ST: what changed
Two fiscal 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.
ST
Largest movements
- Receivables within one year +€27,053
up €27,053 (+83.9%), from €32,245 to €59,297
of which Other amounts receivable: +€17,244
- Cash -€11,181
down €11,181 (-22.5%), from €49,721 to €38,541
mainly Investment in fixed assets (net) (-€34,788) and Receivables within one year (-€27,053)
- Financial fixed assets +€7,400
up €7,400 (+61.1%), from €12,110 to €19,510
- Tangible fixed assets -€5,656
down €5,656 (-1.6%), from €359,502 to €353,845
of which Land and buildings: -€18,534
- Trade debts +€20,692
up €20,692 (+115.1%), from €17,984 to €38,677
- Debts after one year -€15,795
down €15,795 (-13.0%), from €121,912 to €106,118
of which Financial debts: -€15,795
- Current portion of long-term debt +€9,357
up €9,357 (+32.3%), from €28,954 to €38,312
- Other debts -€5,509
down €5,509 (-52.4%), from €10,521 to €5,013
- Gross operating margin -€9,531
down €9,531 (-17.7%), from €53,898 to €44,367
- Financial income +€4,487
new in 2025: €4,487
of which Non-recurring financial income: +€4,485
- Depreciation +€2,714
up €2,714 (+8.9%), from €30,330 to €33,044
- Taxes -€1,998
down €1,998 (-52.0%), from €3,838 to €1,840
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 | €457,755 | €472,949 | +€15,194 | +3.3% |
| Fixed assets | 21/28 | €371,612 | €373,355 | +€1,744 | +0.5% |
| Tangible fixed assets | 22/27 | €359,502 | €353,845 | -€5,656 | -1.6% |
| Land and buildings | 22 | €341,278 | €322,744 | -€18,534 | -5.4% |
| Plant, machinery and equipment | 23 | €223 | €68 | -€155 | -69.4% |
| Furniture and vehicles | 24 | €10,930 | €25,323 | +€14,393 | +131.7% |
| Other tangible fixed assets | 26 | €7,070 | €5,710 | -€1,360 | -19.2% |
| Financial fixed assets | 28 | €12,110 | €19,510 | +€7,400 | +61.1% |
| Current assets | 29/58 | €86,143 | €99,594 | +€13,451 | +15.6% |
| Amounts receivable within one year | 40/41 | €32,245 | €59,297 | +€27,053 | +83.9% |
| Trade receivables | 40 | €3,000 | €12,808 | +€9,808 | +326.9% |
| Other amounts receivable | 41 | €29,245 | €46,489 | +€17,244 | +59.0% |
| Cash at bank and in hand | 54/58 | €49,721 | €38,541 | -€11,181 | -22.5% |
| Deferred charges and accrued income | 490/1 | €4,178 | €1,756 | -€2,421 | -58.0% |
| Total equity and liabilities | 10/49 | €457,755 | €472,949 | +€15,194 | +3.3% |
| Equity | 10/15 | €272,447 | €276,600 | +€4,153 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,160 | €42,160 | +€4,000 | +10.5% |
| Non-distributable reserves | 130/1 | €36,300 | €40,300 | +€4,000 | +11.0% |
| Reserves not available under the articles | 1311 | €36,300 | €40,300 | +€4,000 | +11.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,687 | €215,840 | +€153 | +0.1% |
| Amounts payable | 17/49 | €185,309 | €196,350 | +€11,041 | +6.0% |
| Amounts payable after more than one year | 17 | €121,912 | €106,118 | -€15,795 | -13.0% |
| Financial debts | 170/4 | €118,912 | €103,118 | -€15,795 | -13.3% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €63,396 | €90,103 | +€26,707 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €28,954 | €38,312 | +€9,357 | +32.3% |
| Trade debts | 44 | €17,984 | €38,677 | +€20,692 | +115.1% |
| Suppliers | 440/4 | €17,984 | €38,677 | +€20,692 | +115.1% |
| Taxes, remuneration and social security | 45 | €5,936 | €8,102 | +€2,166 | +36.5% |
| Taxes | 450/3 | €2,786 | €2,323 | -€463 | -16.6% |
| Remuneration and social security | 454/9 | €3,150 | €5,778 | +€2,628 | +83.4% |
| Other amounts payable | 47/48 | €10,521 | €5,013 | -€5,509 | -52.4% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,330 | €33,044 | +€2,714 | +8.9% |
| Other operating charges | 640/8 | €4,886 | €4,999 | +€114 | +2.3% |
| Gross operating margin | 9900 | €53,898 | €44,367 | -€9,531 | -17.7% |
| Operating profit (loss) | 9901 | €18,682 | €6,324 | -€12,358 | -66.2% |
| Financial income | 75/76B | - | €4,487 | +€4,487 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Non-recurring financial income | 76B | - | €4,485 | +€4,485 | |
| Financial charges | 65/66B | €5,294 | €4,817 | -€477 | -9.0% |
| Recurring financial charges | 65 | €5,029 | €4,817 | -€212 | -4.2% |
| Non-recurring financial charges | 66B | €265 | - | -€265 | |
| Profit (loss) for the period before taxes | 9903 | €13,388 | €5,994 | -€7,395 | -55.2% |
| Income taxes | 67/77 | €3,838 | €1,840 | -€1,998 | -52.0% |
| Profit (loss) for the period | 9904 | €9,550 | €4,153 | -€5,397 | -56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,550 | €4,153 | -€5,397 | -56.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.