ST'AN: 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'AN
Largest movements
- Receivables after one year -€214,064
down €214,064 (-66.8%), from €320,524 to €106,460
- Stocks and contracts +€53,670
up €53,670 (+7.7%), from €698,796 to €752,466
- Cash -€41,292
down €41,292 (-37.3%), from €110,691 to €69,399
mainly Other debts (-€254,501) and Stocks and contracts (-€53,670)
- Tangible fixed assets -€15,036
down €15,036 (-14.1%), from €106,368 to €91,332
of which Leasing and similar rights: -€9,956
- Other debts -€254,501
down €254,501 (-83.5%), from €304,730 to €50,229
- Short-term financial debts +€100,044
up €100,044 (+47.1%), from €212,629 to €312,673
of which Other loans: +€100,000
- Trade debts -€48,173
down €48,173 (-22.4%), from €215,257 to €167,084
- Profit (loss) carried forward +€40,857
up €40,857 (+11.4%), from €358,965 to €399,822
- Tax, wage and social debts -€17,376
down €17,376 (-18.0%), from €96,507 to €79,131
of which Taxes: -€34,582
- Staff costs +€20,129
up €20,129 (+5.9%), from €340,921 to €361,050
- Gross operating margin +€17,710
up €17,710 (+4.1%), from €431,034 to €448,744
- Financial income -€8,706
down €8,706 (-34.4%), from €25,316 to €16,611
- Financial charges -€6,470
down €6,470 (-24.6%), from €26,347 to €19,877
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 | €1,269,928 | €1,065,295 | -€204,633 | -16.1% |
| Fixed assets | 21/28 | €107,468 | €92,432 | -€15,036 | -14.0% |
| Tangible fixed assets | 22/27 | €106,368 | €91,332 | -€15,036 | -14.1% |
| Plant, machinery and equipment | 23 | €2,061 | €1,600 | -€461 | -22.4% |
| Furniture and vehicles | 24 | €0 | €0 | = | 0.0% |
| Leasing and similar rights | 25 | €33,512 | €23,556 | -€9,956 | -29.7% |
| Other tangible fixed assets | 26 | €70,796 | €66,176 | -€4,619 | -6.5% |
| Financial fixed assets | 28 | €1,100 | €1,100 | = | 0.0% |
| Current assets | 29/58 | €1,162,460 | €972,863 | -€189,597 | -16.3% |
| Amounts receivable after more than one year | 29 | €320,524 | €106,460 | -€214,064 | -66.8% |
| Other amounts receivable | 291 | €320,524 | €106,460 | -€214,064 | -66.8% |
| Stocks and contracts in progress | 3 | €698,796 | €752,466 | +€53,670 | +7.7% |
| Stocks | 30/36 | €698,796 | €752,466 | +€53,670 | +7.7% |
| Amounts receivable within one year | 40/41 | €28,787 | €39,472 | +€10,685 | +37.1% |
| Trade receivables | 40 | €18,719 | €31,311 | +€12,591 | +67.3% |
| Other amounts receivable | 41 | €10,067 | €8,162 | -€1,906 | -18.9% |
| Cash at bank and in hand | 54/58 | €110,691 | €69,399 | -€41,292 | -37.3% |
| Deferred charges and accrued income | 490/1 | €3,662 | €5,066 | +€1,404 | +38.3% |
| Total equity and liabilities | 10/49 | €1,269,928 | €1,065,295 | -€204,633 | -16.1% |
| Equity | 10/15 | €383,965 | €424,822 | +€40,857 | +10.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €358,965 | €399,822 | +€40,857 | +11.4% |
| Amounts payable | 17/49 | €885,963 | €640,472 | -€245,490 | -27.7% |
| Amounts payable after more than one year | 17 | €25,349 | €14,043 | -€11,306 | -44.6% |
| Financial debts | 170/4 | €25,349 | €14,043 | -€11,306 | -44.6% |
| Amounts payable within one year | 42/48 | €853,887 | €620,423 | -€233,464 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €24,765 | €11,306 | -€13,459 | -54.3% |
| Financial debts | 43 | €212,629 | €312,673 | +€100,044 | +47.1% |
| Credit institutions | 430/8 | €12,629 | €12,673 | +€44 | +0.3% |
| Other loans | 439 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Trade debts | 44 | €215,257 | €167,084 | -€48,173 | -22.4% |
| Suppliers | 440/4 | €215,257 | €167,084 | -€48,173 | -22.4% |
| Taxes, remuneration and social security | 45 | €96,507 | €79,131 | -€17,376 | -18.0% |
| Taxes | 450/3 | €53,075 | €18,493 | -€34,582 | -65.2% |
| Remuneration and social security | 454/9 | €43,432 | €60,639 | +€17,206 | +39.6% |
| Other amounts payable | 47/48 | €304,730 | €50,229 | -€254,501 | -83.5% |
| Accrued charges and deferred income | 492/3 | €6,726 | €6,006 | -€720 | -10.7% |
| Remuneration, social security and pensions | 62 | €340,921 | €361,050 | +€20,129 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,679 | €21,675 | +€3,996 | +22.6% |
| Other operating charges | 640/8 | €2,676 | €5,057 | +€2,381 | +89.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €431,034 | €448,744 | +€17,710 | +4.1% |
| Operating profit (loss) | 9901 | €69,758 | €60,962 | -€8,796 | -12.6% |
| Financial income | 75/76B | €25,316 | €16,611 | -€8,706 | -34.4% |
| Recurring financial income | 75 | €25,316 | €16,611 | -€8,706 | -34.4% |
| Financial charges | 65/66B | €26,347 | €19,877 | -€6,470 | -24.6% |
| Recurring financial charges | 65 | €26,347 | €19,877 | -€6,470 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €68,727 | €57,696 | -€11,031 | -16.1% |
| Income taxes | 67/77 | €18,941 | €16,838 | -€2,103 | -11.1% |
| Profit (loss) for the period | 9904 | €49,786 | €40,857 | -€8,928 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,786 | €40,857 | -€8,928 | -17.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.