S&T PARTNERS: 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 PARTNERS
Largest movements
- Current investments -€128,471
no longer reported in 2025 (was €128,471)
- Receivables within one year -€56,046
down €56,046 (-40.6%), from €138,069 to €82,022
of which Other amounts receivable: -€29,130
- Cash -€32,832
down €32,832 (-9.5%), from €344,627 to €311,795
mainly Contributions, distributions and other (-€622,986) and Tax, wage and social debts (-€21,393)
- Tangible fixed assets -€19,095
down €19,095 (-21.6%), from €88,573 to €69,479
of which Furniture and vehicles: -€17,659
- Reserves -€449,420
down €449,420 (-72.1%), from €622,986 to €173,567
- Other debts +€241,423
new in 2025: €241,423
- Tax, wage and social debts -€21,393
down €21,393 (-44.7%), from €47,883 to €26,490
of which Taxes: -€26,228
- Financial income -€32,413
down €32,413 (-49.6%), from €65,310 to €32,897
of which Financial income: -€32,413
- Gross operating margin -€24,181
down €24,181 (-10.3%), from €234,842 to €210,661
- Taxes -€21,318
down €21,318 (-31.9%), from €66,801 to €45,483
- Financial charges -€5,716
down €5,716 (-72.9%), from €7,846 to €2,130
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 | €699,740 | €463,573 | -€236,168 | -33.8% |
| Fixed assets | 21/28 | €88,573 | €69,479 | -€19,095 | -21.6% |
| Tangible fixed assets | 22/27 | €88,573 | €69,479 | -€19,095 | -21.6% |
| Plant, machinery and equipment | 23 | - | €1,725 | +€1,725 | |
| Furniture and vehicles | 24 | €60,557 | €42,898 | -€17,659 | -29.2% |
| Other tangible fixed assets | 26 | €28,016 | €24,856 | -€3,160 | -11.3% |
| Current assets | 29/58 | €611,167 | €394,094 | -€217,073 | -35.5% |
| Amounts receivable within one year | 40/41 | €138,069 | €82,022 | -€56,046 | -40.6% |
| Trade receivables | 40 | €103,034 | €76,117 | -€26,917 | -26.1% |
| Other amounts receivable | 41 | €35,035 | €5,905 | -€29,130 | -83.1% |
| Current investments | 50/53 | €128,471 | - | -€128,471 | |
| Cash at bank and in hand | 54/58 | €344,627 | €311,795 | -€32,832 | -9.5% |
| Deferred charges and accrued income | 490/1 | - | €276 | +€276 | |
| Total equity and liabilities | 10/49 | €699,740 | €463,573 | -€236,168 | -33.8% |
| Equity | 10/15 | €641,586 | €192,167 | -€449,420 | -70.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €622,986 | €173,567 | -€449,420 | -72.1% |
| Distributable reserves | 133 | €622,986 | €173,567 | -€449,420 | -72.1% |
| Amounts payable | 17/49 | €58,154 | €271,406 | +€213,252 | +367% |
| Amounts payable within one year | 42/48 | €56,100 | €271,406 | +€215,306 | +384% |
| Trade debts | 44 | €8,217 | €3,494 | -€4,723 | -57.5% |
| Suppliers | 440/4 | €8,217 | €3,494 | -€4,723 | -57.5% |
| Taxes, remuneration and social security | 45 | €47,883 | €26,490 | -€21,393 | -44.7% |
| Taxes | 450/3 | €47,883 | €21,655 | -€26,228 | -54.8% |
| Remuneration and social security | 454/9 | - | €4,834 | +€4,834 | |
| Other amounts payable | 47/48 | - | €241,423 | +€241,423 | |
| Accrued charges and deferred income | 492/3 | €2,054 | - | -€2,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,944 | €20,847 | -€97 | -0.5% |
| Other operating charges | 640/8 | €1,990 | €1,532 | -€457 | -23.0% |
| Gross operating margin | 9900 | €234,842 | €210,661 | -€24,181 | -10.3% |
| Operating profit (loss) | 9901 | €211,909 | €188,282 | -€23,627 | -11.1% |
| Financial income | 75/76B | €65,310 | €32,897 | -€32,413 | -49.6% |
| Recurring financial income | 75 | €65,310 | €32,897 | -€32,413 | -49.6% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,846 | €2,130 | -€5,716 | -72.9% |
| Recurring financial charges | 65 | €7,846 | €2,130 | -€5,716 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | €269,373 | €219,049 | -€50,324 | -18.7% |
| Income taxes | 67/77 | €66,801 | €45,483 | -€21,318 | -31.9% |
| Profit (loss) for the period | 9904 | €202,572 | €173,567 | -€29,006 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,572 | €173,567 | -€29,006 | -14.3% |
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 30 October 2026 via checked.be.