ST Vastgoed: 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 Vastgoed
Largest movements
- Cash -€271,211
down €271,211 (-77.7%), from €349,191 to €77,980
mainly Contributions, distributions and other (-€400,000) and Tax, wage and social debts (-€255,193)
- Tangible fixed assets -€154,232
down €154,232 (-4.6%), from €3.4m to €3.2m
- Tax, wage and social debts -€255,193
down €255,193 (-92.9%), from €274,717 to €19,524
- Profit (loss) carried forward -€227,885
down €227,885 (-16.8%), from €1.4m to €1.1m
- Gross operating margin -€875,079
down €875,079 (-70.1%), from €1.2m to €372,882
- Taxes -€208,293
down €208,293 (-77.7%), from €268,020 to €59,727
- Depreciation -€85,678
down €85,678 (-32.7%), from €261,798 to €176,120
- Other operating charges -€17,527
down €17,527 (-70.0%), from €25,026 to €7,499
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.
Derived cash bridge
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 | €4,830,159 | €4,356,016 | -€474,143 | -9.8% |
| Fixed assets | 21/28 | €4,393,025 | €4,216,906 | -€176,120 | -4.0% |
| Intangible fixed assets | 21 | €459,634 | €437,746 | -€21,887 | -4.8% |
| Tangible fixed assets | 22/27 | €3,383,392 | €3,229,159 | -€154,232 | -4.6% |
| Other tangible fixed assets | 26 | €3,383,392 | €3,229,159 | -€154,232 | -4.6% |
| Financial fixed assets | 28 | €550,000 | €550,000 | = | 0.0% |
| Current assets | 29/58 | €437,133 | €139,110 | -€298,023 | -68.2% |
| Amounts receivable within one year | 40/41 | €23,196 | €8,352 | -€14,844 | -64.0% |
| Trade receivables | 40 | €23,196 | €8,352 | -€14,844 | -64.0% |
| Cash at bank and in hand | 54/58 | €349,191 | €77,980 | -€271,211 | -77.7% |
| Deferred charges and accrued income | 490/1 | €64,747 | €52,778 | -€11,968 | -18.5% |
| Total equity and liabilities | 10/49 | €4,830,159 | €4,356,016 | -€474,143 | -9.8% |
| Equity | 10/15 | €4,435,462 | €4,163,920 | -€271,542 | -6.1% |
| Contributions | 10/11 | €1,844,024 | €1,844,024 | = | 0.0% |
| Capital | 10 | €1,844,024 | €1,844,024 | = | 0.0% |
| Issued capital | 100 | €1,844,024 | €1,844,024 | = | 0.0% |
| Reserves | 13 | €1,232,180 | €1,188,523 | -€43,657 | -3.5% |
| Non-distributable reserves | 130/1 | €184,402 | €184,402 | = | 0.0% |
| Legal reserve | 130 | €184,402 | €184,402 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,047,778 | €1,004,120 | -€43,657 | -4.2% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €1,359,258 | €1,131,373 | -€227,885 | -16.8% |
| Amounts payable | 17/49 | €394,697 | €192,096 | -€202,601 | -51.3% |
| Amounts payable within one year | 42/48 | €295,854 | €87,473 | -€208,381 | -70.4% |
| Trade debts | 44 | €21,137 | €67,949 | +€46,812 | +221% |
| Suppliers | 440/4 | €21,137 | €67,949 | +€46,812 | +221% |
| Taxes, remuneration and social security | 45 | €274,717 | €19,524 | -€255,193 | -92.9% |
| Taxes | 450/3 | €274,717 | €19,524 | -€255,193 | -92.9% |
| Accrued charges and deferred income | 492/3 | €98,843 | €104,623 | +€5,780 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261,798 | €176,120 | -€85,678 | -32.7% |
| Other operating charges | 640/8 | €25,026 | €7,499 | -€17,527 | -70.0% |
| Gross operating margin | 9900 | €1,247,961 | €372,882 | -€875,079 | -70.1% |
| Operating profit (loss) | 9901 | €961,137 | €189,264 | -€771,873 | -80.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €506 | €1,079 | +€574 | +113% |
| Recurring financial charges | 65 | €506 | €1,079 | +€574 | +113% |
| Profit (loss) for the period before taxes | 9903 | €960,632 | €188,185 | -€772,447 | -80.4% |
| Income taxes | 67/77 | €268,020 | €59,727 | -€208,293 | -77.7% |
| Profit (loss) for the period | 9904 | €692,612 | €128,458 | -€564,154 | -81.5% |
| Transfer from tax-exempt reserves | 789 | €43,657 | €43,657 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €736,269 | €172,115 | -€564,154 | -76.6% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.