STEMACON: 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.
STEMACON
Largest movements
- Cash -€26,182
down €26,182 (-57.0%), from €45,951 to €19,768
mainly Debts after one year (-€41,341) and Current portion of long-term debt (-€7,847)
- Tangible fixed assets -€11,744
down €11,744 (-18.8%), from €62,565 to €50,822
of which Land and buildings: -€10,023
- Receivables within one year +€2,558
up €2,558 (+4.2%), from €61,077 to €63,635
of which Other amounts receivable: +€2,020
- Debts after one year -€41,341
down €41,341 (-100.0%), from €41,341 to €0
- Reserves +€18,186
up €18,186 (+19.5%), from €93,378 to €111,565
- Current portion of long-term debt -€7,847
down €7,847 (-100.0%), from €7,847 to €0
- Tax, wage and social debts -€4,396
down €4,396 (-29.3%), from €15,029 to €10,633
- Gross operating margin +€24,938
up €24,938 (+150.2%), from €16,606 to €41,544
- Taxes +€8,284
up €8,284 (+1013.5%), from €817 to €9,101
- Depreciation -€3,359
down €3,359 (-25.1%), from €13,381 to €10,023
- Financial income -€2,545
down €2,545 (-82.4%), from €3,089 to €544
- Financial charges -€1,191
down €1,191 (-36.3%), from €3,281 to €2,090
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 | €171,165 | €135,547 | -€35,618 | -20.8% |
| Fixed assets | 21/28 | €63,565 | €51,822 | -€11,744 | -18.5% |
| Tangible fixed assets | 22/27 | €62,565 | €50,822 | -€11,744 | -18.8% |
| Land and buildings | 22 | €60,844 | €50,822 | -€10,023 | -16.5% |
| Furniture and vehicles | 24 | €415 | €0 | -€415 | -100.0% |
| Leasing and similar rights | 25 | €1,306 | €0 | -€1,306 | -100.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €107,600 | €83,725 | -€23,874 | -22.2% |
| Amounts receivable within one year | 40/41 | €61,077 | €63,635 | +€2,558 | +4.2% |
| Trade receivables | 40 | €817 | €1,355 | +€538 | +65.9% |
| Other amounts receivable | 41 | €60,260 | €62,280 | +€2,020 | +3.4% |
| Cash at bank and in hand | 54/58 | €45,951 | €19,768 | -€26,182 | -57.0% |
| Deferred charges and accrued income | 490/1 | €572 | €322 | -€250 | -43.8% |
| Total equity and liabilities | 10/49 | €171,165 | €135,547 | -€35,618 | -20.8% |
| Equity | 10/15 | €105,878 | €124,065 | +€18,186 | +17.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €93,378 | €111,565 | +€18,186 | +19.5% |
| Distributable reserves | 133 | €93,378 | €111,565 | +€18,186 | +19.5% |
| Amounts payable | 17/49 | €65,287 | €11,482 | -€53,805 | -82.4% |
| Amounts payable after more than one year | 17 | €41,341 | €0 | -€41,341 | -100.0% |
| Financial debts | 170/4 | €41,341 | €0 | -€41,341 | -100.0% |
| Amounts payable within one year | 42/48 | €23,946 | €11,482 | -€12,464 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €7,847 | €0 | -€7,847 | -100.0% |
| Trade debts | 44 | €1,069 | €849 | -€220 | -20.6% |
| Suppliers | 440/4 | €1,069 | €849 | -€220 | -20.6% |
| Taxes, remuneration and social security | 45 | €15,029 | €10,633 | -€4,396 | -29.3% |
| Taxes | 450/3 | €15,029 | €10,633 | -€4,396 | -29.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,153 | +€2,153 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,381 | €10,023 | -€3,359 | -25.1% |
| Other operating charges | 640/8 | €221 | €1,041 | +€820 | +370.9% |
| Non-recurring operating charges | 66A | - | €1,647 | +€1,647 | |
| Gross operating margin | 9900 | €16,606 | €41,544 | +€24,938 | +150.2% |
| Operating profit (loss) | 9901 | €3,004 | €28,834 | +€25,830 | +859.9% |
| Financial income | 75/76B | €3,089 | €544 | -€2,545 | -82.4% |
| Recurring financial income | 75 | €3,089 | €544 | -€2,545 | -82.4% |
| Financial charges | 65/66B | €3,281 | €2,090 | -€1,191 | -36.3% |
| Recurring financial charges | 65 | €3,281 | €2,090 | -€1,191 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €2,811 | €27,287 | +€24,476 | +870.6% |
| Income taxes | 67/77 | €817 | €9,101 | +€8,284 | +1013.5% |
| Profit (loss) for the period | 9904 | €1,994 | €18,186 | +€16,192 | +812.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,994 | €18,186 | +€16,192 | +812.1% |
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 7 October 2026 via checked.be.