STEMACO: 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.
STEMACO
Largest movements
- Tangible fixed assets +€317,849
up €317,849 (+84.8%), from €374,743 to €692,593
- Cash +€241,335
up €241,335 (+5,361%), from €4,502 to €245,837
mainly Trade debts (+€432,320) and Net result for the year (+€122,908)
- Receivables within one year +€38,600
new in 2025: €38,600
- Trade debts +€432,320
new in 2025: €432,320
- Reserves +€122,908
up €122,908 (+29.9%), from €411,495 to €534,402
of which Tax-exempt reserves: +€104,121
- Provisions +€34,707
up €34,707 (+160%), from €21,695 to €56,401
- Gross operating margin +€179,901
up €179,901 (+1,692%), from €10,634 to €190,535
- Depreciation +€12,562
up €12,562 (+159%), from €7,912 to €20,473
- Taxes +€5,618
up €5,618 (+156%), from €3,599 to €9,218
- Financial charges +€4,159
up €4,159, from -€3,648 to €512
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.
Derived cash bridge
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 | €471,950 | €1,074,304 | +€602,354 | +128% |
| Fixed assets | 21/28 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Tangible fixed assets | 22/27 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Land and buildings | 22 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Current assets | 29/58 | €97,207 | €381,711 | +€284,505 | +293% |
| Amounts receivable within one year | 40/41 | - | €38,600 | +€38,600 | |
| Trade receivables | 40 | - | €38,600 | +€38,600 | |
| Current investments | 50/53 | €92,705 | €97,275 | +€4,570 | +4.9% |
| Cash at bank and in hand | 54/58 | €4,502 | €245,837 | +€241,335 | +5,361% |
| Total equity and liabilities | 10/49 | €471,950 | €1,074,304 | +€602,354 | +128% |
| Equity | 10/15 | €430,045 | €552,952 | +€122,908 | +28.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €411,495 | €534,402 | +€122,908 | +29.9% |
| Tax-exempt reserves | 132 | €65,084 | €169,204 | +€104,121 | +160% |
| Distributable reserves | 133 | €346,411 | €365,198 | +€18,787 | +5.4% |
| Provisions and deferred taxes | 16 | €21,695 | €56,401 | +€34,707 | +160% |
| Deferred taxes | 168 | €21,695 | €56,401 | +€34,707 | +160% |
| Amounts payable | 17/49 | €20,211 | €464,950 | +€444,739 | +2,200% |
| Amounts payable within one year | 42/48 | €11,456 | €451,494 | +€440,038 | +3,841% |
| Trade debts | 44 | - | €432,320 | +€432,320 | |
| Suppliers | 440/4 | - | €432,320 | +€432,320 | |
| Taxes, remuneration and social security | 45 | €3,599 | €11,317 | +€7,718 | +214% |
| Taxes | 450/3 | €3,599 | €11,317 | +€7,718 | +214% |
| Other amounts payable | 47/48 | €7,857 | €7,857 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,755 | €13,456 | +€4,702 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,912 | €20,473 | +€12,562 | +159% |
| Other operating charges | 640/8 | €2,780 | €2,718 | -€62 | -2.2% |
| Gross operating margin | 9900 | €10,634 | €190,535 | +€179,901 | +1,692% |
| Operating profit (loss) | 9901 | -€57 | €167,344 | +€167,401 | |
| Financial charges | 65/66B | -€3,648 | €512 | +€4,159 | |
| Recurring financial charges | 65 | -€3,648 | €512 | +€4,159 | |
| Profit (loss) for the period before taxes | 9903 | €3,590 | €166,832 | +€163,242 | +4,547% |
| Transfer from deferred taxes | 780 | €1,760 | €13,044 | +€11,284 | +641% |
| Transfer to deferred taxes | 680 | - | €47,751 | +€47,751 | |
| Income taxes | 67/77 | €3,599 | €9,218 | +€5,618 | +156% |
| Profit (loss) for the period | 9904 | €1,751 | €122,908 | +€121,157 | +6,921% |
| Transfer from tax-exempt reserves | 789 | €5,279 | €39,131 | +€33,852 | +641% |
| Transfer to tax-exempt reserves | 689 | - | €143,252 | +€143,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,030 | €18,787 | +€11,758 | +167% |
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 17 October 2026 via checked.be.