STEMAR: 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.
STEMAR
Largest movements
- Cash +€62,778
up €62,778 (+21.7%), from €289,950 to €352,728
mainly Net result for the year (+€174,115) and Stocks and contracts (+€27,728)
- Receivables within one year +€48,959
up €48,959 (+68.5%), from €71,461 to €120,420
of which Trade receivables: +€48,819
- Stocks and contracts -€27,728
down €27,728 (-71.4%), from €38,840 to €11,112
- Reserves +€174,115
up €174,115 (+262.6%), from €66,297 to €240,412
- Other debts -€102,944
down €102,944 (-94.2%), from €109,229 to €6,284
- Trade debts +€10,593
up €10,593 (+8.6%), from €123,362 to €133,955
- Tax, wage and social debts +€6,588
up €6,588 (+7.4%), from €88,509 to €95,097
of which Taxes: +€6,711
- Accrued charges and deferred income -€5,641
down €5,641 (-63.6%), from €8,868 to €3,226
- Gross operating margin +€52,214
up €52,214 (+25.1%), from €208,040 to €260,255
- Taxes +€17,898
up €17,898 (+37.4%), from €47,825 to €65,723
- Staff costs -€9,900
down €9,900 (-30.5%), from €32,490 to €22,591
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 | €406,264 | €488,974 | +€82,710 | +20.4% |
| Fixed assets | 21/28 | €264 | €694 | +€430 | +162.8% |
| Tangible fixed assets | 22/27 | €264 | €694 | +€430 | +162.8% |
| Plant, machinery and equipment | 23 | €264 | - | -€264 | |
| Furniture and vehicles | 24 | - | €694 | +€694 | |
| Current assets | 29/58 | €406,000 | €488,280 | +€82,280 | +20.3% |
| Stocks and contracts in progress | 3 | €38,840 | €11,112 | -€27,728 | -71.4% |
| Stocks | 30/36 | €38,840 | €11,112 | -€27,728 | -71.4% |
| Amounts receivable within one year | 40/41 | €71,461 | €120,420 | +€48,959 | +68.5% |
| Trade receivables | 40 | €71,101 | €119,920 | +€48,819 | +68.7% |
| Other amounts receivable | 41 | €360 | €500 | +€140 | +38.8% |
| Cash at bank and in hand | 54/58 | €289,950 | €352,728 | +€62,778 | +21.7% |
| Deferred charges and accrued income | 490/1 | €5,748 | €4,020 | -€1,728 | -30.1% |
| Total equity and liabilities | 10/49 | €406,264 | €488,974 | +€82,710 | +20.4% |
| Equity | 10/15 | €76,297 | €250,412 | +€174,115 | +228.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €66,297 | €240,412 | +€174,115 | +262.6% |
| Distributable reserves | 133 | €66,297 | €240,412 | +€174,115 | +262.6% |
| Amounts payable | 17/49 | €329,967 | €238,562 | -€91,405 | -27.7% |
| Amounts payable within one year | 42/48 | €321,100 | €235,336 | -€85,764 | -26.7% |
| Trade debts | 44 | €123,362 | €133,955 | +€10,593 | +8.6% |
| Suppliers | 440/4 | €123,362 | €133,955 | +€10,593 | +8.6% |
| Taxes, remuneration and social security | 45 | €88,509 | €95,097 | +€6,588 | +7.4% |
| Taxes | 450/3 | €85,575 | €92,286 | +€6,711 | +7.8% |
| Remuneration and social security | 454/9 | €2,934 | €2,811 | -€123 | -4.2% |
| Other amounts payable | 47/48 | €109,229 | €6,284 | -€102,944 | -94.2% |
| Accrued charges and deferred income | 492/3 | €8,868 | €3,226 | -€5,641 | -63.6% |
| Remuneration, social security and pensions | 62 | €32,490 | €22,591 | -€9,900 | -30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €747 | €569 | -€178 | -23.8% |
| Other operating charges | 640/8 | €905 | €503 | -€402 | -44.4% |
| Gross operating margin | 9900 | €208,040 | €260,255 | +€52,214 | +25.1% |
| Operating profit (loss) | 9901 | €173,898 | €236,591 | +€62,694 | +36.1% |
| Financial income | 75/76B | €2,379 | €4,060 | +€1,681 | +70.7% |
| Recurring financial income | 75 | €2,379 | €4,060 | +€1,681 | +70.7% |
| Financial charges | 65/66B | €422 | €813 | +€392 | +92.9% |
| Recurring financial charges | 65 | €422 | €813 | +€392 | +92.9% |
| Profit (loss) for the period before taxes | 9903 | €175,855 | €239,838 | +€63,983 | +36.4% |
| Income taxes | 67/77 | €47,825 | €65,723 | +€17,898 | +37.4% |
| Profit (loss) for the period | 9904 | €128,030 | €174,115 | +€46,085 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €128,030 | €174,115 | +€46,085 | +36.0% |
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 5 October 2026 via checked.be.