STEDEC M: 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.
STEDEC M
Largest movements
- Cash -€12,167
down €12,167 (-87.6%), from €13,885 to €1,719
mainly Other debts (-€31,559) and Receivables within one year (-€2,740)
- Deferred charges and accrued income -€4,326
down €4,326 (-19.5%), from €22,222 to €17,896
- Receivables within one year +€2,740
up €2,740 (+10.6%), from €25,869 to €28,609
of which Trade receivables: +€12,100
- Other debts -€31,559
down €31,559 (-67.6%), from €46,716 to €15,158
- Reserves +€17,144
up €17,144 (+456%), from €3,758 to €20,901
- Gross operating margin -€2,938
down €2,938 (-9.7%), from €30,377 to €27,439
- Financial charges +€1,458
up €1,458 (+103%), from €1,416 to €2,875
- Financial income -€820
down €820 (-49.1%), from €1,668 to €848
- Other operating charges -€713
down €713 (-47.6%), from €1,497 to €784
- Taxes -€511
down €511 (-6.6%), from €7,700 to €7,189
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 | €63,131 | €49,082 | -€14,049 | -22.3% |
| Fixed assets | 21/28 | €1,155 | €858 | -€297 | -25.7% |
| Tangible fixed assets | 22/27 | €1,155 | €858 | -€297 | -25.7% |
| Plant, machinery and equipment | 23 | €1,155 | €858 | -€297 | -25.7% |
| Current assets | 29/58 | €61,976 | €48,224 | -€13,752 | -22.2% |
| Amounts receivable within one year | 40/41 | €25,869 | €28,609 | +€2,740 | +10.6% |
| Trade receivables | 40 | €0 | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €25,869 | €16,509 | -€9,360 | -36.2% |
| Cash at bank and in hand | 54/58 | €13,885 | €1,719 | -€12,167 | -87.6% |
| Deferred charges and accrued income | 490/1 | €22,222 | €17,896 | -€4,326 | -19.5% |
| Total equity and liabilities | 10/49 | €63,131 | €49,082 | -€14,049 | -22.3% |
| Equity | 10/15 | €8,758 | €25,901 | +€17,144 | +196% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €3,758 | €20,901 | +€17,144 | +456% |
| Distributable reserves | 133 | €3,758 | €20,901 | +€17,144 | +456% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,373 | €23,181 | -€31,192 | -57.4% |
| Amounts payable within one year | 42/48 | €54,373 | €23,181 | -€31,192 | -57.4% |
| Trade debts | 44 | €783 | €1,157 | +€374 | +47.8% |
| Suppliers | 440/4 | €783 | €1,157 | +€374 | +47.8% |
| Taxes, remuneration and social security | 45 | €6,874 | €6,866 | -€8 | -0.1% |
| Taxes | 450/3 | €6,874 | €6,866 | -€8 | -0.1% |
| Other amounts payable | 47/48 | €46,716 | €15,158 | -€31,559 | -67.6% |
| Non-recurring operating income | 76A | €776 | €0 | -€776 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297 | €297 | = | 0.0% |
| Other operating charges | 640/8 | €1,497 | €784 | -€713 | -47.6% |
| Gross operating margin | 9900 | €30,377 | €27,439 | -€2,938 | -9.7% |
| Operating profit (loss) | 9901 | €28,584 | €26,359 | -€2,225 | -7.8% |
| Financial income | 75/76B | €1,668 | €848 | -€820 | -49.1% |
| Recurring financial income | 75 | €1,668 | €848 | -€820 | -49.1% |
| Financial charges | 65/66B | €1,416 | €2,875 | +€1,458 | +103% |
| Recurring financial charges | 65 | €1,416 | €2,875 | +€1,458 | +103% |
| Profit (loss) for the period before taxes | 9903 | €28,835 | €24,333 | -€4,503 | -15.6% |
| Income taxes | 67/77 | €7,700 | €7,189 | -€511 | -6.6% |
| Profit (loss) for the period | 9904 | €21,135 | €17,144 | -€3,992 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,135 | €17,144 | -€3,992 | -18.9% |
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 25 October 2026 via checked.be.