S.T. PROJECTMANAGEMENT: 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. PROJECTMANAGEMENT
Largest movements
- Stocks and contracts -€187,056
down €187,056 (-18.4%), from €1.0m to €828,921
- Cash +€174,998
up €174,998 (+104%), from €169,053 to €344,051
mainly Stocks and contracts (+€187,056) and Receivables within one year (+€65,926)
- Receivables within one year -€65,926
down €65,926 (-19.5%), from €337,741 to €271,815
of which Other amounts receivable: -€66,893
- Other debts -€110,989
down €110,989 (-95.5%), from €116,259 to €5,270
- Reserves +€61,172
up €61,172 (+4.5%), from €1.4m to €1.4m
- Tax, wage and social debts -€20,051
no longer reported in 2025 (was €20,051)
- Gross operating margin -€149,619
down €149,619 (-54.4%), from €274,866 to €125,247
- Taxes -€35,277
down €35,277 (-61.6%), from €57,308 to €22,032
- Financial charges -€23,618
down €23,618 (-82.8%), from €28,529 to €4,910
- Other operating charges +€4,695
up €4,695 (+107%), from €4,396 to €9,091
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 | €1,633,616 | €1,542,200 | -€91,416 | -5.6% |
| Fixed assets | 21/28 | €109,918 | €96,409 | -€13,509 | -12.3% |
| Tangible fixed assets | 22/27 | €109,918 | €96,409 | -€13,509 | -12.3% |
| Land and buildings | 22 | €105,240 | €95,071 | -€10,170 | -9.7% |
| Plant, machinery and equipment | 23 | €1,874 | €1,339 | -€536 | -28.6% |
| Furniture and vehicles | 24 | €2,804 | - | -€2,804 | |
| Current assets | 29/58 | €1,523,697 | €1,445,790 | -€77,907 | -5.1% |
| Stocks and contracts in progress | 3 | €1,015,977 | €828,921 | -€187,056 | -18.4% |
| Stocks | 30/36 | €1,015,977 | €828,921 | -€187,056 | -18.4% |
| Amounts receivable within one year | 40/41 | €337,741 | €271,815 | -€65,926 | -19.5% |
| Trade receivables | 40 | €183,265 | €184,232 | +€968 | +0.5% |
| Other amounts receivable | 41 | €154,477 | €87,583 | -€66,893 | -43.3% |
| Cash at bank and in hand | 54/58 | €169,053 | €344,051 | +€174,998 | +104% |
| Deferred charges and accrued income | 490/1 | €926 | €1,003 | +€77 | +8.3% |
| Total equity and liabilities | 10/49 | €1,633,616 | €1,542,200 | -€91,416 | -5.6% |
| Equity | 10/15 | €1,433,845 | €1,495,016 | +€61,172 | +4.3% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,363,845 | €1,425,016 | +€61,172 | +4.5% |
| Distributable reserves | 133 | €1,363,845 | €1,425,016 | +€61,172 | +4.5% |
| Amounts payable | 17/49 | €199,771 | €47,183 | -€152,588 | -76.4% |
| Amounts payable within one year | 42/48 | €199,767 | €47,183 | -€152,584 | -76.4% |
| Current portion of amounts payable after more than one year | 42 | €11,339 | - | -€11,339 | |
| Financial debts | 43 | €40,076 | €40,054 | -€21 | -0.1% |
| Credit institutions | 430/8 | €40,076 | €40,054 | -€21 | -0.1% |
| Trade debts | 44 | €12,042 | €1,858 | -€10,184 | -84.6% |
| Suppliers | 440/4 | €12,042 | €1,858 | -€10,184 | -84.6% |
| Taxes, remuneration and social security | 45 | €20,051 | - | -€20,051 | |
| Taxes | 450/3 | €20,051 | - | -€20,051 | |
| Other amounts payable | 47/48 | €116,259 | €5,270 | -€110,989 | -95.5% |
| Accrued charges and deferred income | 492/3 | €4 | - | -€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,423 | €13,509 | -€1,914 | -12.4% |
| Other operating charges | 640/8 | €4,396 | €9,091 | +€4,695 | +107% |
| Non-recurring operating charges | 66A | - | €16,234 | +€16,234 | |
| Gross operating margin | 9900 | €274,866 | €125,247 | -€149,619 | -54.4% |
| Operating profit (loss) | 9901 | €255,047 | €86,412 | -€168,634 | -66.1% |
| Financial income | 75/76B | €2,619 | €1,701 | -€918 | -35.1% |
| Recurring financial income | 75 | €2,619 | €1,701 | -€918 | -35.1% |
| Financial charges | 65/66B | €28,529 | €4,910 | -€23,618 | -82.8% |
| Recurring financial charges | 65 | €28,529 | €4,910 | -€23,618 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €229,138 | €83,203 | -€145,934 | -63.7% |
| Income taxes | 67/77 | €57,308 | €22,032 | -€35,277 | -61.6% |
| Profit (loss) for the period | 9904 | €171,829 | €61,172 | -€110,657 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €171,829 | €61,172 | -€110,657 | -64.4% |
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 18 October 2026 via checked.be.