,780 (+24.4%), from €44,100 to €54,880
- Depreciation +€9,731
up €9,731 (+16.2%), from €59,923 to €69,655
- Financial charges +€8,645
up €8,645 (+66.9%), from €12,929 to €21,574
- Taxes -€5,527
down €5,527 (-7.9%), from €69,600 to €64,073
- Gross operating margin -€3,920
down €3,920 (-1.5%), from €260,690 to €256,770
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 | €4,097,550 | €4,015,203 | -€82,347 | -2.0% |
| Fixed assets | 21/28 | €2,838,913 | €2,769,258 | -€69,655 | -2.5% |
| Tangible fixed assets | 22/27 | €2,837,633 | €2,767,978 | -€69,655 | -2.5% |
| Land and buildings | 22 | €2,831,873 | €2,763,658 | -€68,215 | -2.4% |
| Furniture and vehicles | 24 | €5,760 | €4,320 | -€1,440 | -25.0% |
| Financial fixed assets | 28 | €1,280 | €1,280 | = | 0.0% |
| Current assets | 29/58 | €1,258,637 | €1,245,945 | -€12,693 | -1.0% |
| Amounts receivable within one year | 40/41 | €100,000 | €106,001 | +€6,001 | +6.0% |
| Other amounts receivable | 41 | €100,000 | €106,001 | +€6,001 | +6.0% |
| Current investments | 50/53 | €542,001 | €414,016 | -€127,985 | -23.6% |
| Cash at bank and in hand | 54/58 | €613,208 | €725,927 | +€112,720 | +18.4% |
| Deferred charges and accrued income | 490/1 | €3,429 | - | -€3,429 | |
| Total equity and liabilities | 10/49 | €4,097,550 | €4,015,203 | -€82,347 | -2.0% |
| Equity | 10/15 | €3,360,634 | €3,378,723 | +€18,089 | +0.5% |
| Contributions | 10/11 | €1,032,000 | €1,032,000 | = | 0.0% |
| Capital | 10 | €1,032,000 | €1,032,000 | = | 0.0% |
| Issued capital | 100 | €1,032,000 | €1,032,000 | = | 0.0% |
| Reserves | 13 | €1,244,624 | €1,262,712 | +€18,089 | +1.5% |
| Non-distributable reserves | 130/1 | €103,200 | €85,318 | -€17,882 | -17.3% |
| Legal reserve | 130 | €103,200 | €85,318 | -€17,882 | -17.3% |
| Tax-exempt reserves | 132 | €146,941 | €135,920 | -€11,021 | -7.5% |
| Distributable reserves | 133 | €994,483 | €1,041,473 | +€46,991 | +4.7% |
| Profit (loss) carried forward | 14 | €1,084,010 | €1,084,010 | = | 0.0% |
| Provisions and deferred taxes | 16 | €51,450 | €47,279 | -€4,172 | -8.1% |
| Deferred taxes | 168 | €51,450 | €47,279 | -€4,172 | -8.1% |
| Amounts payable | 17/49 | €685,466 | €589,201 | -€96,264 | -14.0% |
| Amounts payable after more than one year | 17 | €470,343 | €418,914 | -€51,428 | -10.9% |
| Financial debts | 170/4 | €470,343 | €418,914 | -€51,428 | -10.9% |
| Amounts payable within one year | 42/48 | €215,123 | €170,287 | -€44,836 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €76,420 | €55,333 | -€21,087 | -27.6% |
| Trade debts | 44 | €10,255 | €19,645 | +€9,390 | +91.6% |
| Suppliers | 440/4 | €10,255 | €19,645 | +€9,390 | +91.6% |
| Taxes, remuneration and social security | 45 | €9,175 | €4,765 | -€4,410 | -48.1% |
| Taxes | 450/3 | €9,175 | €4,765 | -€4,410 | -48.1% |
| Other amounts payable | 47/48 | €119,273 | €90,543 | -€28,730 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,923 | €69,655 | +€9,731 | +16.2% |
| Other operating charges | 640/8 | €44,532 | €47,123 | +€2,591 | +5.8% |
| Gross operating margin | 9900 | €260,690 | €256,770 | -€3,920 | -1.5% |
| Operating profit (loss) | 9901 | €156,234 | €139,992 | -€16,242 | -10.4% |
| Financial income | 75/76B | €44,100 | €54,880 | +€10,780 | +24.4% |
| Recurring financial income | 75 | €44,100 | €54,880 | +€10,780 | +24.4% |
| Financial charges | 65/66B | €12,929 | €21,574 | +€8,645 | +66.9% |
| Recurring financial charges | 65 | €12,929 | €21,574 | +€8,645 | +66.9% |
| Profit (loss) for the period before taxes | 9903 | €187,406 | €173,299 | -€14,107 | -7.5% |
| Transfer from deferred taxes | 780 | €15,192 | €15,192 | = | 0.0% |
| Income taxes | 67/77 | €69,600 | €64,073 | -€5,527 | -7.9% |
| Profit (loss) for the period | 9904 | €132,998 | €124,418 | -€8,580 | -6.5% |
| Profit (loss) for the period to be appropriated | 9905 | €132,998 | €124,418 | -€8,580 | -6.5% |
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.