Stemme Belgium: 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.
Stemme Belgium
Largest movements
- Cash -€1.2m
down €1.2m (-69.2%), from €1.8m to €556,211
mainly Investment in fixed assets (net) (-€1.3m) and Net result for the year (-€815,482)
- Intangible fixed assets +€1.1m
up €1.1m (+170%), from €669,268 to €1.8m
- Receivables within one year +€60,398
up €60,398 (+43.5%), from €139,001 to €199,400
of which Other amounts receivable: +€36,391
- Contributions -€3.5m
down €3.5m (-43.4%), from €8.0m to €4.5m
- Profit (loss) carried forward +€2.6m
up €2.6m (+51.4%), from -€5.1m to -€2.5m
- Investment grants +€608,758
new in 2025: €608,758
- Trade debts +€130,174
up €130,174 (+130%), from €100,063 to €230,237
- Provisions +€106,781
new in 2025: €106,781
- Financial charges -€356,336
down €356,336 (-97.4%), from €365,783 to €9,447
of which Non-recurring financial charges: -€357,450
- Staff costs +€141,712
up €141,712 (+16.5%), from €858,150 to €999,861
- Depreciation +€80,526
up €80,526 (+66.1%), from €121,762 to €202,287
- Taxes +€75,159
up €75,159 (+234%), from €32,123 to €107,282
- Gross operating margin +€30,281
up €30,281 (+6.3%), from €482,115 to €512,396
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 | €3,214,822 | €3,175,673 | -€39,149 | -1.2% |
| Formation expenses | 20 | €4,102 | €3,063 | -€1,040 | -25.3% |
| Fixed assets | 21/28 | €1,247,774 | €2,369,293 | +€1.1m | +89.9% |
| Intangible fixed assets | 21 | €669,268 | €1,805,486 | +€1.1m | +170% |
| Tangible fixed assets | 22/27 | €565,330 | €548,632 | -€16,699 | -3.0% |
| Plant, machinery and equipment | 23 | €43,206 | €138,132 | +€94,926 | +220% |
| Furniture and vehicles | 24 | €522,125 | €399,011 | -€123,114 | -23.6% |
| Other tangible fixed assets | 26 | - | €11,489 | +€11,489 | |
| Financial fixed assets | 28 | €13,176 | €15,176 | +€2,000 | +15.2% |
| Current assets | 29/58 | €1,962,946 | €803,317 | -€1.2m | -59.1% |
| Amounts receivable within one year | 40/41 | €139,001 | €199,400 | +€60,398 | +43.5% |
| Trade receivables | 40 | €71,829 | €95,836 | +€24,008 | +33.4% |
| Other amounts receivable | 41 | €67,173 | €103,564 | +€36,391 | +54.2% |
| Cash at bank and in hand | 54/58 | €1,806,022 | €556,211 | -€1.2m | -69.2% |
| Deferred charges and accrued income | 490/1 | €17,923 | €47,706 | +€29,783 | +166% |
| Total equity and liabilities | 10/49 | €3,214,822 | €3,175,673 | -€39,149 | -1.2% |
| Equity | 10/15 | €2,823,892 | €2,617,168 | -€206,724 | -7.3% |
| Contributions | 10/11 | €7,953,700 | €4,500,000 | -€3.5m | -43.4% |
| Capital | 10 | €7,953,700 | €4,500,000 | -€3.5m | -43.4% |
| Issued capital | 100 | €7,953,700 | €4,500,000 | -€3.5m | -43.4% |
| Profit (loss) carried forward | 14 | -€5,129,808 | -€2,491,590 | +€2.6m | +51.4% |
| Investment grants | 15 | - | €608,758 | +€608,758 | |
| Provisions and deferred taxes | 16 | - | €106,781 | +€106,781 | |
| Provisions for liabilities and charges | 160/5 | - | €106,781 | +€106,781 | |
| Taxes | 161 | - | €106,781 | +€106,781 | |
| Amounts payable | 17/49 | €390,930 | €451,724 | +€60,794 | +15.6% |
| Amounts payable after more than one year | 17 | €37,843 | €19,078 | -€18,765 | -49.6% |
| Other amounts payable | 178/9 | €37,843 | €19,078 | -€18,765 | -49.6% |
| Amounts payable within one year | 42/48 | €252,470 | €432,557 | +€180,087 | +71.3% |
| Current portion of amounts payable after more than one year | 42 | €53,169 | €71,934 | +€18,765 | +35.3% |
| Trade debts | 44 | €100,063 | €230,237 | +€130,174 | +130% |
| Suppliers | 440/4 | €100,063 | €230,237 | +€130,174 | +130% |
| Taxes, remuneration and social security | 45 | €99,238 | €130,386 | +€31,148 | +31.4% |
| Taxes | 450/3 | €6,576 | €7,250 | +€674 | +10.3% |
| Remuneration and social security | 454/9 | €92,662 | €123,136 | +€30,474 | +32.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €100,617 | €89 | -€100,528 | -99.9% |
| Non-recurring operating income | 76A | - | €100,530 | +€100,530 | |
| Remuneration, social security and pensions | 62 | €858,150 | €999,861 | +€141,712 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,762 | €202,287 | +€80,526 | +66.1% |
| Other operating charges | 640/8 | €2,482 | €10,240 | +€7,758 | +313% |
| Non-recurring operating charges | 66A | €36,996 | €0 | -€36,996 | -100% |
| Gross operating margin | 9900 | €482,115 | €512,396 | +€30,281 | +6.3% |
| Operating profit (loss) | 9901 | -€537,274 | -€699,993 | -€162,719 | -30.3% |
| Financial income | 75/76B | €0 | €1,240 | +€1,240 | |
| Recurring financial income | 75 | €0 | €1,240 | +€1,240 | |
| Financial charges | 65/66B | €365,783 | €9,447 | -€356,336 | -97.4% |
| Recurring financial charges | 65 | €8,333 | €9,447 | +€1,114 | +13.4% |
| Non-recurring financial charges | 66B | €357,450 | €0 | -€357,450 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€903,057 | -€708,200 | +€194,857 | +21.6% |
| Income taxes | 67/77 | €32,123 | €107,282 | +€75,159 | +234% |
| Profit (loss) for the period | 9904 | -€935,179 | -€815,482 | +€119,698 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€935,179 | -€815,482 | +€119,698 | +12.8% |
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 31 October 2026 via checked.be.