STUIVENBERG: 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.
What changed
STUIVENBERG
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€170,475
2024 · -€182,632+€12,157
Equity
€1.5m
2024 · €1.7m-€170,475
Cash
€321,723
2024 · €22,973+€298,749
Balance sheet total
€28.8m
2024 · €12.9m+€15.9m
Largest movements
Assets
- Receivables after one year +€5.3m
up €5.3m (+303%), from €1.8m to €7.1m
of which Other amounts receivable: +€4.1m
- Financial fixed assets +€3.8m
new in 2025: €3.8m
- Tangible fixed assets +€3.3m
up €3.3m (+46.6%), from €7.0m to €10.3m
of which Land and buildings: +€3.2m
- Stocks and contracts +€2.4m
up €2.4m (+65.0%), from €3.6m to €6.0m
- Intangible fixed assets +€743,797
up €743,797 (+205,861%), from €361 to €744,158
Equity and liabilities
- Debts after one year +€27.0m
new in 2025: €27.0m
- Other debts -€10.9m
down €10.9m (-100%), from €10.9m to €0
Income statement
- Depreciation +€150,789
up €150,789 (+60.5%), from €249,144 to €399,933
- Financial income +€96,316
up €96,316 (+76.0%), from €126,676 to €222,993
- Gross operating margin +€68,244
up €68,244, from -€59,737 to €8,507
- Taxes +€1,063
up €1,063 (+129%), from €827 to €1,890
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.
Result 2024
-€182,632
Gross operating margin
+€68,244
Depreciation
-€150,789
Other operating charges
-€483
Financial income
+€96,316
Financial charges
-€69
Taxes
-€1,063
Result 2025
-€170,475
raises the resultlowers the result
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.
From operations
-€18.4m
Investment
-€8.3m
Financing
+€27.0m
Cash 2024
€22,973
From operations (derived)
-€18.4m
Net result for the year
-€170,475
Depreciation
+€399,933
Receivables after one year
-€5.3m
Stocks and contracts
-€2.4m
Smaller working-capital items
-€68,190
Other debts
-€10.9m
Investment (derived)
-€8.3m
Investment in fixed assets (net)
-€8.2m
Current investments
-€56,905
Financing
+€27.0m
Debts after one year
+€27.0m
Cash 2025
€321,723
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,923,166 | €28,841,961 | +€15.9m | +123% |
| Fixed assets | 21/28 | €7,030,660 | €14,827,343 | +€7.8m | +111% |
| Intangible fixed assets | 21 | €361 | €744,158 | +€743,797 | +205,861% |
| Tangible fixed assets | 22/27 | €7,030,298 | €10,305,684 | +€3.3m | +46.6% |
| Land and buildings | 22 | €6,965,796 | €10,141,749 | +€3.2m | +45.6% |
| Plant, machinery and equipment | 23 | €8,868 | €9,989 | +€1,121 | +12.6% |
| Furniture and vehicles | 24 | €55,634 | €153,946 | +€98,312 | +177% |
| Financial fixed assets | 28 | - | €3,777,500 | +€3.8m | |
| Current assets | 29/58 | €5,892,506 | €14,014,618 | +€8.1m | +138% |
| Amounts receivable after more than one year | 29 | €1,760,469 | €7,089,657 | +€5.3m | +303% |
| Trade receivables | 290 | €40,038 | €1,286,355 | +€1.2m | +3,113% |
| Other amounts receivable | 291 | €1,720,431 | €5,803,303 | +€4.1m | +237% |
| Stocks and contracts in progress | 3 | €3,647,050 | €6,016,768 | +€2.4m | +65.0% |
| Stocks | 30/36 | €3,647,050 | €6,016,768 | +€2.4m | +65.0% |
| Amounts receivable within one year | 40/41 | €124,435 | €171,427 | +€46,992 | +37.8% |
| Trade receivables | 40 | €24,435 | €72,427 | +€47,992 | +196% |
| Other amounts receivable | 41 | €100,000 | €99,000 | -€1,000 | -1.0% |
| Current investments | 50/53 | €321,329 | €378,234 | +€56,905 | +17.7% |
| Cash at bank and in hand | 54/58 | €22,973 | €321,723 | +€298,749 | +1,300% |
| Deferred charges and accrued income | 490/1 | €16,250 | €36,809 | +€20,559 | +127% |
| Total equity and liabilities | 10/49 | €12,923,166 | €28,841,961 | +€15.9m | +123% |
| Equity | 10/15 | €1,699,939 | €1,529,464 | -€170,475 | -10.0% |
| Contributions | 10/11 | €320,000 | €320,000 | = | 0.0% |
| Capital | 10 | €320,000 | €320,000 | = | 0.0% |
| Issued capital | 100 | €320,000 | €320,000 | = | 0.0% |
| Reserves | 13 | €1,417,822 | €1,393,381 | -€24,441 | -1.7% |
| Non-distributable reserves | 130/1 | €32,000 | €32,000 | = | 0.0% |
| Legal reserve | 130 | €32,000 | €32,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €585,822 | €561,381 | -€24,441 | -4.2% |
| Distributable reserves | 133 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,883 | -€183,918 | -€146,034 | -385% |
| Provisions and deferred taxes | 16 | €195,274 | €187,127 | -€8,147 | -4.2% |
| Deferred taxes | 168 | €195,274 | €187,127 | -€8,147 | -4.2% |
| Amounts payable | 17/49 | €11,027,954 | €27,125,370 | +€16.1m | +146% |
| Amounts payable after more than one year | 17 | - | €26,970,839 | +€27.0m | |
| Financial debts | 170/4 | - | €26,970,839 | +€27.0m | |
| Amounts payable within one year | 42/48 | €11,021,456 | €154,531 | -€10.9m | -98.6% |
| Trade debts | 44 | €97,347 | €62,628 | -€34,719 | -35.7% |
| Suppliers | 440/4 | €97,347 | €62,628 | -€34,719 | -35.7% |
| Taxes, remuneration and social security | 45 | €43,178 | €91,903 | +€48,724 | +113% |
| Taxes | 450/3 | €43,178 | €91,903 | +€48,724 | +113% |
| Other amounts payable | 47/48 | €10,880,931 | €0 | -€10.9m | -100% |
| Accrued charges and deferred income | 492/3 | €6,497 | €0 | -€6,497 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249,144 | €399,933 | +€150,789 | +60.5% |
| Other operating charges | 640/8 | €7,746 | €8,228 | +€483 | +6.2% |
| Gross operating margin | 9900 | -€59,737 | €8,507 | +€68,244 | |
| Operating profit (loss) | 9901 | -€316,627 | -€399,654 | -€83,027 | -26.2% |
| Financial income | 75/76B | €126,676 | €222,993 | +€96,316 | +76.0% |
| Recurring financial income | 75 | €126,676 | €222,993 | +€96,316 | +76.0% |
| Financial charges | 65/66B | €1 | €70 | +€69 | +6,287% |
| Recurring financial charges | 65 | €1 | €70 | +€69 | +6,287% |
| Profit (loss) for the period before taxes | 9903 | -€189,952 | -€176,732 | +€13,220 | +7.0% |
| Transfer from deferred taxes | 780 | €8,147 | €8,147 | = | 0.0% |
| Income taxes | 67/77 | €827 | €1,890 | +€1,063 | +129% |
| Profit (loss) for the period | 9904 | -€182,632 | -€170,475 | +€12,157 | +6.7% |
| Transfer from tax-exempt reserves | 789 | €24,441 | €24,441 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€158,191 | -€146,034 | +€12,157 | +7.7% |
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 17 October 2026 via checked.be.