S-TEAM: 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-TEAM
Largest movements
- Current investments +€23,525
up €23,525 (+12.7%), from €185,935 to €209,459
- Receivables within one year +€22,946
up €22,946 (+139%), from €16,487 to €39,433
of which Other amounts receivable: +€21,610
- Cash -€14,543
down €14,543 (-26.8%), from €54,349 to €39,806
mainly Current investments (-€23,525) and Receivables within one year (-€22,946)
- Deferred charges and accrued income -€14,059
down €14,059 (-15.2%), from €92,397 to €78,338
- Reserves +€13,351
up €13,351 (+8.9%), from €149,507 to €162,858
- Contributions +€12,213
up €12,213 (+8.4%), from €145,773 to €157,986
- Tax, wage and social debts -€10,851
down €10,851 (-95.0%), from €11,427 to €576
of which Taxes: -€8,153
- Trade debts +€5,905
up €5,905 (+16.2%), from €36,515 to €42,420
- Gross operating margin -€32,274
down €32,274 (-46.7%), from €69,116 to €36,843
- Staff costs -€14,038
down €14,038 (-83.4%), from €16,837 to €2,799
- Taxes -€4,833
down €4,833 (-30.3%), from €15,928 to €11,095
- Financial income +€3,598
up €3,598 (+199%), from €1,812 to €5,410
- Other operating charges +€1,055
up €1,055, from €0 to €1,055
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 | €351,285 | €368,705 | +€17,420 | +5.0% |
| Fixed assets | 21/28 | €2,118 | €1,669 | -€449 | -21.2% |
| Tangible fixed assets | 22/27 | €668 | €219 | -€449 | -67.2% |
| Furniture and vehicles | 24 | €668 | €219 | -€449 | -67.2% |
| Financial fixed assets | 28 | €1,450 | €1,450 | = | 0.0% |
| Current assets | 29/58 | €349,167 | €367,036 | +€17,869 | +5.1% |
| Amounts receivable within one year | 40/41 | €16,487 | €39,433 | +€22,946 | +139% |
| Trade receivables | 40 | €6,320 | €7,655 | +€1,336 | +21.1% |
| Other amounts receivable | 41 | €10,167 | €31,778 | +€21,610 | +213% |
| Current investments | 50/53 | €185,935 | €209,459 | +€23,525 | +12.7% |
| Cash at bank and in hand | 54/58 | €54,349 | €39,806 | -€14,543 | -26.8% |
| Deferred charges and accrued income | 490/1 | €92,397 | €78,338 | -€14,059 | -15.2% |
| Total equity and liabilities | 10/49 | €351,285 | €368,705 | +€17,420 | +5.0% |
| Equity | 10/15 | €295,281 | €320,844 | +€25,564 | +8.7% |
| Contributions | 10/11 | €145,773 | €157,986 | +€12,213 | +8.4% |
| Contributions outside capital | 11 | €145,773 | €157,986 | +€12,213 | +8.4% |
| Share premium | 1100/10 | €6,959 | €6,315 | -€644 | -9.3% |
| Other | 1109/19 | €138,814 | €151,671 | +€12,857 | +9.3% |
| Reserves | 13 | €149,507 | €162,858 | +€13,351 | +8.9% |
| Distributable reserves | 133 | €149,507 | €162,858 | +€13,351 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,004 | €47,860 | -€8,144 | -14.5% |
| Amounts payable within one year | 42/48 | €55,817 | €47,860 | -€7,956 | -14.3% |
| Trade debts | 44 | €36,515 | €42,420 | +€5,905 | +16.2% |
| Suppliers | 440/4 | €36,515 | €42,420 | +€5,905 | +16.2% |
| Taxes, remuneration and social security | 45 | €11,427 | €576 | -€10,851 | -95.0% |
| Taxes | 450/3 | €8,153 | €0 | -€8,153 | -100% |
| Remuneration and social security | 454/9 | €3,274 | €576 | -€2,698 | -82.4% |
| Other amounts payable | 47/48 | €7,875 | €4,865 | -€3,010 | -38.2% |
| Accrued charges and deferred income | 492/3 | €188 | €0 | -€188 | -100% |
| Remuneration, social security and pensions | 62 | €16,837 | €2,799 | -€14,038 | -83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449 | €449 | -€0 | 0.0% |
| Other operating charges | 640/8 | €0 | €1,055 | +€1,055 | |
| Gross operating margin | 9900 | €69,116 | €36,843 | -€32,274 | -46.7% |
| Operating profit (loss) | 9901 | €51,831 | €32,540 | -€19,290 | -37.2% |
| Financial income | 75/76B | €1,812 | €5,410 | +€3,598 | +199% |
| Recurring financial income | 75 | €1,812 | €5,410 | +€3,598 | +199% |
| Financial charges | 65/66B | €321 | €577 | +€256 | +79.6% |
| Recurring financial charges | 65 | €321 | €577 | +€256 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €53,321 | €37,374 | -€15,948 | -29.9% |
| Income taxes | 67/77 | €15,928 | €11,095 | -€4,833 | -30.3% |
| Profit (loss) for the period | 9904 | €37,394 | €26,279 | -€11,115 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,394 | €26,279 | -€11,115 | -29.7% |
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.