S.T.H.: 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.
What changed
S.T.H.
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€26,934
2024 · -€93,605+€66,671
Equity
€2.3m
2024 · €2.3m-€26,934
Cash
€108,403
2024 · €132,667-€24,264
Balance sheet total
€2.9m
2024 · €2.6m+€267,363
Largest movements
Assets
- Tangible fixed assets +€274,667
up €274,667 (+41.5%), from €662,196 to €936,864
of which Assets under construction and advance payments: +€152,029
- Current investments +€52,240
up €52,240 (+5.1%), from €1.0m to €1.1m
- Receivables within one year -€35,471
down €35,471 (-18.4%), from €192,721 to €157,250
of which Trade receivables: -€31,194
Equity and liabilities
- Debts after one year +€167,047
up €167,047 (+252%), from €66,287 to €233,333
- Other debts +€123,904
up €123,904, from €0 to €123,904
Income statement
- Taxes -€930,917
down €930,917 (-99.9%), from €931,613 to €696
- Write-downs -€180,684
down €180,684 (-100%), from €180,684 to €0
- Financial income +€50,417
up €50,417 (+136%), from €37,029 to €87,447
- Other operating charges -€15,282
down €15,282 (-63.7%), from €23,981 to €8,699
- Gross operating margin -€2,272
down €2,272 (-22.2%), from -€10,236 to -€12,508
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.
Result 2024
-€93,605
Gross operating margin
-€2,272
Depreciation
-€1,690
Write-downs
+€180,684
Other operating charges
+€15,282
Financial income
+€50,417
Financial charges
+€1,443
Taxes
+€930,917
Deferred taxes and other
-€1.1m
Result 2025
-€26,934
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€217,524
Investment
-€412,772
Financing
+€170,984
Cash 2024
€132,667
From operations (derived)
+€217,524
Net result for the year
-€26,934
Depreciation
+€85,664
Receivables within one year
+€35,471
Smaller working-capital items
-€582
Other debts
+€123,904
Investment (derived)
-€412,772
Investment in fixed assets (net)
-€360,532
Current investments
-€52,240
Financing
+€170,984
Debts after one year
+€167,047
Current portion of long-term debt
+€3,937
Cash 2025
€108,403
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,641,519 | €2,908,882 | +€267,363 | +10.1% |
| Fixed assets | 21/28 | €662,446 | €937,313 | +€274,867 | +41.5% |
| Tangible fixed assets | 22/27 | €662,196 | €936,864 | +€274,667 | +41.5% |
| Land and buildings | 22 | €607,844 | €751,960 | +€144,116 | +23.7% |
| Plant, machinery and equipment | 23 | - | €1,794 | +€1,794 | |
| Furniture and vehicles | 24 | €54,352 | €31,081 | -€23,272 | -42.8% |
| Assets under construction and advance payments | 27 | - | €152,029 | +€152,029 | |
| Financial fixed assets | 28 | €249 | €449 | +€200 | +80.3% |
| Current assets | 29/58 | €1,979,073 | €1,971,569 | -€7,504 | -0.4% |
| Amounts receivable after more than one year | 29 | €610,000 | €610,000 | = | 0.0% |
| Other amounts receivable | 291 | €610,000 | €610,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €16,529 | €16,529 | = | 0.0% |
| Stocks | 30/36 | €16,529 | €16,529 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €192,721 | €157,250 | -€35,471 | -18.4% |
| Trade receivables | 40 | €88,425 | €57,231 | -€31,194 | -35.3% |
| Other amounts receivable | 41 | €104,297 | €100,019 | -€4,278 | -4.1% |
| Current investments | 50/53 | €1,025,816 | €1,078,056 | +€52,240 | +5.1% |
| Cash at bank and in hand | 54/58 | €132,667 | €108,403 | -€24,264 | -18.3% |
| Deferred charges and accrued income | 490/1 | €1,339 | €1,331 | -€9 | -0.7% |
| Total equity and liabilities | 10/49 | €2,641,519 | €2,908,882 | +€267,363 | +10.1% |
| Equity | 10/15 | €2,293,046 | €2,266,112 | -€26,934 | -1.2% |
| Contributions | 10/11 | €123,973 | €123,973 | = | 0.0% |
| Reserves | 13 | €2,169,073 | €2,169,073 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,397 | €12,397 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,397 | €12,397 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €2,156,675 | €2,156,675 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€26,934 | -€26,934 | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €348,472 | €642,770 | +€294,297 | +84.5% |
| Amounts payable after more than one year | 17 | €66,287 | €233,333 | +€167,047 | +252% |
| Financial debts | 170/4 | €66,287 | €233,333 | +€167,047 | +252% |
| Amounts payable within one year | 42/48 | €282,172 | €409,436 | +€127,264 | +45.1% |
| Current portion of amounts payable after more than one year | 42 | €79,016 | €82,953 | +€3,937 | +5.0% |
| Trade debts | 44 | €10,291 | €9,868 | -€423 | -4.1% |
| Suppliers | 440/4 | €10,291 | €9,868 | -€423 | -4.1% |
| Taxes, remuneration and social security | 45 | €192,865 | €192,710 | -€154 | -0.1% |
| Taxes | 450/3 | €192,865 | €192,710 | -€154 | -0.1% |
| Other amounts payable | 47/48 | €0 | €123,904 | +€123,904 | |
| Accrued charges and deferred income | 492/3 | €14 | €0 | -€14 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,975 | €85,664 | +€1,690 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €180,684 | €0 | -€180,684 | -100% |
| Other operating charges | 640/8 | €23,981 | €8,699 | -€15,282 | -63.7% |
| Gross operating margin | 9900 | -€10,236 | -€12,508 | -€2,272 | -22.2% |
| Operating profit (loss) | 9901 | -€298,876 | -€106,872 | +€192,004 | +64.2% |
| Financial income | 75/76B | €37,029 | €87,447 | +€50,417 | +136% |
| Recurring financial income | 75 | €37,029 | €87,447 | +€50,417 | +136% |
| Financial charges | 65/66B | €8,256 | €6,813 | -€1,443 | -17.5% |
| Recurring financial charges | 65 | €8,256 | €6,813 | -€1,443 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€270,103 | -€26,238 | +€243,865 | +90.3% |
| Transfer from deferred taxes | 780 | €1,108,111 | €0 | -€1.1m | -100% |
| Income taxes | 67/77 | €931,613 | €696 | -€930,917 | -99.9% |
| Profit (loss) for the period | 9904 | -€93,605 | -€26,934 | +€66,671 | +71.2% |
| Transfer from tax-exempt reserves | 789 | €3,327,889 | €0 | -€3.3m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €3,234,285 | -€26,934 | -€3.3m |
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 21 October 2026 via checked.be.