S.T.S: 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.S
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-32.4%), from €5.3m to €3.6m
of which Other amounts receivable: -€1.4m
- Tangible fixed assets -€1.5m
down €1.5m (-57.0%), from €2.6m to €1.1m
- Stocks and contracts +€99,772
up €99,772 (+5.6%), from €1.8m to €1.9m
- Debts after one year -€2.0m
down €2.0m (-44.9%), from €4.4m to €2.4m
- Reserves -€1.5m
down €1.5m (-89.1%), from €1.7m to €183,410
of which Tax-exempt reserves: -€1.5m
- Profit (loss) carried forward +€846,102
up €846,102, from -€231,719 to €614,383
- Provisions -€364,543
down €364,543 (-55.4%), from €658,433 to €293,890
of which Deferred taxes: -€364,543
- Other debts -€189,000
down €189,000 (-10.3%), from €1.8m to €1.7m
- Gross operating margin -€1.3m
down €1.3m, from €803,112 to -€456,937
- Taxes +€141,879
up €141,879 (+4,299%), from €3,300 to €145,179
- Depreciation -€70,022
down €70,022 (-58.8%), from €119,028 to €49,006
- Financial charges -€66,311
down €66,311 (-18.7%), from €354,847 to €288,536
- Other operating charges +€50,533
up €50,533 (+237%), from €21,322 to €71,856
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 | €9,967,099 | €6,867,281 | -€3.1m | -31.1% |
| Fixed assets | 21/28 | €2,903,571 | €1,418,572 | -€1.5m | -51.1% |
| Tangible fixed assets | 22/27 | €2,603,228 | €1,118,229 | -€1.5m | -57.0% |
| Land and buildings | 22 | €2,603,228 | €1,118,229 | -€1.5m | -57.0% |
| Financial fixed assets | 28 | €300,343 | €300,343 | = | 0.0% |
| Current assets | 29/58 | €7,063,528 | €5,448,709 | -€1.6m | -22.9% |
| Stocks and contracts in progress | 3 | €1,775,933 | €1,875,705 | +€99,772 | +5.6% |
| Stocks | 30/36 | €1,775,933 | €1,875,705 | +€99,772 | +5.6% |
| Amounts receivable within one year | 40/41 | €5,284,860 | €3,571,204 | -€1.7m | -32.4% |
| Trade receivables | 40 | €431,219 | €140,000 | -€291,219 | -67.5% |
| Other amounts receivable | 41 | €4,853,641 | €3,431,204 | -€1.4m | -29.3% |
| Cash at bank and in hand | 54/58 | €2,735 | €1,801 | -€934 | -34.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €9,967,099 | €6,867,281 | -€3.1m | -31.1% |
| Equity | 10/15 | €1,506,763 | €859,793 | -€646,970 | -42.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,676,482 | €183,410 | -€1.5m | -89.1% |
| Non-distributable reserves | 130/1 | €2,750 | €6,200 | +€3,450 | +125% |
| Legal reserve | 130 | €2,750 | €6,200 | +€3,450 | +125% |
| Tax-exempt reserves | 132 | €1,673,732 | €177,210 | -€1.5m | -89.4% |
| Profit (loss) carried forward | 14 | -€231,719 | €614,383 | +€846,102 | |
| Provisions and deferred taxes | 16 | €658,433 | €293,890 | -€364,543 | -55.4% |
| Provisions for liabilities and charges | 160/5 | €240,000 | €240,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €240,000 | €240,000 | = | 0.0% |
| Deferred taxes | 168 | €418,433 | €53,890 | -€364,543 | -87.1% |
| Amounts payable | 17/49 | €7,801,903 | €5,713,599 | -€2.1m | -26.8% |
| Amounts payable after more than one year | 17 | €4,377,980 | €2,412,599 | -€2.0m | -44.9% |
| Financial debts | 170/4 | €4,377,980 | €2,412,599 | -€2.0m | -44.9% |
| Amounts payable within one year | 42/48 | €3,408,618 | €3,301,000 | -€107,618 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €1,253,164 | €1,191,474 | -€61,690 | -4.9% |
| Financial debts | 43 | €7,248 | €200 | -€7,048 | -97.2% |
| Credit institutions | 430/8 | €7,248 | €200 | -€7,048 | -97.2% |
| Trade debts | 44 | €19,482 | €24,424 | +€4,942 | +25.4% |
| Suppliers | 440/4 | €19,482 | €24,424 | +€4,942 | +25.4% |
| Advances received on contracts in progress | 46 | €222,450 | €222,450 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €64,690 | €209,869 | +€145,179 | +224% |
| Taxes | 450/3 | €64,690 | €209,869 | +€145,179 | +224% |
| Other amounts payable | 47/48 | €1,841,584 | €1,652,583 | -€189,000 | -10.3% |
| Accrued charges and deferred income | 492/3 | €15,305 | €0 | -€15,305 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,028 | €49,006 | -€70,022 | -58.8% |
| Other operating charges | 640/8 | €21,322 | €71,856 | +€50,533 | +237% |
| Gross operating margin | 9900 | €803,112 | -€456,937 | -€1.3m | |
| Operating profit (loss) | 9901 | €662,761 | -€577,799 | -€1.2m | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €354,847 | €288,536 | -€66,311 | -18.7% |
| Recurring financial charges | 65 | €354,847 | €288,536 | -€66,311 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €307,915 | -€866,335 | -€1.2m | |
| Transfer from deferred taxes | 780 | €18,188 | €404,091 | +€385,902 | +2,122% |
| Transfer to deferred taxes | 680 | - | €39,547 | +€39,547 | |
| Income taxes | 67/77 | €3,300 | €145,179 | +€141,879 | +4,299% |
| Profit (loss) for the period | 9904 | €322,803 | -€646,970 | -€969,773 | |
| Transfer from tax-exempt reserves | 789 | €72,753 | €1,615,165 | +€1.5m | +2,120% |
| Transfer to tax-exempt reserves | 689 | - | €118,642 | +€118,642 | |
| Profit (loss) for the period to be appropriated | 9905 | €395,556 | €849,552 | +€453,996 | +115% |
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.