S.T.M.: 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.M.
Largest movements
- Tangible fixed assets -€37,678
down €37,678 (-7.9%), from €478,932 to €441,254
of which Land and buildings: -€30,925
- Cash -€17,479
down €17,479 (-13.9%), from €125,906 to €108,427
mainly Debts after one year (-€43,985) and Net result for the year (-€16,682)
- Receivables within one year -€10,862
down €10,862 (-65.1%), from €16,673 to €5,811
- Debts after one year -€43,985
down €43,985 (-31.8%), from €138,407 to €94,422
- Reserves -€15,128
down €15,128 (-12.3%), from €122,885 to €107,756
of which Tax-exempt reserves: -€15,128
- Provisions -€7,790
down €7,790 (-12.5%), from €62,319 to €54,529
- Financial charges -€1,951
down €1,951 (-20.1%), from €9,692 to €7,741
- Gross operating margin +€507
up €507 (+1.9%), from €26,658 to €27,165
- Financial income -€385
down €385 (-48.0%), from €802 to €417
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 | €621,512 | €555,492 | -€66,020 | -10.6% |
| Fixed assets | 21/28 | €478,932 | €441,254 | -€37,678 | -7.9% |
| Tangible fixed assets | 22/27 | €478,932 | €441,254 | -€37,678 | -7.9% |
| Land and buildings | 22 | €458,673 | €427,748 | -€30,925 | -6.7% |
| Furniture and vehicles | 24 | €20,259 | €13,506 | -€6,753 | -33.3% |
| Current assets | 29/58 | €142,580 | €114,238 | -€28,341 | -19.9% |
| Amounts receivable within one year | 40/41 | €16,673 | €5,811 | -€10,862 | -65.1% |
| Other amounts receivable | 41 | €16,673 | €5,811 | -€10,862 | -65.1% |
| Cash at bank and in hand | 54/58 | €125,906 | €108,427 | -€17,479 | -13.9% |
| Total equity and liabilities | 10/49 | €621,512 | €555,492 | -€66,020 | -10.6% |
| Equity | 10/15 | €376,866 | €360,185 | -€16,682 | -4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €122,885 | €107,756 | -€15,128 | -12.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €121,025 | €105,897 | -€15,128 | -12.5% |
| Profit (loss) carried forward | 14 | €235,390 | €233,836 | -€1,554 | -0.7% |
| Provisions and deferred taxes | 16 | €62,319 | €54,529 | -€7,790 | -12.5% |
| Deferred taxes | 168 | €62,319 | €54,529 | -€7,790 | -12.5% |
| Amounts payable | 17/49 | €182,327 | €140,778 | -€41,548 | -22.8% |
| Amounts payable after more than one year | 17 | €138,407 | €94,422 | -€43,985 | -31.8% |
| Financial debts | 170/4 | €138,407 | €94,422 | -€43,985 | -31.8% |
| Amounts payable within one year | 42/48 | €43,920 | €46,357 | +€2,437 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €41,964 | €43,985 | +€2,021 | +4.8% |
| Trade debts | 44 | €1,218 | €2,318 | +€1,101 | +90.4% |
| Suppliers | 440/4 | €1,218 | €2,318 | +€1,101 | +90.4% |
| Taxes, remuneration and social security | 45 | €738 | €53 | -€685 | -92.8% |
| Taxes | 450/3 | €738 | €53 | -€685 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,678 | €37,678 | = | 0.0% |
| Other operating charges | 640/8 | €6,398 | €6,599 | +€201 | +3.1% |
| Gross operating margin | 9900 | €26,658 | €27,165 | +€507 | +1.9% |
| Operating profit (loss) | 9901 | -€17,418 | -€17,112 | +€306 | +1.8% |
| Financial income | 75/76B | €802 | €417 | -€385 | -48.0% |
| Recurring financial income | 75 | €802 | €417 | -€385 | -48.0% |
| Financial charges | 65/66B | €9,692 | €7,741 | -€1,951 | -20.1% |
| Recurring financial charges | 65 | €9,692 | €7,741 | -€1,951 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | -€26,308 | -€24,436 | +€1,872 | +7.1% |
| Transfer from deferred taxes | 780 | €7,790 | €7,790 | = | 0.0% |
| Income taxes | 67/77 | €142 | €35 | -€107 | -75.2% |
| Profit (loss) for the period | 9904 | -€18,661 | -€16,682 | +€1,979 | +10.6% |
| Transfer from tax-exempt reserves | 789 | €15,128 | €15,128 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,533 | -€1,554 | +€1,979 | +56.0% |
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 20 October 2026 via checked.be.