ST INVEST: 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 INVEST
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€60,915
2024 · €267,035-€206,120
Equity
€24.3m
2024 · €24.2m+€60,915
Cash
€681,258
2024 · €73,460+€607,798
Balance sheet total
€39.9m
2024 · €36.9m+€3.0m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+5.6%), from €36.6m to €38.6m
of which Land and buildings: +€15.0m
- Cash +€607,798
up €607,798 (+827%), from €73,460 to €681,258
mainly Debts after one year (+€2.5m) and Depreciation (+€806,716)
Equity and liabilities
- Debts after one year +€2.5m
up €2.5m (+20.2%), from €12.3m to €14.8m
- Reserves +€1.2m
up €1.2m (+106%), from €1.1m to €2.4m
of which Distributable reserves: +€1.2m
- Profit (loss) carried forward -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Current portion of long-term debt +€606,382
up €606,382 (+792%), from €76,585 to €682,966
Income statement
- Depreciation +€547,786
up €547,786 (+212%), from €258,930 to €806,716
- Turnover +€458,981
up €458,981 (+52.8%), from €869,707 to €1.3m
- Financial charges +€111,342
up €111,342 (+66.8%), from €166,673 to €278,015
- Services and other goods +€75,705
up €75,705 (+262%), from €28,925 to €104,631
- Taxes -€69,957
down €69,957 (-70.0%), from €99,959 to €30,002
of which Taxes: -€71,457
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
€267,035
Turnover
+€458,981
Other operating income
+€1,356
Services and other goods
-€75,705
Depreciation
-€547,786
Other operating charges
-€647
Financial income
-€934
Financial charges
-€111,342
Taxes
+€69,957
Result 2025
€60,915
raises the resultlowers the result
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
+€359,558
Investment
-€2.9m
Financing
+€3.1m
Cash 2024
€73,460
From operations (derived)
+€359,558
Net result for the year
+€60,915
Depreciation
+€806,716
Receivables within one year
-€359,543
Deferred charges and accrued income
-€24
Provisions
-€9,697
Trade debts
+€35,123
Tax, wage and social debts
-€33,933
Other debts
-€140,000
Investment (derived)
-€2.9m
Investment in fixed assets (net)
-€2.9m
Financing
+€3.1m
Debts after one year
+€2.5m
Current portion of long-term debt
+€606,382
Short-term financial debts
+€493
Contributions, distributions and other
+€0
Cash 2025
€681,258
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,891,259 | €39,907,788 | +€3.0m | +8.2% |
| Fixed assets | 21/28 | €36,562,162 | €38,611,327 | +€2.0m | +5.6% |
| Intangible fixed assets | 21 | €10,508 | €9,328 | -€1,180 | -11.2% |
| Tangible fixed assets | 22/27 | €36,551,655 | €38,601,999 | +€2.1m | +5.6% |
| Land and buildings | 22 | €23,448,668 | €38,490,275 | +€15.0m | +64.1% |
| Plant, machinery and equipment | 23 | €47,031 | €39,383 | -€7,648 | -16.3% |
| Other tangible fixed assets | 26 | €20,512 | €17,891 | -€2,621 | -12.8% |
| Assets under construction and advance payments | 27 | €13,035,444 | €54,450 | -€13.0m | -99.6% |
| Current assets | 29/58 | €329,096 | €1,296,461 | +€967,365 | +294% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €253,790 | €613,332 | +€359,543 | +142% |
| Trade receivables | 40 | - | €206,640 | +€206,640 | |
| Other amounts receivable | 41 | €253,790 | €406,692 | +€152,903 | +60.2% |
| Current investments | 50/53 | €0 | €0 | = | 0.0% |
| Other investments | 51/53 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,460 | €681,258 | +€607,798 | +827% |
| Deferred charges and accrued income | 490/1 | €1,846 | €1,870 | +€24 | +1.3% |
| Total equity and liabilities | 10/49 | €36,891,259 | €39,907,788 | +€3.0m | +8.2% |
| Equity | 10/15 | €24,200,248 | €24,261,163 | +€60,915 | +0.3% |
| Contributions | 10/11 | €1,760,424 | €1,760,424 | = | 0.0% |
| Capital | 10 | €538,424 | €538,424 | = | 0.0% |
| Issued capital | 100 | €588,003 | €588,003 | = | 0.0% |
| Uncalled capital | 101 | €49,579 | €49,579 | = | 0.0% |
| Contributions outside capital | 11 | €1,222,000 | €1,222,000 | = | 0.0% |
| Share premium | 1100/10 | €1,222,000 | €1,222,000 | = | 0.0% |
| Revaluation surpluses | 12 | €20,147,845 | €20,147,845 | = | 0.0% |
| Reserves | 13 | €1,140,895 | €2,352,894 | +€1.2m | +106% |
| Non-distributable reserves | 130/1 | €43,730 | €43,730 | = | 0.0% |
| Legal reserve | 130 | €43,730 | €43,730 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,637 | €91,546 | -€29,091 | -24.1% |
| Distributable reserves | 133 | €976,528 | €2,217,618 | +€1.2m | +127% |
| Profit (loss) carried forward | 14 | €1,151,084 | €0 | -€1.2m | -100% |
| Provisions and deferred taxes | 16 | €51,221 | €41,524 | -€9,697 | -18.9% |
| Deferred taxes | 168 | €51,221 | €41,524 | -€9,697 | -18.9% |
| Amounts payable | 17/49 | €12,639,789 | €15,605,101 | +€3.0m | +23.5% |
| Amounts payable after more than one year | 17 | €12,340,019 | €14,837,265 | +€2.5m | +20.2% |
| Financial debts | 170/4 | €12,340,019 | €14,837,265 | +€2.5m | +20.2% |
| Credit institutions | 173 | €12,340,019 | €14,837,265 | +€2.5m | +20.2% |
| Amounts payable within one year | 42/48 | €299,770 | €767,836 | +€468,065 | +156% |
| Current portion of amounts payable after more than one year | 42 | €76,585 | €682,966 | +€606,382 | +792% |
| Financial debts | 43 | €32,840 | €33,333 | +€493 | +1.5% |
| Credit institutions | 430/8 | €32,840 | €33,333 | +€493 | +1.5% |
| Trade debts | 44 | €13,887 | €49,010 | +€35,123 | +253% |
| Suppliers | 440/4 | €13,887 | €49,010 | +€35,123 | +253% |
| Taxes, remuneration and social security | 45 | €36,459 | €2,526 | -€33,933 | -93.1% |
| Taxes | 450/3 | €36,459 | €2,526 | -€33,933 | -93.1% |
| Other amounts payable | 47/48 | €140,000 | €0 | -€140,000 | -100% |
| Operating income | 70/76A | €871,725 | €1,332,062 | +€460,337 | +52.8% |
| Turnover | 70 | €869,707 | €1,328,688 | +€458,981 | +52.8% |
| Other operating income | 74 | €2,018 | €3,374 | +€1,356 | +67.2% |
| Operating charges | 60/66A | €349,322 | €973,461 | +€624,139 | +179% |
| Services and other goods | 61 | €28,925 | €104,631 | +€75,705 | +262% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €258,930 | €806,716 | +€547,786 | +212% |
| Other operating charges | 640/8 | €61,467 | €62,114 | +€647 | +1.1% |
| Operating profit (loss) | 9901 | €522,403 | €358,601 | -€163,802 | -31.4% |
| Financial income | 75/76B | €1,568 | €634 | -€934 | -59.6% |
| Recurring financial income | 75 | €1,568 | €634 | -€934 | -59.6% |
| Income from current assets | 751 | €830 | €634 | -€196 | -23.6% |
| Other financial income | 752/9 | €738 | - | -€738 | |
| Financial charges | 65/66B | €166,673 | €278,015 | +€111,342 | +66.8% |
| Recurring financial charges | 65 | €166,673 | €278,015 | +€111,342 | +66.8% |
| Debt charges | 650 | €166,673 | €276,417 | +€109,743 | +65.8% |
| Other financial charges | 652/9 | - | €1,599 | +€1,599 | |
| Profit (loss) for the period before taxes | 9903 | €357,297 | €81,219 | -€276,077 | -77.3% |
| Transfer from deferred taxes | 780 | €9,697 | €9,697 | = | 0.0% |
| Income taxes | 67/77 | €99,959 | €30,002 | -€69,957 | -70.0% |
| Taxes | 670/3 | €101,459 | €30,002 | -€71,457 | -70.4% |
| Tax adjustments and reversals of tax provisions | 77 | €1,500 | €0 | -€1,500 | -100% |
| Profit (loss) for the period | 9904 | €267,035 | €60,915 | -€206,120 | -77.2% |
| Transfer from tax-exempt reserves | 789 | €29,091 | €29,091 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €296,126 | €90,006 | -€206,120 | -69.6% |
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 1 November 2026 via checked.be.