ST&V: 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&V
Largest movements
- Cash +€18,340
up €18,340 (+113.6%), from €16,147 to €34,488
mainly Net result for the year (+€38,523) and Depreciation (+€24,292)
- Tangible fixed assets +€6,757
up €6,757 (+17.8%), from €38,064 to €44,821
of which Furniture and vehicles: +€11,737
- Financial fixed assets +€6,240
up €6,240 (+221.3%), from €2,820 to €9,060
- Receivables within one year +€5,794
up €5,794 (+41.2%), from €14,076 to €19,870
of which Other amounts receivable: +€7,548
- Deferred charges and accrued income +€1,280
up €1,280 (+122.9%), from €1,042 to €2,322
- Profit (loss) carried forward +€38,523
new in 2025: €38,523
- Other debts -€26,246
no longer reported in 2025 (was €26,246)
- Debts after one year +€18,479
up €18,479 (+726.8%), from €2,542 to €21,022
- Tax, wage and social debts +€10,832
up €10,832 (+528.8%), from €2,048 to €12,881
- Trade debts -€6,873
down €6,873 (-94.5%), from €7,273 to €400
- Gross operating margin +€52,228
up €52,228 (+114.1%), from €45,778 to €98,006
- Taxes +€17,304
up €17,304 (+5849.4%), from €296 to €17,600
- Other operating charges +€5,676
up €5,676 (+185.3%), from €3,063 to €8,739
- Depreciation +€1,405
up €1,405 (+6.1%), from €22,887 to €24,292
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 | €73,033 | €110,560 | +€37,527 | +51.4% |
| Fixed assets | 21/28 | €40,884 | €53,881 | +€12,997 | +31.8% |
| Tangible fixed assets | 22/27 | €38,064 | €44,821 | +€6,757 | +17.8% |
| Plant, machinery and equipment | 23 | €10,976 | €5,996 | -€4,980 | -45.4% |
| Furniture and vehicles | 24 | €27,088 | €38,825 | +€11,737 | +43.3% |
| Financial fixed assets | 28 | €2,820 | €9,060 | +€6,240 | +221.3% |
| Current assets | 29/58 | €32,149 | €56,680 | +€24,530 | +76.3% |
| Stocks and contracts in progress | 3 | €884 | - | -€884 | |
| Stocks | 30/36 | €884 | - | -€884 | |
| Amounts receivable within one year | 40/41 | €14,076 | €19,870 | +€5,794 | +41.2% |
| Trade receivables | 40 | €8,829 | €7,076 | -€1,753 | -19.9% |
| Other amounts receivable | 41 | €5,247 | €12,794 | +€7,548 | +143.9% |
| Cash at bank and in hand | 54/58 | €16,147 | €34,488 | +€18,340 | +113.6% |
| Deferred charges and accrued income | 490/1 | €1,042 | €2,322 | +€1,280 | +122.9% |
| Total equity and liabilities | 10/49 | €73,033 | €110,560 | +€37,527 | +51.4% |
| Equity | 10/15 | €25,172 | €63,695 | +€38,523 | +153.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €15,172 | €15,172 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €14,172 | €14,172 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €38,523 | +€38,523 | |
| Amounts payable | 17/49 | €47,861 | €46,865 | -€996 | -2.1% |
| Amounts payable after more than one year | 17 | €2,542 | €21,022 | +€18,479 | +726.8% |
| Financial debts | 170/4 | €2,542 | €21,022 | +€18,479 | +726.8% |
| Amounts payable within one year | 42/48 | €45,299 | €25,844 | -€19,455 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €9,731 | €12,563 | +€2,831 | +29.1% |
| Trade debts | 44 | €7,273 | €400 | -€6,873 | -94.5% |
| Suppliers | 440/4 | €7,273 | €400 | -€6,873 | -94.5% |
| Taxes, remuneration and social security | 45 | €2,048 | €12,881 | +€10,832 | +528.8% |
| Taxes | 450/3 | €2,048 | €12,881 | +€10,832 | +528.8% |
| Other amounts payable | 47/48 | €26,246 | - | -€26,246 | |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Remuneration, social security and pensions | 62 | €825 | €1,439 | +€614 | +74.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,887 | €24,292 | +€1,405 | +6.1% |
| Other operating charges | 640/8 | €3,063 | €8,739 | +€5,676 | +185.3% |
| Non-recurring operating charges | 66A | - | €4,377 | +€4,377 | |
| Gross operating margin | 9900 | €45,778 | €98,006 | +€52,228 | +114.1% |
| Operating profit (loss) | 9901 | €19,002 | €59,158 | +€40,156 | +211.3% |
| Financial income | 75/76B | €48 | €332 | +€285 | +598.8% |
| Recurring financial income | 75 | €48 | €332 | +€285 | +598.8% |
| Financial charges | 65/66B | €3,399 | €3,368 | -€31 | -0.9% |
| Recurring financial charges | 65 | €3,399 | €3,368 | -€31 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €15,651 | €56,123 | +€40,472 | +258.6% |
| Income taxes | 67/77 | €296 | €17,600 | +€17,304 | +5849.4% |
| Profit (loss) for the period | 9904 | €15,355 | €38,523 | +€23,167 | +150.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,355 | €38,523 | +€23,167 | +150.9% |
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 7 October 2026 via checked.be.