STEMA: 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.
STEMA
Largest movements
- Cash -€24,680
down €24,680 (-38.0%), from €64,919 to €40,239
mainly Other debts (-€35,000) and Contributions, distributions and other (-€25,000)
- Deferred charges and accrued income +€4,814
new in 2025: €4,814
- Tangible fixed assets -€2,550
down €2,550 (-1.5%), from €166,030 to €163,480
- Other debts -€35,000
down €35,000 (-58.3%), from €60,000 to €25,000
- Reserves +€9,000
up €9,000 (+9.1%), from €99,200 to €108,200
of which Distributable reserves: +€9,000
- Trade debts +€4,169
up €4,169 (+498.0%), from €837 to €5,006
- Depreciation +€2,207
up €2,207 (+39.2%), from €5,625 to €7,832
- Gross operating margin -€1,805
down €1,805 (-3.1%), from €58,575 to €56,770
- Taxes -€629
down €629 (-5.5%), from €11,378 to €10,749
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 | €239,462 | €216,406 | -€23,056 | -9.6% |
| Fixed assets | 21/28 | €166,030 | €163,480 | -€2,550 | -1.5% |
| Tangible fixed assets | 22/27 | €166,030 | €163,480 | -€2,550 | -1.5% |
| Land and buildings | 22 | €166,030 | €163,480 | -€2,550 | -1.5% |
| Current assets | 29/58 | €73,432 | €52,926 | -€20,505 | -27.9% |
| Amounts receivable within one year | 40/41 | €8,512 | €7,873 | -€639 | -7.5% |
| Trade receivables | 40 | €917 | - | -€917 | |
| Other amounts receivable | 41 | €7,595 | €7,873 | +€278 | +3.7% |
| Cash at bank and in hand | 54/58 | €64,919 | €40,239 | -€24,680 | -38.0% |
| Deferred charges and accrued income | 490/1 | - | €4,814 | +€4,814 | |
| Total equity and liabilities | 10/49 | €239,462 | €216,406 | -€23,056 | -9.6% |
| Equity | 10/15 | €178,625 | €186,400 | +€7,776 | +4.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €15,748 | €15,748 | = | 0.0% |
| Reserves | 13 | €99,200 | €108,200 | +€9,000 | +9.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €93,000 | €102,000 | +€9,000 | +9.7% |
| Profit (loss) carried forward | 14 | €1,677 | €452 | -€1,224 | -73.0% |
| Amounts payable | 17/49 | €60,837 | €30,006 | -€30,831 | -50.7% |
| Amounts payable within one year | 42/48 | €60,837 | €30,006 | -€30,831 | -50.7% |
| Trade debts | 44 | €837 | €5,006 | +€4,169 | +498.0% |
| Suppliers | 440/4 | €837 | €5,006 | +€4,169 | +498.0% |
| Other amounts payable | 47/48 | €60,000 | €25,000 | -€35,000 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,625 | €7,832 | +€2,207 | +39.2% |
| Other operating charges | 640/8 | €5,206 | €5,368 | +€162 | +3.1% |
| Gross operating margin | 9900 | €58,575 | €56,770 | -€1,805 | -3.1% |
| Operating profit (loss) | 9901 | €47,745 | €43,570 | -€4,175 | -8.7% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.5% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €47,701 | €43,525 | -€4,176 | -8.8% |
| Income taxes | 67/77 | €11,378 | €10,749 | -€629 | -5.5% |
| Profit (loss) for the period | 9904 | €36,323 | €32,776 | -€3,548 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,323 | €32,776 | -€3,548 | -9.8% |
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 9 October 2026 via checked.be.