STEDO: 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.
STEDO
Largest movements
- Cash +€72,334
up €72,334 (+75.0%), from €96,488 to €168,822
mainly Investment in fixed assets (net) (+€53,492) and Net result for the year (+€34,502)
- Tangible fixed assets -€62,789
down €62,789 (-64.8%), from €96,874 to €34,085
of which Land and buildings: -€53,492
- Reserves +€34,502
up €34,502 (+26.5%), from €130,238 to €164,739
of which Tax-exempt reserves: +€34,497
- Debts after one year -€31,820
no longer reported in 2025 (was €31,820)
- Provisions +€11,499
new in 2025: €11,499
- Current portion of long-term debt -€6,019
no longer reported in 2025 (was €6,019)
- Other debts +€5,574
up €5,574 (+81.1%), from €6,875 to €12,449
- Financial income +€45,956
new in 2025: €45,956
of which Non-recurring financial income: +€45,956
- Gross operating margin +€14,737
up €14,737 (+340.0%), from €4,334 to €19,071
- Depreciation -€4,202
down €4,202 (-31.1%), from €13,499 to €9,297
- Taxes +€1,825
new in 2025: €1,825
- Financial charges +€1,559
up €1,559 (+95.2%), from €1,637 to €3,196
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 | €193,362 | €202,907 | +€9,545 | +4.9% |
| Fixed assets | 21/28 | €96,874 | €34,085 | -€62,789 | -64.8% |
| Tangible fixed assets | 22/27 | €96,874 | €34,085 | -€62,789 | -64.8% |
| Land and buildings | 22 | €64,217 | €10,725 | -€53,492 | -83.3% |
| Plant, machinery and equipment | 23 | €2,819 | €1,617 | -€1,202 | -42.6% |
| Furniture and vehicles | 24 | €29,837 | €21,743 | -€8,095 | -27.1% |
| Current assets | 29/58 | €96,488 | €168,822 | +€72,334 | +75.0% |
| Cash at bank and in hand | 54/58 | €96,488 | €168,822 | +€72,334 | +75.0% |
| Total equity and liabilities | 10/49 | €193,362 | €202,907 | +€9,545 | +4.9% |
| Equity | 10/15 | €142,632 | €177,134 | +€34,502 | +24.2% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Capital | 10 | €12,395 | €12,395 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €130,238 | €164,739 | +€34,502 | +26.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €34,497 | +€34,497 | |
| Distributable reserves | 133 | €128,378 | €128,383 | +€5 | 0.0% |
| Provisions and deferred taxes | 16 | - | €11,499 | +€11,499 | |
| Provisions for liabilities and charges | 160/5 | - | €11,499 | +€11,499 | |
| Taxes | 161 | - | €11,499 | +€11,499 | |
| Amounts payable | 17/49 | €50,730 | €14,274 | -€36,456 | -71.9% |
| Amounts payable after more than one year | 17 | €31,820 | - | -€31,820 | |
| Financial debts | 170/4 | €31,820 | - | -€31,820 | |
| Amounts payable within one year | 42/48 | €18,910 | €14,274 | -€4,636 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €6,019 | - | -€6,019 | |
| Trade debts | 44 | €3,459 | - | -€3,459 | |
| Suppliers | 440/4 | €3,459 | - | -€3,459 | |
| Advances received on contracts in progress | 46 | €2,556 | - | -€2,556 | |
| Taxes, remuneration and social security | 45 | - | €1,825 | +€1,825 | |
| Taxes | 450/3 | - | €1,825 | +€1,825 | |
| Other amounts payable | 47/48 | €6,875 | €12,449 | +€5,574 | +81.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,499 | €9,297 | -€4,202 | -31.1% |
| Other operating charges | 640/8 | €4,419 | €4,708 | +€289 | +6.5% |
| Gross operating margin | 9900 | €4,334 | €19,071 | +€14,737 | +340.0% |
| Operating profit (loss) | 9901 | -€13,584 | €5,066 | +€18,650 | |
| Financial income | 75/76B | - | €45,956 | +€45,956 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €45,956 | +€45,956 | |
| Financial charges | 65/66B | €1,637 | €3,196 | +€1,559 | +95.2% |
| Recurring financial charges | 65 | €1,637 | €3,196 | +€1,559 | +95.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,221 | €47,826 | +€63,046 | |
| Transfer to deferred taxes | 680 | - | €11,499 | +€11,499 | |
| Income taxes | 67/77 | - | €1,825 | +€1,825 | |
| Profit (loss) for the period | 9904 | -€15,221 | €34,502 | +€49,722 | |
| Transfer from tax-exempt reserves | 789 | - | €0 | = | |
| Transfer to tax-exempt reserves | 689 | - | €34,497 | +€34,497 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,221 | €5 | +€15,226 |
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 4 October 2026 via checked.be.