STUVON: 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.
STUVON
Largest movements
- Receivables after one year +€687,500
new in 2025: €687,500
- Financial fixed assets +€100,000
up €100,000 (+4.7%), from €2.1m to €2.2m
- Cash -€65,749
down €65,749 (-73.6%), from €89,311 to €23,562
mainly Receivables after one year (-€687,500) and Contributions, distributions and other (-€278,834)
- Reserves +€597,539
up €597,539 (+28.3%), from €2.1m to €2.7m
- Debts after one year +€110,125
up €110,125 (+88.1%), from €125,000 to €235,125
- Financial income +€727,905
up €727,905 (+82499.9%), from €882 to €728,787
- Gross operating margin +€16,788
up €16,788 (+7.9%), from €212,008 to €228,796
- Taxes +€4,077
up €4,077 (+6.3%), from €64,814 to €68,891
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 | €2,391,347 | €3,108,325 | +€716,978 | +30.0% |
| Fixed assets | 21/28 | €2,125,000 | €2,225,000 | +€100,000 | +4.7% |
| Financial fixed assets | 28 | €2,125,000 | €2,225,000 | +€100,000 | +4.7% |
| Current assets | 29/58 | €266,347 | €883,325 | +€616,978 | +231.6% |
| Amounts receivable after more than one year | 29 | - | €687,500 | +€687,500 | |
| Other amounts receivable | 291 | - | €687,500 | +€687,500 | |
| Amounts receivable within one year | 40/41 | €177,037 | €166,247 | -€10,789 | -6.1% |
| Trade receivables | 40 | €171,489 | €166,247 | -€5,242 | -3.1% |
| Other amounts receivable | 41 | €5,547 | €0 | -€5,547 | -100.0% |
| Cash at bank and in hand | 54/58 | €89,311 | €23,562 | -€65,749 | -73.6% |
| Deferred charges and accrued income | 490/1 | - | €6,016 | +€6,016 | |
| Total equity and liabilities | 10/49 | €2,391,347 | €3,108,325 | +€716,978 | +30.0% |
| Equity | 10/15 | €2,235,573 | €2,833,112 | +€597,539 | +26.7% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,110,573 | €2,708,112 | +€597,539 | +28.3% |
| Distributable reserves | 133 | €2,110,573 | €2,708,112 | +€597,539 | +28.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,774 | €275,213 | +€119,439 | +76.7% |
| Amounts payable after more than one year | 17 | €125,000 | €235,125 | +€110,125 | +88.1% |
| Financial debts | 170/4 | €125,000 | €235,125 | +€110,125 | +88.1% |
| Amounts payable within one year | 42/48 | €20,623 | €26,453 | +€5,830 | +28.3% |
| Trade debts | 44 | €0 | €3,126 | +€3,126 | |
| Suppliers | 440/4 | €0 | €3,126 | +€3,126 | |
| Taxes, remuneration and social security | 45 | €15,532 | €16,985 | +€1,453 | +9.4% |
| Taxes | 450/3 | €12,882 | €11,685 | -€1,197 | -9.3% |
| Remuneration and social security | 454/9 | €2,650 | €5,300 | +€2,650 | +100.0% |
| Other amounts payable | 47/48 | €5,092 | €6,343 | +€1,251 | +24.6% |
| Accrued charges and deferred income | 492/3 | €10,151 | €13,635 | +€3,484 | +34.3% |
| Other operating charges | 640/8 | €1,209 | €1,140 | -€69 | -5.7% |
| Gross operating margin | 9900 | €212,008 | €228,796 | +€16,788 | +7.9% |
| Operating profit (loss) | 9901 | €210,799 | €227,656 | +€16,856 | +8.0% |
| Financial income | 75/76B | €882 | €728,787 | +€727,905 | +82499.9% |
| Recurring financial income | 75 | €882 | €728,787 | +€727,905 | +82499.9% |
| Financial charges | 65/66B | €10,060 | €11,179 | +€1,119 | +11.1% |
| Recurring financial charges | 65 | €10,060 | €11,179 | +€1,119 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €201,621 | €945,263 | +€743,642 | +368.8% |
| Income taxes | 67/77 | €64,814 | €68,891 | +€4,077 | +6.3% |
| Profit (loss) for the period | 9904 | €136,808 | €876,373 | +€739,565 | +540.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,808 | €876,373 | +€739,565 | +540.6% |
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.