S.T.D. PROJECTS: 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. PROJECTS
Largest movements
- Cash +€121,735
up €121,735 (+144.1%), from €84,499 to €206,234
mainly Net result for the year (+€124,688) and Current investments (+€11,189)
- Current investments -€11,189
down €11,189 (-7.2%), from €155,420 to €144,231
- Profit (loss) carried forward +€124,688
up €124,688 (+88.5%), from -€140,839 to -€16,151
- Other debts -€16,215
down €16,215 (-8.9%), from €181,954 to €165,739
- Financial income +€68,300
new in 2025: €68,300
- Depreciation -€17,940
down €17,940 (-99.3%), from €18,065 to €125
- Gross operating margin +€16,690
up €16,690 (+27.8%), from €60,086 to €76,776
- Financial charges +€9,620
up €9,620 (+285.8%), from €3,366 to €12,986
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 | €403,375 | €514,584 | +€111,209 | +27.6% |
| Fixed assets | 21/28 | €163,456 | €163,331 | -€125 | -0.1% |
| Tangible fixed assets | 22/27 | €163,406 | €163,281 | -€125 | -0.1% |
| Land and buildings | 22 | €163,406 | €163,281 | -€125 | -0.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €239,919 | €351,253 | +€111,334 | +46.4% |
| Amounts receivable within one year | 40/41 | - | €788 | +€788 | |
| Other amounts receivable | 41 | - | €788 | +€788 | |
| Current investments | 50/53 | €155,420 | €144,231 | -€11,189 | -7.2% |
| Cash at bank and in hand | 54/58 | €84,499 | €206,234 | +€121,735 | +144.1% |
| Total equity and liabilities | 10/49 | €403,375 | €514,584 | +€111,209 | +27.6% |
| Equity | 10/15 | €211,345 | €336,034 | +€124,688 | +59.0% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Capital | 10 | €165,000 | €165,000 | = | 0.0% |
| Issued capital | 100 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €187,184 | €187,184 | = | 0.0% |
| Non-distributable reserves | 130/1 | €35,000 | €35,000 | = | 0.0% |
| Legal reserve | 130 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €152,184 | €152,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,839 | -€16,151 | +€124,688 | +88.5% |
| Amounts payable | 17/49 | €192,029 | €178,550 | -€13,479 | -7.0% |
| Amounts payable within one year | 42/48 | €182,832 | €165,924 | -€16,908 | -9.2% |
| Trade debts | 44 | €878 | - | -€878 | |
| Suppliers | 440/4 | €878 | - | -€878 | |
| Taxes, remuneration and social security | 45 | - | €185 | +€185 | |
| Taxes | 450/3 | - | €185 | +€185 | |
| Other amounts payable | 47/48 | €181,954 | €165,739 | -€16,215 | -8.9% |
| Accrued charges and deferred income | 492/3 | €9,197 | €12,626 | +€3,429 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,065 | €125 | -€17,940 | -99.3% |
| Other operating charges | 640/8 | €7,281 | €7,278 | -€3 | 0.0% |
| Gross operating margin | 9900 | €60,086 | €76,776 | +€16,690 | +27.8% |
| Operating profit (loss) | 9901 | €34,740 | €69,374 | +€34,634 | +99.7% |
| Financial income | 75/76B | - | €68,300 | +€68,300 | |
| Recurring financial income | 75 | - | €68,300 | +€68,300 | |
| Financial charges | 65/66B | €3,366 | €12,986 | +€9,620 | +285.8% |
| Recurring financial charges | 65 | €3,366 | €12,986 | +€9,620 | +285.8% |
| Profit (loss) for the period before taxes | 9903 | €31,374 | €124,688 | +€93,314 | +297.4% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €31,374 | €124,688 | +€93,314 | +297.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,374 | €124,688 | +€93,314 | +297.4% |
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.