STECON: 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.
STECON
Largest movements
- Current investments +€846,406
up €846,406 (+24.9%), from €3.4m to €4.2m
- Cash -€640,152
down €640,152 (-76.9%), from €832,572 to €192,420
mainly Contributions, distributions and other (-€930,011) and Current investments (-€846,406)
- Other debts +€916,960
up €916,960 (+68.0%), from €1.3m to €2.3m
- Reserves -€475,550
down €475,550 (-10.4%), from €4.6m to €4.1m
of which Distributable reserves: -€475,550
- Tax, wage and social debts -€180,907
down €180,907 (-95.3%), from €189,876 to €8,969
of which Taxes: -€180,793
- Accrued charges and deferred income +€69,254
up €69,254 (+127.4%), from €54,373 to €123,627
- Financial income -€1.4m
down €1.4m (-71.1%), from €2.0m to €573,329
of which Non-recurring financial income: -€1.1m
- Taxes -€123,624
down €123,624 (-73.1%), from €169,137 to €45,513
- Staff costs -€94,203
down €94,203 (-99.9%), from €94,260 to €57
- Financial charges +€55,655
up €55,655 (+50.9%), from €109,395 to €165,050
- Gross operating margin +€22,954
up €22,954 (+11.2%), from €204,606 to €227,560
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 | €6,678,950 | €6,891,364 | +€212,414 | +3.2% |
| Fixed assets | 21/28 | €2,422,803 | €2,380,059 | -€42,744 | -1.8% |
| Tangible fixed assets | 22/27 | €2,422,803 | €2,380,059 | -€42,744 | -1.8% |
| Land and buildings | 22 | €2,414,164 | €2,338,166 | -€75,997 | -3.1% |
| Furniture and vehicles | 24 | €8,639 | €41,892 | +€33,253 | +384.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,256,147 | €4,511,305 | +€255,158 | +6.0% |
| Amounts receivable within one year | 40/41 | €22,877 | €71,781 | +€48,904 | +213.8% |
| Trade receivables | 40 | €22,877 | €59,693 | +€36,816 | +160.9% |
| Other amounts receivable | 41 | €0 | €12,088 | +€12,088 | |
| Current investments | 50/53 | €3,393,848 | €4,240,254 | +€846,406 | +24.9% |
| Cash at bank and in hand | 54/58 | €832,572 | €192,420 | -€640,152 | -76.9% |
| Deferred charges and accrued income | 490/1 | €6,851 | €6,851 | = | 0.0% |
| Total equity and liabilities | 10/49 | €6,678,950 | €6,891,364 | +€212,414 | +3.2% |
| Equity | 10/15 | €4,673,010 | €4,197,460 | -€475,550 | -10.2% |
| Contributions | 10/11 | €87,589 | €87,589 | = | 0.0% |
| Capital | 10 | €87,589 | €87,589 | = | 0.0% |
| Issued capital | 100 | €87,589 | €87,589 | = | 0.0% |
| Reserves | 13 | €4,585,420 | €4,109,870 | -€475,550 | -10.4% |
| Non-distributable reserves | 130/1 | €48,076 | €48,076 | = | 0.0% |
| Legal reserve | 130 | €48,076 | €48,076 | = | 0.0% |
| Distributable reserves | 133 | €4,537,344 | €4,061,794 | -€475,550 | -10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,005,941 | €2,693,904 | +€687,963 | +34.3% |
| Amounts payable after more than one year | 17 | €270,308 | €212,684 | -€57,625 | -21.3% |
| Financial debts | 170/4 | €270,308 | €212,684 | -€57,625 | -21.3% |
| Amounts payable within one year | 42/48 | €1,681,260 | €2,357,594 | +€676,334 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €116,480 | €57,625 | -€58,856 | -50.5% |
| Trade debts | 44 | €25,349 | €24,356 | -€993 | -3.9% |
| Suppliers | 440/4 | €25,349 | €24,356 | -€993 | -3.9% |
| Advances received on contracts in progress | 46 | €776 | €906 | +€130 | +16.7% |
| Taxes, remuneration and social security | 45 | €189,876 | €8,969 | -€180,907 | -95.3% |
| Taxes | 450/3 | €189,762 | €8,969 | -€180,793 | -95.3% |
| Remuneration and social security | 454/9 | €114 | €0 | -€114 | -100.0% |
| Other amounts payable | 47/48 | €1,348,778 | €2,265,738 | +€916,960 | +68.0% |
| Accrued charges and deferred income | 492/3 | €54,373 | €123,627 | +€69,254 | +127.4% |
| Non-recurring operating income | 76A | €8,594 | €0 | -€8,594 | -100.0% |
| Remuneration, social security and pensions | 62 | €94,260 | €57 | -€94,203 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,846 | €111,824 | +€11,978 | +12.0% |
| Other operating charges | 640/8 | €23,501 | €23,984 | +€484 | +2.1% |
| Non-recurring operating charges | 66A | €2,275 | €0 | -€2,275 | -100.0% |
| Gross operating margin | 9900 | €204,606 | €227,560 | +€22,954 | +11.2% |
| Operating profit (loss) | 9901 | -€15,276 | €91,695 | +€106,971 | |
| Financial income | 75/76B | €1,980,763 | €573,329 | -€1.4m | -71.1% |
| Recurring financial income | 75 | €472,972 | €192,529 | -€280,443 | -59.3% |
| Non-recurring financial income | 76B | €1,507,791 | €380,800 | -€1.1m | -74.7% |
| Financial charges | 65/66B | €109,395 | €165,050 | +€55,655 | +50.9% |
| Recurring financial charges | 65 | €109,395 | €165,050 | +€55,655 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €1,856,092 | €499,974 | -€1.4m | -73.1% |
| Income taxes | 67/77 | €169,137 | €45,513 | -€123,624 | -73.1% |
| Profit (loss) for the period | 9904 | €1,686,955 | €454,461 | -€1.2m | -73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,686,955 | €454,461 | -€1.2m | -73.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.