S.T.D.: 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.D.
Largest movements
- Cash -€50,540
down €50,540 (-79.9%), from €63,239 to €12,700
mainly Investment in fixed assets (net) (-€63,856) and Tax, wage and social debts (-€36,271)
- Tangible fixed assets +€23,476
up €23,476 (+2.7%), from €882,741 to €906,217
of which Leasing and similar rights: +€51,399
- Other debts +€43,433
up €43,433 (+89.7%), from €48,438 to €91,871
- Tax, wage and social debts -€36,271
down €36,271 (-91.2%), from €39,766 to €3,495
of which Taxes: -€36,271
- Profit (loss) carried forward -€20,815
down €20,815 (-21.7%), from -€95,956 to -€116,772
- Other operating charges +€46,837
up €46,837 (+312.2%), from €15,003 to €61,840
- Gross operating margin +€30,749
up €30,749 (+54.0%), from €56,944 to €87,694
- Depreciation +€13,447
up €13,447 (+49.9%), from €26,933 to €40,379
- Taxes -€1,294
down €1,294 (-49.9%), from €2,590 to €1,297
- Financial charges +€1,008
up €1,008 (+24.1%), from €4,185 to €5,193
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 | €2,079,975 | €2,051,156 | -€28,820 | -1.4% |
| Fixed assets | 21/28 | €2,006,236 | €2,029,712 | +€23,476 | +1.2% |
| Tangible fixed assets | 22/27 | €882,741 | €906,217 | +€23,476 | +2.7% |
| Land and buildings | 22 | €876,718 | €849,454 | -€27,264 | -3.1% |
| Plant, machinery and equipment | 23 | €971 | €866 | -€105 | -10.8% |
| Furniture and vehicles | 24 | €5,052 | €4,498 | -€554 | -11.0% |
| Leasing and similar rights | 25 | - | €51,399 | +€51,399 | |
| Financial fixed assets | 28 | €1,123,495 | €1,123,495 | = | 0.0% |
| Current assets | 29/58 | €73,740 | €21,444 | -€52,296 | -70.9% |
| Amounts receivable within one year | 40/41 | €0 | €7,367 | +€7,367 | |
| Trade receivables | 40 | €0 | €200 | +€200 | |
| Other amounts receivable | 41 | €0 | €7,168 | +€7,168 | |
| Cash at bank and in hand | 54/58 | €63,239 | €12,700 | -€50,540 | -79.9% |
| Deferred charges and accrued income | 490/1 | €10,500 | €1,377 | -€9,123 | -86.9% |
| Total equity and liabilities | 10/49 | €2,079,975 | €2,051,156 | -€28,820 | -1.4% |
| Equity | 10/15 | €1,816,101 | €1,795,285 | -€20,815 | -1.1% |
| Contributions | 10/11 | €1,852,550 | €1,852,550 | = | 0.0% |
| Reserves | 13 | €59,507 | €59,507 | = | 0.0% |
| Non-distributable reserves | 130/1 | €59,507 | €59,507 | = | 0.0% |
| Reserves not available under the articles | 1311 | €59,507 | €59,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,956 | -€116,772 | -€20,815 | -21.7% |
| Amounts payable | 17/49 | €263,875 | €255,871 | -€8,004 | -3.0% |
| Amounts payable after more than one year | 17 | €126,574 | €110,979 | -€15,596 | -12.3% |
| Financial debts | 170/4 | €126,574 | €110,979 | -€15,596 | -12.3% |
| Amounts payable within one year | 42/48 | €137,301 | €144,892 | +€7,591 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €31,009 | €46,925 | +€15,916 | +51.3% |
| Trade debts | 44 | €18,087 | €2,601 | -€15,487 | -85.6% |
| Suppliers | 440/4 | €18,087 | €2,601 | -€15,487 | -85.6% |
| Taxes, remuneration and social security | 45 | €39,766 | €3,495 | -€36,271 | -91.2% |
| Taxes | 450/3 | €39,766 | €3,495 | -€36,271 | -91.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €48,438 | €91,871 | +€43,433 | +89.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,933 | €40,379 | +€13,447 | +49.9% |
| Other operating charges | 640/8 | €15,003 | €61,840 | +€46,837 | +312.2% |
| Gross operating margin | 9900 | €56,944 | €87,694 | +€30,749 | +54.0% |
| Operating profit (loss) | 9901 | €15,008 | -€14,526 | -€29,534 | |
| Financial income | 75/76B | €0 | €200 | +€200 | +667500.0% |
| Recurring financial income | 75 | €0 | €200 | +€200 | +667500.0% |
| Financial charges | 65/66B | €4,185 | €5,193 | +€1,008 | +24.1% |
| Recurring financial charges | 65 | €4,185 | €5,193 | +€1,008 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €10,824 | -€19,519 | -€30,343 | |
| Income taxes | 67/77 | €2,590 | €1,297 | -€1,294 | -49.9% |
| Profit (loss) for the period | 9904 | €8,234 | -€20,815 | -€29,049 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,234 | -€20,815 | -€29,049 |
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 6 October 2026 via checked.be.