S-TATE: 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-TATE
Largest movements
- Receivables within one year +€90,597
up €90,597 (+87.6%), from €103,461 to €194,058
of which Trade receivables: +€90,597
- Cash -€34,808
down €34,808 (-42.4%), from €82,080 to €47,272
mainly Receivables within one year (-€90,597) and Investment in fixed assets (net) (-€74,198)
- Tangible fixed assets +€24,991
up €24,991 (+1.6%), from €1.6m to €1.6m
of which Land and buildings: +€21,245
- Advances received +€107,493
new in 2025: €107,493
- Debts after one year -€48,663
down €48,663 (-5.5%), from €881,219 to €832,556
of which Financial debts: -€48,663
- Depreciation +€1,564
up €1,564 (+3.2%), from €48,643 to €50,207
- Other operating charges +€1,017
up €1,017 (+7.2%), from €14,183 to €15,200
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.
Cash bridge derived
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 | €1,763,279 | €1,843,059 | +€79,780 | +4.5% |
| Fixed assets | 21/28 | €1,577,738 | €1,601,729 | +€23,991 | +1.5% |
| Tangible fixed assets | 22/27 | €1,576,738 | €1,601,729 | +€24,991 | +1.6% |
| Land and buildings | 22 | €1,576,738 | €1,597,982 | +€21,245 | +1.3% |
| Furniture and vehicles | 24 | - | €3,747 | +€3,747 | |
| Financial fixed assets | 28 | €1,000 | - | -€1,000 | |
| Current assets | 29/58 | €185,541 | €241,330 | +€55,789 | +30.1% |
| Amounts receivable within one year | 40/41 | €103,461 | €194,058 | +€90,597 | +87.6% |
| Trade receivables | 40 | - | €90,597 | +€90,597 | |
| Other amounts receivable | 41 | €103,461 | €103,461 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €82,080 | €47,272 | -€34,808 | -42.4% |
| Total equity and liabilities | 10/49 | €1,763,279 | €1,843,059 | +€79,780 | +4.5% |
| Equity | 10/15 | €303,571 | €317,204 | +€13,633 | +4.5% |
| 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 | €21,700 | €21,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,500 | €15,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,871 | €233,504 | +€13,633 | +6.2% |
| Amounts payable | 17/49 | €1,459,708 | €1,525,856 | +€66,148 | +4.5% |
| Amounts payable after more than one year | 17 | €881,219 | €832,556 | -€48,663 | -5.5% |
| Financial debts | 170/4 | €870,584 | €821,921 | -€48,663 | -5.6% |
| Other amounts payable | 178/9 | €10,635 | €10,635 | = | 0.0% |
| Amounts payable within one year | 42/48 | €573,797 | €690,769 | +€116,973 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €45,069 | €46,242 | +€1,173 | +2.6% |
| Trade debts | 44 | €4,729 | €4,021 | -€708 | -15.0% |
| Suppliers | 440/4 | €4,729 | €4,021 | -€708 | -15.0% |
| Advances received on contracts in progress | 46 | - | €107,493 | +€107,493 | |
| Other amounts payable | 47/48 | €523,998 | €533,014 | +€9,015 | +1.7% |
| Accrued charges and deferred income | 492/3 | €4,692 | €2,530 | -€2,162 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,643 | €50,207 | +€1,564 | +3.2% |
| Other operating charges | 640/8 | €14,183 | €15,200 | +€1,017 | +7.2% |
| Gross operating margin | 9900 | €101,063 | €101,655 | +€592 | +0.6% |
| Operating profit (loss) | 9901 | €38,237 | €36,247 | -€1,989 | -5.2% |
| Financial income | 75/76B | €811 | €449 | -€361 | -44.6% |
| Recurring financial income | 75 | €811 | €449 | -€361 | -44.6% |
| Financial charges | 65/66B | €23,908 | €22,933 | -€975 | -4.1% |
| Recurring financial charges | 65 | €23,908 | €22,933 | -€975 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €15,139 | €13,763 | -€1,376 | -9.1% |
| Income taxes | 67/77 | - | €131 | +€131 | |
| Profit (loss) for the period | 9904 | €15,139 | €13,633 | -€1,507 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,139 | €13,633 | -€1,507 | -10.0% |
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 10 October 2026 via checked.be.