S.T.A.: 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.
S.T.A.
Largest movements
- Stocks and contracts -€5,583
down €5,583 (-41.6%), from €13,430 to €7,847
of which Contracts in progress: -€4,661
- Cash +€4,956
new in 2025: €4,956
mainly Other debts (+€7,791) and Stocks and contracts (+€5,583)
- Tangible fixed assets -€4,662
down €4,662 (-33.1%), from €14,087 to €9,425
of which Land and buildings: -€2,393
- Receivables within one year +€4,372
up €4,372 (+315%), from €1,390 to €5,762
of which Trade receivables: +€5,737
- Deferred charges and accrued income +€1,117
up €1,117 (+335%), from €333 to €1,450
- Other debts +€7,791
up €7,791 (+26.1%), from €29,891 to €37,683
- Short-term financial debts -€4,344
no longer reported in 2025 (was €4,344)
- Trade debts -€1,580
down €1,580 (-38.3%), from €4,129 to €2,549
- Tax, wage and social debts -€1,411
down €1,411 (-43.6%), from €3,238 to €1,828
of which Remuneration and social security: -€1,840
- Current portion of long-term debt -€1,167
no longer reported in 2025 (was €1,167)
- Gross operating margin +€18,080
up €18,080, from -€9,216 to €8,864
- Depreciation +€1,023
up €1,023 (+28.1%), from €3,639 to €4,662
- Financial charges +€1,012
up €1,012 (+95.1%), from €1,064 to €2,077
- Other operating charges -€569
down €569 (-31.8%), from €1,788 to €1,219
- Taxes -€179
no longer reported in 2025 (was €179)
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 | €29,240 | €29,440 | +€200 | +0.7% |
| Fixed assets | 21/28 | €14,087 | €9,425 | -€4,662 | -33.1% |
| Tangible fixed assets | 22/27 | €14,087 | €9,425 | -€4,662 | -33.1% |
| Land and buildings | 22 | €8,374 | €5,981 | -€2,393 | -28.6% |
| Furniture and vehicles | 24 | €5,713 | €3,444 | -€2,269 | -39.7% |
| Current assets | 29/58 | €15,153 | €20,015 | +€4,862 | +32.1% |
| Stocks and contracts in progress | 3 | €13,430 | €7,847 | -€5,583 | -41.6% |
| Stocks | 30/36 | €4,825 | €3,903 | -€922 | -19.1% |
| Contracts in progress | 37 | €8,605 | €3,944 | -€4,661 | -54.2% |
| Amounts receivable within one year | 40/41 | €1,390 | €5,762 | +€4,372 | +315% |
| Trade receivables | 40 | - | €5,737 | +€5,737 | |
| Other amounts receivable | 41 | €1,390 | €25 | -€1,365 | -98.2% |
| Cash at bank and in hand | 54/58 | - | €4,956 | +€4,956 | |
| Deferred charges and accrued income | 490/1 | €333 | €1,450 | +€1,117 | +335% |
| Total equity and liabilities | 10/49 | €29,240 | €29,440 | +€200 | +0.7% |
| Equity | 10/15 | -€13,529 | -€12,619 | +€910 | +6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €12,600 | €12,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €10,600 | €10,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,129 | -€45,219 | +€910 | +2.0% |
| Amounts payable | 17/49 | €42,769 | €42,059 | -€710 | -1.7% |
| Amounts payable within one year | 42/48 | €42,769 | €42,059 | -€710 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €1,167 | - | -€1,167 | |
| Financial debts | 43 | €4,344 | - | -€4,344 | |
| Credit institutions | 430/8 | €4,344 | - | -€4,344 | |
| Trade debts | 44 | €4,129 | €2,549 | -€1,580 | -38.3% |
| Suppliers | 440/4 | €4,129 | €2,549 | -€1,580 | -38.3% |
| Taxes, remuneration and social security | 45 | €3,238 | €1,828 | -€1,411 | -43.6% |
| Taxes | 450/3 | €1,398 | €1,828 | +€429 | +30.7% |
| Remuneration and social security | 454/9 | €1,840 | - | -€1,840 | |
| Other amounts payable | 47/48 | €29,891 | €37,683 | +€7,791 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,639 | €4,662 | +€1,023 | +28.1% |
| Other operating charges | 640/8 | €1,788 | €1,219 | -€569 | -31.8% |
| Gross operating margin | 9900 | -€9,216 | €8,864 | +€18,080 | |
| Operating profit (loss) | 9901 | -€14,643 | €2,983 | +€17,626 | |
| Financial income | 75/76B | €10 | €3 | -€6 | -64.4% |
| Recurring financial income | 75 | €10 | €3 | -€6 | -64.4% |
| Financial charges | 65/66B | €1,064 | €2,077 | +€1,012 | +95.1% |
| Recurring financial charges | 65 | €1,064 | €2,077 | +€1,012 | +95.1% |
| Profit (loss) for the period before taxes | 9903 | -€15,698 | €910 | +€16,608 | |
| Income taxes | 67/77 | €179 | - | -€179 | |
| Profit (loss) for the period | 9904 | -€15,877 | €910 | +€16,787 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,877 | €910 | +€16,787 |
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 23 October 2026 via checked.be.