STEMAX: 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.
STEMAX
Largest movements
- Cash +€22,007
up €22,007 (+191.7%), from €11,478 to €33,485
mainly Net result for the year (+€20,241) and Depreciation (+€8,438)
- Tangible fixed assets -€8,438
down €8,438 (-31.4%), from €26,889 to €18,451
- Receivables within one year +€3,909
up €3,909 (+20.9%), from €18,716 to €22,625
of which Trade receivables: +€3,785
- Stocks and contracts +€3,824
up €3,824 (+16.8%), from €22,713 to €26,537
- Reserves +€19,500
new in 2025: €19,500
- Tax, wage and social debts +€8,406
up €8,406 (+124.4%), from €6,758 to €15,164
- Accrued charges and deferred income -€3,487
down €3,487 (-100.0%), from €3,487 to €0
- Debts after one year -€2,713
down €2,713 (-4.1%), from €66,869 to €64,156
- Gross operating margin +€27,844
up €27,844 (+156.6%), from €17,786 to €45,630
- Taxes +€9,369
up €9,369 (+410.9%), from €2,280 to €11,649
- Depreciation -€803
down €803 (-8.7%), from €9,242 to €8,438
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 | €176,670 | €197,200 | +€20,529 | +11.6% |
| Fixed assets | 21/28 | €114,219 | €105,781 | -€8,438 | -7.4% |
| Tangible fixed assets | 22/27 | €26,889 | €18,451 | -€8,438 | -31.4% |
| Plant, machinery and equipment | 23 | €8,067 | €5,648 | -€2,419 | -30.0% |
| Furniture and vehicles | 24 | €8,381 | €5,423 | -€2,958 | -35.3% |
| Other tangible fixed assets | 26 | €10,441 | €7,380 | -€3,061 | -29.3% |
| Financial fixed assets | 28 | €87,330 | €87,330 | = | 0.0% |
| Current assets | 29/58 | €62,451 | €91,419 | +€28,967 | +46.4% |
| Stocks and contracts in progress | 3 | €22,713 | €26,537 | +€3,824 | +16.8% |
| Stocks | 30/36 | €22,713 | €26,537 | +€3,824 | +16.8% |
| Amounts receivable within one year | 40/41 | €18,716 | €22,625 | +€3,909 | +20.9% |
| Trade receivables | 40 | €18,716 | €22,501 | +€3,785 | +20.2% |
| Other amounts receivable | 41 | - | €124 | +€124 | |
| Cash at bank and in hand | 54/58 | €11,478 | €33,485 | +€22,007 | +191.7% |
| Deferred charges and accrued income | 490/1 | €9,545 | €8,771 | -€774 | -8.1% |
| Total equity and liabilities | 10/49 | €176,670 | €197,200 | +€20,529 | +11.6% |
| Equity | 10/15 | €61,509 | €81,750 | +€20,241 | +32.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | - | €19,500 | +€19,500 | |
| Distributable reserves | 133 | - | €19,500 | +€19,500 | |
| Profit (loss) carried forward | 14 | -€464 | €277 | +€741 | |
| Amounts payable | 17/49 | €115,161 | €115,449 | +€288 | +0.3% |
| Amounts payable after more than one year | 17 | €66,869 | €64,156 | -€2,713 | -4.1% |
| Financial debts | 170/4 | €66,869 | €64,156 | -€2,713 | -4.1% |
| Amounts payable within one year | 42/48 | €44,805 | €51,293 | +€6,488 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €2,673 | €2,713 | +€40 | +1.5% |
| Trade debts | 44 | €16,516 | €15,463 | -€1,053 | -6.4% |
| Suppliers | 440/4 | €16,516 | €15,463 | -€1,053 | -6.4% |
| Taxes, remuneration and social security | 45 | €6,758 | €15,164 | +€8,406 | +124.4% |
| Taxes | 450/3 | €6,758 | €15,164 | +€8,406 | +124.4% |
| Other amounts payable | 47/48 | €18,859 | €17,953 | -€905 | -4.8% |
| Accrued charges and deferred income | 492/3 | €3,487 | €0 | -€3,487 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,242 | €8,438 | -€803 | -8.7% |
| Other operating charges | 640/8 | €970 | €1,111 | +€141 | +14.6% |
| Gross operating margin | 9900 | €17,786 | €45,630 | +€27,844 | +156.6% |
| Operating profit (loss) | 9901 | €7,574 | €36,081 | +€28,506 | +376.4% |
| Financial income | 75/76B | €35 | €83 | +€48 | +137.9% |
| Recurring financial income | 75 | €35 | €83 | +€48 | +137.9% |
| Financial charges | 65/66B | €4,236 | €4,273 | +€37 | +0.9% |
| Recurring financial charges | 65 | €4,236 | €4,273 | +€37 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €3,373 | €31,890 | +€28,518 | +845.5% |
| Income taxes | 67/77 | €2,280 | €11,649 | +€9,369 | +410.9% |
| Profit (loss) for the period | 9904 | €1,093 | €20,241 | +€19,148 | +1752.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,093 | €20,241 | +€19,148 | +1752.2% |
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.