STEG: 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.
STEG
Largest movements
- Cash -€36,943
down €36,943 (-92.3%), from €40,028 to €3,085
mainly Investment in fixed assets (net) (-€51,668) and Receivables within one year (-€33,766)
- Receivables within one year +€33,766
up €33,766 (+83.4%), from €40,510 to €74,276
of which Other amounts receivable: +€24,089
- Tangible fixed assets -€12,879
down €12,879 (-8.3%), from €155,399 to €142,520
of which Furniture and vehicles: -€14,017
- Deferred charges and accrued income +€2,887
new in 2026: €2,887
- Profit (loss) carried forward +€50,173
up €50,173 (+71.3%), from €70,341 to €120,514
- Debts after one year -€26,882
down €26,882 (-71.5%), from €37,596 to €10,714
- Trade debts -€22,249
down €22,249 (-57.5%), from €38,661 to €16,412
- Other debts -€18,063
down €18,063 (-60.2%), from €30,000 to €11,937
- Tax, wage and social debts +€11,457
up €11,457 (+57.7%), from €19,852 to €31,309
of which Remuneration and social security: +€16,586
- Turnover +€726,814
new in 2026: €726,814
- Purchases and services +€600,241
new in 2026: €600,241
- Gross operating margin +€33,900
up €33,900 (+34.6%), from €97,837 to €131,737
- Depreciation +€29,375
up €29,375 (+83.5%), from €35,172 to €64,547
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €235,937 | €222,767 | -€13,170 | -5.6% |
| Fixed assets | 21/28 | €155,399 | €142,520 | -€12,879 | -8.3% |
| Tangible fixed assets | 22/27 | €155,399 | €142,520 | -€12,879 | -8.3% |
| Plant, machinery and equipment | 23 | €418 | €1,556 | +€1,138 | +272.2% |
| Furniture and vehicles | 24 | €154,981 | €140,965 | -€14,017 | -9.0% |
| Current assets | 29/58 | €80,538 | €80,247 | -€291 | -0.4% |
| Amounts receivable within one year | 40/41 | €40,510 | €74,276 | +€33,766 | +83.4% |
| Trade receivables | 40 | €28,408 | €38,086 | +€9,678 | +34.1% |
| Other amounts receivable | 41 | €12,102 | €36,191 | +€24,089 | +199.0% |
| Cash at bank and in hand | 54/58 | €40,028 | €3,085 | -€36,943 | -92.3% |
| Deferred charges and accrued income | 490/1 | - | €2,887 | +€2,887 | |
| Total equity and liabilities | 10/49 | €235,937 | €222,767 | -€13,170 | -5.6% |
| Equity | 10/15 | €75,341 | €125,514 | +€50,173 | +66.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,341 | €120,514 | +€50,173 | +71.3% |
| Amounts payable | 17/49 | €160,596 | €97,253 | -€63,343 | -39.4% |
| Amounts payable after more than one year | 17 | €37,596 | €10,714 | -€26,882 | -71.5% |
| Financial debts | 170/4 | €37,596 | €10,714 | -€26,882 | -71.5% |
| Amounts payable within one year | 42/48 | €123,000 | €86,539 | -€36,461 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €34,487 | €26,881 | -€7,606 | -22.1% |
| Trade debts | 44 | €38,661 | €16,412 | -€22,249 | -57.5% |
| Suppliers | 440/4 | €38,661 | €16,412 | -€22,249 | -57.5% |
| Taxes, remuneration and social security | 45 | €19,852 | €31,309 | +€11,457 | +57.7% |
| Taxes | 450/3 | €18,938 | €13,809 | -€5,129 | -27.1% |
| Remuneration and social security | 454/9 | €914 | €17,500 | +€16,586 | +1814.7% |
| Other amounts payable | 47/48 | €30,000 | €11,937 | -€18,063 | -60.2% |
| Turnover | 70 | - | €726,814 | +€726,814 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €600,241 | +€600,241 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,172 | €64,547 | +€29,375 | +83.5% |
| Other operating charges | 640/8 | €1,707 | €508 | -€1,199 | -70.3% |
| Gross operating margin | 9900 | €97,837 | €131,737 | +€33,900 | +34.6% |
| Operating profit (loss) | 9901 | €60,958 | €66,682 | +€5,724 | +9.4% |
| Financial income | 75/76B | - | €21 | +€21 | |
| Recurring financial income | 75 | - | €21 | +€21 | |
| Financial charges | 65/66B | €2,391 | €2,721 | +€330 | +13.8% |
| Recurring financial charges | 65 | €2,391 | €2,721 | +€330 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €58,567 | €63,982 | +€5,415 | +9.2% |
| Income taxes | 67/77 | €11,994 | €13,809 | +€1,815 | +15.1% |
| Profit (loss) for the period | 9904 | €46,573 | €50,173 | +€3,600 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,573 | €50,173 | +€3,600 | +7.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.