STB: 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.
STB
Largest movements
- Tangible fixed assets -€19,058
down €19,058 (-4.5%), from €426,026 to €406,968
of which Land and buildings: -€17,460
- Debts after one year -€48,147
down €48,147 (-23.2%), from €207,755 to €159,608
of which Financial debts: -€43,643
- Reserves +€31,886
up €31,886 (+21.6%), from €147,464 to €179,350
of which Distributable reserves: +€31,886
- Short-term financial debts +€11,000
new in 2025: €11,000
- Trade debts -€10,413
down €10,413 (-62.0%), from €16,798 to €6,385
- Gross operating margin +€36,822
up €36,822 (+77.9%), from €47,293 to €84,115
- Depreciation -€28,259
down €28,259 (-58.2%), from €48,516 to €20,257
- Financial charges +€10,486
up €10,486 (+84.2%), from €12,450 to €22,936
- Other operating charges -€7,792
down €7,792 (-79.8%), from €9,767 to €1,975
- Taxes +€6,786
up €6,786 (+2465.8%), from €275 to €7,061
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 | €436,302 | €416,353 | -€19,950 | -4.6% |
| Fixed assets | 21/28 | €426,026 | €406,968 | -€19,058 | -4.5% |
| Tangible fixed assets | 22/27 | €426,026 | €406,968 | -€19,058 | -4.5% |
| Land and buildings | 22 | €341,163 | €323,703 | -€17,460 | -5.1% |
| Plant, machinery and equipment | 23 | €1,573 | €691 | -€882 | -56.1% |
| Furniture and vehicles | 24 | €83,290 | €82,574 | -€717 | -0.9% |
| Current assets | 29/58 | €10,276 | €9,385 | -€891 | -8.7% |
| Amounts receivable within one year | 40/41 | €8,512 | €4,636 | -€3,876 | -45.5% |
| Trade receivables | 40 | €7,620 | - | -€7,620 | |
| Other amounts receivable | 41 | €892 | €4,636 | +€3,744 | +419.6% |
| Cash at bank and in hand | 54/58 | €1,764 | €4,643 | +€2,879 | +163.2% |
| Deferred charges and accrued income | 490/1 | - | €106 | +€106 | |
| Total equity and liabilities | 10/49 | €436,302 | €416,353 | -€19,950 | -4.6% |
| Equity | 10/15 | €159,864 | €191,750 | +€31,886 | +19.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €147,464 | €179,350 | +€31,886 | +21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €145,604 | €177,490 | +€31,886 | +21.9% |
| Amounts payable | 17/49 | €276,439 | €224,603 | -€51,836 | -18.8% |
| Amounts payable after more than one year | 17 | €207,755 | €159,608 | -€48,147 | -23.2% |
| Financial debts | 170/4 | €198,773 | €155,130 | -€43,643 | -22.0% |
| Other amounts payable | 178/9 | €8,982 | €4,478 | -€4,504 | -50.1% |
| Amounts payable within one year | 42/48 | €68,683 | €64,995 | -€3,689 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €46,798 | €43,643 | -€3,155 | -6.7% |
| Financial debts | 43 | - | €11,000 | +€11,000 | |
| Credit institutions | 430/8 | - | €11,000 | +€11,000 | |
| Trade debts | 44 | €16,798 | €6,385 | -€10,413 | -62.0% |
| Suppliers | 440/4 | €16,798 | €6,385 | -€10,413 | -62.0% |
| Taxes, remuneration and social security | 45 | €5,087 | €3,966 | -€1,121 | -22.0% |
| Taxes | 450/3 | €3,187 | €2,066 | -€1,121 | -35.2% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,516 | €20,257 | -€28,259 | -58.2% |
| Other operating charges | 640/8 | €9,767 | €1,975 | -€7,792 | -79.8% |
| Gross operating margin | 9900 | €47,293 | €84,115 | +€36,822 | +77.9% |
| Operating profit (loss) | 9901 | -€10,990 | €61,883 | +€72,873 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €12,450 | €22,936 | +€10,486 | +84.2% |
| Recurring financial charges | 65 | €12,450 | €22,936 | +€10,486 | +84.2% |
| Profit (loss) for the period before taxes | 9903 | -€23,439 | €38,948 | +€62,387 | |
| Income taxes | 67/77 | €275 | €7,061 | +€6,786 | +2465.8% |
| Profit (loss) for the period | 9904 | -€23,714 | €31,886 | +€55,601 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,714 | €31,886 | +€55,601 |
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 8 October 2026 via checked.be.