STULZ BELGIUM: 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.
STULZ BELGIUM
Largest movements
- Receivables within one year +€444,298
up €444,298 (+235%), from €189,430 to €633,728
of which Trade receivables: +€443,996
- Deferred charges and accrued income -€115,115
down €115,115 (-83.1%), from €138,445 to €23,330
- Cash +€100,290
up €100,290 (+9.4%), from €1.1m to €1.2m
mainly Trade debts (+€202,949) and Accrued charges and deferred income (+€182,091)
- Trade debts +€202,949
up €202,949 (+111%), from €182,054 to €385,003
- Accrued charges and deferred income +€182,091
up €182,091 (+220%), from €82,681 to €264,772
- Reserves +€94,046
up €94,046 (+9.4%), from €997,783 to €1.1m
- Other debts -€31,038
down €31,038 (-100%), from €31,038 to €0
- Tax, wage and social debts -€25,077
down €25,077 (-22.8%), from €110,043 to €84,966
of which Taxes: -€15,436
- Gross operating margin -€252,604
down €252,604 (-40.9%), from €618,164 to €365,560
- Staff costs -€143,328
down €143,328 (-38.7%), from €370,782 to €227,454
- Taxes -€31,401
down €31,401 (-48.2%), from €65,107 to €33,705
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 | €1,423,600 | €1,846,571 | +€422,971 | +29.7% |
| Fixed assets | 21/28 | €30,183 | €23,681 | -€6,502 | -21.5% |
| Tangible fixed assets | 22/27 | €30,183 | €23,681 | -€6,502 | -21.5% |
| Furniture and vehicles | 24 | €30,183 | €23,681 | -€6,502 | -21.5% |
| Current assets | 29/58 | €1,393,416 | €1,822,889 | +€429,473 | +30.8% |
| Amounts receivable within one year | 40/41 | €189,430 | €633,728 | +€444,298 | +235% |
| Trade receivables | 40 | €189,430 | €633,426 | +€443,996 | +234% |
| Other amounts receivable | 41 | - | €302 | +€302 | |
| Cash at bank and in hand | 54/58 | €1,065,542 | €1,165,831 | +€100,290 | +9.4% |
| Deferred charges and accrued income | 490/1 | €138,445 | €23,330 | -€115,115 | -83.1% |
| Total equity and liabilities | 10/49 | €1,423,600 | €1,846,571 | +€422,971 | +29.7% |
| Equity | 10/15 | €1,017,783 | €1,111,829 | +€94,046 | +9.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €997,783 | €1,091,829 | +€94,046 | +9.4% |
| Distributable reserves | 133 | €997,783 | €1,091,829 | +€94,046 | +9.4% |
| Amounts payable | 17/49 | €405,817 | €734,741 | +€328,925 | +81.1% |
| Amounts payable within one year | 42/48 | €323,136 | €469,969 | +€146,834 | +45.4% |
| Trade debts | 44 | €182,054 | €385,003 | +€202,949 | +111% |
| Suppliers | 440/4 | €182,054 | €385,003 | +€202,949 | +111% |
| Taxes, remuneration and social security | 45 | €110,043 | €84,966 | -€25,077 | -22.8% |
| Taxes | 450/3 | €76,743 | €61,307 | -€15,436 | -20.1% |
| Remuneration and social security | 454/9 | €33,300 | €23,659 | -€9,641 | -29.0% |
| Other amounts payable | 47/48 | €31,038 | €0 | -€31,038 | -100% |
| Accrued charges and deferred income | 492/3 | €82,681 | €264,772 | +€182,091 | +220% |
| Remuneration, social security and pensions | 62 | €370,782 | €227,454 | -€143,328 | -38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,529 | €6,502 | -€27 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €434 | +€434 | |
| Other operating charges | 640/8 | €1,610 | €1,304 | -€306 | -19.0% |
| Gross operating margin | 9900 | €618,164 | €365,560 | -€252,604 | -40.9% |
| Operating profit (loss) | 9901 | €239,243 | €129,866 | -€109,377 | -45.7% |
| Financial income | 75/76B | €8,067 | €3,540 | -€4,527 | -56.1% |
| Recurring financial income | 75 | €8,067 | €3,540 | -€4,527 | -56.1% |
| Financial charges | 65/66B | €6,118 | €5,654 | -€464 | -7.6% |
| Recurring financial charges | 65 | €6,118 | €5,654 | -€464 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €241,192 | €127,752 | -€113,440 | -47.0% |
| Income taxes | 67/77 | €65,107 | €33,705 | -€31,401 | -48.2% |
| Profit (loss) for the period | 9904 | €176,085 | €94,046 | -€82,039 | -46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €176,085 | €94,046 | -€82,039 | -46.6% |
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 25 October 2026 via checked.be.