STULTJENS: 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.
STULTJENS
Largest movements
- Cash +€275,948
up €275,948 (+1,286%), from €21,465 to €297,413
mainly Current investments (+€233,677) and Net result for the year (+€48,882)
- Current investments -€233,677
down €233,677 (-48.7%), from €480,000 to €246,323
- Receivables within one year +€10,993
up €10,993 (+114%), from €9,602 to €20,595
of which Trade receivables: +€6,836
- Reserves +€48,882
up €48,882 (+9.2%), from €528,568 to €577,450
of which Distributable reserves: +€49,708
- Gross operating margin -€2,907
down €2,907 (-4.7%), from €62,475 to €59,568
- Financial income -€1,051
down €1,051 (-7.6%), from €13,844 to €12,793
- Depreciation -€997
down €997 (-22.4%), from €4,448 to €3,452
- Taxes -€758
down €758 (-4.4%), from €17,327 to €16,569
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €603,679 | €651,334 | +€47,654 | +7.9% |
| Fixed assets | 21/28 | €87,234 | €83,782 | -€3,452 | -4.0% |
| Tangible fixed assets | 22/27 | €87,234 | €83,782 | -€3,452 | -4.0% |
| Land and buildings | 22 | €87,234 | €83,782 | -€3,452 | -4.0% |
| Current assets | 29/58 | €516,446 | €567,552 | +€51,106 | +9.9% |
| Amounts receivable within one year | 40/41 | €9,602 | €20,595 | +€10,993 | +114% |
| Trade receivables | 40 | €418 | €7,254 | +€6,836 | +1,637% |
| Other amounts receivable | 41 | €9,185 | €13,342 | +€4,157 | +45.3% |
| Current investments | 50/53 | €480,000 | €246,323 | -€233,677 | -48.7% |
| Cash at bank and in hand | 54/58 | €21,465 | €297,413 | +€275,948 | +1,286% |
| Deferred charges and accrued income | 490/1 | €5,378 | €3,219 | -€2,159 | -40.1% |
| Total equity and liabilities | 10/49 | €603,679 | €651,334 | +€47,654 | +7.9% |
| Equity | 10/15 | €547,160 | €596,042 | +€48,882 | +8.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €528,568 | €577,450 | +€48,882 | +9.2% |
| Tax-exempt reserves | 132 | €105,535 | €104,709 | -€826 | -0.8% |
| Distributable reserves | 133 | €423,033 | €472,741 | +€49,708 | +11.8% |
| Provisions and deferred taxes | 16 | €35,178 | €34,903 | -€275 | -0.8% |
| Deferred taxes | 168 | €35,178 | €34,903 | -€275 | -0.8% |
| Amounts payable | 17/49 | €21,341 | €20,389 | -€952 | -4.5% |
| Amounts payable after more than one year | 17 | €9,668 | €9,668 | = | 0.0% |
| Other amounts payable | 178/9 | €9,668 | €9,668 | = | 0.0% |
| Amounts payable within one year | 42/48 | €11,673 | €5,083 | -€6,590 | -56.5% |
| Trade debts | 44 | €3,732 | €1,912 | -€1,820 | -48.8% |
| Suppliers | 440/4 | €3,732 | €1,912 | -€1,820 | -48.8% |
| Taxes, remuneration and social security | 45 | €7,941 | €3,171 | -€4,770 | -60.1% |
| Taxes | 450/3 | €7,941 | €3,171 | -€4,770 | -60.1% |
| Accrued charges and deferred income | 492/3 | - | €5,638 | +€5,638 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,448 | €3,452 | -€997 | -22.4% |
| Other operating charges | 640/8 | €3,572 | €3,682 | +€110 | +3.1% |
| Gross operating margin | 9900 | €62,475 | €59,568 | -€2,907 | -4.7% |
| Operating profit (loss) | 9901 | €54,454 | €52,434 | -€2,020 | -3.7% |
| Financial income | 75/76B | €13,844 | €12,793 | -€1,051 | -7.6% |
| Recurring financial income | 75 | €13,844 | €12,793 | -€1,051 | -7.6% |
| Financial charges | 65/66B | €57 | €52 | -€5 | -8.0% |
| Recurring financial charges | 65 | €57 | €52 | -€5 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €68,242 | €65,175 | -€3,067 | -4.5% |
| Transfer from deferred taxes | 780 | €266 | €275 | +€9 | +3.4% |
| Income taxes | 67/77 | €17,327 | €16,569 | -€758 | -4.4% |
| Profit (loss) for the period | 9904 | €51,182 | €48,882 | -€2,300 | -4.5% |
| Transfer from tax-exempt reserves | 789 | €799 | €826 | +€28 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,981 | €49,708 | -€2,273 | -4.4% |
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 29 October 2026 via checked.be.