STEMAN: what changed
What changed
STEMAN
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€221,654
2024 · €200,003+€21,651
Equity
€1.3m
2024 · €1.4m-€153,440
Cash
€90,061
2024 · €81,153+€8,908
Balance sheet total
€1.7m
2024 · €1.9m-€232,973
Largest movements
Assets
- Current investments -€152,525
down €152,525 (-99.3%), from €153,668 to €1,143
- Tangible fixed assets -€67,212
down €67,212 (-6.3%), from €1.1m to €999,365
of which Land and buildings: -€54,212
- Receivables within one year -€37,314
down €37,314 (-32.0%), from €116,542 to €79,228
of which Trade receivables: -€42,591
Equity and liabilities
- Reserves -€153,440
down €153,440 (-11.0%), from €1.4m to €1.2m
of which Distributable reserves: -€127,089
- Debts after one year -€65,463
down €65,463 (-22.6%), from €289,376 to €223,912
Income statement
- Gross operating margin +€21,099
up €21,099 (+7.2%), from €292,502 to €313,601
- Taxes +€8,567
up €8,567 (+11.0%), from €78,025 to €86,592
- Financial income +€8,520
up €8,520 (+13.0%), from €65,359 to €73,879
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€200,003
Gross operating margin
+€21,099
Other operating charges
-€388
Financial income
+€8,520
Financial charges
+€988
Taxes
-€8,567
Result 2025
€221,654
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€310,249
Investment
+€152,525
Financing
-€453,866
Cash 2024
€81,153
From operations (derived)
+€310,249
Net result for the year
+€221,654
Depreciation
+€67,212
Receivables within one year
+€37,314
Deferred charges and accrued income
-€15,171
Provisions
-€8,784
Trade debts
-€5,621
Tax, wage and social debts
+€14,256
Other debts
-€612
Investment (derived)
+€152,525
Current investments
+€152,525
Financing
-€453,866
Debts after one year
-€65,463
Current portion of long-term debt
-€13,309
Contributions, distributions and other
-€375,094
Cash 2025
€90,061
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,899,684 | €1,666,711 | -€232,973 | -12.3% |
| Fixed assets | 21/28 | €1,546,066 | €1,478,854 | -€67,212 | -4.3% |
| Tangible fixed assets | 22/27 | €1,066,577 | €999,365 | -€67,212 | -6.3% |
| Land and buildings | 22 | €1,015,961 | €961,749 | -€54,212 | -5.3% |
| Furniture and vehicles | 24 | €50,616 | €37,616 | -€13,000 | -25.7% |
| Financial fixed assets | 28 | €479,489 | €479,489 | = | 0.0% |
| Current assets | 29/58 | €353,618 | €187,857 | -€165,761 | -46.9% |
| Amounts receivable within one year | 40/41 | €116,542 | €79,228 | -€37,314 | -32.0% |
| Trade receivables | 40 | €51,006 | €8,415 | -€42,591 | -83.5% |
| Other amounts receivable | 41 | €65,536 | €70,813 | +€5,277 | +8.1% |
| Current investments | 50/53 | €153,668 | €1,143 | -€152,525 | -99.3% |
| Cash at bank and in hand | 54/58 | €81,153 | €90,061 | +€8,908 | +11.0% |
| Deferred charges and accrued income | 490/1 | €2,254 | €17,425 | +€15,171 | +673% |
| Total equity and liabilities | 10/49 | €1,899,684 | €1,666,711 | -€232,973 | -12.3% |
| Equity | 10/15 | €1,406,957 | €1,253,517 | -€153,440 | -10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,400,757 | €1,247,317 | -€153,440 | -11.0% |
| Tax-exempt reserves | 132 | €289,858 | €263,507 | -€26,351 | -9.1% |
| Distributable reserves | 133 | €1,110,899 | €983,810 | -€127,089 | -11.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €96,619 | €87,836 | -€8,784 | -9.1% |
| Deferred taxes | 168 | €96,619 | €87,836 | -€8,784 | -9.1% |
| Amounts payable | 17/49 | €396,108 | €325,358 | -€70,749 | -17.9% |
| Amounts payable after more than one year | 17 | €289,376 | €223,912 | -€65,463 | -22.6% |
| Financial debts | 170/4 | €289,376 | €223,912 | -€65,463 | -22.6% |
| Amounts payable within one year | 42/48 | €106,732 | €101,446 | -€5,286 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €78,772 | €65,463 | -€13,309 | -16.9% |
| Trade debts | 44 | €6,915 | €1,294 | -€5,621 | -81.3% |
| Suppliers | 440/4 | €6,915 | €1,294 | -€5,621 | -81.3% |
| Taxes, remuneration and social security | 45 | €18,024 | €32,280 | +€14,256 | +79.1% |
| Taxes | 450/3 | €18,024 | €32,280 | +€14,256 | +79.1% |
| Other amounts payable | 47/48 | €3,021 | €2,409 | -€612 | -20.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,212 | €67,212 | = | 0.0% |
| Other operating charges | 640/8 | €16,255 | €16,643 | +€388 | +2.4% |
| Gross operating margin | 9900 | €292,502 | €313,601 | +€21,099 | +7.2% |
| Operating profit (loss) | 9901 | €209,036 | €229,746 | +€20,711 | +9.9% |
| Financial income | 75/76B | €65,359 | €73,879 | +€8,520 | +13.0% |
| Recurring financial income | 75 | €65,359 | €73,879 | +€8,520 | +13.0% |
| Financial charges | 65/66B | €5,150 | €4,163 | -€988 | -19.2% |
| Recurring financial charges | 65 | €5,150 | €4,163 | -€988 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €269,245 | €299,463 | +€30,218 | +11.2% |
| Transfer from deferred taxes | 780 | €8,784 | €8,784 | = | 0.0% |
| Income taxes | 67/77 | €78,025 | €86,592 | +€8,567 | +11.0% |
| Profit (loss) for the period | 9904 | €200,003 | €221,654 | +€21,651 | +10.8% |
| Transfer from tax-exempt reserves | 789 | €26,351 | €26,351 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €226,354 | €248,005 | +€21,651 | +9.6% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.