STEIN ARBITRATION: 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.
STEIN ARBITRATION
Largest movements
- Receivables within one year +€395,606
up €395,606 (+188%), from €209,903 to €605,509
of which Other amounts receivable: +€312,651
- Cash -€87,049
down €87,049 (-41.8%), from €208,343 to €121,294
mainly Contributions, distributions and other (-€500,000) and Receivables within one year (-€395,606)
- Other debts +€450,000
up €450,000 (+900%), from €50,000 to €500,000
- Profit (loss) carried forward -€229,081
down €229,081 (-77.6%), from €295,373 to €66,292
- Trade debts +€78,142
up €78,142 (+3,931%), from €1,988 to €80,129
- Gross operating margin -€11,860
down €11,860 (-3.2%), from €371,279 to €359,419
- Financial charges +€4,533
up €4,533 (+136%), from €3,330 to €7,863
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.
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 | €433,492 | €737,009 | +€303,517 | +70.0% |
| Fixed assets | 21/28 | €14,578 | €9,538 | -€5,040 | -34.6% |
| Intangible fixed assets | 21 | €500 | €0 | -€500 | -100% |
| Tangible fixed assets | 22/27 | €14,024 | €9,484 | -€4,540 | -32.4% |
| Furniture and vehicles | 24 | €1,643 | €1,230 | -€413 | -25.1% |
| Other tangible fixed assets | 26 | €12,381 | €8,254 | -€4,127 | -33.3% |
| Financial fixed assets | 28 | €54 | €54 | = | 0.0% |
| Current assets | 29/58 | €418,914 | €727,471 | +€308,557 | +73.7% |
| Amounts receivable within one year | 40/41 | €209,903 | €605,509 | +€395,606 | +188% |
| Trade receivables | 40 | €774 | €83,729 | +€82,955 | +10,718% |
| Other amounts receivable | 41 | €209,129 | €521,780 | +€312,651 | +150% |
| Cash at bank and in hand | 54/58 | €208,343 | €121,294 | -€87,049 | -41.8% |
| Deferred charges and accrued income | 490/1 | €669 | €669 | = | 0.0% |
| Total equity and liabilities | 10/49 | €433,492 | €737,009 | +€303,517 | +70.0% |
| Equity | 10/15 | €305,373 | €76,292 | -€229,081 | -75.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €295,373 | €66,292 | -€229,081 | -77.6% |
| Amounts payable | 17/49 | €128,119 | €660,718 | +€532,598 | +416% |
| Amounts payable within one year | 42/48 | €128,119 | €660,718 | +€532,598 | +416% |
| Trade debts | 44 | €1,988 | €80,129 | +€78,142 | +3,931% |
| Suppliers | 440/4 | €1,988 | €80,129 | +€78,142 | +3,931% |
| Taxes, remuneration and social security | 45 | €76,132 | €80,588 | +€4,456 | +5.9% |
| Taxes | 450/3 | €76,132 | €80,588 | +€4,456 | +5.9% |
| Other amounts payable | 47/48 | €50,000 | €500,000 | +€450,000 | +900% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,725 | €6,068 | +€343 | +6.0% |
| Other operating charges | 640/8 | - | €121 | +€121 | |
| Gross operating margin | 9900 | €371,279 | €359,419 | -€11,860 | -3.2% |
| Operating profit (loss) | 9901 | €365,554 | €353,230 | -€12,324 | -3.4% |
| Financial income | 75/76B | €314 | - | -€314 | |
| Recurring financial income | 75 | €314 | - | -€314 | |
| Financial charges | 65/66B | €3,330 | €7,863 | +€4,533 | +136% |
| Recurring financial charges | 65 | €3,330 | €7,863 | +€4,533 | +136% |
| Profit (loss) for the period before taxes | 9903 | €362,538 | €345,367 | -€17,171 | -4.7% |
| Income taxes | 67/77 | €73,844 | €74,448 | +€604 | +0.8% |
| Profit (loss) for the period | 9904 | €288,695 | €270,919 | -€17,776 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €288,695 | €270,919 | -€17,776 | -6.2% |
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 25 October 2026 via checked.be.