STEMASTUC: 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.
STEMASTUC
Largest movements
- Cash +€51,938
up €51,938 (+113%), from €46,005 to €97,943
mainly Net result for the year (+€49,071) and Receivables within one year (+€17,415)
- Receivables within one year -€17,415
down €17,415 (-49.9%), from €34,916 to €17,501
of which Trade receivables: -€15,676
- Stocks and contracts +€10,950
up €10,950 (+270%), from €4,050 to €15,000
- Deferred charges and accrued income -€2,961
down €2,961 (-68.8%), from €4,305 to €1,343
- Reserves +€32,071
up €32,071 (+70.9%), from €45,213 to €77,284
- Trade debts +€9,054
up €9,054 (+68.8%), from €13,168 to €22,222
- Staff costs -€149,092
down €149,092 (-86.7%), from €171,953 to €22,860
- Gross operating margin -€98,117
down €98,117 (-53.2%), from €184,427 to €86,309
- Taxes +€10,254
up €10,254 (+546%), from €1,877 to €12,130
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 | €90,359 | €132,120 | +€41,761 | +46.2% |
| Fixed assets | 21/28 | €1,083 | €332 | -€750 | -69.3% |
| Tangible fixed assets | 22/27 | €750 | - | -€750 | |
| Plant, machinery and equipment | 23 | €750 | - | -€750 | |
| Financial fixed assets | 28 | €332 | €332 | = | 0.0% |
| Current assets | 29/58 | €89,276 | €131,788 | +€42,511 | +47.6% |
| Stocks and contracts in progress | 3 | €4,050 | €15,000 | +€10,950 | +270% |
| Contracts in progress | 37 | €4,050 | €15,000 | +€10,950 | +270% |
| Amounts receivable within one year | 40/41 | €34,916 | €17,501 | -€17,415 | -49.9% |
| Trade receivables | 40 | €30,977 | €15,301 | -€15,676 | -50.6% |
| Other amounts receivable | 41 | €3,940 | €2,200 | -€1,739 | -44.2% |
| Cash at bank and in hand | 54/58 | €46,005 | €97,943 | +€51,938 | +113% |
| Deferred charges and accrued income | 490/1 | €4,305 | €1,343 | -€2,961 | -68.8% |
| Total equity and liabilities | 10/49 | €90,359 | €132,120 | +€41,761 | +46.2% |
| Equity | 10/15 | €51,413 | €83,484 | +€32,071 | +62.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €45,213 | €77,284 | +€32,071 | +70.9% |
| Distributable reserves | 133 | €45,213 | €77,284 | +€32,071 | +70.9% |
| Amounts payable | 17/49 | €38,945 | €48,636 | +€9,690 | +24.9% |
| Amounts payable within one year | 42/48 | €37,872 | €48,435 | +€10,563 | +27.9% |
| Trade debts | 44 | €13,168 | €22,222 | +€9,054 | +68.8% |
| Suppliers | 440/4 | €13,168 | €22,222 | +€9,054 | +68.8% |
| Taxes, remuneration and social security | 45 | €2,093 | €2,930 | +€838 | +40.0% |
| Taxes | 450/3 | €1,650 | €2,930 | +€1,280 | +77.6% |
| Remuneration and social security | 454/9 | €443 | - | -€443 | |
| Other amounts payable | 47/48 | €22,612 | €23,283 | +€671 | +3.0% |
| Accrued charges and deferred income | 492/3 | €1,073 | €200 | -€873 | -81.3% |
| Remuneration, social security and pensions | 62 | €171,953 | €22,860 | -€149,092 | -86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €750 | -€250 | -25.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,841 | - | -€1,841 | |
| Other operating charges | 640/8 | €1,342 | €1,260 | -€81 | -6.1% |
| Gross operating margin | 9900 | €184,427 | €86,309 | -€98,117 | -53.2% |
| Operating profit (loss) | 9901 | €8,291 | €61,439 | +€53,148 | +641% |
| Financial income | 75/76B | €40 | €0 | -€40 | -100.0% |
| Recurring financial income | 75 | €40 | €0 | -€40 | -100.0% |
| Financial charges | 65/66B | €1,273 | €237 | -€1,036 | -81.4% |
| Recurring financial charges | 65 | €1,146 | €237 | -€909 | -79.3% |
| Non-recurring financial charges | 66B | €126 | - | -€126 | |
| Profit (loss) for the period before taxes | 9903 | €7,059 | €61,201 | +€54,143 | +767% |
| Income taxes | 67/77 | €1,877 | €12,130 | +€10,254 | +546% |
| Profit (loss) for the period | 9904 | €5,182 | €49,071 | +€43,889 | +847% |
| Profit (loss) for the period to be appropriated | 9905 | €5,182 | €49,071 | +€43,889 | +847% |
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 16 October 2026 via checked.be.