S.T.A.: what changed
Two fiscal 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.
S.T.A.
Largest movements
- Tangible fixed assets -€134,023
down €134,023 (-15.2%), from €883,903 to €749,880
of which Furniture and vehicles: -€131,464
- Receivables within one year -€116,555
down €116,555 (-24.9%), from €468,886 to €352,331
of which Trade receivables: -€120,555
- Stocks and contracts +€98,815
up €98,815 (+10.1%), from €982,794 to €1.1m
- Cash +€61,057
up €61,057 (+4.0%), from €1.5m to €1.6m
mainly Receivables within one year (+€116,555) and Investment in fixed assets (net) (+€96,426)
- Trade debts -€137,887
down €137,887 (-52.5%), from €262,700 to €124,813
- Write-downs -€272,046
no longer reported in 2025 (was €272,046)
- Other operating charges -€91,168
down €91,168 (-57.0%), from €159,876 to €68,708
- Staff costs -€73,361
down €73,361 (-25.4%), from €289,280 to €215,919
- Depreciation -€68,908
down €68,908 (-65.7%), from €104,945 to €36,036
- Financial charges +€19,590
up €19,590 (+147.9%), from €13,245 to €32,834
of which Non-recurring financial charges: +€26,130
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.
Cash bridge derived
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 | €3,884,808 | €3,792,683 | -€92,125 | -2.4% |
| Fixed assets | 21/28 | €900,860 | €768,398 | -€132,463 | -14.7% |
| Tangible fixed assets | 22/27 | €883,903 | €749,880 | -€134,023 | -15.2% |
| Land and buildings | 22 | €721,707 | €719,148 | -€2,559 | -0.4% |
| Furniture and vehicles | 24 | €162,196 | €30,732 | -€131,464 | -81.1% |
| Financial fixed assets | 28 | €16,958 | €18,518 | +€1,560 | +9.2% |
| Current assets | 29/58 | €2,983,948 | €3,024,285 | +€40,337 | +1.4% |
| Stocks and contracts in progress | 3 | €982,794 | €1,081,609 | +€98,815 | +10.1% |
| Stocks | 30/36 | €982,794 | €1,081,609 | +€98,815 | +10.1% |
| Amounts receivable within one year | 40/41 | €468,886 | €352,331 | -€116,555 | -24.9% |
| Trade receivables | 40 | €467,234 | €346,679 | -€120,555 | -25.8% |
| Other amounts receivable | 41 | €1,652 | €5,652 | +€4,001 | +242.2% |
| Cash at bank and in hand | 54/58 | €1,520,690 | €1,581,747 | +€61,057 | +4.0% |
| Deferred charges and accrued income | 490/1 | €11,578 | €8,598 | -€2,980 | -25.7% |
| Total equity and liabilities | 10/49 | €3,884,808 | €3,792,683 | -€92,125 | -2.4% |
| Equity | 10/15 | €3,337,310 | €3,373,619 | +€36,309 | +1.1% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €3,309,175 | €3,309,175 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €292,650 | €292,650 | = | 0.0% |
| Distributable reserves | 133 | €3,004,125 | €3,004,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,865 | -€59,556 | +€36,309 | +37.9% |
| Amounts payable | 17/49 | €547,498 | €419,064 | -€128,435 | -23.5% |
| Amounts payable within one year | 42/48 | €529,765 | €405,266 | -€124,499 | -23.5% |
| Trade debts | 44 | €262,700 | €124,813 | -€137,887 | -52.5% |
| Suppliers | 440/4 | €262,700 | €124,813 | -€137,887 | -52.5% |
| Taxes, remuneration and social security | 45 | €34,332 | €47,260 | +€12,928 | +37.7% |
| Taxes | 450/3 | €9,166 | €9,701 | +€535 | +5.8% |
| Remuneration and social security | 454/9 | €25,166 | €37,559 | +€12,393 | +49.2% |
| Other amounts payable | 47/48 | €232,733 | €233,193 | +€460 | +0.2% |
| Accrued charges and deferred income | 492/3 | €17,733 | €13,798 | -€3,936 | -22.2% |
| Remuneration, social security and pensions | 62 | €289,280 | €215,919 | -€73,361 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,945 | €36,036 | -€68,908 | -65.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €272,046 | - | -€272,046 | |
| Other operating charges | 640/8 | €159,876 | €68,708 | -€91,168 | -57.0% |
| Non-recurring operating charges | 66A | €8,480 | €2,874 | -€5,606 | -66.1% |
| Gross operating margin | 9900 | €404,235 | €391,179 | -€13,056 | -3.2% |
| Operating profit (loss) | 9901 | -€430,391 | €67,642 | +€498,033 | |
| Financial income | 75/76B | €298 | €2,444 | +€2,147 | +721.6% |
| Recurring financial income | 75 | €298 | €2,444 | +€2,147 | +721.6% |
| Financial charges | 65/66B | €13,245 | €32,834 | +€19,590 | +147.9% |
| Recurring financial charges | 65 | €13,245 | €6,705 | -€6,540 | -49.4% |
| Non-recurring financial charges | 66B | - | €26,130 | +€26,130 | |
| Profit (loss) for the period before taxes | 9903 | -€443,338 | €37,252 | +€480,590 | |
| Income taxes | 67/77 | €5,589 | €942 | -€4,646 | -83.1% |
| Profit (loss) for the period | 9904 | -€448,927 | €36,309 | +€485,236 | |
| Transfer from tax-exempt reserves | 789 | €106,800 | - | -€106,800 | |
| Profit (loss) for the period to be appropriated | 9905 | -€342,127 | €36,309 | +€378,436 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.