ST MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€381,608
up €381,608 (+51.7%), from €738,546 to €1.1m
of which Land and buildings: +€402,555
- Cash -€71,251
down €71,251 (-82.5%), from €86,412 to €15,161
mainly Investment in fixed assets (net) (-€475,950) and Accrued charges and deferred income (-€8,891)
- Receivables within one year -€13,493
down €13,493 (-50.1%), from €26,951 to €13,458
of which Trade receivables: -€21,721
- Other debts +€313,690
up €313,690 (+127.1%), from €246,752 to €560,442
- Gross operating margin -€243,372
down €243,372 (-68.4%), from €355,747 to €112,375
- Taxes -€10,164
down €10,164 (-92.0%), from €11,047 to €883
- Financial charges -€8,293
down €8,293 (-95.7%), from €8,667 to €374
- Other operating charges -€4,276
down €4,276 (-42.5%), from €10,065 to €5,789
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 | €862,139 | €1,154,141 | +€292,002 | +33.9% |
| Fixed assets | 21/28 | €738,546 | €1,120,154 | +€381,608 | +51.7% |
| Tangible fixed assets | 22/27 | €738,546 | €1,120,154 | +€381,608 | +51.7% |
| Land and buildings | 22 | €674,732 | €1,077,287 | +€402,555 | +59.7% |
| Plant, machinery and equipment | 23 | €1,301 | €668 | -€633 | -48.7% |
| Furniture and vehicles | 24 | €62,513 | €42,199 | -€20,314 | -32.5% |
| Current assets | 29/58 | €123,593 | €33,987 | -€89,606 | -72.5% |
| Amounts receivable within one year | 40/41 | €26,951 | €13,458 | -€13,493 | -50.1% |
| Trade receivables | 40 | €24,300 | €2,579 | -€21,721 | -89.4% |
| Other amounts receivable | 41 | €2,651 | €10,879 | +€8,228 | +310.4% |
| Cash at bank and in hand | 54/58 | €86,412 | €15,161 | -€71,251 | -82.5% |
| Deferred charges and accrued income | 490/1 | €10,230 | €5,368 | -€4,862 | -47.5% |
| Total equity and liabilities | 10/49 | €862,139 | €1,154,141 | +€292,002 | +33.9% |
| Equity | 10/15 | €528,316 | €526,769 | -€1,547 | -0.3% |
| Contributions | 10/11 | €328,600 | €328,600 | = | 0.0% |
| Reserves | 13 | €248,398 | €246,776 | -€1,622 | -0.7% |
| Tax-exempt reserves | 132 | €158,661 | €157,039 | -€1,622 | -1.0% |
| Distributable reserves | 133 | €89,737 | €89,737 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,682 | -€48,607 | +€75 | +0.2% |
| Provisions and deferred taxes | 16 | €52,887 | €52,346 | -€541 | -1.0% |
| Deferred taxes | 168 | €52,887 | €52,346 | -€541 | -1.0% |
| Amounts payable | 17/49 | €280,936 | €575,026 | +€294,090 | +104.7% |
| Amounts payable within one year | 42/48 | €270,162 | €573,143 | +€302,981 | +112.1% |
| Trade debts | 44 | €12,138 | €7,610 | -€4,528 | -37.3% |
| Suppliers | 440/4 | €12,138 | €7,610 | -€4,528 | -37.3% |
| Taxes, remuneration and social security | 45 | €11,272 | €5,091 | -€6,181 | -54.8% |
| Taxes | 450/3 | €11,272 | €5,091 | -€6,181 | -54.8% |
| Other amounts payable | 47/48 | €246,752 | €560,442 | +€313,690 | +127.1% |
| Accrued charges and deferred income | 492/3 | €10,774 | €1,883 | -€8,891 | -82.5% |
| Non-recurring operating income | 76A | €222,861 | €33,053 | -€189,808 | -85.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,631 | €94,342 | +€711 | +0.8% |
| Other operating charges | 640/8 | €10,065 | €5,789 | -€4,276 | -42.5% |
| Non-recurring operating charges | 66A | - | €13,213 | +€13,213 | |
| Gross operating margin | 9900 | €355,747 | €112,375 | -€243,372 | -68.4% |
| Operating profit (loss) | 9901 | €252,051 | -€969 | -€253,020 | |
| Financial income | 75/76B | €243 | €138 | -€105 | -43.2% |
| Recurring financial income | 75 | €243 | €138 | -€105 | -43.2% |
| Financial charges | 65/66B | €8,667 | €374 | -€8,293 | -95.7% |
| Recurring financial charges | 65 | €8,667 | €374 | -€8,293 | -95.7% |
| Profit (loss) for the period before taxes | 9903 | €243,627 | -€1,205 | -€244,832 | |
| Transfer from deferred taxes | 780 | - | €541 | +€541 | |
| Transfer to deferred taxes | 680 | €52,887 | - | -€52,887 | |
| Income taxes | 67/77 | €11,047 | €883 | -€10,164 | -92.0% |
| Profit (loss) for the period | 9904 | €179,693 | -€1,547 | -€181,240 | |
| Transfer from tax-exempt reserves | 789 | - | €1,622 | +€1,622 | |
| Transfer to tax-exempt reserves | 689 | €158,661 | - | -€158,661 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,032 | €75 | -€20,957 | -99.6% |
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 1 October 2026 via checked.be.