STEMASO: 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.
STEMASO
Largest movements
- Cash -€4,090
down €4,090 (-37.9%), from €10,795 to €6,705
mainly Investment in fixed assets (net) (-€2,234) and Receivables within one year (-€2,101)
- Receivables within one year +€2,101
up €2,101 (+680.0%), from €309 to €2,410
of which Trade receivables: +€1,890
- Tangible fixed assets +€1,894
up €1,894, from €0 to €1,894
- Formation expenses -€505
down €505 (-50.8%), from €993 to €488
- Deferred charges and accrued income +€318
up €318 (+27.0%), from €1,177 to €1,495
- Profit (loss) carried forward +€1,241
up €1,241 (+12.8%), from -€9,675 to -€8,434
- Other debts -€1,128
no longer reported in 2025 (was €1,128)
- Tax, wage and social debts -€512
down €512 (-18.8%), from €2,723 to €2,211
- Trade debts -€168
down €168 (-48.5%), from €346 to €178
- Other operating charges -€358
down €358 (-35.3%), from €1,016 to €657
- Depreciation +€210
up €210 (+33.0%), from €635 to €845
- Taxes -€158
down €158 (-22.3%), from €710 to €552
- Financial income -€115
no longer reported in 2025 (was €115)
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 | €14,972 | €14,406 | -€567 | -3.8% |
| Formation expenses | 20 | €993 | €488 | -€505 | -50.8% |
| Fixed assets | 21/28 | €63 | €1,957 | +€1,894 | +3011.4% |
| Tangible fixed assets | 22/27 | €0 | €1,894 | +€1,894 | |
| Plant, machinery and equipment | 23 | €0 | €1,894 | +€1,894 | |
| Financial fixed assets | 28 | €63 | €63 | = | 0.0% |
| Current assets | 29/58 | €13,916 | €11,960 | -€1,956 | -14.1% |
| Stocks and contracts in progress | 3 | €1,635 | €1,350 | -€285 | -17.4% |
| Stocks | 30/36 | €1,635 | €1,350 | -€285 | -17.4% |
| Amounts receivable within one year | 40/41 | €309 | €2,410 | +€2,101 | +680.0% |
| Trade receivables | 40 | €309 | €2,199 | +€1,890 | +611.5% |
| Other amounts receivable | 41 | - | €212 | +€212 | |
| Current investments | 50/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €10,795 | €6,705 | -€4,090 | -37.9% |
| Deferred charges and accrued income | 490/1 | €1,177 | €1,495 | +€318 | +27.0% |
| Total equity and liabilities | 10/49 | €14,972 | €14,406 | -€567 | -3.8% |
| Equity | 10/15 | €10,776 | €12,017 | +€1,241 | +11.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,675 | -€8,434 | +€1,241 | +12.8% |
| Amounts payable | 17/49 | €4,196 | €2,389 | -€1,807 | -43.1% |
| Amounts payable within one year | 42/48 | €4,196 | €2,389 | -€1,807 | -43.1% |
| Trade debts | 44 | €346 | €178 | -€168 | -48.5% |
| Suppliers | 440/4 | €346 | €178 | -€168 | -48.5% |
| Taxes, remuneration and social security | 45 | €2,723 | €2,211 | -€512 | -18.8% |
| Taxes | 450/3 | €2,723 | €2,211 | -€512 | -18.8% |
| Other amounts payable | 47/48 | €1,128 | - | -€1,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635 | €845 | +€210 | +33.0% |
| Other operating charges | 640/8 | €1,016 | €657 | -€358 | -35.3% |
| Gross operating margin | 9900 | €3,410 | €3,414 | +€4 | +0.1% |
| Operating profit (loss) | 9901 | €1,759 | €1,912 | +€153 | +8.7% |
| Financial income | 75/76B | €115 | - | -€115 | |
| Recurring financial income | 75 | €115 | - | -€115 | |
| Financial charges | 65/66B | €121 | €119 | -€2 | -1.5% |
| Recurring financial charges | 65 | €121 | €119 | -€2 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €1,753 | €1,793 | +€40 | +2.3% |
| Income taxes | 67/77 | €710 | €552 | -€158 | -22.3% |
| Profit (loss) for the period | 9904 | €1,043 | €1,241 | +€198 | +19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,043 | €1,241 | +€198 | +19.0% |
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 30 September 2026 via checked.be.