STEMAAR: 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.
STEMAAR
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Cash -€347,660
down €347,660 (-45.0%), from €771,878 to €424,218
mainly Debts after one year (-€1.3m) and Receivables within one year (-€241,981)
- Tangible fixed assets -€283,703
down €283,703 (-63.2%), from €449,205 to €165,502
- Receivables within one year +€241,981
up €241,981 (+24.2%), from €998,654 to €1.2m
of which Trade receivables: +€289,147
- Debts after one year -€1.3m
down €1.3m (-28.7%), from €4.6m to €3.3m
of which Financial debts: -€1.3m
- Financial income +€1.8m
up €1.8m (+2813.8%), from €63,368 to €1.8m
of which Non-recurring financial income: +€1.8m
- Financial charges -€38,198
down €38,198 (-99.6%), from €38,336 to €138
- Gross operating margin -€37,455
down €37,455 (-167.0%), from -€22,426 to -€59,881
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 | €11,144,328 | €9,791,133 | -€1.4m | -12.1% |
| Fixed assets | 21/28 | €8,273,002 | €7,988,852 | -€284,150 | -3.4% |
| Tangible fixed assets | 22/27 | €449,205 | €165,502 | -€283,703 | -63.2% |
| Land and buildings | 22 | €449,205 | €165,502 | -€283,703 | -63.2% |
| Financial fixed assets | 28 | €7,823,797 | €7,823,350 | -€447 | 0.0% |
| Current assets | 29/58 | €2,871,327 | €1,802,282 | -€1.1m | -37.2% |
| Stocks and contracts in progress | 3 | €1,041,576 | €0 | -€1.0m | -100.0% |
| Stocks | 30/36 | €1,041,576 | €0 | -€1.0m | -100.0% |
| Amounts receivable within one year | 40/41 | €998,654 | €1,240,635 | +€241,981 | +24.2% |
| Trade receivables | 40 | - | €289,147 | +€289,147 | |
| Other amounts receivable | 41 | €998,654 | €951,488 | -€47,166 | -4.7% |
| Current investments | 50/53 | €50,968 | €52,133 | +€1,165 | +2.3% |
| Cash at bank and in hand | 54/58 | €771,878 | €424,218 | -€347,660 | -45.0% |
| Deferred charges and accrued income | 490/1 | €8,251 | €85,296 | +€77,045 | +933.8% |
| Total equity and liabilities | 10/49 | €11,144,328 | €9,791,133 | -€1.4m | -12.1% |
| Equity | 10/15 | €6,276,417 | €6,258,204 | -€18,214 | -0.3% |
| Contributions | 10/11 | €3,285,000 | €3,285,000 | = | 0.0% |
| Reserves | 13 | €2,991,417 | €2,973,204 | -€18,214 | -0.6% |
| Distributable reserves | 133 | €2,991,417 | €2,973,204 | -€18,214 | -0.6% |
| Amounts payable | 17/49 | €4,867,911 | €3,532,930 | -€1.3m | -27.4% |
| Amounts payable after more than one year | 17 | €4,607,797 | €3,285,000 | -€1.3m | -28.7% |
| Financial debts | 170/4 | €1,322,797 | €0 | -€1.3m | -100.0% |
| Other amounts payable | 178/9 | €3,285,000 | €3,285,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €254,677 | €239,506 | -€15,171 | -6.0% |
| Trade debts | 44 | €22,266 | €7,096 | -€15,171 | -68.1% |
| Suppliers | 440/4 | €22,266 | €7,096 | -€15,171 | -68.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €232,410 | €232,410 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,438 | €8,424 | +€2,986 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,391 | €3,391 | = | 0.0% |
| Other operating charges | 640/8 | €1,975 | €2,036 | +€61 | +3.1% |
| Non-recurring operating charges | 66A | - | €1,799,171 | +€1.8m | |
| Gross operating margin | 9900 | -€22,426 | -€59,881 | -€37,455 | -167.0% |
| Operating profit (loss) | 9901 | -€27,792 | -€1,864,479 | -€1.8m | -6608.6% |
| Financial income | 75/76B | €63,368 | €1,846,403 | +€1.8m | +2813.8% |
| Recurring financial income | 75 | €63,368 | €54,841 | -€8,528 | -13.5% |
| Non-recurring financial income | 76B | - | €1,791,563 | +€1.8m | |
| Financial charges | 65/66B | €38,336 | €138 | -€38,198 | -99.6% |
| Recurring financial charges | 65 | €38,336 | €138 | -€38,198 | -99.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,760 | -€18,214 | -€15,454 | -560.0% |
| Profit (loss) for the period | 9904 | -€2,760 | -€18,214 | -€15,454 | -560.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,760 | -€18,214 | -€15,454 | -560.0% |
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 1 October 2026 via checked.be.