ST-ENERGY: 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.
ST-ENERGY
Largest movements
- Receivables within one year -€70,963
down €70,963 (-48.7%), from €145,743 to €74,780
of which Trade receivables: -€71,697
- Tangible fixed assets -€23,185
down €23,185 (-8.0%), from €290,024 to €266,839
of which Land and buildings: -€14,638
- Cash +€18,413
up €18,413 (+31.2%), from €59,101 to €77,514
mainly Receivables within one year (+€70,963) and Depreciation (+€23,185)
- Deferred charges and accrued income -€6,544
down €6,544 (-26.4%), from €24,785 to €18,242
- Trade debts -€21,981
down €21,981 (-44.0%), from €49,958 to €27,977
- Other debts -€21,424
down €21,424 (-29.5%), from €72,658 to €51,234
- Profit (loss) carried forward -€19,148
down €19,148 (-262%), from -€7,312 to -€26,459
- Debts after one year -€13,132
down €13,132 (-8.2%), from €160,585 to €147,453
- Tax, wage and social debts -€6,610
down €6,610 (-40.9%), from €16,182 to €9,571
of which Remuneration and social security: -€10,484
- Gross operating margin -€36,967
down €36,967 (-68.1%), from €54,295 to €17,328
- Staff costs -€3,396
down €3,396 (-100%), from €3,396 to €0
- Taxes -€2,828
down €2,828 (-75.8%), from €3,729 to €902
- Financial charges +€2,805
up €2,805 (+35.8%), from €7,844 to €10,649
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 | €519,654 | €437,375 | -€82,279 | -15.8% |
| Fixed assets | 21/28 | €290,024 | €266,839 | -€23,185 | -8.0% |
| Tangible fixed assets | 22/27 | €290,024 | €266,839 | -€23,185 | -8.0% |
| Land and buildings | 22 | €264,894 | €250,256 | -€14,638 | -5.5% |
| Plant, machinery and equipment | 23 | €4,829 | €2,777 | -€2,051 | -42.5% |
| Furniture and vehicles | 24 | €20,302 | €13,806 | -€6,496 | -32.0% |
| Current assets | 29/58 | €229,629 | €170,536 | -€59,094 | -25.7% |
| Amounts receivable within one year | 40/41 | €145,743 | €74,780 | -€70,963 | -48.7% |
| Trade receivables | 40 | €124,022 | €52,324 | -€71,697 | -57.8% |
| Other amounts receivable | 41 | €21,721 | €22,455 | +€734 | +3.4% |
| Cash at bank and in hand | 54/58 | €59,101 | €77,514 | +€18,413 | +31.2% |
| Deferred charges and accrued income | 490/1 | €24,785 | €18,242 | -€6,544 | -26.4% |
| Total equity and liabilities | 10/49 | €519,654 | €437,375 | -€82,279 | -15.8% |
| Equity | 10/15 | €202,988 | €183,841 | -€19,148 | -9.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Contributions outside capital | 11 | €60,000 | - | -€60,000 | |
| Other | 1109/19 | €60,000 | - | -€60,000 | |
| Reserves | 13 | €150,300 | €150,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €144,300 | €144,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,312 | -€26,459 | -€19,148 | -262% |
| Amounts payable | 17/49 | €316,665 | €253,534 | -€63,131 | -19.9% |
| Amounts payable after more than one year | 17 | €160,585 | €147,453 | -€13,132 | -8.2% |
| Financial debts | 170/4 | €160,585 | €147,453 | -€13,132 | -8.2% |
| Amounts payable within one year | 42/48 | €155,888 | €106,081 | -€49,806 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €17,090 | €13,132 | -€3,958 | -23.2% |
| Financial debts | 43 | - | €4,167 | +€4,167 | |
| Credit institutions | 430/8 | - | €4,167 | +€4,167 | |
| Trade debts | 44 | €49,958 | €27,977 | -€21,981 | -44.0% |
| Suppliers | 440/4 | €49,958 | €27,977 | -€21,981 | -44.0% |
| Taxes, remuneration and social security | 45 | €16,182 | €9,571 | -€6,610 | -40.9% |
| Taxes | 450/3 | €2,238 | €6,111 | +€3,873 | +173% |
| Remuneration and social security | 454/9 | €13,944 | €3,460 | -€10,484 | -75.2% |
| Other amounts payable | 47/48 | €72,658 | €51,234 | -€21,424 | -29.5% |
| Accrued charges and deferred income | 492/3 | €193 | - | -€193 | |
| Remuneration, social security and pensions | 62 | €3,396 | €0 | -€3,396 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,074 | €23,185 | +€111 | +0.5% |
| Other operating charges | 640/8 | €2,286 | €2,444 | +€158 | +6.9% |
| Gross operating margin | 9900 | €54,295 | €17,328 | -€36,967 | -68.1% |
| Operating profit (loss) | 9901 | €25,538 | -€8,302 | -€33,840 | |
| Financial income | 75/76B | €720 | €704 | -€16 | -2.2% |
| Recurring financial income | 75 | €720 | €704 | -€16 | -2.2% |
| Financial charges | 65/66B | €7,844 | €10,649 | +€2,805 | +35.8% |
| Recurring financial charges | 65 | €7,844 | €10,649 | +€2,805 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €18,415 | -€18,246 | -€36,661 | |
| Income taxes | 67/77 | €3,729 | €902 | -€2,828 | -75.8% |
| Profit (loss) for the period | 9904 | €14,685 | -€19,148 | -€33,833 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,685 | -€19,148 | -€33,833 |
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 30 October 2026 via checked.be.