STELAND: 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.
STELAND
Largest movements
- Tangible fixed assets -€33,162
down €33,162 (-12.1%), from €274,206 to €241,044
of which Furniture and vehicles: -€26,760
- Cash +€26,806
up €26,806 (+42.1%), from €63,713 to €90,519
mainly Other debts (+€70,305) and Depreciation (+€37,758)
- Receivables within one year -€4,023
down €4,023 (-7.1%), from €56,603 to €52,580
of which Other amounts receivable: -€3,471
- Profit (loss) carried forward -€73,077
down €73,077 (-40.0%), from €182,898 to €109,822
- Other debts +€70,305
up €70,305 (+1,271%), from €5,531 to €75,836
- Debts after one year -€25,606
down €25,606 (-16.5%), from €155,424 to €129,818
- Contributions +€12,350
up €12,350 (+199%), from €6,200 to €18,550
- Gross operating margin -€32,174
down €32,174 (-36.9%), from €87,163 to €54,989
- Taxes -€6,996
down €6,996 (-59.5%), from €11,768 to €4,772
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 | €397,910 | €387,755 | -€10,154 | -2.6% |
| Fixed assets | 21/28 | €274,206 | €241,044 | -€33,162 | -12.1% |
| Tangible fixed assets | 22/27 | €274,206 | €241,044 | -€33,162 | -12.1% |
| Land and buildings | 22 | €187,456 | €180,640 | -€6,816 | -3.6% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €68,446 | €41,686 | -€26,760 | -39.1% |
| Other tangible fixed assets | 26 | €18,304 | €18,718 | +€414 | +2.3% |
| Current assets | 29/58 | €123,704 | €146,711 | +€23,008 | +18.6% |
| Amounts receivable within one year | 40/41 | €56,603 | €52,580 | -€4,023 | -7.1% |
| Trade receivables | 40 | €53,101 | €52,549 | -€552 | -1.0% |
| Other amounts receivable | 41 | €3,501 | €31 | -€3,471 | -99.1% |
| Cash at bank and in hand | 54/58 | €63,713 | €90,519 | +€26,806 | +42.1% |
| Deferred charges and accrued income | 490/1 | €3,388 | €3,612 | +€224 | +6.6% |
| Total equity and liabilities | 10/49 | €397,910 | €387,755 | -€10,154 | -2.6% |
| Equity | 10/15 | €189,098 | €128,372 | -€60,727 | -32.1% |
| Contributions | 10/11 | €6,200 | €18,550 | +€12,350 | +199% |
| Profit (loss) carried forward | 14 | €182,898 | €109,822 | -€73,077 | -40.0% |
| Amounts payable | 17/49 | €208,811 | €259,384 | +€50,573 | +24.2% |
| Amounts payable after more than one year | 17 | €155,424 | €129,818 | -€25,606 | -16.5% |
| Financial debts | 170/4 | €155,424 | €129,818 | -€25,606 | -16.5% |
| Amounts payable within one year | 42/48 | €51,487 | €127,716 | +€76,228 | +148% |
| Current portion of amounts payable after more than one year | 42 | €24,984 | €25,606 | +€621 | +2.5% |
| Trade debts | 44 | €7,065 | €8,423 | +€1,358 | +19.2% |
| Suppliers | 440/4 | €7,065 | €8,423 | +€1,358 | +19.2% |
| Taxes, remuneration and social security | 45 | €13,907 | €17,851 | +€3,944 | +28.4% |
| Taxes | 450/3 | €13,907 | €13,048 | -€859 | -6.2% |
| Remuneration and social security | 454/9 | - | €4,803 | +€4,803 | |
| Other amounts payable | 47/48 | €5,531 | €75,836 | +€70,305 | +1,271% |
| Accrued charges and deferred income | 492/3 | €1,900 | €1,850 | -€50 | -2.6% |
| Non-recurring operating income | 76A | €8,521 | €0 | -€8,521 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,037 | €37,758 | -€279 | -0.7% |
| Other operating charges | 640/8 | €1,627 | €2,303 | +€676 | +41.6% |
| Gross operating margin | 9900 | €87,163 | €54,989 | -€32,174 | -36.9% |
| Operating profit (loss) | 9901 | €47,499 | €14,928 | -€32,572 | -68.6% |
| Financial income | 75/76B | €0 | €5 | +€5 | +5,456% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +5,456% |
| Financial charges | 65/66B | €7,305 | €6,572 | -€734 | -10.0% |
| Recurring financial charges | 65 | €7,305 | €6,572 | -€734 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €40,194 | €8,361 | -€31,833 | -79.2% |
| Income taxes | 67/77 | €11,768 | €4,772 | -€6,996 | -59.5% |
| Profit (loss) for the period | 9904 | €28,426 | €3,589 | -€24,837 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,426 | €3,589 | -€24,837 | -87.4% |
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 16 October 2026 via checked.be.