st.op.Z: what changed
st.op.Z
Largest movements
- Stocks and contracts +€13,980
up €13,980 (+153%), from €9,145 to €23,125
- Deferred charges and accrued income -€10,110
no longer reported in 2025 (was €10,110)
- Receivables within one year -€9,988
down €9,988 (-8.5%), from €117,813 to €107,826
of which Other amounts receivable: -€9,098
- Tangible fixed assets +€7,765
up €7,765 (+5.8%), from €133,415 to €141,180
- Cash +€6,624
up €6,624 (+930%), from €713 to €7,337
mainly Deferred charges and accrued income (+€10,110) and Receivables within one year (+€9,988)
- Reserves +€4,350
up €4,350 (+1.7%), from €250,691 to €255,041
- Other debts +€3,170
new in 2025: €3,170
- Depreciation -€3,927
down €3,927 (-35.0%), from €11,229 to €7,302
- Gross operating margin -€3,183
down €3,183 (-24.3%), from €13,089 to €9,906
- Other operating charges +€770
up €770 (+125%), from €616 to €1,385
- Taxes -€375
down €375 (-34.5%), from €1,088 to €713
- Financial income -€287
down €287 (-50.0%), from €574 to €287
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €271,196 | €279,468 | +€8,272 | +3.1% |
| Fixed assets | 21/28 | €133,415 | €141,180 | +€7,765 | +5.8% |
| Tangible fixed assets | 22/27 | €133,415 | €141,180 | +€7,765 | +5.8% |
| Plant, machinery and equipment | 23 | €133,415 | €141,180 | +€7,765 | +5.8% |
| Current assets | 29/58 | €137,781 | €138,288 | +€507 | +0.4% |
| Stocks and contracts in progress | 3 | €9,145 | €23,125 | +€13,980 | +153% |
| Contracts in progress | 37 | €9,145 | €23,125 | +€13,980 | +153% |
| Amounts receivable within one year | 40/41 | €117,813 | €107,826 | -€9,988 | -8.5% |
| Trade receivables | 40 | €889 | - | -€889 | |
| Other amounts receivable | 41 | €116,924 | €107,826 | -€9,098 | -7.8% |
| Cash at bank and in hand | 54/58 | €713 | €7,337 | +€6,624 | +930% |
| Deferred charges and accrued income | 490/1 | €10,110 | - | -€10,110 | |
| Total equity and liabilities | 10/49 | €271,196 | €279,468 | +€8,272 | +3.1% |
| Equity | 10/15 | €269,291 | €273,641 | +€4,350 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €250,691 | €255,041 | +€4,350 | +1.7% |
| Distributable reserves | 133 | €250,691 | €255,041 | +€4,350 | +1.7% |
| Amounts payable | 17/49 | €1,906 | €5,827 | +€3,921 | +206% |
| Amounts payable within one year | 42/48 | €1,906 | €5,827 | +€3,921 | +206% |
| Trade debts | 44 | €710 | €1,943 | +€1,233 | +174% |
| Suppliers | 440/4 | €710 | €1,943 | +€1,233 | +174% |
| Taxes, remuneration and social security | 45 | €1,196 | €715 | -€481 | -40.2% |
| Taxes | 450/3 | €1,196 | €715 | -€481 | -40.2% |
| Other amounts payable | 47/48 | - | €3,170 | +€3,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,229 | €7,302 | -€3,927 | -35.0% |
| Other operating charges | 640/8 | €616 | €1,385 | +€770 | +125% |
| Gross operating margin | 9900 | €13,089 | €9,906 | -€3,183 | -24.3% |
| Operating profit (loss) | 9901 | €1,245 | €1,220 | -€25 | -2.0% |
| Financial income | 75/76B | €574 | €287 | -€287 | -50.0% |
| Recurring financial income | 75 | €574 | €287 | -€287 | -50.0% |
| Financial charges | 65/66B | €130 | €159 | +€29 | +22.2% |
| Recurring financial charges | 65 | €130 | €159 | +€29 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | €1,689 | €1,348 | -€341 | -20.2% |
| Income taxes | 67/77 | €1,088 | €713 | -€375 | -34.5% |
| Profit (loss) for the period | 9904 | €601 | €635 | +€34 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €601 | €635 | +€34 | +5.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.