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 +€143,994
up €143,994 (+42.5%), from €338,813 to €482,807
of which Trade receivables: +€161,690
- Trade debts +€243,602
up €243,602 (+667.8%), from €36,477 to €280,079
- Short-term financial debts -€31,846
no longer reported in 2025 (was €31,846)
- Other debts -€28,600
down €28,600 (-66.7%), from €42,891 to €14,291
- Debts after one year -€21,657
down €21,657 (-4.3%), from €502,140 to €480,483
- Tax, wage and social debts -€18,088
down €18,088 (-24.5%), from €73,855 to €55,767
of which Taxes: -€32,898
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Staff costs +€464,268
up €464,268 (+74.7%), from €621,745 to €1.1m
- Gross operating margin +€390,296
up €390,296 (+44.2%), from €882,925 to €1.3m
- Purchases and services +€93,597
up €93,597 (+9.7%), from €962,902 to €1.1m
- Taxes -€30,719
down €30,719 (-87.7%), from €35,043 to €4,324
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 | €1,149,778 | €1,313,794 | +€164,016 | +14.3% |
| Fixed assets | 21/28 | €804,945 | €806,709 | +€1,764 | +0.2% |
| Tangible fixed assets | 22/27 | €804,945 | €806,709 | +€1,764 | +0.2% |
| Land and buildings | 22 | €599,137 | €553,284 | -€45,854 | -7.7% |
| Plant, machinery and equipment | 23 | €80,201 | €66,840 | -€13,361 | -16.7% |
| Furniture and vehicles | 24 | €125,607 | €186,586 | +€60,979 | +48.5% |
| Current assets | 29/58 | €344,832 | €507,084 | +€162,252 | +47.1% |
| Amounts receivable within one year | 40/41 | €338,813 | €482,807 | +€143,994 | +42.5% |
| Trade receivables | 40 | €270,764 | €432,455 | +€161,690 | +59.7% |
| Other amounts receivable | 41 | €68,048 | €50,353 | -€17,696 | -26.0% |
| Cash at bank and in hand | 54/58 | - | €12,503 | +€12,503 | |
| Deferred charges and accrued income | 490/1 | €6,020 | €11,774 | +€5,755 | +95.6% |
| Total equity and liabilities | 10/49 | €1,149,778 | €1,313,794 | +€164,016 | +14.3% |
| Equity | 10/15 | €391,028 | €396,006 | +€4,978 | +1.3% |
| Profit (loss) carried forward | 14 | €391,028 | €396,006 | +€4,978 | +1.3% |
| Amounts payable | 17/49 | €758,749 | €917,787 | +€159,038 | +21.0% |
| Amounts payable after more than one year | 17 | €502,140 | €480,483 | -€21,657 | -4.3% |
| Financial debts | 170/4 | €502,140 | €480,483 | -€21,657 | -4.3% |
| Amounts payable within one year | 42/48 | €256,610 | €437,304 | +€180,695 | +70.4% |
| Current portion of amounts payable after more than one year | 42 | €71,541 | €87,167 | +€15,626 | +21.8% |
| Financial debts | 43 | €31,846 | - | -€31,846 | |
| Credit institutions | 430/8 | €31,846 | - | -€31,846 | |
| Trade debts | 44 | €36,477 | €280,079 | +€243,602 | +667.8% |
| Suppliers | 440/4 | €36,477 | €280,079 | +€243,602 | +667.8% |
| Taxes, remuneration and social security | 45 | €73,855 | €55,767 | -€18,088 | -24.5% |
| Taxes | 450/3 | €71,988 | €39,090 | -€32,898 | -45.7% |
| Remuneration and social security | 454/9 | €1,867 | €16,677 | +€14,810 | +793.4% |
| Other amounts payable | 47/48 | €42,891 | €14,291 | -€28,600 | -66.7% |
| Turnover | 70 | €1,784,166 | - | -€1.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | €962,902 | €1,056,499 | +€93,597 | +9.7% |
| Remuneration, social security and pensions | 62 | €621,745 | €1,086,014 | +€464,268 | +74.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,503 | €117,016 | +€22,513 | +23.8% |
| Other operating charges | 640/8 | €6,840 | €14,429 | +€7,589 | +110.9% |
| Non-recurring operating charges | 66A | €334 | - | -€334 | |
| Gross operating margin | 9900 | €882,925 | €1,273,221 | +€390,296 | +44.2% |
| Operating profit (loss) | 9901 | €159,502 | €55,762 | -€103,740 | -65.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €31,864 | €46,460 | +€14,596 | +45.8% |
| Recurring financial charges | 65 | €31,864 | €46,460 | +€14,596 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €127,638 | €9,302 | -€118,335 | -92.7% |
| Income taxes | 67/77 | €35,043 | €4,324 | -€30,719 | -87.7% |
| Profit (loss) for the period | 9904 | €92,595 | €4,978 | -€87,617 | -94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,595 | €4,978 | -€87,617 | -94.6% |
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 3 October 2026 via checked.be.