ST&R: 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&R
Largest movements
- Receivables within one year -€25,234
down €25,234 (-39.3%), from €64,225 to €38,991
of which Trade receivables: -€24,056
- Tangible fixed assets +€5,981
up €5,981 (+1175.4%), from €509 to €6,490
of which Other tangible fixed assets: +€3,924
- Cash -€4,314
down €4,314 (-13.9%), from €31,104 to €26,790
mainly Contributions, distributions and other (-€130,000) and Investment in fixed assets (net) (-€7,513)
- Reserves -€18,792
down €18,792 (-70.5%), from €26,670 to €7,877
- Other debts -€7,071
down €7,071 (-14.0%), from €50,503 to €43,431
- Trade debts +€2,636
up €2,636 (+118.7%), from €2,220 to €4,856
- Accrued charges and deferred income -€1,627
no longer reported in 2025 (was €1,627)
- Tax, wage and social debts +€1,406
up €1,406 (+9.7%), from €14,481 to €15,887
- Gross operating margin -€22,585
down €22,585 (-13.1%), from €172,323 to €149,738
- Taxes -€4,964
down €4,964 (-12.2%), from €40,654 to €35,691
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 | €98,500 | €75,052 | -€23,448 | -23.8% |
| Fixed assets | 21/28 | €509 | €6,490 | +€5,981 | +1175.4% |
| Tangible fixed assets | 22/27 | €509 | €6,490 | +€5,981 | +1175.4% |
| Plant, machinery and equipment | 23 | - | €1,520 | +€1,520 | |
| Furniture and vehicles | 24 | €428 | €965 | +€538 | +125.7% |
| Other tangible fixed assets | 26 | €81 | €4,005 | +€3,924 | +4842.1% |
| Current assets | 29/58 | €97,991 | €68,562 | -€29,429 | -30.0% |
| Amounts receivable within one year | 40/41 | €64,225 | €38,991 | -€25,234 | -39.3% |
| Trade receivables | 40 | €60,114 | €36,058 | -€24,056 | -40.0% |
| Other amounts receivable | 41 | €4,110 | €2,933 | -€1,178 | -28.6% |
| Cash at bank and in hand | 54/58 | €31,104 | €26,790 | -€4,314 | -13.9% |
| Deferred charges and accrued income | 490/1 | €2,662 | €2,781 | +€118 | +4.4% |
| Total equity and liabilities | 10/49 | €98,500 | €75,052 | -€23,448 | -23.8% |
| Equity | 10/15 | €29,670 | €10,877 | -€18,792 | -63.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €26,670 | €7,877 | -€18,792 | -70.5% |
| Distributable reserves | 133 | €26,670 | €7,877 | -€18,792 | -70.5% |
| Amounts payable | 17/49 | €68,831 | €64,175 | -€4,656 | -6.8% |
| Amounts payable within one year | 42/48 | €67,204 | €64,175 | -€3,029 | -4.5% |
| Trade debts | 44 | €2,220 | €4,856 | +€2,636 | +118.7% |
| Suppliers | 440/4 | €2,220 | €4,856 | +€2,636 | +118.7% |
| Taxes, remuneration and social security | 45 | €14,481 | €15,887 | +€1,406 | +9.7% |
| Taxes | 450/3 | €14,481 | €15,887 | +€1,406 | +9.7% |
| Other amounts payable | 47/48 | €50,503 | €43,431 | -€7,071 | -14.0% |
| Accrued charges and deferred income | 492/3 | €1,627 | - | -€1,627 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,209 | €1,532 | +€323 | +26.7% |
| Other operating charges | 640/8 | €1,159 | €1,267 | +€108 | +9.3% |
| Gross operating margin | 9900 | €172,323 | €149,738 | -€22,585 | -13.1% |
| Operating profit (loss) | 9901 | €169,956 | €146,939 | -€23,016 | -13.5% |
| Financial charges | 65/66B | €1,666 | €41 | -€1,625 | -97.5% |
| Recurring financial charges | 65 | €1,666 | €41 | -€1,625 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | €168,290 | €146,898 | -€21,392 | -12.7% |
| Income taxes | 67/77 | €40,654 | €35,691 | -€4,964 | -12.2% |
| Profit (loss) for the period | 9904 | €127,636 | €111,208 | -€16,428 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,636 | €111,208 | -€16,428 | -12.9% |
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.