S.T.B.: 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.B.
Largest movements
- Tangible fixed assets -€126,512
down €126,512 (-7.3%), from €1.7m to €1.6m
- Cash -€117,337
down €117,337 (-42.5%), from €275,953 to €158,617
mainly Debts after one year (-€143,068) and Receivables within one year (-€108,174)
- Receivables within one year +€108,174
up €108,174 (+56.3%), from €192,075 to €300,248
of which Trade receivables: +€97,874
- Reserves +€157,074
up €157,074 (+21.5%), from €729,618 to €886,692
- Debts after one year -€143,068
down €143,068 (-13.7%), from €1.0m to €901,234
- Tax, wage and social debts -€85,399
down €85,399 (-60.1%), from €142,009 to €56,609
- Other debts -€44,840
down €44,840 (-44.9%), from €99,948 to €55,109
- Gross operating margin -€11,449
down €11,449 (-2.7%), from €421,026 to €409,577
- Depreciation +€6,526
up €6,526 (+4.4%), from €147,591 to €154,117
- Financial charges -€5,816
down €5,816 (-26.7%), from €21,789 to €15,973
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 | €2,210,978 | €2,080,085 | -€130,893 | -5.9% |
| Fixed assets | 21/28 | €1,734,648 | €1,608,136 | -€126,512 | -7.3% |
| Tangible fixed assets | 22/27 | €1,734,648 | €1,608,136 | -€126,512 | -7.3% |
| Land and buildings | 22 | €600,000 | €550,000 | -€50,000 | -8.3% |
| Furniture and vehicles | 24 | €51,247 | €35,202 | -€16,045 | -31.3% |
| Other tangible fixed assets | 26 | €1,083,401 | €1,022,934 | -€60,466 | -5.6% |
| Current assets | 29/58 | €476,330 | €471,949 | -€4,381 | -0.9% |
| Amounts receivable within one year | 40/41 | €192,075 | €300,248 | +€108,174 | +56.3% |
| Trade receivables | 40 | €192,075 | €289,949 | +€97,874 | +51.0% |
| Other amounts receivable | 41 | - | €10,300 | +€10,300 | |
| Cash at bank and in hand | 54/58 | €275,953 | €158,617 | -€117,337 | -42.5% |
| Deferred charges and accrued income | 490/1 | €8,302 | €13,083 | +€4,781 | +57.6% |
| Total equity and liabilities | 10/49 | €2,210,978 | €2,080,085 | -€130,893 | -5.9% |
| Equity | 10/15 | €748,210 | €905,284 | +€157,074 | +21.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €729,618 | €886,692 | +€157,074 | +21.5% |
| Distributable reserves | 133 | €729,618 | €886,692 | +€157,074 | +21.5% |
| Amounts payable | 17/49 | €1,462,768 | €1,174,801 | -€287,966 | -19.7% |
| Amounts payable after more than one year | 17 | €1,044,302 | €901,234 | -€143,068 | -13.7% |
| Financial debts | 170/4 | €1,044,302 | €901,234 | -€143,068 | -13.7% |
| Amounts payable within one year | 42/48 | €408,935 | €264,037 | -€144,899 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €139,594 | €143,068 | +€3,474 | +2.5% |
| Trade debts | 44 | €27,384 | €9,251 | -€18,133 | -66.2% |
| Suppliers | 440/4 | €27,384 | €9,251 | -€18,133 | -66.2% |
| Taxes, remuneration and social security | 45 | €142,009 | €56,609 | -€85,399 | -60.1% |
| Taxes | 450/3 | €142,009 | €56,609 | -€85,399 | -60.1% |
| Other amounts payable | 47/48 | €99,948 | €55,109 | -€44,840 | -44.9% |
| Accrued charges and deferred income | 492/3 | €9,531 | €9,531 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,591 | €154,117 | +€6,526 | +4.4% |
| Other operating charges | 640/8 | €9,605 | €9,565 | -€41 | -0.4% |
| Gross operating margin | 9900 | €421,026 | €409,577 | -€11,449 | -2.7% |
| Operating profit (loss) | 9901 | €263,829 | €245,895 | -€17,934 | -6.8% |
| Financial income | 75/76B | - | €539 | +€539 | |
| Recurring financial income | 75 | - | €539 | +€539 | |
| Financial charges | 65/66B | €21,789 | €15,973 | -€5,816 | -26.7% |
| Recurring financial charges | 65 | €21,789 | €15,973 | -€5,816 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €242,040 | €230,461 | -€11,579 | -4.8% |
| Income taxes | 67/77 | €72,083 | €73,388 | +€1,304 | +1.8% |
| Profit (loss) for the period | 9904 | €169,957 | €157,074 | -€12,883 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €169,957 | €157,074 | -€12,883 | -7.6% |
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 17 October 2026 via checked.be.