This study concerns a 2.5 pressure ratio centrifugal compressor stage consisting of a splittered unshrouded impeller and a vaned diffuser. The aim of this paper is to investigate the modifications of the flow structure when the operating point moves from peak efficiency to near stall. The investigations are based on the results of unsteady three-dimensional simulations, in a calculation domain comprising all the blade. A detailed analysis is given in the impeller inducer and in the vaned diffuser entry region through time-averaged and unsteady flow field. In the impeller inducer, this study demonstrates that the mass flow reduction from peak efficiency to near stall leads to intensification of the secondary flow effects. The low momentum fluid accumulated near the shroud interacts with the main flow through a shear layer zone. At near stall condition, the interface between the two flow structures becomes unstable leading to vortices development. In the diffuser entry region, by reducing the mass flow, the high incidence angle from the impeller exit induces a separation on the diffuser vane suction side. At near stall operating point, vorticity from the separation is shed into vortex cores which are periodically formed and convected downstream along the suction side.