ST.C.: 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.C.
Largest movements
- Cash -€83,136
down €83,136 (-32.7%), from €254,193 to €171,057
mainly Contributions, distributions and other (-€295,000) and Investment in fixed assets (net) (-€31,580)
- Tangible fixed assets -€18,259
down €18,259 (-9.4%), from €194,278 to €176,019
of which Other tangible fixed assets: -€14,471
- Receivables within one year +€8,561
up €8,561 (+14.9%), from €57,471 to €66,032
of which Trade receivables: +€6,438
- Reserves -€125,685
down €125,685 (-44.1%), from €285,255 to €159,570
of which Distributable reserves: -€125,685
- Other debts +€55,543
up €55,543 (+13840.5%), from €401 to €55,944
- Debts after one year -€26,745
down €26,745 (-16.6%), from €161,448 to €134,703
- Trade debts +€11,624
up €11,624 (+114.7%), from €10,135 to €21,759
- Staff costs -€51,559
down €51,559 (-99.5%), from €51,793 to €234
- Gross operating margin -€26,867
down €26,867 (-10.2%), from €262,912 to €236,045
- Taxes -€4,449
down €4,449 (-80.7%), from €5,513 to €1,064
- Depreciation +€3,612
up €3,612 (+7.8%), from €46,227 to €49,839
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 | €515,535 | €425,942 | -€89,593 | -17.4% |
| Fixed assets | 21/28 | €194,353 | €176,094 | -€18,259 | -9.4% |
| Tangible fixed assets | 22/27 | €194,278 | €176,019 | -€18,259 | -9.4% |
| Plant, machinery and equipment | 23 | €44,342 | €32,022 | -€12,320 | -27.8% |
| Furniture and vehicles | 24 | €49,631 | €58,163 | +€8,532 | +17.2% |
| Other tangible fixed assets | 26 | €100,305 | €85,834 | -€14,471 | -14.4% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €321,183 | €249,848 | -€71,334 | -22.2% |
| Stocks and contracts in progress | 3 | €3,014 | €6,328 | +€3,314 | +109.9% |
| Stocks | 30/36 | €3,014 | €6,328 | +€3,314 | +109.9% |
| Amounts receivable within one year | 40/41 | €57,471 | €66,032 | +€8,561 | +14.9% |
| Trade receivables | 40 | - | €6,438 | +€6,438 | |
| Other amounts receivable | 41 | €57,471 | €59,594 | +€2,123 | +3.7% |
| Cash at bank and in hand | 54/58 | €254,193 | €171,057 | -€83,136 | -32.7% |
| Deferred charges and accrued income | 490/1 | €6,504 | €6,431 | -€73 | -1.1% |
| Total equity and liabilities | 10/49 | €515,535 | €425,942 | -€89,593 | -17.4% |
| Equity | 10/15 | €303,855 | €178,170 | -€125,685 | -41.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €285,255 | €159,570 | -€125,685 | -44.1% |
| Tax-exempt reserves | 132 | €8,276 | €8,276 | = | 0.0% |
| Distributable reserves | 133 | €276,979 | €151,294 | -€125,685 | -45.4% |
| Amounts payable | 17/49 | €211,680 | €247,772 | +€36,091 | +17.1% |
| Amounts payable after more than one year | 17 | €161,448 | €134,703 | -€26,745 | -16.6% |
| Financial debts | 170/4 | €161,448 | €134,703 | -€26,745 | -16.6% |
| Amounts payable within one year | 42/48 | €50,158 | €113,068 | +€62,910 | +125.4% |
| Current portion of amounts payable after more than one year | 42 | €32,013 | €31,187 | -€826 | -2.6% |
| Trade debts | 44 | €10,135 | €21,759 | +€11,624 | +114.7% |
| Suppliers | 440/4 | €10,135 | €21,759 | +€11,624 | +114.7% |
| Taxes, remuneration and social security | 45 | €7,609 | €4,178 | -€3,431 | -45.1% |
| Taxes | 450/3 | €3,860 | €4,178 | +€318 | +8.2% |
| Remuneration and social security | 454/9 | €3,749 | - | -€3,749 | |
| Other amounts payable | 47/48 | €401 | €55,944 | +€55,543 | +13840.5% |
| Accrued charges and deferred income | 492/3 | €74 | - | -€74 | |
| Non-recurring operating income | 76A | €12,597 | €18,100 | +€5,503 | +43.7% |
| Remuneration, social security and pensions | 62 | €51,793 | €234 | -€51,559 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,227 | €49,839 | +€3,612 | +7.8% |
| Other operating charges | 640/8 | €3,599 | €4,436 | +€837 | +23.3% |
| Gross operating margin | 9900 | €262,912 | €236,045 | -€26,867 | -10.2% |
| Operating profit (loss) | 9901 | €161,293 | €181,536 | +€20,243 | +12.6% |
| Financial income | 75/76B | €504 | €3 | -€501 | -99.3% |
| Recurring financial income | 75 | €504 | €3 | -€501 | -99.3% |
| Financial charges | 65/66B | €10,085 | €11,160 | +€1,075 | +10.7% |
| Recurring financial charges | 65 | €10,085 | €11,160 | +€1,075 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €151,712 | €170,380 | +€18,668 | +12.3% |
| Income taxes | 67/77 | €5,513 | €1,064 | -€4,449 | -80.7% |
| Profit (loss) for the period | 9904 | €146,199 | €169,315 | +€23,116 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €146,199 | €169,315 | +€23,116 | +15.8% |
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 28 September 2026 via checked.be.