S-TECH: 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-TECH
Largest movements
- Tangible fixed assets +€567,564
up €567,564 (+102%), from €559,159 to €1.1m
of which Land and buildings: +€525,747
- Receivables within one year +€102,881
up €102,881 (+132%), from €77,879 to €180,760
of which Trade receivables: +€101,222
- Cash -€53,593
down €53,593 (-30.4%), from €176,374 to €122,782
mainly Investment in fixed assets (net) (-€625,631) and Receivables within one year (-€102,881)
- Debts after one year +€367,528
up €367,528 (+96.0%), from €382,833 to €750,360
- Reserves +€175,212
up €175,212 (+43.2%), from €405,459 to €580,671
- Tax, wage and social debts +€52,525
up €52,525 (+481%), from €10,924 to €63,449
of which Taxes: +€52,089
- Trade debts +€31,251
up €31,251 (+40.6%), from €76,910 to €108,160
- Gross operating margin +€226,649
up €226,649 (+147%), from €154,509 to €381,158
- Taxes +€30,630
up €30,630 (+915%), from €3,349 to €33,979
- Financial charges +€29,375
up €29,375 (+524%), from €5,602 to €34,977
- Depreciation -€23,328
down €23,328 (-28.6%), from €81,594 to €58,266
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 | €950,737 | €1,583,204 | +€632,467 | +66.5% |
| Fixed assets | 21/28 | €559,647 | €1,127,012 | +€567,365 | +101% |
| Intangible fixed assets | 21 | €489 | €42 | -€447 | -91.5% |
| Tangible fixed assets | 22/27 | €559,159 | €1,126,723 | +€567,564 | +102% |
| Land and buildings | 22 | €485,551 | €1,011,299 | +€525,747 | +108% |
| Plant, machinery and equipment | 23 | €35,623 | €35,386 | -€237 | -0.7% |
| Furniture and vehicles | 24 | €37,984 | €80,038 | +€42,054 | +111% |
| Financial fixed assets | 28 | - | €248 | +€248 | |
| Current assets | 29/58 | €391,090 | €456,192 | +€65,102 | +16.6% |
| Stocks and contracts in progress | 3 | €132,728 | €141,701 | +€8,973 | +6.8% |
| Stocks | 30/36 | €132,728 | €141,701 | +€8,973 | +6.8% |
| Amounts receivable within one year | 40/41 | €77,879 | €180,760 | +€102,881 | +132% |
| Trade receivables | 40 | €55,476 | €156,698 | +€101,222 | +182% |
| Other amounts receivable | 41 | €22,403 | €24,062 | +€1,660 | +7.4% |
| Cash at bank and in hand | 54/58 | €176,374 | €122,782 | -€53,593 | -30.4% |
| Deferred charges and accrued income | 490/1 | €4,109 | €10,949 | +€6,841 | +166% |
| Total equity and liabilities | 10/49 | €950,737 | €1,583,204 | +€632,467 | +66.5% |
| Equity | 10/15 | €411,659 | €586,871 | +€175,212 | +42.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €405,459 | €580,671 | +€175,212 | +43.2% |
| Distributable reserves | 133 | €405,459 | €580,671 | +€175,212 | +43.2% |
| Amounts payable | 17/49 | €539,078 | €996,333 | +€457,256 | +84.8% |
| Amounts payable after more than one year | 17 | €382,833 | €750,360 | +€367,528 | +96.0% |
| Financial debts | 170/4 | €382,833 | €750,360 | +€367,528 | +96.0% |
| Amounts payable within one year | 42/48 | €156,245 | €245,973 | +€89,728 | +57.4% |
| Current portion of amounts payable after more than one year | 42 | €59,897 | €65,522 | +€5,625 | +9.4% |
| Financial debts | 43 | €8,471 | €8,426 | -€45 | -0.5% |
| Credit institutions | 430/8 | €8,471 | €8,426 | -€45 | -0.5% |
| Trade debts | 44 | €76,910 | €108,160 | +€31,251 | +40.6% |
| Suppliers | 440/4 | €76,910 | €108,160 | +€31,251 | +40.6% |
| Advances received on contracts in progress | 46 | - | €416 | +€416 | |
| Taxes, remuneration and social security | 45 | €10,924 | €63,449 | +€52,525 | +481% |
| Taxes | 450/3 | €5,889 | €57,978 | +€52,089 | +885% |
| Remuneration and social security | 454/9 | €5,035 | €5,471 | +€436 | +8.7% |
| Other amounts payable | 47/48 | €43 | €0 | -€43 | -100% |
| Non-recurring operating income | 76A | - | €192,858 | +€192,858 | |
| Remuneration, social security and pensions | 62 | €50,446 | €54,156 | +€3,711 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,594 | €58,266 | -€23,328 | -28.6% |
| Other operating charges | 640/8 | €2,892 | €4,491 | +€1,599 | +55.3% |
| Non-recurring operating charges | 66A | - | €20,659 | +€20,659 | |
| Gross operating margin | 9900 | €154,509 | €381,158 | +€226,649 | +147% |
| Operating profit (loss) | 9901 | €19,578 | €243,586 | +€224,008 | +1,144% |
| Financial income | 75/76B | €1,519 | €582 | -€936 | -61.7% |
| Recurring financial income | 75 | €1,519 | €582 | -€936 | -61.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,602 | €34,977 | +€29,375 | +524% |
| Recurring financial charges | 65 | €5,602 | €34,977 | +€29,375 | +524% |
| Profit (loss) for the period before taxes | 9903 | €15,494 | €209,191 | +€193,697 | +1,250% |
| Income taxes | 67/77 | €3,349 | €33,979 | +€30,630 | +915% |
| Profit (loss) for the period | 9904 | €12,145 | €175,212 | +€163,067 | +1,343% |
| Profit (loss) for the period to be appropriated | 9905 | €12,145 | €175,212 | +€163,067 | +1,343% |
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 29 October 2026 via checked.be.