STEDI: 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.
What changed
STEDI
NACE 64.210, Activities of holding companies
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
-€499,735
31-12-2024 · €252,287-€752,021
Equity
€14.5m
31-12-2024 · €15.0m-€499,735
Cash
€731,652
31-12-2024 · €3.4m-€2.6m
Balance sheet total
€22.9m
31-12-2024 · €25.3m-€2.3m
Largest movements
Assets
- Current investments -€4.0m
down €4.0m (-100.0%), from €4.0m to €0
- Receivables within one year +€3.8m
up €3.8m (+409.4%), from €934,731 to €4.8m
of which Other amounts receivable: +€3.9m
- Cash -€2.6m
down €2.6m (-78.2%), from €3.4m to €731,652
mainly Other debts (-€7.6m) and Receivables within one year (-€3.8m)
- Intangible fixed assets +€307,716
up €307,716 (+50.9%), from €604,290 to €912,006
Equity and liabilities
- Other debts -€7.6m
down €7.6m (-82.1%), from €9.2m to €1.7m
- Short-term financial debts +€5.5m
up €5.5m, from €0 to €5.5m
- Profit (loss) carried forward -€499,735
down €499,735 (-7.0%), from €7.1m to €6.6m
- Trade debts +€261,369
up €261,369 (+153.7%), from €170,027 to €431,396
Income statement
- Services and other goods +€1.3m
up €1.3m (+195.2%), from €664,865 to €2.0m
- Turnover +€999,692
up €999,692 (+65.8%), from €1.5m to €2.5m
- Staff costs +€682,411
up €682,411 (+148.9%), from €458,246 to €1.1m
- Financial income +€155,676
up €155,676 (+161.2%), from €96,559 to €252,235
of which Non-recurring financial income: +€189,470
- Depreciation +€124,707
up €124,707 (+186.0%), from €67,056 to €191,763
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€252,287
Turnover
+€999,692
Other operating income
+€114,244
Services and other goods
-€1.3m
Staff costs
-€682,411
Depreciation
-€124,707
Other operating charges
-€137
Other operating items
-€3,306
Financial income
+€155,676
Financial charges
-€10,518
Taxes
+€97,316
Result 31-12-2025
-€499,735
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€11.6m
Investment
+€3.5m
Financing
+€5.5m
Cash 31-12-2024
€3.4m
From operations (derived)
-€11.6m
Net result for the year
-€499,735
Depreciation
+€191,763
Receivables after one year
-€63,990
Receivables within one year
-€3.8m
Deferred charges and accrued income
-€79,252
Trade debts
+€261,369
Tax, wage and social debts
+€5,778
Other debts
-€7.6m
Accrued charges and deferred income
-€27,963
Investment (derived)
+€3.5m
Investment in fixed assets (net)
-€507,653
Current investments
+€4.0m
Financing
+€5.5m
Short-term financial debts
+€5.5m
Cash 31-12-2025
€731,652
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,282,435 | €22,947,358 | -€2.3m | -9.2% |
| Fixed assets | 21/28 | €16,985,976 | €17,301,866 | +€315,890 | +1.9% |
| Intangible fixed assets | 21 | €604,290 | €912,006 | +€307,716 | +50.9% |
| Tangible fixed assets | 22/27 | €58,883 | €69,557 | +€10,674 | +18.1% |
| Furniture and vehicles | 24 | - | €10,737 | +€10,737 | |
| Assets under construction and advance payments | 27 | €58,883 | €58,820 | -€63 | -0.1% |
| Financial fixed assets | 28 | €16,322,803 | €16,320,303 | -€2,500 | 0.0% |
| Affiliated companies | 280/1 | €16,322,803 | €16,320,303 | -€2,500 | 0.0% |
| Participating interests | 280 | €16,322,803 | €16,320,303 | -€2,500 | 0.0% |
| Current assets | 29/58 | €8,296,458 | €5,645,492 | -€2.7m | -32.0% |
| Amounts receivable after more than one year | 29 | - | €63,990 | +€63,990 | |
| Other amounts receivable | 291 | - | €63,990 | +€63,990 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €934,731 | €4,761,702 | +€3.8m | +409.4% |
| Trade receivables | 40 | €444,036 | €399,654 | -€44,383 | -10.0% |
| Other amounts receivable | 41 | €490,694 | €4,362,049 | +€3.9m | +789.0% |
| Current investments | 50/53 | €4,000,000 | €0 | -€4.0m | -100.0% |
| Other investments | 51/53 | €4,000,000 | €0 | -€4.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €3,352,833 | €731,652 | -€2.6m | -78.2% |
| Deferred charges and accrued income | 490/1 | €8,895 | €88,147 | +€79,252 | +891.0% |
| Total equity and liabilities | 10/49 | €25,282,435 | €22,947,358 | -€2.3m | -9.2% |
| Equity | 10/15 | €15,010,140 | €14,510,405 | -€499,735 | -3.3% |
| Contributions | 10/11 | €7,168,905 | €7,168,905 | = | 0.0% |
| Reserves | 13 | €716,891 | €716,891 | = | 0.0% |
| Distributable reserves | 133 | €716,891 | €716,891 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,124,344 | €6,624,609 | -€499,735 | -7.0% |
| Provisions and deferred taxes | 16 | €570,781 | €570,781 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €570,781 | €570,781 | = | 0.0% |
| Other liabilities and charges | 164/5 | €570,781 | €570,781 | = | 0.0% |
| Amounts payable | 17/49 | €9,701,514 | €7,866,171 | -€1.8m | -18.9% |
| Amounts payable within one year | 42/48 | €9,669,836 | €7,862,456 | -€1.8m | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | €5,500,000 | +€5.5m | |
| Credit institutions | 430/8 | €0 | €5,500,000 | +€5.5m | |
| Trade debts | 44 | €170,027 | €431,396 | +€261,369 | +153.7% |
| Suppliers | 440/4 | €170,027 | €431,396 | +€261,369 | +153.7% |
| Taxes, remuneration and social security | 45 | €269,921 | €275,699 | +€5,778 | +2.1% |
| Taxes | 450/3 | €103,755 | €71,107 | -€32,648 | -31.5% |
| Remuneration and social security | 454/9 | €166,166 | €204,591 | +€38,426 | +23.1% |
| Other amounts payable | 47/48 | €9,229,888 | €1,655,362 | -€7.6m | -82.1% |
| Accrued charges and deferred income | 492/3 | €31,678 | €3,715 | -€27,963 | -88.3% |
| Operating income | 70/76A | €1,556,503 | €2,667,133 | +€1.1m | +71.4% |
| Turnover | 70 | €1,519,287 | €2,518,979 | +€999,692 | +65.8% |
| Other operating income | 74 | €33,910 | €148,154 | +€114,244 | +336.9% |
| Non-recurring operating income | 76A | €3,306 | €0 | -€3,306 | -100.0% |
| Operating charges | 60/66A | €1,191,562 | €3,296,687 | +€2.1m | +176.7% |
| Services and other goods | 61 | €664,865 | €1,962,736 | +€1.3m | +195.2% |
| Remuneration, social security and pensions | 62 | €458,246 | €1,140,657 | +€682,411 | +148.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,056 | €191,763 | +€124,707 | +186.0% |
| Other operating charges | 640/8 | €1,394 | €1,531 | +€137 | +9.9% |
| Operating profit (loss) | 9901 | €364,941 | -€629,554 | -€994,495 | |
| Financial income | 75/76B | €96,559 | €252,235 | +€155,676 | +161.2% |
| Recurring financial income | 75 | €96,559 | €62,765 | -€33,794 | -35.0% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €94,489 | €62,327 | -€32,162 | -34.0% |
| Other financial income | 752/9 | €2,070 | €438 | -€1,632 | -78.8% |
| Non-recurring financial income | 76B | €0 | €189,470 | +€189,470 | |
| Financial charges | 65/66B | €111,629 | €122,147 | +€10,518 | +9.4% |
| Recurring financial charges | 65 | €111,629 | €122,147 | +€10,518 | +9.4% |
| Debt charges | 650 | €106,492 | €112,945 | +€6,453 | +6.1% |
| Other financial charges | 652/9 | €5,137 | €9,202 | +€4,065 | +79.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €349,872 | -€499,465 | -€849,337 | |
| Income taxes | 67/77 | €97,585 | €269 | -€97,316 | -99.7% |
| Taxes | 670/3 | €98,314 | €2,012 | -€96,302 | -98.0% |
| Tax adjustments and reversals of tax provisions | 77 | €729 | €1,743 | +€1,014 | +139.2% |
| Profit (loss) for the period | 9904 | €252,287 | -€499,735 | -€752,021 | |
| Profit (loss) for the period to be appropriated | 9905 | €252,287 | -€499,735 | -€752,021 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.