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
- Receivables within one year -€112,181
down €112,181 (-58.6%), from €191,281 to €79,100
of which Trade receivables: -€103,124
- Cash +€97,118
up €97,118 (+352.0%), from €27,588 to €124,706
mainly Receivables within one year (+€112,181) and Tax, wage and social debts (+€1,035)
- Profit (loss) carried forward -€9,915
down €9,915 (-49.2%), from €20,162 to €10,248
- Other debts -€6,618
down €6,618 (-3.7%), from €176,753 to €170,135
- Gross operating margin -€19,054
down €19,054 (-18.1%), from €105,172 to €86,118
- Financial charges -€9,834
down €9,834 (-9.4%), from €104,710 to €94,876
- Taxes -€1,889
down €1,889, from €1,817 to -€72
- Other operating charges +€1,229
new in 2025: €1,229
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 | €218,869 | €203,806 | -€15,063 | -6.9% |
| Current assets | 29/58 | €218,869 | €203,806 | -€15,063 | -6.9% |
| Amounts receivable within one year | 40/41 | €191,281 | €79,100 | -€112,181 | -58.6% |
| Trade receivables | 40 | €157,224 | €54,100 | -€103,124 | -65.6% |
| Other amounts receivable | 41 | €34,057 | €25,000 | -€9,057 | -26.6% |
| Cash at bank and in hand | 54/58 | €27,588 | €124,706 | +€97,118 | +352.0% |
| Total equity and liabilities | 10/49 | €218,869 | €203,806 | -€15,063 | -6.9% |
| Equity | 10/15 | €25,162 | €15,248 | -€9,915 | -39.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,162 | €10,248 | -€9,915 | -49.2% |
| Amounts payable | 17/49 | €193,707 | €188,558 | -€5,149 | -2.7% |
| Amounts payable within one year | 42/48 | €193,707 | €188,558 | -€5,149 | -2.7% |
| Trade debts | 44 | €5,148 | €5,582 | +€435 | +8.4% |
| Suppliers | 440/4 | €5,148 | €5,582 | +€435 | +8.4% |
| Taxes, remuneration and social security | 45 | €11,807 | €12,841 | +€1,035 | +8.8% |
| Taxes | 450/3 | €11,807 | €12,841 | +€1,035 | +8.8% |
| Other amounts payable | 47/48 | €176,753 | €170,135 | -€6,618 | -3.7% |
| Other operating charges | 640/8 | - | €1,229 | +€1,229 | |
| Gross operating margin | 9900 | €105,172 | €86,118 | -€19,054 | -18.1% |
| Operating profit (loss) | 9901 | €105,172 | €84,889 | -€20,283 | -19.3% |
| Financial charges | 65/66B | €104,710 | €94,876 | -€9,834 | -9.4% |
| Recurring financial charges | 65 | €104,710 | €94,876 | -€9,834 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €462 | -€9,987 | -€10,449 | |
| Income taxes | 67/77 | €1,817 | -€72 | -€1,889 | |
| Profit (loss) for the period | 9904 | -€1,355 | -€9,915 | -€8,560 | -631.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,355 | -€9,915 | -€8,560 | -631.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.