STEMO: 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.
STEMO
Largest movements
- Tangible fixed assets +€576,138
up €576,138 (+6412.3%), from €8,985 to €585,123
of which Furniture and vehicles: +€579,168
- Stocks and contracts +€46,365
up €46,365 (+44.8%), from €103,382 to €149,747
of which Stocks: +€52,365
- Cash +€26,211
up €26,211 (+3289.9%), from €797 to €27,008
mainly Debts after one year (+€370,893) and Other debts (+€195,969)
- Receivables within one year -€19,300
down €19,300 (-6.3%), from €307,164 to €287,863
of which Trade receivables: -€19,300
- Debts after one year +€370,893
new in 2025: €370,893
- Other debts +€195,969
up €195,969 (+144.8%), from €135,349 to €331,318
- Reserves +€73,538
up €73,538 (+45.4%), from €162,092 to €235,630
- Current portion of long-term debt +€66,429
new in 2025: €66,429
- Trade debts -€60,065
down €60,065 (-88.2%), from €68,115 to €8,050
- Gross operating margin +€54,072
up €54,072 (+53.5%), from €101,086 to €155,159
- Depreciation +€43,604
up €43,604 (+404.4%), from €10,781 to €54,385
- Taxes -€10,409
down €10,409 (-35.9%), from €28,969 to €18,560
- Financial charges +€7,188
up €7,188 (+2043.7%), from €352 to €7,539
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 | €422,790 | €1,052,956 | +€630,166 | +149.0% |
| Fixed assets | 21/28 | €8,985 | €585,123 | +€576,138 | +6412.3% |
| Tangible fixed assets | 22/27 | €8,985 | €585,123 | +€576,138 | +6412.3% |
| Plant, machinery and equipment | 23 | €7,666 | €4,636 | -€3,030 | -39.5% |
| Furniture and vehicles | 24 | €1,319 | €580,487 | +€579,168 | +43905.0% |
| Current assets | 29/58 | €413,805 | €467,833 | +€54,028 | +13.1% |
| Stocks and contracts in progress | 3 | €103,382 | €149,747 | +€46,365 | +44.8% |
| Stocks | 30/36 | €97,382 | €149,747 | +€52,365 | +53.8% |
| Contracts in progress | 37 | €6,000 | €0 | -€6,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €307,164 | €287,863 | -€19,300 | -6.3% |
| Trade receivables | 40 | €306,774 | €287,473 | -€19,300 | -6.3% |
| Other amounts receivable | 41 | €390 | €390 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €797 | €27,008 | +€26,211 | +3289.9% |
| Deferred charges and accrued income | 490/1 | €2,462 | €3,215 | +€753 | +30.6% |
| Total equity and liabilities | 10/49 | €422,790 | €1,052,956 | +€630,166 | +149.0% |
| Equity | 10/15 | €172,092 | €245,630 | +€73,538 | +42.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €162,092 | €235,630 | +€73,538 | +45.4% |
| Distributable reserves | 133 | €162,092 | €235,630 | +€73,538 | +45.4% |
| Amounts payable | 17/49 | €250,698 | €807,325 | +€556,628 | +222.0% |
| Amounts payable after more than one year | 17 | - | €370,893 | +€370,893 | |
| Financial debts | 170/4 | - | €370,893 | +€370,893 | |
| Amounts payable within one year | 42/48 | €250,513 | €435,020 | +€184,506 | +73.7% |
| Current portion of amounts payable after more than one year | 42 | - | €66,429 | +€66,429 | |
| Trade debts | 44 | €68,115 | €8,050 | -€60,065 | -88.2% |
| Suppliers | 440/4 | €68,115 | €8,050 | -€60,065 | -88.2% |
| Taxes, remuneration and social security | 45 | €47,049 | €29,223 | -€17,826 | -37.9% |
| Taxes | 450/3 | €41,049 | €29,223 | -€11,826 | -28.8% |
| Remuneration and social security | 454/9 | €6,000 | €0 | -€6,000 | -100.0% |
| Other amounts payable | 47/48 | €135,349 | €331,318 | +€195,969 | +144.8% |
| Accrued charges and deferred income | 492/3 | €185 | €1,413 | +€1,228 | +665.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,781 | €54,385 | +€43,604 | +404.4% |
| Other operating charges | 640/8 | €1,182 | €1,167 | -€16 | -1.3% |
| Gross operating margin | 9900 | €101,086 | €155,159 | +€54,072 | +53.5% |
| Operating profit (loss) | 9901 | €89,123 | €99,607 | +€10,484 | +11.8% |
| Financial income | 75/76B | €62 | €30 | -€32 | -51.3% |
| Recurring financial income | 75 | €62 | €30 | -€32 | -51.3% |
| Financial charges | 65/66B | €352 | €7,539 | +€7,188 | +2043.7% |
| Recurring financial charges | 65 | €352 | €7,539 | +€7,188 | +2043.7% |
| Profit (loss) for the period before taxes | 9903 | €88,833 | €92,098 | +€3,265 | +3.7% |
| Income taxes | 67/77 | €28,969 | €18,560 | -€10,409 | -35.9% |
| Profit (loss) for the period | 9904 | €59,864 | €73,538 | +€13,674 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,864 | €73,538 | +€13,674 | +22.8% |
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.