STeC: 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.
STeC
Largest movements
- Current investments +€198,348
new in 2025: €198,348
- Cash -€131,487
down €131,487 (-99.4%), from €132,275 to €788
mainly Current investments (-€198,348) and Receivables within one year (-€9,590)
- Tangible fixed assets -€20,173
down €20,173 (-29.2%), from €69,050 to €48,877
- Receivables within one year +€9,590
up €9,590 (+8.7%), from €110,250 to €119,840
of which Other amounts receivable: +€16,850
- Reserves +€25,368
up €25,368 (+3.9%), from €651,869 to €677,237
of which Distributable reserves: +€25,368
- Other debts +€19,958
up €19,958 (+9.7%), from €204,820 to €224,778
- Financial charges +€32,865
up €32,865 (+18,053%), from €182 to €33,047
- Taxes -€7,650
down €7,650 (-52.2%), from €14,650 to €7,000
- Gross operating margin -€5,495
down €5,495 (-6.0%), from €91,136 to €85,641
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 | €886,506 | €939,787 | +€53,281 | +6.0% |
| Fixed assets | 21/28 | €639,050 | €618,877 | -€20,173 | -3.2% |
| Tangible fixed assets | 22/27 | €69,050 | €48,877 | -€20,173 | -29.2% |
| Furniture and vehicles | 24 | €69,050 | €48,877 | -€20,173 | -29.2% |
| Financial fixed assets | 28 | €570,000 | €570,000 | = | 0.0% |
| Current assets | 29/58 | €247,456 | €320,910 | +€73,454 | +29.7% |
| Amounts receivable within one year | 40/41 | €110,250 | €119,840 | +€9,590 | +8.7% |
| Trade receivables | 40 | €101,640 | €94,380 | -€7,260 | -7.1% |
| Other amounts receivable | 41 | €8,610 | €25,460 | +€16,850 | +196% |
| Current investments | 50/53 | - | €198,348 | +€198,348 | |
| Cash at bank and in hand | 54/58 | €132,275 | €788 | -€131,487 | -99.4% |
| Deferred charges and accrued income | 490/1 | €4,931 | €1,934 | -€2,997 | -60.8% |
| Total equity and liabilities | 10/49 | €886,506 | €939,787 | +€53,281 | +6.0% |
| Equity | 10/15 | €661,869 | €687,237 | +€25,368 | +3.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €651,869 | €677,237 | +€25,368 | +3.9% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €650,869 | €676,237 | +€25,368 | +3.9% |
| Amounts payable | 17/49 | €224,637 | €252,550 | +€27,913 | +12.4% |
| Amounts payable within one year | 42/48 | €223,962 | €252,550 | +€28,588 | +12.8% |
| Trade debts | 44 | €1,064 | €711 | -€353 | -33.2% |
| Suppliers | 440/4 | €1,064 | €711 | -€353 | -33.2% |
| Taxes, remuneration and social security | 45 | €18,078 | €27,061 | +€8,983 | +49.7% |
| Taxes | 450/3 | €18,078 | €27,061 | +€8,983 | +49.7% |
| Other amounts payable | 47/48 | €204,820 | €224,778 | +€19,958 | +9.7% |
| Accrued charges and deferred income | 492/3 | €675 | €0 | -€675 | -100% |
| Non-recurring operating income | 76A | - | €124 | +€124 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,736 | €20,149 | -€588 | -2.8% |
| Other operating charges | 640/8 | €952 | €1,039 | +€87 | +9.1% |
| Non-recurring operating charges | 66A | - | €25 | +€25 | |
| Gross operating margin | 9900 | €91,136 | €85,641 | -€5,495 | -6.0% |
| Operating profit (loss) | 9901 | €69,447 | €64,428 | -€5,018 | -7.2% |
| Financial income | 75/76B | €457 | €987 | +€530 | +116% |
| Recurring financial income | 75 | €457 | €987 | +€530 | +116% |
| Financial charges | 65/66B | €182 | €33,047 | +€32,865 | +18,053% |
| Recurring financial charges | 65 | €182 | €33,047 | +€32,865 | +18,053% |
| Profit (loss) for the period before taxes | 9903 | €69,722 | €32,368 | -€37,353 | -53.6% |
| Income taxes | 67/77 | €14,650 | €7,000 | -€7,650 | -52.2% |
| Profit (loss) for the period | 9904 | €55,072 | €25,368 | -€29,704 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,072 | €25,368 | -€29,704 | -53.9% |
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 18 October 2026 via checked.be.