IMMO STETHO: 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.
IMMO STETHO
Largest movements
- Tangible fixed assets +€545,954
up €545,954 (+49.0%), from €1.1m to €1.7m
of which Land and buildings: +€547,719
- Cash -€32,193
down €32,193 (-75.1%), from €42,892 to €10,699
mainly Investment in fixed assets (net) (-€600,289) and Current portion of long-term debt (-€20,095)
- Debts after one year +€467,112
up €467,112 (+63.0%), from €741,780 to €1.2m
- Reserves +€82,341
up €82,341 (+4,823%), from €1,707 to €84,048
- Current portion of long-term debt -€20,095
down €20,095 (-17.4%), from €115,242 to €95,147
- Turnover -€176,544
no longer reported in 2025 (was €176,544)
- Depreciation -€57,060
down €57,060 (-51.2%), from €111,395 to €54,335
- Gross operating margin +€52,857
up €52,857 (+38.8%), from €136,333 to €189,190
- Purchases and services -€40,210
no longer reported in 2025 (was €40,210)
- Taxes +€18,274
new in 2025: €18,274
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 | €1,159,330 | €1,675,327 | +€515,997 | +44.5% |
| Fixed assets | 21/28 | €1,115,006 | €1,660,960 | +€545,954 | +49.0% |
| Tangible fixed assets | 22/27 | €1,115,006 | €1,660,960 | +€545,954 | +49.0% |
| Land and buildings | 22 | €1,077,735 | €1,625,454 | +€547,719 | +50.8% |
| Plant, machinery and equipment | 23 | €17,848 | €35,506 | +€17,659 | +98.9% |
| Other tangible fixed assets | 26 | €19,424 | €0 | -€19,424 | -100% |
| Current assets | 29/58 | €44,324 | €14,367 | -€29,957 | -67.6% |
| Amounts receivable within one year | 40/41 | - | €1,726 | +€1,726 | |
| Other amounts receivable | 41 | - | €1,726 | +€1,726 | |
| Cash at bank and in hand | 54/58 | €42,892 | €10,699 | -€32,193 | -75.1% |
| Deferred charges and accrued income | 490/1 | €1,432 | €1,942 | +€509 | +35.6% |
| Total equity and liabilities | 10/49 | €1,159,330 | €1,675,327 | +€515,997 | +44.5% |
| Equity | 10/15 | €142,760 | €225,101 | +€82,341 | +57.7% |
| Contributions | 10/11 | €19,964 | €19,964 | = | 0.0% |
| Reserves | 13 | €1,707 | €84,048 | +€82,341 | +4,823% |
| Distributable reserves | 133 | €1,707 | €84,048 | +€82,341 | +4,823% |
| Profit (loss) carried forward | 14 | €121,089 | €121,089 | = | 0.0% |
| Amounts payable | 17/49 | €1,016,570 | €1,450,225 | +€433,655 | +42.7% |
| Amounts payable after more than one year | 17 | €741,780 | €1,208,892 | +€467,112 | +63.0% |
| Financial debts | 170/4 | €741,780 | €1,208,892 | +€467,112 | +63.0% |
| Amounts payable within one year | 42/48 | €117,640 | €95,147 | -€22,492 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €115,242 | €95,147 | -€20,095 | -17.4% |
| Trade debts | 44 | €2,397 | €0 | -€2,397 | -100% |
| Suppliers | 440/4 | €2,397 | €0 | -€2,397 | -100% |
| Accrued charges and deferred income | 492/3 | €157,151 | €146,187 | -€10,964 | -7.0% |
| Turnover | 70 | €176,544 | - | -€176,544 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €40,210 | - | -€40,210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,395 | €54,335 | -€57,060 | -51.2% |
| Other operating charges | 640/8 | €10,419 | €11,852 | +€1,433 | +13.8% |
| Gross operating margin | 9900 | €136,333 | €189,190 | +€52,857 | +38.8% |
| Operating profit (loss) | 9901 | €14,519 | €123,002 | +€108,484 | +747% |
| Financial income | 75/76B | €600 | €3,956 | +€3,356 | +559% |
| Recurring financial income | 75 | €600 | €3,956 | +€3,356 | +559% |
| Non-recurring financial income | 76B | €600 | - | -€600 | |
| Financial charges | 65/66B | €15,546 | €26,343 | +€10,797 | +69.4% |
| Recurring financial charges | 65 | €15,546 | €26,343 | +€10,797 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | -€428 | €100,615 | +€101,043 | |
| Income taxes | 67/77 | - | €18,274 | +€18,274 | |
| Profit (loss) for the period | 9904 | -€428 | €82,341 | +€82,769 | |
| Profit (loss) for the period to be appropriated | 9905 | -€428 | €82,341 | +€82,769 |
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 13 October 2026 via checked.be.