ST27: 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.
ST27
Largest movements
- Tangible fixed assets -€243,066
down €243,066 (-5.2%), from €4.7m to €4.4m
of which Land and buildings: -€188,927
- Cash +€99,804
up €99,804 (+24.1%), from €414,246 to €514,050
mainly Net result for the year (+€559,552) and Depreciation (+€262,463)
- Debts after one year -€232,636
down €232,636 (-11.4%), from €2.0m to €1.8m
- Other debts +€141,000
up €141,000 (+34.0%), from €414,445 to €555,445
- Reserves +€64,920
up €64,920 (+2.9%), from €2.2m to €2.3m
of which Distributable reserves: +€64,920
- Advances received -€58,550
down €58,550 (-82.0%), from €71,376 to €12,826
- Gross operating margin -€43,469
down €43,469 (-3.4%), from €1.3m to €1.2m
- Taxes -€31,311
down €31,311 (-10.9%), from €287,915 to €256,604
- Depreciation +€20,082
up €20,082 (+8.3%), from €242,381 to €262,463
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 | €5,357,411 | €5,240,571 | -€116,840 | -2.2% |
| Fixed assets | 21/28 | €4,683,373 | €4,440,272 | -€243,101 | -5.2% |
| Intangible fixed assets | 21 | €36 | €0 | -€36 | -100% |
| Tangible fixed assets | 22/27 | €4,682,838 | €4,439,772 | -€243,066 | -5.2% |
| Land and buildings | 22 | €4,378,025 | €4,189,098 | -€188,927 | -4.3% |
| Plant, machinery and equipment | 23 | €19,823 | €17,346 | -€2,477 | -12.5% |
| Furniture and vehicles | 24 | €276,090 | €224,427 | -€51,663 | -18.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €8,900 | €8,900 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €674,038 | €800,300 | +€126,261 | +18.7% |
| Amounts receivable within one year | 40/41 | €245,591 | €274,588 | +€28,998 | +11.8% |
| Trade receivables | 40 | €56,474 | €146,817 | +€90,343 | +160% |
| Other amounts receivable | 41 | €189,117 | €127,771 | -€61,345 | -32.4% |
| Cash at bank and in hand | 54/58 | €414,246 | €514,050 | +€99,804 | +24.1% |
| Deferred charges and accrued income | 490/1 | €14,202 | €11,661 | -€2,541 | -17.9% |
| Total equity and liabilities | 10/49 | €5,357,411 | €5,240,571 | -€116,840 | -2.2% |
| Equity | 10/15 | €2,312,611 | €2,372,163 | +€59,552 | +2.6% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €2,201,043 | €2,265,963 | +€64,920 | +2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,201,043 | €2,265,963 | +€64,920 | +2.9% |
| Profit (loss) carried forward | 14 | €5,368 | €0 | -€5,368 | -100% |
| Amounts payable | 17/49 | €3,044,800 | €2,868,408 | -€176,392 | -5.8% |
| Amounts payable after more than one year | 17 | €2,036,092 | €1,803,456 | -€232,636 | -11.4% |
| Financial debts | 170/4 | €2,036,092 | €1,803,456 | -€232,636 | -11.4% |
| Amounts payable within one year | 42/48 | €1,002,344 | €1,061,412 | +€59,068 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €277,043 | €241,722 | -€35,322 | -12.7% |
| Trade debts | 44 | €40,063 | €52,825 | +€12,762 | +31.9% |
| Suppliers | 440/4 | €40,063 | €52,825 | +€12,762 | +31.9% |
| Advances received on contracts in progress | 46 | €71,376 | €12,826 | -€58,550 | -82.0% |
| Taxes, remuneration and social security | 45 | €199,418 | €198,594 | -€823 | -0.4% |
| Taxes | 450/3 | €192,770 | €184,031 | -€8,739 | -4.5% |
| Remuneration and social security | 454/9 | €6,647 | €14,563 | +€7,916 | +119% |
| Other amounts payable | 47/48 | €414,445 | €555,445 | +€141,000 | +34.0% |
| Accrued charges and deferred income | 492/3 | €6,363 | €3,539 | -€2,824 | -44.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €78,386 | €87,330 | +€8,945 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,381 | €262,463 | +€20,082 | +8.3% |
| Other operating charges | 640/8 | €15,313 | €21,969 | +€6,656 | +43.5% |
| Gross operating margin | 9900 | €1,266,447 | €1,222,977 | -€43,469 | -3.4% |
| Operating profit (loss) | 9901 | €930,367 | €851,215 | -€79,152 | -8.5% |
| Financial income | 75/76B | €4,324 | €3,709 | -€616 | -14.2% |
| Recurring financial income | 75 | €4,324 | €3,709 | -€616 | -14.2% |
| Financial charges | 65/66B | €40,593 | €38,768 | -€1,825 | -4.5% |
| Recurring financial charges | 65 | €40,593 | €38,768 | -€1,825 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €894,099 | €816,156 | -€77,943 | -8.7% |
| Income taxes | 67/77 | €287,915 | €256,604 | -€31,311 | -10.9% |
| Profit (loss) for the period | 9904 | €606,183 | €559,552 | -€46,632 | -7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €606,183 | €559,552 | -€46,632 | -7.7% |
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 27 October 2026 via checked.be.