STEL: what changed
STEL
Largest movements
- Tangible fixed assets -€14,803
down €14,803 (-68.8%), from €21,524 to €6,721
- Receivables within one year -€11,869
down €11,869 (-63.1%), from €18,801 to €6,932
of which Other amounts receivable: -€15,573
- Cash -€615
down €615 (-86.7%), from €709 to €94
mainly Other debts (-€13,748) and Trade debts (-€8,420)
- Other debts -€13,748
down €13,748 (-5.9%), from €232,577 to €218,829
- Trade debts -€8,420
down €8,420 (-72.6%), from €11,604 to €3,184
- Profit (loss) carried forward -€6,123
down €6,123 (-2.9%), from -€208,547 to -€214,670
- Tax, wage and social debts +€1,005
new in 2025: €1,005
- Gross operating margin +€31,428
up €31,428, from -€22,288 to €9,140
- Depreciation -€489
down €489 (-3.2%), from €15,292 to €14,803
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,834 | €14,547 | -€27,287 | -65.2% |
| Fixed assets | 21/28 | €22,324 | €7,521 | -€14,803 | -66.3% |
| Tangible fixed assets | 22/27 | €21,524 | €6,721 | -€14,803 | -68.8% |
| Furniture and vehicles | 24 | €21,524 | €6,721 | -€14,803 | -68.8% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €19,510 | €7,026 | -€12,484 | -64.0% |
| Amounts receivable within one year | 40/41 | €18,801 | €6,932 | -€11,869 | -63.1% |
| Trade receivables | 40 | €3,229 | €6,932 | +€3,704 | +115% |
| Other amounts receivable | 41 | €15,573 | €0 | -€15,573 | -100% |
| Cash at bank and in hand | 54/58 | €709 | €94 | -€615 | -86.7% |
| Total equity and liabilities | 10/49 | €41,834 | €14,547 | -€27,287 | -65.2% |
| Equity | 10/15 | -€202,347 | -€208,470 | -€6,123 | -3.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,547 | -€214,670 | -€6,123 | -2.9% |
| Amounts payable | 17/49 | €244,181 | €223,017 | -€21,163 | -8.7% |
| Amounts payable within one year | 42/48 | €244,181 | €223,017 | -€21,163 | -8.7% |
| Trade debts | 44 | €11,604 | €3,184 | -€8,420 | -72.6% |
| Suppliers | 440/4 | €11,604 | €3,184 | -€8,420 | -72.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | - | €1,005 | +€1,005 | |
| Taxes | 450/3 | - | €1,005 | +€1,005 | |
| Other amounts payable | 47/48 | €232,577 | €218,829 | -€13,748 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,292 | €14,803 | -€489 | -3.2% |
| Other operating charges | 640/8 | €440 | €400 | -€41 | -9.2% |
| Gross operating margin | 9900 | -€22,288 | €9,140 | +€31,428 | |
| Operating profit (loss) | 9901 | -€38,020 | -€6,063 | +€31,958 | +84.1% |
| Financial income | 75/76B | €5 | €0 | -€4 | -95.9% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -95.9% |
| Financial charges | 65/66B | €65 | €61 | -€4 | -6.1% |
| Recurring financial charges | 65 | €65 | €61 | -€4 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
| Profit (loss) for the period | 9904 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,081 | -€6,123 | +€31,957 | +83.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.