STAVIM: 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.
STAVIM
Largest movements
- Cash -€581,506
down €581,506 (-85.8%), from €677,721 to €96,215
mainly Current investments (-€502,501) and Debts after one year (-€80,291)
- Current investments +€502,501
new in 2025: €502,501
- Debts after one year -€80,291
down €80,291 (-16.5%), from €486,909 to €406,618
of which Other amounts payable: -€60,000
- Gross operating margin -€1,602
down €1,602 (-92.9%), from -€1,725 to -€3,327
- Financial income -€1,423
down €1,423 (-17.6%), from €8,095 to €6,671
- Financial charges -€272
down €272 (-14.5%), from €1,880 to €1,608
- Taxes +€113
new in 2025: €113
- Depreciation -€90
down €90 (-15.1%), from €598 to €507
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 | €682,603 | €603,270 | -€79,334 | -11.6% |
| Fixed assets | 21/28 | €316 | €776 | +€460 | +145.3% |
| Tangible fixed assets | 22/27 | €316 | €776 | +€460 | +145.3% |
| Furniture and vehicles | 24 | €316 | €776 | +€460 | +145.3% |
| Current assets | 29/58 | €682,287 | €602,494 | -€79,793 | -11.7% |
| Amounts receivable within one year | 40/41 | €2,697 | €3,594 | +€898 | +33.3% |
| Trade receivables | 40 | - | €27 | +€27 | |
| Other amounts receivable | 41 | €2,697 | €3,567 | +€870 | +32.3% |
| Current investments | 50/53 | - | €502,501 | +€502,501 | |
| Cash at bank and in hand | 54/58 | €677,721 | €96,215 | -€581,506 | -85.8% |
| Deferred charges and accrued income | 490/1 | €1,869 | €183 | -€1,686 | -90.2% |
| Total equity and liabilities | 10/49 | €682,603 | €603,270 | -€79,334 | -11.6% |
| Equity | 10/15 | €173,327 | €174,044 | +€717 | +0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €170,015 | €170,015 | = | 0.0% |
| Distributable reserves | 133 | €170,015 | €170,015 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,688 | -€971 | +€717 | +42.5% |
| Amounts payable | 17/49 | €509,276 | €429,226 | -€80,050 | -15.7% |
| Amounts payable after more than one year | 17 | €486,909 | €406,618 | -€80,291 | -16.5% |
| Financial debts | 170/4 | €91,817 | €71,526 | -€20,291 | -22.1% |
| Other amounts payable | 178/9 | €395,092 | €335,092 | -€60,000 | -15.2% |
| Amounts payable within one year | 42/48 | €21,673 | €22,443 | +€770 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €21,662 | €21,969 | +€307 | +1.4% |
| Trade debts | 44 | €12 | €474 | +€463 | +3998.7% |
| Suppliers | 440/4 | €12 | €474 | +€463 | +3998.7% |
| Accrued charges and deferred income | 492/3 | €694 | €165 | -€529 | -76.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €598 | €507 | -€90 | -15.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€1,725 | -€3,327 | -€1,602 | -92.9% |
| Operating profit (loss) | 9901 | -€2,710 | -€4,234 | -€1,524 | -56.3% |
| Financial income | 75/76B | €8,095 | €6,671 | -€1,423 | -17.6% |
| Recurring financial income | 75 | €8,095 | €6,671 | -€1,423 | -17.6% |
| Financial charges | 65/66B | €1,880 | €1,608 | -€272 | -14.5% |
| Recurring financial charges | 65 | €1,880 | €1,608 | -€272 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €3,505 | €829 | -€2,676 | -76.3% |
| Income taxes | 67/77 | - | €113 | +€113 | |
| Profit (loss) for the period | 9904 | €3,505 | €717 | -€2,788 | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,505 | €717 | -€2,788 | -79.6% |
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 6 October 2026 via checked.be.