S.T.E.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.E.D.
Largest movements
- Tangible fixed assets -€207,961
down €207,961 (-14.2%), from €1.5m to €1.3m
of which Furniture and vehicles: -€106,729
- Receivables within one year +€93,023
up €93,023, from €0 to €93,023
- Cash -€83,326
down €83,326 (-35.2%), from €236,660 to €153,334
mainly Debts after one year (-€104,182) and Receivables within one year (-€93,023)
- Debts after one year -€104,182
down €104,182 (-14.3%), from €726,244 to €622,062
- Tax, wage and social debts -€43,884
down €43,884 (-81.6%), from €53,750 to €9,866
of which Remuneration and social security: -€39,442
- Reserves -€29,498
down €29,498 (-4.8%), from €612,762 to €583,265
of which Distributable reserves: -€27,359
- Current portion of long-term debt -€19,146
down €19,146 (-25.6%), from €74,733 to €55,587
- Gross operating margin -€469,905
down €469,905 (-74.4%), from €631,987 to €162,083
- Staff costs -€213,826
down €213,826 (-83.0%), from €257,586 to €43,761
- Depreciation -€50,179
down €50,179 (-51.8%), from €96,929 to €46,750
- Taxes -€35,169
down €35,169 (-77.7%), from €45,274 to €10,105
- Other operating charges +€10,827
up €10,827 (+94.5%), from €11,459 to €22,286
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,712,140 | €1,504,763 | -€207,377 | -12.1% |
| Fixed assets | 21/28 | €1,464,369 | €1,256,221 | -€208,149 | -14.2% |
| Tangible fixed assets | 22/27 | €1,460,081 | €1,252,121 | -€207,961 | -14.2% |
| Land and buildings | 22 | €1,304,163 | €1,243,669 | -€60,494 | -4.6% |
| Plant, machinery and equipment | 23 | €40,737 | €0 | -€40,737 | -100.0% |
| Furniture and vehicles | 24 | €115,181 | €8,452 | -€106,729 | -92.7% |
| Financial fixed assets | 28 | €4,288 | €4,100 | -€188 | -4.4% |
| Current assets | 29/58 | €247,770 | €248,542 | +€772 | +0.3% |
| Amounts receivable within one year | 40/41 | €0 | €93,023 | +€93,023 | |
| Other amounts receivable | 41 | €0 | €93,023 | +€93,023 | |
| Cash at bank and in hand | 54/58 | €236,660 | €153,334 | -€83,326 | -35.2% |
| Deferred charges and accrued income | 490/1 | €11,110 | €2,185 | -€8,925 | -80.3% |
| Total equity and liabilities | 10/49 | €1,712,140 | €1,504,763 | -€207,377 | -12.1% |
| Equity | 10/15 | €701,546 | €672,048 | -€29,498 | -4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €612,762 | €583,265 | -€29,498 | -4.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €126,699 | €124,561 | -€2,138 | -1.7% |
| Distributable reserves | 133 | €486,063 | €458,704 | -€27,359 | -5.6% |
| Profit (loss) carried forward | 14 | €76,383 | €76,383 | = | 0.0% |
| Provisions and deferred taxes | 16 | €142,028 | €141,315 | -€713 | -0.5% |
| Provisions for liabilities and charges | 160/5 | €118,301 | €118,301 | = | 0.0% |
| Pensions and similar obligations | 160 | €118,301 | €118,301 | = | 0.0% |
| Deferred taxes | 168 | €23,726 | €23,014 | -€713 | -3.0% |
| Amounts payable | 17/49 | €868,566 | €691,400 | -€177,166 | -20.4% |
| Amounts payable after more than one year | 17 | €726,244 | €622,062 | -€104,182 | -14.3% |
| Financial debts | 170/4 | €726,244 | €622,062 | -€104,182 | -14.3% |
| Amounts payable within one year | 42/48 | €138,722 | €68,788 | -€69,934 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €74,733 | €55,587 | -€19,146 | -25.6% |
| Trade debts | 44 | €8,652 | €1,134 | -€7,518 | -86.9% |
| Suppliers | 440/4 | €8,652 | €1,134 | -€7,518 | -86.9% |
| Taxes, remuneration and social security | 45 | €53,750 | €9,866 | -€43,884 | -81.6% |
| Taxes | 450/3 | €14,308 | €9,866 | -€4,442 | -31.0% |
| Remuneration and social security | 454/9 | €39,442 | €0 | -€39,442 | -100.0% |
| Other amounts payable | 47/48 | €1,587 | €2,201 | +€614 | +38.7% |
| Accrued charges and deferred income | 492/3 | €3,600 | €550 | -€3,050 | -84.7% |
| Remuneration, social security and pensions | 62 | €257,586 | €43,761 | -€213,826 | -83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,929 | €46,750 | -€50,179 | -51.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,747 | €7,352 | +€605 | +9.0% |
| Other operating charges | 640/8 | €11,459 | €22,286 | +€10,827 | +94.5% |
| Gross operating margin | 9900 | €631,987 | €162,083 | -€469,905 | -74.4% |
| Operating profit (loss) | 9901 | €259,266 | €41,934 | -€217,332 | -83.8% |
| Financial income | 75/76B | €21 | €803 | +€782 | +3731.5% |
| Recurring financial income | 75 | €21 | €803 | +€782 | +3731.5% |
| Financial charges | 65/66B | €18,504 | €17,343 | -€1,161 | -6.3% |
| Recurring financial charges | 65 | €18,504 | €17,343 | -€1,161 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €240,783 | €25,395 | -€215,388 | -89.5% |
| Transfer from deferred taxes | 780 | €61 | €713 | +€652 | +1077.4% |
| Transfer to deferred taxes | 680 | €23,787 | €0 | -€23,787 | -100.0% |
| Income taxes | 67/77 | €45,274 | €10,105 | -€35,169 | -77.7% |
| Profit (loss) for the period | 9904 | €171,782 | €16,002 | -€155,780 | -90.7% |
| Transfer from tax-exempt reserves | 789 | €182 | €2,138 | +€1,957 | +1077.4% |
| Transfer to tax-exempt reserves | 689 | €71,361 | €0 | -€71,361 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,603 | €18,141 | -€82,462 | -82.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.