STEMM: 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.
STEMM
Largest movements
- Current investments +€153,302
new in 2025: €153,302
- Cash -€149,142
down €149,142 (-91.3%), from €163,379 to €14,237
mainly Current investments (-€153,302) and Net result for the year (-€4,715)
- Tangible fixed assets -€8,875
down €8,875 (-9.1%), from €97,064 to €88,189
- Profit (loss) carried forward -€4,715
new in 2025: -€4,715
- Gross operating margin -€179,278
down €179,278 (-97.0%), from €184,849 to €5,571
- Taxes -€55,082
down €55,082 (-99.7%), from €55,258 to €176
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 | €260,443 | €255,728 | -€4,715 | -1.8% |
| Fixed assets | 21/28 | €97,064 | €88,189 | -€8,875 | -9.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €97,064 | €88,189 | -€8,875 | -9.1% |
| Land and buildings | 22 | €97,064 | €88,189 | -€8,875 | -9.1% |
| Current assets | 29/58 | €163,379 | €167,539 | +€4,160 | +2.5% |
| Current investments | 50/53 | - | €153,302 | +€153,302 | |
| Cash at bank and in hand | 54/58 | €163,379 | €14,237 | -€149,142 | -91.3% |
| Total equity and liabilities | 10/49 | €260,443 | €255,728 | -€4,715 | -1.8% |
| Equity | 10/15 | €246,765 | €242,050 | -€4,715 | -1.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €184,765 | €184,765 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €178,565 | €178,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,715 | -€4,715 | |
| Amounts payable | 17/49 | €13,678 | €13,678 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,678 | €13,678 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,514 | €10,514 | = | 0.0% |
| Taxes | 450/3 | €10,514 | €10,514 | = | 0.0% |
| Other amounts payable | 47/48 | €3,164 | €3,164 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,875 | €8,875 | = | 0.0% |
| Other operating charges | 640/8 | €1,913 | €1,537 | -€376 | -19.7% |
| Gross operating margin | 9900 | €184,849 | €5,571 | -€179,278 | -97.0% |
| Operating profit (loss) | 9901 | €174,061 | -€4,841 | -€178,902 | |
| Financial income | 75/76B | €137 | €633 | +€496 | +362.0% |
| Recurring financial income | 75 | €137 | €633 | +€496 | +362.0% |
| Financial charges | 65/66B | €254 | €331 | +€77 | +30.3% |
| Recurring financial charges | 65 | €254 | €331 | +€77 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €173,944 | -€4,539 | -€178,483 | |
| Income taxes | 67/77 | €55,258 | €176 | -€55,082 | -99.7% |
| Profit (loss) for the period | 9904 | €118,686 | -€4,715 | -€123,401 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,686 | -€4,715 | -€123,401 |
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 4 October 2026 via checked.be.