STEMAKS: 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.
STEMAKS
Largest movements
- Cash -€3,236
down €3,236 (-25.5%), from €12,672 to €9,436
mainly Tax, wage and social debts (-€10,933) and Investment in fixed assets (net) (-€4,001)
- Receivables within one year +€3,197
up €3,197 (+7.7%), from €41,697 to €44,894
of which Trade receivables: +€2,944
- Tangible fixed assets +€2,783
up €2,783 (+233.9%), from €1,190 to €3,973
of which Furniture and vehicles: +€3,309
- Profit (loss) carried forward +€14,598
up €14,598, from -€12,741 to €1,857
- Tax, wage and social debts -€10,933
down €10,933 (-38.4%), from €28,436 to €17,503
of which Taxes: -€10,154
- Other debts -€1,321
down €1,321 (-31.2%), from €4,230 to €2,909
- Staff costs +€14,231
up €14,231 (+9.5%), from €149,875 to €164,106
- Gross operating margin -€13,064
down €13,064 (-6.7%), from €196,288 to €183,224
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 | €56,378 | €59,173 | +€2,795 | +5.0% |
| Fixed assets | 21/28 | €1,314 | €4,097 | +€2,783 | +211.8% |
| Tangible fixed assets | 22/27 | €1,190 | €3,973 | +€2,783 | +233.9% |
| Plant, machinery and equipment | 23 | €526 | - | -€526 | |
| Furniture and vehicles | 24 | €664 | €3,973 | +€3,309 | +498.3% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €55,064 | €55,076 | +€12 | 0.0% |
| Amounts receivable within one year | 40/41 | €41,697 | €44,894 | +€3,197 | +7.7% |
| Trade receivables | 40 | €40,451 | €43,395 | +€2,944 | +7.3% |
| Other amounts receivable | 41 | €1,246 | €1,499 | +€253 | +20.3% |
| Cash at bank and in hand | 54/58 | €12,672 | €9,436 | -€3,236 | -25.5% |
| Deferred charges and accrued income | 490/1 | €695 | €746 | +€51 | +7.3% |
| Total equity and liabilities | 10/49 | €56,378 | €59,173 | +€2,795 | +5.0% |
| Equity | 10/15 | €20,310 | €34,908 | +€14,598 | +71.9% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €20,656 | €20,656 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,906 | €1,906 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,906 | €1,906 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,741 | €1,857 | +€14,598 | |
| Amounts payable | 17/49 | €36,068 | €24,265 | -€11,803 | -32.7% |
| Amounts payable within one year | 42/48 | €34,286 | €22,006 | -€12,280 | -35.8% |
| Trade debts | 44 | €1,620 | €1,594 | -€26 | -1.6% |
| Suppliers | 440/4 | €1,620 | - | -€1,620 | |
| Bills of exchange payable | 441 | - | €1,594 | +€1,594 | |
| Taxes, remuneration and social security | 45 | €28,436 | €17,503 | -€10,933 | -38.4% |
| Taxes | 450/3 | €11,838 | €1,684 | -€10,154 | -85.8% |
| Remuneration and social security | 454/9 | €16,598 | €15,819 | -€779 | -4.7% |
| Other amounts payable | 47/48 | €4,230 | €2,909 | -€1,321 | -31.2% |
| Accrued charges and deferred income | 492/3 | €1,782 | €2,259 | +€477 | +26.8% |
| Remuneration, social security and pensions | 62 | €149,875 | €164,106 | +€14,231 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,666 | €1,218 | -€448 | -26.9% |
| Other operating charges | 640/8 | €640 | €441 | -€199 | -31.1% |
| Gross operating margin | 9900 | €196,288 | €183,224 | -€13,064 | -6.7% |
| Operating profit (loss) | 9901 | €44,107 | €17,459 | -€26,648 | -60.4% |
| Financial income | 75/76B | €592 | - | -€592 | |
| Recurring financial income | 75 | €592 | - | -€592 | |
| Financial charges | 65/66B | €1,882 | €1,011 | -€871 | -46.3% |
| Recurring financial charges | 65 | €1,149 | €641 | -€508 | -44.2% |
| Non-recurring financial charges | 66B | €733 | €370 | -€363 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €42,817 | €16,448 | -€26,369 | -61.6% |
| Income taxes | 67/77 | - | €1,850 | +€1,850 | |
| Profit (loss) for the period | 9904 | €42,817 | €14,598 | -€28,219 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,817 | €14,598 | -€28,219 | -65.9% |
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 3 October 2026 via checked.be.