ST HOLDING: 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.
What changed
ST HOLDING
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€333,277
2024 · -€31,793+€365,070
Equity
€8.2m
2024 · €8.1m+€153,277
Cash
€73,892
2024 · €78,007-€4,115
Balance sheet total
€14.2m
2024 · €14.1m+€64,153
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Current portion of long-term debt -€1.5m
down €1.5m (-82.4%), from €1.8m to €322,901
- Debts after one year +€1.2m
up €1.2m (+65.1%), from €1.9m to €3.1m
of which Financial debts: +€1.2m
- Reserves +€422,833
up €422,833 (+519%), from €81,473 to €504,307
- Profit (loss) carried forward -€269,556
down €269,556 (-100%), from €269,556 to €0
- Other debts +€161,513
up €161,513 (+7.0%), from €2.3m to €2.5m
Income statement
- Financial income +€395,308
up €395,308 (+9,459%), from €4,179 to €399,487
of which Financial income: +€395,308
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.
Result 2024
-€31,793
Depreciation
+€178
Other operating charges
-€31
Other operating items
-€19,867
Financial income
+€395,308
Financial charges
-€10,518
Result 2025
€333,277
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€478,716
Investment
€0
Financing
-€482,831
Cash 2024
€78,007
From operations (derived)
+€478,716
Net result for the year
+€333,277
Depreciation
+€543
Receivables within one year
-€68,811
Trade debts
-€1,806
Tax, wage and social debts
+€54,000
Other debts
+€161,513
Financing
-€482,831
Debts after one year
+€1.2m
Current portion of long-term debt
-€1.5m
Contributions, distributions and other
-€180,000
Cash 2025
€73,892
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,102,227 | €14,166,380 | +€64,153 | +0.5% |
| Fixed assets | 21/28 | €14,023,497 | €14,022,953 | -€543 | 0.0% |
| Intangible fixed assets | 21 | €637 | €94 | -€543 | -85.3% |
| Financial fixed assets | 28 | €14,022,860 | €14,022,860 | = | 0.0% |
| Affiliated companies | 280/1 | €14,022,860 | €14,022,860 | = | 0.0% |
| Participating interests | 280 | €14,022,860 | €14,022,860 | = | 0.0% |
| Current assets | 29/58 | €78,730 | €143,426 | +€64,696 | +82.2% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €189 | €69,000 | +€68,811 | +36,454% |
| Other amounts receivable | 41 | €189 | €69,000 | +€68,811 | +36,454% |
| Cash at bank and in hand | 54/58 | €78,007 | €73,892 | -€4,115 | -5.3% |
| Deferred charges and accrued income | 490/1 | €534 | €534 | = | 0.0% |
| Total equity and liabilities | 10/49 | €14,102,227 | €14,166,380 | +€64,153 | +0.5% |
| Equity | 10/15 | €8,083,310 | €8,236,587 | +€153,277 | +1.9% |
| Contributions | 10/11 | €7,732,280 | €7,732,280 | = | 0.0% |
| Reserves | 13 | €81,473 | €504,307 | +€422,833 | +519% |
| Distributable reserves | 133 | €81,473 | €504,307 | +€422,833 | +519% |
| Profit (loss) carried forward | 14 | €269,556 | €0 | -€269,556 | -100% |
| Amounts payable | 17/49 | €6,018,917 | €5,929,793 | -€89,124 | -1.5% |
| Amounts payable after more than one year | 17 | €1,860,564 | €3,071,847 | +€1.2m | +65.1% |
| Financial debts | 170/4 | €570,354 | €1,813,638 | +€1.2m | +218% |
| Credit institutions | 173 | €570,354 | €1,813,638 | +€1.2m | +218% |
| Other amounts payable | 178/9 | €1,290,209 | €1,258,209 | -€32,000 | -2.5% |
| Amounts payable within one year | 42/48 | €4,158,354 | €2,857,946 | -€1.3m | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €1,837,016 | €322,901 | -€1.5m | -82.4% |
| Trade debts | 44 | €1,806 | €0 | -€1,806 | -100% |
| Suppliers | 440/4 | €1,806 | €0 | -€1,806 | -100% |
| Taxes, remuneration and social security | 45 | - | €54,000 | +€54,000 | |
| Taxes | 450/3 | - | €54,000 | +€54,000 | |
| Other amounts payable | 47/48 | €2,319,532 | €2,481,045 | +€161,513 | +7.0% |
| Operating income | 70/76A | €13,500 | €0 | -€13,500 | -100% |
| Non-recurring operating income | 76A | €13,500 | €0 | -€13,500 | -100% |
| Operating charges | 60/66A | €8,581 | €14,801 | +€6,220 | +72.5% |
| Services and other goods | 61 | €6,863 | €13,259 | +€6,396 | +93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €721 | €543 | -€178 | -24.7% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €29 | €0 | -€29 | -100% |
| Operating profit (loss) | 9901 | €4,919 | -€14,801 | -€19,720 | |
| Financial income | 75/76B | €4,179 | €399,487 | +€395,308 | +9,459% |
| Recurring financial income | 75 | €4,179 | €399,487 | +€395,308 | +9,459% |
| Income from financial fixed assets | 750 | - | €399,487 | +€399,487 | |
| Non-recurring financial income | 76B | €4,179 | - | -€4,179 | |
| Financial charges | 65/66B | €40,891 | €51,409 | +€10,518 | +25.7% |
| Recurring financial charges | 65 | €40,891 | €51,409 | +€10,518 | +25.7% |
| Debt charges | 650 | €40,891 | €51,409 | +€10,518 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,793 | €333,277 | +€365,070 | |
| Profit (loss) for the period | 9904 | -€31,793 | €333,277 | +€365,070 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,793 | €333,277 | +€365,070 |
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 16 October 2026 via checked.be.