STUMP: what changed
Two fiscal 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.
STUMP
Largest movements
- Tangible fixed assets +€833,970
up €833,970 (+526.0%), from €158,559 to €992,529
of which Land and buildings: +€922,480
- Receivables within one year -€118,469
down €118,469 (-67.4%), from €175,753 to €57,284
of which Other amounts receivable: -€60,813
- Stocks and contracts -€80,755
down €80,755 (-37.0%), from €218,444 to €137,689
- Cash -€53,039
down €53,039 (-62.0%), from €85,488 to €32,449
mainly Investment in fixed assets (net) (-€949,325) and Other debts (-€132,014)
- Intangible fixed assets -€22,500
down €22,500 (-12.5%), from €180,000 to €157,500
- Debts after one year +€598,553
up €598,553 (+317.6%), from €188,440 to €786,992
of which Financial debts: +€535,153
- Other debts -€132,014
down €132,014 (-55.0%), from €240,000 to €107,986
- Current portion of long-term debt +€83,805
up €83,805 (+173.4%), from €48,320 to €132,124
- Tax, wage and social debts -€76,359
down €76,359 (-91.8%), from €83,202 to €6,844
of which Taxes: -€49,951
- Advances received +€65,734
new in 2025: €65,734
- Gross operating margin -€302,355
down €302,355 (-43.0%), from €703,196 to €400,840
- Depreciation +€71,666
up €71,666 (+108.3%), from €66,189 to €137,855
- Staff costs -€51,296
down €51,296 (-18.5%), from €277,705 to €226,410
- Taxes -€38,584
down €38,584 (-90.0%), from €42,881 to €4,297
- Financial charges +€21,585
up €21,585 (+151.2%), from €14,278 to €35,863
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 | €831,423 | €1,391,365 | +€559,941 | +67.3% |
| Fixed assets | 21/28 | €338,559 | €1,150,029 | +€811,470 | +239.7% |
| Intangible fixed assets | 21 | €180,000 | €157,500 | -€22,500 | -12.5% |
| Tangible fixed assets | 22/27 | €158,559 | €992,529 | +€833,970 | +526.0% |
| Land and buildings | 22 | €784 | €923,264 | +€922,480 | +117651.2% |
| Plant, machinery and equipment | 23 | €8,750 | €5,854 | -€2,896 | -33.1% |
| Furniture and vehicles | 24 | €52,407 | €26,827 | -€25,580 | -48.8% |
| Leasing and similar rights | 25 | €52,293 | €36,584 | -€15,709 | -30.0% |
| Assets under construction and advance payments | 27 | €44,325 | - | -€44,325 | |
| Current assets | 29/58 | €492,864 | €241,336 | -€251,528 | -51.0% |
| Stocks and contracts in progress | 3 | €218,444 | €137,689 | -€80,755 | -37.0% |
| Stocks | 30/36 | €218,444 | €137,689 | -€80,755 | -37.0% |
| Amounts receivable within one year | 40/41 | €175,753 | €57,284 | -€118,469 | -67.4% |
| Trade receivables | 40 | €102,109 | €44,453 | -€57,656 | -56.5% |
| Other amounts receivable | 41 | €73,644 | €12,831 | -€60,813 | -82.6% |
| Cash at bank and in hand | 54/58 | €85,488 | €32,449 | -€53,039 | -62.0% |
| Deferred charges and accrued income | 490/1 | €13,179 | €13,914 | +€736 | +5.6% |
| Total equity and liabilities | 10/49 | €831,423 | €1,391,365 | +€559,941 | +67.3% |
| Equity | 10/15 | €121,219 | €129,888 | +€8,668 | +7.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €106,100 | €114,700 | +€8,600 | +8.1% |
| Distributable reserves | 133 | €106,100 | €114,700 | +€8,600 | +8.1% |
| Profit (loss) carried forward | 14 | €119 | €188 | +€68 | +57.4% |
| Amounts payable | 17/49 | €710,204 | €1,261,477 | +€551,273 | +77.6% |
| Amounts payable after more than one year | 17 | €188,440 | €786,992 | +€598,553 | +317.6% |
| Financial debts | 170/4 | €188,440 | €723,592 | +€535,153 | +284.0% |
| Other amounts payable | 178/9 | - | €63,400 | +€63,400 | |
| Amounts payable within one year | 42/48 | €517,298 | €470,046 | -€47,251 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €48,320 | €132,124 | +€83,805 | +173.4% |
| Trade debts | 44 | €145,776 | €157,358 | +€11,582 | +7.9% |
| Suppliers | 440/4 | €145,776 | €157,358 | +€11,582 | +7.9% |
| Advances received on contracts in progress | 46 | - | €65,734 | +€65,734 | |
| Taxes, remuneration and social security | 45 | €83,202 | €6,844 | -€76,359 | -91.8% |
| Taxes | 450/3 | €55,325 | €5,374 | -€49,951 | -90.3% |
| Remuneration and social security | 454/9 | €27,877 | €1,470 | -€26,408 | -94.7% |
| Other amounts payable | 47/48 | €240,000 | €107,986 | -€132,014 | -55.0% |
| Accrued charges and deferred income | 492/3 | €4,467 | €4,438 | -€28 | -0.6% |
| Remuneration, social security and pensions | 62 | €277,705 | €226,410 | -€51,296 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,189 | €137,855 | +€71,666 | +108.3% |
| Other operating charges | 640/8 | €1,514 | €5,894 | +€4,380 | +289.3% |
| Gross operating margin | 9900 | €703,196 | €400,840 | -€302,355 | -43.0% |
| Operating profit (loss) | 9901 | €357,787 | €30,682 | -€327,105 | -91.4% |
| Financial income | 75/76B | €30,216 | €18,146 | -€12,070 | -39.9% |
| Recurring financial income | 75 | €30,216 | €18,146 | -€12,070 | -39.9% |
| Financial charges | 65/66B | €14,278 | €35,863 | +€21,585 | +151.2% |
| Recurring financial charges | 65 | €14,278 | €35,863 | +€21,585 | +151.2% |
| Profit (loss) for the period before taxes | 9903 | €373,725 | €12,965 | -€360,760 | -96.5% |
| Income taxes | 67/77 | €42,881 | €4,297 | -€38,584 | -90.0% |
| Profit (loss) for the period | 9904 | €330,844 | €8,668 | -€322,175 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €330,844 | €8,668 | -€322,175 | -97.4% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.