stuhrmann: 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.
stuhrmann
Largest movements
- Cash -€38,580
down €38,580 (-85.7%), from €45,017 to €6,436
mainly Other debts (-€34,619) and Current investments (-€11,500)
- Receivables within one year -€18,918
down €18,918 (-59.0%), from €32,054 to €13,137
of which Trade receivables: -€30,400
- Current investments +€11,500
new in 2025: €11,500
- Stocks and contracts +€4,873
new in 2025: €4,873
- Tangible fixed assets -€3,210
down €3,210 (-35.8%), from €8,970 to €5,760
of which Furniture and vehicles: -€3,167
- Other debts -€34,619
down €34,619 (-100.0%), from €34,619 to €0
- Profit (loss) carried forward -€5,888
down €5,888, from €0 to -€5,888
- Trade debts -€2,827
down €2,827 (-90.3%), from €3,129 to €303
- Reserves -€1,860
down €1,860 (-12.2%), from €15,304 to €13,444
- Gross operating margin -€72,336
down €72,336 (-97.9%), from €73,889 to €1,554
- Taxes -€12,706
down €12,706 (-96.0%), from €13,234 to €528
- Other operating charges -€1,082
down €1,082 (-45.3%), from €2,390 to €1,308
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 | €86,041 | €41,707 | -€44,334 | -51.5% |
| Fixed assets | 21/28 | €8,970 | €5,760 | -€3,210 | -35.8% |
| Tangible fixed assets | 22/27 | €8,970 | €5,760 | -€3,210 | -35.8% |
| Plant, machinery and equipment | 23 | €2,637 | €2,593 | -€43 | -1.6% |
| Furniture and vehicles | 24 | €6,333 | €3,167 | -€3,167 | -50.0% |
| Current assets | 29/58 | €77,071 | €35,946 | -€41,124 | -53.4% |
| Stocks and contracts in progress | 3 | - | €4,873 | +€4,873 | |
| Stocks | 30/36 | - | €4,873 | +€4,873 | |
| Amounts receivable within one year | 40/41 | €32,054 | €13,137 | -€18,918 | -59.0% |
| Trade receivables | 40 | €30,400 | €0 | -€30,400 | -100.0% |
| Other amounts receivable | 41 | €1,654 | €13,137 | +€11,482 | +694.2% |
| Current investments | 50/53 | - | €11,500 | +€11,500 | |
| Cash at bank and in hand | 54/58 | €45,017 | €6,436 | -€38,580 | -85.7% |
| Total equity and liabilities | 10/49 | €86,041 | €41,707 | -€44,334 | -51.5% |
| Equity | 10/15 | €33,904 | €26,157 | -€7,748 | -22.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,304 | €13,444 | -€1,860 | -12.2% |
| Distributable reserves | 133 | €15,304 | €13,444 | -€1,860 | -12.2% |
| Profit (loss) carried forward | 14 | €0 | -€5,888 | -€5,888 | |
| Amounts payable | 17/49 | €52,136 | €15,550 | -€36,586 | -70.2% |
| Amounts payable within one year | 42/48 | €52,136 | €15,550 | -€36,586 | -70.2% |
| Current portion of amounts payable after more than one year | 42 | €12,653 | €13,512 | +€859 | +6.8% |
| Trade debts | 44 | €3,129 | €303 | -€2,827 | -90.3% |
| Suppliers | 440/4 | €3,129 | €303 | -€2,827 | -90.3% |
| Taxes, remuneration and social security | 45 | €1,734 | €1,735 | +€1 | +0.1% |
| Taxes | 450/3 | €1,734 | €1,735 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €34,619 | €0 | -€34,619 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,849 | €4,490 | -€359 | -7.4% |
| Other operating charges | 640/8 | €2,390 | €1,308 | -€1,082 | -45.3% |
| Non-recurring operating charges | 66A | €486 | €0 | -€486 | -100.0% |
| Gross operating margin | 9900 | €73,889 | €1,554 | -€72,336 | -97.9% |
| Operating profit (loss) | 9901 | €66,164 | -€4,244 | -€70,409 | |
| Financial income | 75/76B | - | €144 | +€144 | |
| Recurring financial income | 75 | - | €144 | +€144 | |
| Financial charges | 65/66B | €2,990 | €3,120 | +€130 | +4.3% |
| Recurring financial charges | 65 | €2,990 | €3,120 | +€130 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €63,174 | -€7,220 | -€70,394 | |
| Income taxes | 67/77 | €13,234 | €528 | -€12,706 | -96.0% |
| Profit (loss) for the period | 9904 | €49,940 | -€7,748 | -€57,688 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,940 | -€7,748 | -€57,688 |
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 10 October 2026 via checked.be.