STEMARC: 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.
STEMARC
Largest movements
- Tangible fixed assets -€10,182
down €10,182 (-21.9%), from €46,453 to €36,271
- Cash +€7,493
up €7,493 (+49.1%), from €15,269 to €22,762
mainly Depreciation (+€27,801) and Net result for the year (+€24,990)
- Receivables within one year -€2,804
down €2,804 (-41.7%), from €6,731 to €3,926
of which Trade receivables: -€1,561
- Current portion of long-term debt -€37,677
down €37,677 (-100%), from €37,677 to €0
- Reserves +€24,990
up €24,990 (+173%), from €14,428 to €39,418
- Tax, wage and social debts +€6,957
up €6,957 (+21.0%), from €33,075 to €40,033
of which Taxes: +€6,326
- Trade debts +€3,907
up €3,907 (+67.3%), from €5,807 to €9,714
- Debts after one year -€3,836
down €3,836 (-100%), from €3,836 to €0
- Gross operating margin +€12,540
up €12,540 (+9.5%), from €131,720 to €144,260
- Taxes +€6,672
up €6,672 (+127%), from €5,257 to €11,929
- Staff costs +€3,058
up €3,058 (+3.9%), from €79,239 to €82,297
- Financial income +€1,778
up €1,778 (+35.5%), from €5,007 to €6,785
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 | €146,651 | €141,227 | -€5,423 | -3.7% |
| Fixed assets | 21/28 | €46,453 | €36,271 | -€10,182 | -21.9% |
| Tangible fixed assets | 22/27 | €46,453 | €36,271 | -€10,182 | -21.9% |
| Plant, machinery and equipment | 23 | €46,453 | €36,271 | -€10,182 | -21.9% |
| Current assets | 29/58 | €100,198 | €104,956 | +€4,759 | +4.7% |
| Stocks and contracts in progress | 3 | €78,199 | €78,268 | +€70 | +0.1% |
| Stocks | 30/36 | €78,199 | €78,268 | +€70 | +0.1% |
| Amounts receivable within one year | 40/41 | €6,731 | €3,926 | -€2,804 | -41.7% |
| Trade receivables | 40 | €5,488 | €3,926 | -€1,561 | -28.5% |
| Other amounts receivable | 41 | €1,243 | €0 | -€1,243 | -100% |
| Cash at bank and in hand | 54/58 | €15,269 | €22,762 | +€7,493 | +49.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €146,651 | €141,227 | -€5,423 | -3.7% |
| Equity | 10/15 | €64,428 | €89,418 | +€24,990 | +38.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €14,428 | €39,418 | +€24,990 | +173% |
| Distributable reserves | 133 | €14,428 | €39,418 | +€24,990 | +173% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €82,223 | €51,809 | -€30,413 | -37.0% |
| Amounts payable after more than one year | 17 | €3,836 | €0 | -€3,836 | -100% |
| Financial debts | 170/4 | €3,836 | €0 | -€3,836 | -100% |
| Amounts payable within one year | 42/48 | €76,559 | €49,747 | -€26,813 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €37,677 | €0 | -€37,677 | -100% |
| Trade debts | 44 | €5,807 | €9,714 | +€3,907 | +67.3% |
| Suppliers | 440/4 | €5,807 | €9,714 | +€3,907 | +67.3% |
| Taxes, remuneration and social security | 45 | €33,075 | €40,033 | +€6,957 | +21.0% |
| Taxes | 450/3 | €17,899 | €24,225 | +€6,326 | +35.3% |
| Remuneration and social security | 454/9 | €15,177 | €15,808 | +€631 | +4.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €1,827 | €2,063 | +€236 | +12.9% |
| Remuneration, social security and pensions | 62 | €79,239 | €82,297 | +€3,058 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,320 | €27,801 | +€481 | +1.8% |
| Other operating charges | 640/8 | €907 | €1,456 | +€549 | +60.5% |
| Gross operating margin | 9900 | €131,720 | €144,260 | +€12,540 | +9.5% |
| Operating profit (loss) | 9901 | €24,254 | €32,706 | +€8,452 | +34.8% |
| Financial income | 75/76B | €5,007 | €6,785 | +€1,778 | +35.5% |
| Recurring financial income | 75 | €5,007 | €6,785 | +€1,778 | +35.5% |
| Financial charges | 65/66B | €2,506 | €2,572 | +€66 | +2.6% |
| Recurring financial charges | 65 | €2,506 | €2,572 | +€66 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €26,755 | €36,919 | +€10,164 | +38.0% |
| Income taxes | 67/77 | €5,257 | €11,929 | +€6,672 | +127% |
| Profit (loss) for the period | 9904 | €21,498 | €24,990 | +€3,493 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,498 | €24,990 | +€3,493 | +16.2% |
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 23 October 2026 via checked.be.