STBW: 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.
STBW
Largest movements
- Tangible fixed assets -€29,496
down €29,496 (-12.7%), from €232,418 to €202,922
of which Furniture and vehicles: -€49,901
- Cash +€14,752
up €14,752 (+29.4%), from €50,142 to €64,894
mainly Net result for the year (+€129,900) and Depreciation (+€65,594)
- Receivables within one year +€7,642
up €7,642 (+6.1%), from €125,678 to €133,320
of which Other amounts receivable: +€7,692
- Reserves -€52,204
down €52,204 (-25.2%), from €207,388 to €155,184
of which Distributable reserves: -€52,204
- Other debts +€40,725
up €40,725 (+46.6%), from €87,464 to €128,189
- Trade debts +€8,282
up €8,282 (+23.9%), from €34,609 to €42,891
- Gross operating margin +€30,589
up €30,589 (+6.1%), from €503,425 to €534,015
- Staff costs -€18,944
down €18,944 (-5.4%), from €350,705 to €331,760
- Depreciation +€16,313
up €16,313 (+33.1%), from €49,280 to €65,594
- Taxes -€6,157
down €6,157 (-54.9%), from €11,213 to €5,056
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 | €426,664 | €421,425 | -€5,238 | -1.2% |
| Fixed assets | 21/28 | €234,864 | €204,261 | -€30,603 | -13.0% |
| Intangible fixed assets | 21 | €2,446 | €1,340 | -€1,106 | -45.2% |
| Tangible fixed assets | 22/27 | €232,418 | €202,922 | -€29,496 | -12.7% |
| Plant, machinery and equipment | 23 | €19,233 | €41,265 | +€22,032 | +115% |
| Furniture and vehicles | 24 | €194,830 | €144,929 | -€49,901 | -25.6% |
| Other tangible fixed assets | 26 | €18,356 | €16,728 | -€1,627 | -8.9% |
| Current assets | 29/58 | €191,800 | €217,164 | +€25,364 | +13.2% |
| Amounts receivable within one year | 40/41 | €125,678 | €133,320 | +€7,642 | +6.1% |
| Trade receivables | 40 | €125,127 | €125,078 | -€50 | 0.0% |
| Other amounts receivable | 41 | €551 | €8,242 | +€7,692 | +1,397% |
| Cash at bank and in hand | 54/58 | €50,142 | €64,894 | +€14,752 | +29.4% |
| Deferred charges and accrued income | 490/1 | €15,980 | €18,950 | +€2,970 | +18.6% |
| Total equity and liabilities | 10/49 | €426,664 | €421,425 | -€5,238 | -1.2% |
| Equity | 10/15 | €225,988 | €173,784 | -€52,204 | -23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,388 | €155,184 | -€52,204 | -25.2% |
| Tax-exempt reserves | 132 | €6,188 | €6,188 | = | 0.0% |
| Distributable reserves | 133 | €201,200 | €148,996 | -€52,204 | -25.9% |
| Amounts payable | 17/49 | €200,675 | €247,641 | +€46,966 | +23.4% |
| Amounts payable within one year | 42/48 | €200,675 | €247,641 | +€46,966 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €2,962 | - | -€2,962 | |
| Trade debts | 44 | €34,609 | €42,891 | +€8,282 | +23.9% |
| Suppliers | 440/4 | €34,609 | €42,891 | +€8,282 | +23.9% |
| Taxes, remuneration and social security | 45 | €75,639 | €76,562 | +€922 | +1.2% |
| Taxes | 450/3 | €26,034 | €26,805 | +€771 | +3.0% |
| Remuneration and social security | 454/9 | €49,606 | €49,756 | +€151 | +0.3% |
| Other amounts payable | 47/48 | €87,464 | €128,189 | +€40,725 | +46.6% |
| Remuneration, social security and pensions | 62 | €350,705 | €331,760 | -€18,944 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,280 | €65,594 | +€16,313 | +33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €180 | - | -€180 | |
| Other operating charges | 640/8 | €1,775 | €1,547 | -€229 | -12.9% |
| Gross operating margin | 9900 | €503,425 | €534,015 | +€30,589 | +6.1% |
| Operating profit (loss) | 9901 | €101,485 | €135,114 | +€33,628 | +33.1% |
| Financial income | 75/76B | €2,813 | €255 | -€2,558 | -90.9% |
| Recurring financial income | 75 | €877 | €255 | -€622 | -71.0% |
| Non-recurring financial income | 76B | €1,936 | - | -€1,936 | |
| Financial charges | 65/66B | €2,991 | €412 | -€2,579 | -86.2% |
| Recurring financial charges | 65 | €2,991 | €412 | -€2,579 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €101,307 | €134,956 | +€33,649 | +33.2% |
| Income taxes | 67/77 | €11,213 | €5,056 | -€6,157 | -54.9% |
| Profit (loss) for the period | 9904 | €90,094 | €129,900 | +€39,806 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,094 | €129,900 | +€39,806 | +44.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.