StAx: what changed
StAx
Largest movements
- Cash -€133,835
down €133,835 (-78.4%), from €170,803 to €36,968
mainly Contributions, distributions and other (-€300,500) and Debts after one year (-€35,520)
- Tangible fixed assets -€36,216
down €36,216 (-6.6%), from €549,986 to €513,770
of which Furniture and vehicles: -€24,004
- Current investments +€10,852
up €10,852 (+24.4%), from €44,395 to €55,247
- Reserves -€201,982
down €201,982 (-51.6%), from €391,411 to €189,429
of which Distributable reserves: -€201,982
- Other debts +€75,218
up €75,218 (+13,629%), from €552 to €75,770
- Debts after one year -€35,520
down €35,520 (-10.9%), from €324,933 to €289,413
of which Financial debts: -€36,813
- Depreciation -€52,839
down €52,839 (-58.3%), from €90,596 to €37,757
- Gross operating margin +€30,328
up €30,328 (+20.6%), from €147,247 to €177,575
- Taxes +€18,307
up €18,307 (+178%), from €10,278 to €28,585
- Financial income -€10,638
down €10,638 (-91.8%), from €11,583 to €945
- Financial charges +€1,890
up €1,890 (+20.3%), from €9,320 to €11,209
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €800,102 | €635,619 | -€164,483 | -20.6% |
| Fixed assets | 21/28 | €552,338 | €514,581 | -€37,757 | -6.8% |
| Intangible fixed assets | 21 | €2,352 | €811 | -€1,541 | -65.5% |
| Tangible fixed assets | 22/27 | €549,986 | €513,770 | -€36,216 | -6.6% |
| Land and buildings | 22 | €429,050 | €419,396 | -€9,654 | -2.3% |
| Plant, machinery and equipment | 23 | €745 | €409 | -€336 | -45.1% |
| Furniture and vehicles | 24 | €99,413 | €75,410 | -€24,004 | -24.1% |
| Other tangible fixed assets | 26 | €20,778 | €18,556 | -€2,222 | -10.7% |
| Current assets | 29/58 | €247,764 | €121,038 | -€126,726 | -51.1% |
| Amounts receivable within one year | 40/41 | €27,925 | €22,296 | -€5,629 | -20.2% |
| Trade receivables | 40 | €21,925 | €22,296 | +€371 | +1.7% |
| Other amounts receivable | 41 | €6,000 | €0 | -€6,000 | -100% |
| Current investments | 50/53 | €44,395 | €55,247 | +€10,852 | +24.4% |
| Cash at bank and in hand | 54/58 | €170,803 | €36,968 | -€133,835 | -78.4% |
| Deferred charges and accrued income | 490/1 | €4,641 | €6,528 | +€1,886 | +40.6% |
| Total equity and liabilities | 10/49 | €800,102 | €635,619 | -€164,483 | -20.6% |
| Equity | 10/15 | €410,011 | €208,029 | -€201,982 | -49.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,411 | €189,429 | -€201,982 | -51.6% |
| Tax-exempt reserves | 132 | €19,356 | €19,356 | = | 0.0% |
| Distributable reserves | 133 | €372,055 | €170,073 | -€201,982 | -54.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €390,091 | €427,590 | +€37,499 | +9.6% |
| Amounts payable after more than one year | 17 | €324,933 | €289,413 | -€35,520 | -10.9% |
| Financial debts | 170/4 | €320,764 | €283,951 | -€36,813 | -11.5% |
| Other amounts payable | 178/9 | €4,169 | €5,462 | +€1,293 | +31.0% |
| Amounts payable within one year | 42/48 | €64,082 | €137,230 | +€73,147 | +114% |
| Current portion of amounts payable after more than one year | 42 | €35,934 | €37,743 | +€1,809 | +5.0% |
| Trade debts | 44 | €1,282 | €2,939 | +€1,656 | +129% |
| Suppliers | 440/4 | €1,282 | €2,939 | +€1,656 | +129% |
| Taxes, remuneration and social security | 45 | €26,314 | €20,778 | -€5,536 | -21.0% |
| Taxes | 450/3 | €24,439 | €18,903 | -€5,536 | -22.7% |
| Remuneration and social security | 454/9 | €1,875 | €1,875 | = | 0.0% |
| Other amounts payable | 47/48 | €552 | €75,770 | +€75,218 | +13,629% |
| Accrued charges and deferred income | 492/3 | €1,076 | €948 | -€128 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,596 | €37,757 | -€52,839 | -58.3% |
| Other operating charges | 640/8 | €2,119 | €2,451 | +€332 | +15.7% |
| Gross operating margin | 9900 | €147,247 | €177,575 | +€30,328 | +20.6% |
| Operating profit (loss) | 9901 | €54,532 | €137,367 | +€82,836 | +152% |
| Financial income | 75/76B | €11,583 | €945 | -€10,638 | -91.8% |
| Recurring financial income | 75 | €11,583 | €945 | -€10,638 | -91.8% |
| Financial charges | 65/66B | €9,320 | €11,209 | +€1,890 | +20.3% |
| Recurring financial charges | 65 | €9,320 | €11,209 | +€1,890 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €56,795 | €127,103 | +€70,308 | +124% |
| Income taxes | 67/77 | €10,278 | €28,585 | +€18,307 | +178% |
| Profit (loss) for the period | 9904 | €46,517 | €98,518 | +€52,001 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €46,517 | €98,518 | +€52,001 | +112% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.