STB-A.R.T.: 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.
STB-A.R.T.
Largest movements
- Receivables within one year +€105,945
up €105,945 (+122%), from €86,573 to €192,518
of which Trade receivables: +€139,345
- Stocks and contracts -€75,000
down €75,000 (-18.3%), from €408,954 to €333,954
- Tangible fixed assets -€7,800
down €7,800 (-25.8%), from €30,214 to €22,414
of which Plant, machinery and equipment: -€5,300
- Other debts +€382,537
new in 2025: €382,537
- Reserves -€317,530
down €317,530 (-77.9%), from €407,432 to €89,902
- Short-term financial debts -€27,049
no longer reported in 2025 (was €27,049)
- Tax, wage and social debts -€9,614
down €9,614 (-8.8%), from €109,044 to €99,430
of which Remuneration and social security: -€18,258
- Trade debts -€8,768
down €8,768 (-9.0%), from €97,205 to €88,437
- Gross operating margin -€153,516
down €153,516 (-35.7%), from €430,277 to €276,761
- Staff costs -€32,662
down €32,662 (-19.8%), from €164,965 to €132,303
- Taxes -€16,901
down €16,901 (-31.1%), from €54,345 to €37,444
- Other operating charges +€9,916
up €9,916 (+609%), from €1,629 to €11,545
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 | €659,330 | €678,906 | +€19,576 | +3.0% |
| Fixed assets | 21/28 | €30,214 | €22,414 | -€7,800 | -25.8% |
| Tangible fixed assets | 22/27 | €30,214 | €22,414 | -€7,800 | -25.8% |
| Plant, machinery and equipment | 23 | €21,201 | €15,901 | -€5,300 | -25.0% |
| Furniture and vehicles | 24 | €9,013 | €6,513 | -€2,500 | -27.7% |
| Current assets | 29/58 | €629,116 | €656,492 | +€27,376 | +4.4% |
| Stocks and contracts in progress | 3 | €408,954 | €333,954 | -€75,000 | -18.3% |
| Stocks | 30/36 | €408,954 | €333,954 | -€75,000 | -18.3% |
| Amounts receivable within one year | 40/41 | €86,573 | €192,518 | +€105,945 | +122% |
| Trade receivables | 40 | €33,039 | €172,384 | +€139,345 | +422% |
| Other amounts receivable | 41 | €53,534 | €20,134 | -€33,400 | -62.4% |
| Cash at bank and in hand | 54/58 | €133,589 | €130,020 | -€3,569 | -2.7% |
| Total equity and liabilities | 10/49 | €659,330 | €678,906 | +€19,576 | +3.0% |
| Equity | 10/15 | €426,032 | €108,502 | -€317,530 | -74.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €407,432 | €89,902 | -€317,530 | -77.9% |
| Distributable reserves | 133 | €407,432 | €89,902 | -€317,530 | -77.9% |
| Amounts payable | 17/49 | €233,298 | €570,404 | +€337,106 | +144% |
| Amounts payable within one year | 42/48 | €233,298 | €570,404 | +€337,106 | +144% |
| Financial debts | 43 | €27,049 | - | -€27,049 | |
| Credit institutions | 430/8 | €27,049 | - | -€27,049 | |
| Trade debts | 44 | €97,205 | €88,437 | -€8,768 | -9.0% |
| Suppliers | 440/4 | €97,205 | €88,437 | -€8,768 | -9.0% |
| Taxes, remuneration and social security | 45 | €109,044 | €99,430 | -€9,614 | -8.8% |
| Taxes | 450/3 | €87,625 | €96,269 | +€8,644 | +9.9% |
| Remuneration and social security | 454/9 | €21,419 | €3,161 | -€18,258 | -85.2% |
| Other amounts payable | 47/48 | - | €382,537 | +€382,537 | |
| Remuneration, social security and pensions | 62 | €164,965 | €132,303 | -€32,662 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,800 | €7,800 | = | 0.0% |
| Other operating charges | 640/8 | €1,629 | €11,545 | +€9,916 | +609% |
| Gross operating margin | 9900 | €430,277 | €276,761 | -€153,516 | -35.7% |
| Operating profit (loss) | 9901 | €255,883 | €125,113 | -€130,770 | -51.1% |
| Financial income | 75/76B | €8,099 | €7,199 | -€900 | -11.1% |
| Recurring financial income | 75 | €8,099 | €7,199 | -€900 | -11.1% |
| Financial charges | 65/66B | €8,061 | €5,399 | -€2,662 | -33.0% |
| Recurring financial charges | 65 | €8,061 | €5,399 | -€2,662 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €255,921 | €126,913 | -€129,008 | -50.4% |
| Income taxes | 67/77 | €54,345 | €37,444 | -€16,901 | -31.1% |
| Profit (loss) for the period | 9904 | €201,576 | €89,469 | -€112,107 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €201,576 | €89,469 | -€112,107 | -55.6% |
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 29 October 2026 via checked.be.