STÜHL: 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.
STÜHL
Largest movements
- Financial fixed assets +€233,616
new in 2025: €233,616
- Cash -€91,760
down €91,760 (-88.0%), from €104,322 to €12,562
mainly Investment in fixed assets (net) (-€236,615) and Contributions, distributions and other (-€21,000)
- Tangible fixed assets -€3,579
down €3,579 (-21.3%), from €16,800 to €13,221
- Reserves +€122,575
up €122,575 (+93.5%), from €131,145 to €253,720
- Tax, wage and social debts +€27,114
up €27,114 (+339.2%), from €7,993 to €35,107
of which Taxes: +€27,266
- Other debts -€9,000
down €9,000 (-30.0%), from €30,000 to €21,000
- Gross operating margin +€85,242
up €85,242 (+68.1%), from €125,245 to €210,487
- Taxes +€28,766
up €28,766 (+91.8%), from €31,341 to €60,107
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 | €174,678 | €315,572 | +€140,894 | +80.7% |
| Fixed assets | 21/28 | €16,800 | €246,837 | +€230,037 | +1369.3% |
| Tangible fixed assets | 22/27 | €16,800 | €13,221 | -€3,579 | -21.3% |
| Furniture and vehicles | 24 | €16,800 | €13,221 | -€3,579 | -21.3% |
| Financial fixed assets | 28 | - | €233,616 | +€233,616 | |
| Current assets | 29/58 | €157,878 | €68,734 | -€89,143 | -56.5% |
| Amounts receivable within one year | 40/41 | €45,279 | €47,865 | +€2,586 | +5.7% |
| Trade receivables | 40 | €17,360 | €24,800 | +€7,440 | +42.9% |
| Other amounts receivable | 41 | €27,919 | €23,065 | -€4,854 | -17.4% |
| Cash at bank and in hand | 54/58 | €104,322 | €12,562 | -€91,760 | -88.0% |
| Deferred charges and accrued income | 490/1 | €8,276 | €8,308 | +€31 | +0.4% |
| Total equity and liabilities | 10/49 | €174,678 | €315,572 | +€140,894 | +80.7% |
| Equity | 10/15 | €134,145 | €256,720 | +€122,575 | +91.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €131,145 | €253,720 | +€122,575 | +93.5% |
| Distributable reserves | 133 | €131,145 | €253,720 | +€122,575 | +93.5% |
| Amounts payable | 17/49 | €40,533 | €58,852 | +€18,319 | +45.2% |
| Amounts payable within one year | 42/48 | €37,993 | €56,237 | +€18,244 | +48.0% |
| Trade debts | 44 | - | €130 | +€130 | |
| Suppliers | 440/4 | - | €130 | +€130 | |
| Taxes, remuneration and social security | 45 | €7,993 | €35,107 | +€27,114 | +339.2% |
| Taxes | 450/3 | €5,841 | €33,107 | +€27,266 | +466.9% |
| Remuneration and social security | 454/9 | €2,152 | €2,000 | -€152 | -7.1% |
| Other amounts payable | 47/48 | €30,000 | €21,000 | -€9,000 | -30.0% |
| Accrued charges and deferred income | 492/3 | €2,540 | €2,615 | +€75 | +3.0% |
| Non-recurring operating income | 76A | - | €349 | +€349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,600 | €6,578 | +€978 | +17.5% |
| Other operating charges | 640/8 | €292 | €50 | -€242 | -82.8% |
| Gross operating margin | 9900 | €125,245 | €210,487 | +€85,242 | +68.1% |
| Operating profit (loss) | 9901 | €119,353 | €203,859 | +€84,506 | +70.8% |
| Financial charges | 65/66B | €165 | €177 | +€12 | +7.2% |
| Recurring financial charges | 65 | €165 | €177 | +€12 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €119,188 | €203,682 | +€84,494 | +70.9% |
| Income taxes | 67/77 | €31,341 | €60,107 | +€28,766 | +91.8% |
| Profit (loss) for the period | 9904 | €87,847 | €143,575 | +€55,728 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,847 | €143,575 | +€55,728 | +63.4% |
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.