ST PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets +€32,075
up €32,075 (+14.3%), from €224,638 to €256,713
of which Furniture and vehicles: +€50,715
- Receivables within one year +€15,686
up €15,686 (+73.1%), from €21,468 to €37,153
of which Trade receivables: +€15,502
- Cash -€15,016
down €15,016 (-99.5%), from €15,088 to €72
mainly Investment in fixed assets (net) (-€57,737) and Contributions, distributions and other (-€47,741)
- Current investments -€12,427
down €12,427 (-24.1%), from €51,647 to €39,220
- Reserves +€19,101
up €19,101 (+10.0%), from €191,375 to €210,476
of which Distributable reserves: +€19,101
- Contributions -€18,500
down €18,500 (-99.5%), from €18,600 to €100
- Debts after one year +€11,630
up €11,630 (+20.7%), from €56,169 to €67,798
- Current portion of long-term debt +€8,303
up €8,303 (+67.3%), from €12,333 to €20,636
- Gross operating margin +€23,356
up €23,356 (+31.4%), from €74,386 to €97,741
- Taxes +€4,357
up €4,357 (+29.7%), from €14,679 to €19,036
- Depreciation +€4,038
up €4,038 (+18.7%), from €21,624 to €25,662
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 | €314,188 | €334,595 | +€20,406 | +6.5% |
| Fixed assets | 21/28 | €224,638 | €256,713 | +€32,075 | +14.3% |
| Tangible fixed assets | 22/27 | €224,638 | €256,713 | +€32,075 | +14.3% |
| Land and buildings | 22 | €216,927 | €200,549 | -€16,378 | -7.6% |
| Plant, machinery and equipment | 23 | €4,786 | €2,524 | -€2,262 | -47.3% |
| Furniture and vehicles | 24 | €2,926 | €53,641 | +€50,715 | +1733.6% |
| Current assets | 29/58 | €89,550 | €77,881 | -€11,669 | -13.0% |
| Amounts receivable within one year | 40/41 | €21,468 | €37,153 | +€15,686 | +73.1% |
| Trade receivables | 40 | €20,278 | €35,780 | +€15,502 | +76.4% |
| Other amounts receivable | 41 | €1,190 | €1,374 | +€184 | +15.4% |
| Current investments | 50/53 | €51,647 | €39,220 | -€12,427 | -24.1% |
| Cash at bank and in hand | 54/58 | €15,088 | €72 | -€15,016 | -99.5% |
| Deferred charges and accrued income | 490/1 | €1,348 | €1,436 | +€89 | +6.6% |
| Total equity and liabilities | 10/49 | €314,188 | €334,595 | +€20,406 | +6.5% |
| Equity | 10/15 | €209,975 | €210,576 | +€601 | +0.3% |
| Contributions | 10/11 | €18,600 | €100 | -€18,500 | -99.5% |
| Reserves | 13 | €191,375 | €210,476 | +€19,101 | +10.0% |
| Tax-exempt reserves | 132 | €141 | €141 | = | 0.0% |
| Distributable reserves | 133 | €191,233 | €210,335 | +€19,101 | +10.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €104,213 | €124,019 | +€19,805 | +19.0% |
| Amounts payable after more than one year | 17 | €56,169 | €67,798 | +€11,630 | +20.7% |
| Financial debts | 170/4 | €56,169 | €67,798 | +€11,630 | +20.7% |
| Amounts payable within one year | 42/48 | €47,479 | €55,964 | +€8,485 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €12,333 | €20,636 | +€8,303 | +67.3% |
| Financial debts | 43 | €304 | €545 | +€241 | +79.4% |
| Credit institutions | 430/8 | €304 | €545 | +€241 | +79.4% |
| Trade debts | 44 | €4,060 | €1,130 | -€2,930 | -72.2% |
| Suppliers | 440/4 | €4,060 | €1,130 | -€2,930 | -72.2% |
| Taxes, remuneration and social security | 45 | €3,786 | €4,413 | +€627 | +16.6% |
| Taxes | 450/3 | €3,046 | €4,283 | +€1,237 | +40.6% |
| Remuneration and social security | 454/9 | €740 | €130 | -€610 | -82.4% |
| Other amounts payable | 47/48 | €26,996 | €29,241 | +€2,244 | +8.3% |
| Accrued charges and deferred income | 492/3 | €565 | €256 | -€310 | -54.8% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,624 | €25,662 | +€4,038 | +18.7% |
| Other operating charges | 640/8 | €1,743 | €1,623 | -€120 | -6.9% |
| Non-recurring operating charges | 66A | - | €629 | +€629 | |
| Gross operating margin | 9900 | €74,386 | €97,741 | +€23,356 | +31.4% |
| Operating profit (loss) | 9901 | €51,019 | €69,828 | +€18,808 | +36.9% |
| Financial income | 75/76B | €372 | €297 | -€75 | -20.1% |
| Recurring financial income | 75 | €372 | €297 | -€75 | -20.1% |
| Financial charges | 65/66B | €2,137 | €2,747 | +€609 | +28.5% |
| Recurring financial charges | 65 | €2,137 | €2,747 | +€609 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €49,254 | €67,378 | +€18,124 | +36.8% |
| Income taxes | 67/77 | €14,679 | €19,036 | +€4,357 | +29.7% |
| Profit (loss) for the period | 9904 | €34,575 | €48,342 | +€13,767 | +39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €34,575 | €48,342 | +€13,767 | +39.8% |
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 8 October 2026 via checked.be.