STUYVENCATEN: 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
STUYVENCATEN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.1m
2024 · -€10.5m+€18.5m
Equity
€17.8m
2024 · €15.4m+€2.4m
Cash
€401,666
2024 · €244,741+€156,925
Balance sheet total
€25.3m
2024 · €30.0m-€4.6m
Largest movements
Assets
- Financial fixed assets -€8.5m
down €8.5m (-99.9%), from €8.5m to €7,313
- Intangible fixed assets +€2.6m
new in 2025: €2.6m
- Tangible fixed assets +€1.1m
up €1.1m (+6.2%), from €17.2m to €18.2m
of which Land and buildings: +€1.0m
- Current investments +€437,691
up €437,691 (+13.0%), from €3.4m to €3.8m
- Receivables within one year -€351,597
down €351,597 (-57.2%), from €614,529 to €262,932
of which Other amounts receivable: -€412,931
Equity and liabilities
- Profit (loss) carried forward +€8.1m
up €8.1m (+92.4%), from -€8.8m to -€664,518
- Other debts -€7.7m
down €7.7m (-100%), from €7.7m to €0
- Revaluation surpluses -€5.7m
down €5.7m (-28.0%), from €20.4m to €14.7m
- Short-term financial debts +€1.2m
up €1.2m (+41.1%), from €3.0m to €4.2m
of which Other loans: +€3.4m
Income statement
- Financial charges -€20.0m
down €20.0m, from €8.2m to -€11.8m
of which Financial charges: -€12.1m
- Gross operating margin +€7.6m
up €7.6m (+12,482%), from €60,548 to €7.6m
- Write-downs -€3.9m
down €3.9m, from €1.7m to -€2.2m
- Other operating charges +€2.1m
up €2.1m (+639%), from €323,489 to €2.4m
- Financial income +€1.8m
up €1.8m (+6,001%), from €29,280 to €1.8m
of which Non-recurring financial income: +€1.7m
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
-€10.5m
Gross operating margin
+€7.6m
Staff costs
+€172,049
Depreciation
-€173,618
Write-downs
+€3.9m
Other operating charges
-€2.1m
Other operating items
-€12.6m
Financial income
+€1.8m
Financial charges
+€20.0m
Taxes
-€3,257
Deferred taxes and other
+€980
Result 2025
€8.1m
raises the resultlowers the resultnot broken down further in the accounts
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
+€782,539
Investment
+€4.1m
Financing
-€4.8m
Cash 2024
€244,741
From operations (derived)
+€782,539
Net result for the year
+€8.1m
Depreciation
+€305,503
Receivables within one year
+€351,597
Smaller working-capital items
+€6,890
Provisions
+€95,841
Trade debts
-€196,485
Tax, wage and social debts
-€144,237
Other debts
-€7.7m
Investment (derived)
+€4.1m
Investment in fixed assets (net)
+€4.6m
Current investments
-€437,691
Financing
-€4.8m
Debts after one year
-€116,107
Current portion of long-term debt
-€154,580
Short-term financial debts
+€1.2m
Contributions, distributions and other
-€5.7m
Cash 2025
€401,666
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €29,955,527 | €25,318,952 | -€4.6m | -15.5% |
| Fixed assets | 21/28 | €25,712,404 | €20,832,964 | -€4.9m | -19.0% |
| Intangible fixed assets | 21 | - | €2,577,313 | +€2.6m | |
| Tangible fixed assets | 22/27 | €17,188,010 | €18,248,337 | +€1.1m | +6.2% |
| Land and buildings | 22 | €17,163,681 | €18,170,286 | +€1.0m | +5.9% |
| Plant, machinery and equipment | 23 | €1,031 | €60,688 | +€59,657 | +5,785% |
| Furniture and vehicles | 24 | €23,298 | €17,362 | -€5,935 | -25.5% |
| Financial fixed assets | 28 | €8,524,394 | €7,313 | -€8.5m | -99.9% |
| Current assets | 29/58 | €4,243,123 | €4,485,989 | +€242,866 | +5.7% |
| Amounts receivable within one year | 40/41 | €614,529 | €262,932 | -€351,597 | -57.2% |
| Trade receivables | 40 | €175,876 | €237,210 | +€61,334 | +34.9% |
| Other amounts receivable | 41 | €438,653 | €25,722 | -€412,931 | -94.1% |
| Current investments | 50/53 | €3,378,377 | €3,816,068 | +€437,691 | +13.0% |
| Cash at bank and in hand | 54/58 | €244,741 | €401,666 | +€156,925 | +64.1% |
| Deferred charges and accrued income | 490/1 | €5,476 | €5,322 | -€154 | -2.8% |
| Total equity and liabilities | 10/49 | €29,955,527 | €25,318,952 | -€4.6m | -15.5% |
| Equity | 10/15 | €15,413,848 | €17,768,354 | +€2.4m | +15.3% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Revaluation surpluses | 12 | €20,432,280 | €14,708,280 | -€5.7m | -28.0% |
| Reserves | 13 | €3,446,405 | €3,414,592 | -€31,813 | -0.9% |
| Non-distributable reserves | 130/1 | €2,950,665 | €2,950,665 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Own shares acquired | 1312 | €2,919,665 | €2,919,665 | = | 0.0% |
| Tax-exempt reserves | 132 | €495,740 | €463,927 | -€31,813 | -6.4% |
| Profit (loss) carried forward | 14 | -€8,774,838 | -€664,518 | +€8.1m | +92.4% |
| Provisions and deferred taxes | 16 | €123,935 | €219,776 | +€95,841 | +77.3% |
| Provisions for liabilities and charges | 160/5 | - | €40,000 | +€40,000 | |
| Environmental obligations | 163 | - | €40,000 | +€40,000 | |
| Deferred taxes | 168 | €123,935 | €179,776 | +€55,841 | +45.1% |
| Amounts payable | 17/49 | €14,417,744 | €7,330,822 | -€7.1m | -49.2% |
| Amounts payable after more than one year | 17 | €2,923,882 | €2,807,775 | -€116,107 | -4.0% |
| Financial debts | 170/4 | €2,883,350 | €2,731,195 | -€152,155 | -5.3% |
| Other amounts payable | 178/9 | €40,532 | €76,580 | +€36,048 | +88.9% |
| Amounts payable within one year | 42/48 | €11,487,285 | €4,509,734 | -€7.0m | -60.7% |
| Current portion of amounts payable after more than one year | 42 | €315,725 | €161,146 | -€154,580 | -49.0% |
| Financial debts | 43 | €3,000,000 | €4,232,826 | +€1.2m | +41.1% |
| Credit institutions | 430/8 | €3,000,000 | €832,826 | -€2.2m | -72.2% |
| Other loans | 439 | - | €3,400,000 | +€3.4m | |
| Trade debts | 44 | €271,276 | €74,791 | -€196,485 | -72.4% |
| Suppliers | 440/4 | €271,276 | €74,791 | -€196,485 | -72.4% |
| Taxes, remuneration and social security | 45 | €185,209 | €40,971 | -€144,237 | -77.9% |
| Taxes | 450/3 | €174,263 | €40,971 | -€133,292 | -76.5% |
| Remuneration and social security | 454/9 | €10,945 | €0 | -€10,945 | -100% |
| Other amounts payable | 47/48 | €7,715,076 | €0 | -€7.7m | -100% |
| Accrued charges and deferred income | 492/3 | €6,577 | €13,313 | +€6,736 | +102% |
| Non-recurring operating income | 76A | €17,745 | €6,624,696 | +€6.6m | +37,232% |
| Remuneration, social security and pensions | 62 | €166,758 | -€5,290 | -€172,049 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,885 | €305,503 | +€173,618 | +132% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,745,066 | -€2,162,016 | -€3.9m | |
| Other operating charges | 640/8 | €323,489 | €2,389,080 | +€2.1m | +639% |
| Non-recurring operating charges | 66A | - | €12,613,872 | +€12.6m | |
| Gross operating margin | 9900 | €60,548 | €7,618,215 | +€7.6m | +12,482% |
| Operating profit (loss) | 9901 | -€2,306,651 | -€5,522,933 | -€3.2m | -139% |
| Financial income | 75/76B | €29,280 | €1,786,470 | +€1.8m | +6,001% |
| Recurring financial income | 75 | €29,280 | €46,430 | +€17,150 | +58.6% |
| Non-recurring financial income | 76B | - | €1,740,041 | +€1.7m | |
| Financial charges | 65/66B | €8,185,967 | -€11,812,759 | -€20.0m | |
| Recurring financial charges | 65 | €261,720 | -€11,812,759 | -€12.1m | |
| Non-recurring financial charges | 66B | €7,924,247 | €0 | -€7.9m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€10,463,338 | €8,076,297 | +€18.5m | |
| Transfer from deferred taxes | 780 | €7,953 | €8,933 | +€980 | +12.3% |
| Income taxes | 67/77 | €3,467 | €6,724 | +€3,257 | +93.9% |
| Profit (loss) for the period | 9904 | -€10,458,852 | €8,078,506 | +€18.5m | |
| Transfer from tax-exempt reserves | 789 | €31,813 | €31,813 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,427,038 | €8,110,319 | +€18.5m |
Source: filed annual accounts (NBB), financial years ended 29 September 2024 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.