STEKMAN: 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.
STEKMAN
Largest movements
- Cash -€22,889
down €22,889 (-39.2%), from €58,458 to €35,569
mainly Debts after one year (-€26,641) and Receivables after one year (-€22,000)
- Receivables after one year +€22,000
up €22,000 (+58.7%), from €37,504 to €59,504
- Receivables within one year +€12,011
up €12,011 (+93.3%), from €12,871 to €24,883
- Tangible fixed assets -€5,827
down €5,827 (-44.1%), from €13,212 to €7,385
of which Leasing and similar rights: -€5,354
- Reserves +€45,612
up €45,612 (+34.6%), from €131,859 to €177,471
- Debts after one year -€26,641
down €26,641 (-17.4%), from €152,870 to €126,229
- Tax, wage and social debts -€14,140
down €14,140 (-87.9%), from €16,088 to €1,949
- Gross operating margin -€37,081
down €37,081 (-49.5%), from €74,958 to €37,877
- Taxes -€9,096
down €9,096 (-56.5%), from €16,108 to €7,012
- Financial charges -€1,794
down €1,794 (-19.3%), from €9,284 to €7,490
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.
Derived cash bridge
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 | €329,149 | €333,977 | +€4,828 | +1.5% |
| Fixed assets | 21/28 | €216,429 | €210,602 | -€5,827 | -2.7% |
| Tangible fixed assets | 22/27 | €13,212 | €7,385 | -€5,827 | -44.1% |
| Plant, machinery and equipment | 23 | €1,815 | €1,342 | -€473 | -26.0% |
| Leasing and similar rights | 25 | €11,397 | €6,043 | -€5,354 | -47.0% |
| Financial fixed assets | 28 | €203,217 | €203,217 | = | 0.0% |
| Current assets | 29/58 | €112,721 | €123,375 | +€10,654 | +9.5% |
| Amounts receivable after more than one year | 29 | €37,504 | €59,504 | +€22,000 | +58.7% |
| Other amounts receivable | 291 | €37,504 | €59,504 | +€22,000 | +58.7% |
| Amounts receivable within one year | 40/41 | €12,871 | €24,883 | +€12,011 | +93.3% |
| Other amounts receivable | 41 | €12,871 | €24,883 | +€12,011 | +93.3% |
| Cash at bank and in hand | 54/58 | €58,458 | €35,569 | -€22,889 | -39.2% |
| Deferred charges and accrued income | 490/1 | €3,887 | €3,419 | -€468 | -12.0% |
| Total equity and liabilities | 10/49 | €329,149 | €333,977 | +€4,828 | +1.5% |
| Equity | 10/15 | €132,859 | €178,471 | +€45,612 | +34.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €131,859 | €177,471 | +€45,612 | +34.6% |
| Distributable reserves | 133 | €131,859 | €177,471 | +€45,612 | +34.6% |
| Amounts payable | 17/49 | €196,290 | €155,507 | -€40,784 | -20.8% |
| Amounts payable after more than one year | 17 | €152,870 | €126,229 | -€26,641 | -17.4% |
| Financial debts | 170/4 | €152,870 | €126,229 | -€26,641 | -17.4% |
| Amounts payable within one year | 42/48 | €43,420 | €29,278 | -€14,142 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €26,805 | €26,113 | -€692 | -2.6% |
| Trade debts | 44 | €527 | €1,217 | +€690 | +131% |
| Suppliers | 440/4 | €527 | €1,217 | +€690 | +131% |
| Taxes, remuneration and social security | 45 | €16,088 | €1,949 | -€14,140 | -87.9% |
| Taxes | 450/3 | €16,088 | €1,949 | -€14,140 | -87.9% |
| Remuneration, social security and pensions | 62 | €1,520 | €1,600 | +€80 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,827 | €5,827 | = | 0.0% |
| Other operating charges | 640/8 | €1,647 | €1,725 | +€78 | +4.7% |
| Gross operating margin | 9900 | €74,958 | €37,877 | -€37,081 | -49.5% |
| Operating profit (loss) | 9901 | €65,964 | €28,725 | -€37,239 | -56.5% |
| Financial income | 75/76B | €31,243 | €31,388 | +€145 | +0.5% |
| Recurring financial income | 75 | €31,243 | €31,388 | +€145 | +0.5% |
| Financial charges | 65/66B | €9,284 | €7,490 | -€1,794 | -19.3% |
| Recurring financial charges | 65 | €9,284 | €7,490 | -€1,794 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €87,923 | €52,623 | -€35,300 | -40.1% |
| Income taxes | 67/77 | €16,108 | €7,012 | -€9,096 | -56.5% |
| Profit (loss) for the period | 9904 | €71,816 | €45,612 | -€26,204 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €71,816 | €45,612 | -€26,204 | -36.5% |
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 20 October 2026 via checked.be.