ST MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€164,556
up €164,556 (+156.6%), from €105,049 to €269,605
- Cash +€38,446
up €38,446 (+148.9%), from €25,827 to €64,273
mainly Net result for the year (+€159,921) and Receivables within one year (+€37,950)
- Receivables within one year -€37,950
down €37,950 (-16.5%), from €229,500 to €191,550
of which Other amounts receivable: -€30,085
- Current investments -€28,000
no longer reported in 2025 (was €28,000)
- Tangible fixed assets +€12,000
new in 2025: €12,000
- Reserves +€159,921
new in 2025: €159,921
- Tax, wage and social debts -€16,857
down €16,857 (-18.8%), from €89,642 to €72,785
- Trade debts +€10,716
up €10,716 (+428.6%), from €2,500 to €13,216
- Gross operating margin -€130,299
down €130,299 (-36.7%), from €354,644 to €224,345
- Taxes -€15,897
down €15,897 (-18.7%), from €84,858 to €68,961
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 | €388,555 | €537,667 | +€149,113 | +38.4% |
| Fixed assets | 21/28 | €105,049 | €281,605 | +€176,556 | +168.1% |
| Tangible fixed assets | 22/27 | - | €12,000 | +€12,000 | |
| Furniture and vehicles | 24 | - | €12,000 | +€12,000 | |
| Financial fixed assets | 28 | €105,049 | €269,605 | +€164,556 | +156.6% |
| Current assets | 29/58 | €283,506 | €256,063 | -€27,443 | -9.7% |
| Amounts receivable within one year | 40/41 | €229,500 | €191,550 | -€37,950 | -16.5% |
| Trade receivables | 40 | €13,915 | €6,050 | -€7,865 | -56.5% |
| Other amounts receivable | 41 | €215,585 | €185,500 | -€30,085 | -14.0% |
| Current investments | 50/53 | €28,000 | - | -€28,000 | |
| Cash at bank and in hand | 54/58 | €25,827 | €64,273 | +€38,446 | +148.9% |
| Deferred charges and accrued income | 490/1 | €179 | €240 | +€61 | +34.0% |
| Total equity and liabilities | 10/49 | €388,555 | €537,667 | +€149,113 | +38.4% |
| Equity | 10/15 | €274,551 | €434,472 | +€159,921 | +58.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €159,921 | +€159,921 | |
| Distributable reserves | 133 | - | €159,921 | +€159,921 | |
| Profit (loss) carried forward | 14 | €271,551 | €271,551 | = | 0.0% |
| Amounts payable | 17/49 | €114,004 | €103,195 | -€10,809 | -9.5% |
| Amounts payable within one year | 42/48 | €114,004 | €103,195 | -€10,809 | -9.5% |
| Trade debts | 44 | €2,500 | €13,216 | +€10,716 | +428.6% |
| Suppliers | 440/4 | €2,500 | €13,216 | +€10,716 | +428.6% |
| Taxes, remuneration and social security | 45 | €89,642 | €72,785 | -€16,857 | -18.8% |
| Taxes | 450/3 | €89,642 | €72,785 | -€16,857 | -18.8% |
| Other amounts payable | 47/48 | €21,862 | €17,195 | -€4,667 | -21.3% |
| Gross operating margin | 9900 | €354,644 | €224,345 | -€130,299 | -36.7% |
| Operating profit (loss) | 9901 | €354,644 | €224,345 | -€130,299 | -36.7% |
| Financial income | 75/76B | €1,909 | €5,025 | +€3,116 | +163.3% |
| Recurring financial income | 75 | €1,909 | €5,025 | +€3,116 | +163.3% |
| Financial charges | 65/66B | €143 | €487 | +€343 | +239.5% |
| Recurring financial charges | 65 | €143 | €487 | +€343 | +239.5% |
| Profit (loss) for the period before taxes | 9903 | €356,409 | €228,883 | -€127,526 | -35.8% |
| Income taxes | 67/77 | €84,858 | €68,961 | -€15,897 | -18.7% |
| Profit (loss) for the period | 9904 | €271,551 | €159,921 | -€111,629 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €271,551 | €159,921 | -€111,629 | -41.1% |
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 10 October 2026 via checked.be.