STEDI PROJECTS: 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.
STEDI PROJECTS
Largest movements
- Financial fixed assets +€335,132
new in 2025: €335,132
- Receivables within one year -€228,089
down €228,089 (-63.8%), from €357,648 to €129,559
of which Other amounts receivable: -€196,027
- Tangible fixed assets -€130,144
down €130,144 (-8.0%), from €1.6m to €1.5m
of which Land and buildings: -€100,350
- Other debts +€149,876
up €149,876 (+268.3%), from €55,853 to €205,729
- Debts after one year -€128,458
down €128,458 (-8.3%), from €1.6m to €1.4m
- Profit (loss) carried forward +€30,739
new in 2025: €30,739
- Current portion of long-term debt -€28,955
down €28,955 (-17.8%), from €162,813 to €133,858
- Tax, wage and social debts -€26,454
down €26,454 (-56.1%), from €47,135 to €20,681
- Gross operating margin -€110,563
down €110,563 (-29.6%), from €374,085 to €263,523
- Depreciation -€36,001
down €36,001 (-21.0%), from €171,328 to €135,327
- Financial charges -€28,235
down €28,235 (-27.5%), from €102,652 to €74,417
- Taxes -€6,980
down €6,980 (-34.3%), from €20,370 to €13,391
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 | €2,008,266 | €1,988,100 | -€20,166 | -1.0% |
| Fixed assets | 21/28 | €1,632,631 | €1,837,619 | +€204,988 | +12.6% |
| Tangible fixed assets | 22/27 | €1,632,631 | €1,502,487 | -€130,144 | -8.0% |
| Land and buildings | 22 | €1,516,605 | €1,416,254 | -€100,350 | -6.6% |
| Plant, machinery and equipment | 23 | €5,895 | €3,634 | -€2,261 | -38.4% |
| Leasing and similar rights | 25 | €110,132 | €82,599 | -€27,533 | -25.0% |
| Financial fixed assets | 28 | - | €335,132 | +€335,132 | |
| Current assets | 29/58 | €375,635 | €150,481 | -€225,154 | -59.9% |
| Amounts receivable within one year | 40/41 | €357,648 | €129,559 | -€228,089 | -63.8% |
| Trade receivables | 40 | €56,568 | €24,505 | -€32,062 | -56.7% |
| Other amounts receivable | 41 | €301,080 | €105,053 | -€196,027 | -65.1% |
| Cash at bank and in hand | 54/58 | €9,239 | €17,543 | +€8,304 | +89.9% |
| Deferred charges and accrued income | 490/1 | €8,748 | €3,380 | -€5,368 | -61.4% |
| Total equity and liabilities | 10/49 | €2,008,266 | €1,988,100 | -€20,166 | -1.0% |
| Equity | 10/15 | €147,320 | €178,059 | +€30,739 | +20.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €72,320 | €72,320 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €64,820 | €64,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €30,739 | +€30,739 | |
| Amounts payable | 17/49 | €1,860,947 | €1,810,041 | -€50,905 | -2.7% |
| Amounts payable after more than one year | 17 | €1,552,009 | €1,423,551 | -€128,458 | -8.3% |
| Financial debts | 170/4 | €1,552,009 | €1,423,551 | -€128,458 | -8.3% |
| Amounts payable within one year | 42/48 | €308,938 | €384,990 | +€76,052 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €162,813 | €133,858 | -€28,955 | -17.8% |
| Financial debts | 43 | €7,806 | €6,730 | -€1,076 | -13.8% |
| Credit institutions | 430/8 | €7,806 | €6,730 | -€1,076 | -13.8% |
| Trade debts | 44 | €35,331 | €17,992 | -€17,339 | -49.1% |
| Suppliers | 440/4 | €35,331 | €17,992 | -€17,339 | -49.1% |
| Taxes, remuneration and social security | 45 | €47,135 | €20,681 | -€26,454 | -56.1% |
| Taxes | 450/3 | €47,135 | €20,681 | -€26,454 | -56.1% |
| Other amounts payable | 47/48 | €55,853 | €205,729 | +€149,876 | +268.3% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €9,587 | €0 | -€9,587 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,328 | €135,327 | -€36,001 | -21.0% |
| Other operating charges | 640/8 | €15,620 | €13,105 | -€2,516 | -16.1% |
| Non-recurring operating charges | 66A | €4,547 | €0 | -€4,547 | -100.0% |
| Gross operating margin | 9900 | €374,085 | €263,523 | -€110,563 | -29.6% |
| Operating profit (loss) | 9901 | €182,590 | €115,091 | -€67,499 | -37.0% |
| Financial income | 75/76B | €5,252 | €3,456 | -€1,796 | -34.2% |
| Recurring financial income | 75 | €5,252 | €3,456 | -€1,796 | -34.2% |
| Financial charges | 65/66B | €102,652 | €74,417 | -€28,235 | -27.5% |
| Recurring financial charges | 65 | €102,652 | €74,417 | -€28,235 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €85,190 | €44,130 | -€41,060 | -48.2% |
| Income taxes | 67/77 | €20,370 | €13,391 | -€6,980 | -34.3% |
| Profit (loss) for the period | 9904 | €64,820 | €30,739 | -€34,080 | -52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,820 | €30,739 | -€34,080 | -52.6% |
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 12 October 2026 via checked.be.