STEMA: 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.
STEMA
Largest movements
- Current investments -€194,787
down €194,787 (-21.6%), from €901,053 to €706,266
- Receivables within one year +€65,588
up €65,588 (+145.7%), from €45,007 to €110,595
of which Trade receivables: +€33,950
- Cash +€44,415
up €44,415 (+7.3%), from €605,004 to €649,419
mainly Current investments (+€194,787) and Depreciation (+€183,636)
- Trade debts +€129,321
up €129,321 (+48.4%), from €267,250 to €396,571
- Debts after one year -€125,137
down €125,137 (-26.2%), from €478,099 to €352,962
- Current portion of long-term debt -€34,494
down €34,494 (-21.6%), from €159,631 to €125,137
- Other debts -€33,592
down €33,592 (-26.0%), from €129,251 to €95,659
- Short-term financial debts -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin -€139,002
down €139,002 (-15.1%), from €921,871 to €782,869
- Taxes -€38,314
down €38,314 (-63.3%), from €60,489 to €22,175
- Staff costs +€21,331
up €21,331 (+4.4%), from €489,409 to €510,740
- Depreciation +€21,102
up €21,102 (+13.0%), from €162,534 to €183,636
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 | €2,855,999 | €2,761,739 | -€94,260 | -3.3% |
| Fixed assets | 21/28 | €875,727 | €884,099 | +€8,372 | +1.0% |
| Tangible fixed assets | 22/27 | €754,049 | €762,421 | +€8,372 | +1.1% |
| Land and buildings | 22 | €622,425 | €523,432 | -€98,993 | -15.9% |
| Plant, machinery and equipment | 23 | €60,073 | €185,333 | +€125,260 | +208.5% |
| Furniture and vehicles | 24 | €71,551 | €53,656 | -€17,895 | -25.0% |
| Financial fixed assets | 28 | €121,678 | €121,678 | = | 0.0% |
| Current assets | 29/58 | €1,980,272 | €1,877,640 | -€102,632 | -5.2% |
| Stocks and contracts in progress | 3 | €417,518 | €394,947 | -€22,571 | -5.4% |
| Stocks | 30/36 | €417,518 | €394,947 | -€22,571 | -5.4% |
| Amounts receivable within one year | 40/41 | €45,007 | €110,595 | +€65,588 | +145.7% |
| Trade receivables | 40 | €34,291 | €68,241 | +€33,950 | +99.0% |
| Other amounts receivable | 41 | €10,716 | €42,354 | +€31,638 | +295.2% |
| Current investments | 50/53 | €901,053 | €706,266 | -€194,787 | -21.6% |
| Cash at bank and in hand | 54/58 | €605,004 | €649,419 | +€44,415 | +7.3% |
| Deferred charges and accrued income | 490/1 | €11,690 | €16,413 | +€4,723 | +40.4% |
| Total equity and liabilities | 10/49 | €2,855,999 | €2,761,739 | -€94,260 | -3.3% |
| Equity | 10/15 | €1,696,963 | €1,691,452 | -€5,511 | -0.3% |
| Contributions | 10/11 | €63,750 | €63,750 | = | 0.0% |
| Capital | 10 | €63,750 | €63,750 | = | 0.0% |
| Issued capital | 100 | €63,750 | €63,750 | = | 0.0% |
| Reserves | 13 | €1,626,375 | €1,626,375 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,375 | €6,375 | = | 0.0% |
| Legal reserve | 130 | €6,375 | €6,375 | = | 0.0% |
| Distributable reserves | 133 | €1,620,000 | €1,620,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,838 | €1,327 | -€5,511 | -80.6% |
| Amounts payable | 17/49 | €1,159,036 | €1,070,287 | -€88,749 | -7.7% |
| Amounts payable after more than one year | 17 | €478,099 | €352,962 | -€125,137 | -26.2% |
| Financial debts | 170/4 | €478,099 | €352,962 | -€125,137 | -26.2% |
| Amounts payable within one year | 42/48 | €680,475 | €713,679 | +€33,204 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €159,631 | €125,137 | -€34,494 | -21.6% |
| Financial debts | 43 | €30,000 | - | -€30,000 | |
| Credit institutions | 430/8 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €267,250 | €396,571 | +€129,321 | +48.4% |
| Suppliers | 440/4 | €267,250 | €396,571 | +€129,321 | +48.4% |
| Taxes, remuneration and social security | 45 | €94,343 | €96,312 | +€1,969 | +2.1% |
| Taxes | 450/3 | €12,716 | €14,653 | +€1,937 | +15.2% |
| Remuneration and social security | 454/9 | €81,627 | €81,659 | +€32 | 0.0% |
| Other amounts payable | 47/48 | €129,251 | €95,659 | -€33,592 | -26.0% |
| Accrued charges and deferred income | 492/3 | €462 | €3,646 | +€3,184 | +689.2% |
| Remuneration, social security and pensions | 62 | €489,409 | €510,740 | +€21,331 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,534 | €183,636 | +€21,102 | +13.0% |
| Other operating charges | 640/8 | €20,990 | €19,197 | -€1,793 | -8.5% |
| Gross operating margin | 9900 | €921,871 | €782,869 | -€139,002 | -15.1% |
| Operating profit (loss) | 9901 | €248,938 | €69,296 | -€179,642 | -72.2% |
| Financial income | 75/76B | €28,206 | €32,368 | +€4,162 | +14.8% |
| Recurring financial income | 75 | €28,206 | €32,368 | +€4,162 | +14.8% |
| Financial charges | 65/66B | €12,001 | €15,000 | +€2,999 | +25.0% |
| Recurring financial charges | 65 | €12,001 | €15,000 | +€2,999 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | €265,143 | €86,664 | -€178,479 | -67.3% |
| Income taxes | 67/77 | €60,489 | €22,175 | -€38,314 | -63.3% |
| Profit (loss) for the period | 9904 | €204,654 | €64,489 | -€140,165 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €204,654 | €64,489 | -€140,165 | -68.5% |
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 8 October 2026 via checked.be.