STEMED: 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.
STEMED
Largest movements
- Tangible fixed assets -€30,595
down €30,595 (-7.6%), from €403,761 to €373,166
of which Land and buildings: -€27,187
- Cash +€8,685
up €8,685 (+15.7%), from €55,219 to €63,905
mainly Depreciation (+€33,160) and Net result for the year (+€14,110)
- Debts after one year -€27,532
down €27,532 (-33.4%), from €82,363 to €54,831
- Reserves +€14,110
up €14,110 (+9.3%), from €151,744 to €165,855
- Other debts -€11,543
down €11,543 (-7.1%), from €162,817 to €151,274
- Gross operating margin -€11,099
down €11,099 (-13.7%), from €81,083 to €69,984
- Taxes -€3,813
down €3,813 (-36.5%), from €10,454 to €6,641
- Depreciation +€1,993
up €1,993 (+6.4%), from €31,167 to €33,160
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 | €463,800 | €439,571 | -€24,228 | -5.2% |
| Fixed assets | 21/28 | €405,868 | €375,273 | -€30,595 | -7.5% |
| Tangible fixed assets | 22/27 | €403,761 | €373,166 | -€30,595 | -7.6% |
| Land and buildings | 22 | €384,590 | €357,403 | -€27,187 | -7.1% |
| Plant, machinery and equipment | 23 | €18,418 | €15,763 | -€2,655 | -14.4% |
| Furniture and vehicles | 24 | €753 | - | -€753 | |
| Financial fixed assets | 28 | €2,107 | €2,107 | = | 0.0% |
| Current assets | 29/58 | €57,932 | €64,298 | +€6,366 | +11.0% |
| Amounts receivable within one year | 40/41 | €2,712 | €393 | -€2,319 | -85.5% |
| Trade receivables | 40 | - | €393 | +€393 | |
| Other amounts receivable | 41 | €2,712 | - | -€2,712 | |
| Cash at bank and in hand | 54/58 | €55,219 | €63,905 | +€8,685 | +15.7% |
| Total equity and liabilities | 10/49 | €463,800 | €439,571 | -€24,228 | -5.2% |
| Equity | 10/15 | €184,613 | €198,723 | +€14,110 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,744 | €165,855 | +€14,110 | +9.3% |
| Distributable reserves | 133 | €151,744 | €165,855 | +€14,110 | +9.3% |
| Profit (loss) carried forward | 14 | €14,269 | €14,269 | = | 0.0% |
| Amounts payable | 17/49 | €279,186 | €240,848 | -€38,339 | -13.7% |
| Amounts payable after more than one year | 17 | €82,363 | €54,831 | -€27,532 | -33.4% |
| Financial debts | 170/4 | €82,363 | €54,831 | -€27,532 | -33.4% |
| Amounts payable within one year | 42/48 | €195,853 | €186,017 | -€9,836 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €26,656 | €27,311 | +€654 | +2.5% |
| Trade debts | 44 | €425 | €358 | -€67 | -15.8% |
| Suppliers | 440/4 | €425 | €358 | -€67 | -15.8% |
| Taxes, remuneration and social security | 45 | €5,954 | €7,074 | +€1,119 | +18.8% |
| Taxes | 450/3 | €5,954 | €7,074 | +€1,119 | +18.8% |
| Other amounts payable | 47/48 | €162,817 | €151,274 | -€11,543 | -7.1% |
| Accrued charges and deferred income | 492/3 | €970 | - | -€970 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,167 | €33,160 | +€1,993 | +6.4% |
| Other operating charges | 640/8 | €9,962 | €10,051 | +€89 | +0.9% |
| Gross operating margin | 9900 | €81,083 | €69,984 | -€11,099 | -13.7% |
| Operating profit (loss) | 9901 | €39,953 | €26,773 | -€13,180 | -33.0% |
| Financial charges | 65/66B | €6,321 | €6,022 | -€299 | -4.7% |
| Recurring financial charges | 65 | €6,321 | €6,022 | -€299 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €33,633 | €20,751 | -€12,881 | -38.3% |
| Income taxes | 67/77 | €10,454 | €6,641 | -€3,813 | -36.5% |
| Profit (loss) for the period | 9904 | €23,178 | €14,110 | -€9,068 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,178 | €14,110 | -€9,068 | -39.1% |
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 6 October 2026 via checked.be.