STEMP: 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.
STEMP
Largest movements
- Tangible fixed assets +€112,633
up €112,633 (+327%), from €34,492 to €147,124
of which Plant, machinery and equipment: +€99,720
- Receivables within one year -€63,220
down €63,220 (-87.1%), from €72,588 to €9,368
of which Trade receivables: -€63,250
- Cash -€12,025
down €12,025 (-40.1%), from €29,995 to €17,970
mainly Investment in fixed assets (net) (-€142,810) and Advances received (-€57,442)
- Intangible fixed assets +€8,485
up €8,485 (+448%), from €1,893 to €10,377
- Stocks and contracts +€2,234
up €2,234 (+8.2%), from €27,090 to €29,324
- Debts after one year +€125,215
new in 2025: €125,215
- Advances received -€57,442
no longer reported in 2025 (was €57,442)
- Trade debts -€34,990
down €34,990 (-100.0%), from €35,000 to €10
- Current portion of long-term debt +€14,785
new in 2025: €14,785
- Profit (loss) carried forward +€12,638
up €12,638 (+23.2%), from €54,385 to €67,023
- Gross operating margin -€28,449
down €28,449 (-38.8%), from €73,235 to €44,786
- Depreciation +€21,164
up €21,164 (+3,999%), from €529 to €21,693
- Taxes -€12,687
down €12,687 (-98.5%), from €12,876 to €189
- Financial charges +€6,266
up €6,266 (+276%), from €2,267 to €8,534
of which Financial charges: +€6,343
- Other operating charges +€861
up €861 (+86.6%), from €995 to €1,856
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 | €166,211 | €215,706 | +€49,494 | +29.8% |
| Fixed assets | 21/28 | €36,384 | €157,502 | +€121,118 | +333% |
| Intangible fixed assets | 21 | €1,893 | €10,377 | +€8,485 | +448% |
| Tangible fixed assets | 22/27 | €34,492 | €147,124 | +€112,633 | +327% |
| Land and buildings | 22 | €14,667 | - | -€14,667 | |
| Plant, machinery and equipment | 23 | €19,825 | €119,544 | +€99,720 | +503% |
| Furniture and vehicles | 24 | - | €1,648 | +€1,648 | |
| Other tangible fixed assets | 26 | - | €25,932 | +€25,932 | |
| Current assets | 29/58 | €129,827 | €58,204 | -€71,623 | -55.2% |
| Stocks and contracts in progress | 3 | €27,090 | €29,324 | +€2,234 | +8.2% |
| Stocks | 30/36 | €27,090 | €29,324 | +€2,234 | +8.2% |
| Amounts receivable within one year | 40/41 | €72,588 | €9,368 | -€63,220 | -87.1% |
| Trade receivables | 40 | €67,910 | €4,660 | -€63,250 | -93.1% |
| Other amounts receivable | 41 | €4,678 | €4,708 | +€31 | +0.7% |
| Cash at bank and in hand | 54/58 | €29,995 | €17,970 | -€12,025 | -40.1% |
| Deferred charges and accrued income | 490/1 | €154 | €1,541 | +€1,387 | +900% |
| Total equity and liabilities | 10/49 | €166,211 | €215,706 | +€49,494 | +29.8% |
| Equity | 10/15 | €57,385 | €70,023 | +€12,638 | +22.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,385 | €67,023 | +€12,638 | +23.2% |
| Amounts payable | 17/49 | €108,826 | €145,683 | +€36,856 | +33.9% |
| Amounts payable after more than one year | 17 | - | €125,215 | +€125,215 | |
| Financial debts | 170/4 | - | €125,215 | +€125,215 | |
| Amounts payable within one year | 42/48 | €108,826 | €20,468 | -€88,359 | -81.2% |
| Current portion of amounts payable after more than one year | 42 | - | €14,785 | +€14,785 | |
| Trade debts | 44 | €35,000 | €10 | -€34,990 | -100.0% |
| Suppliers | 440/4 | €35,000 | €10 | -€34,990 | -100.0% |
| Advances received on contracts in progress | 46 | €57,442 | - | -€57,442 | |
| Taxes, remuneration and social security | 45 | €12,876 | €2,154 | -€10,722 | -83.3% |
| Taxes | 450/3 | €12,876 | €2,154 | -€10,722 | -83.3% |
| Other amounts payable | 47/48 | €3,508 | €3,518 | +€10 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €529 | €21,693 | +€21,164 | +3,999% |
| Other operating charges | 640/8 | €995 | €1,856 | +€861 | +86.6% |
| Gross operating margin | 9900 | €73,235 | €44,786 | -€28,449 | -38.8% |
| Operating profit (loss) | 9901 | €71,711 | €21,237 | -€50,474 | -70.4% |
| Financial income | 75/76B | €30 | €124 | +€94 | +312% |
| Recurring financial income | 75 | €30 | €124 | +€94 | +312% |
| Non-recurring financial income | 76B | €30 | - | -€30 | |
| Financial charges | 65/66B | €2,267 | €8,534 | +€6,266 | +276% |
| Recurring financial charges | 65 | €2,191 | €8,534 | +€6,343 | +289% |
| Non-recurring financial charges | 66B | €76 | - | -€76 | |
| Profit (loss) for the period before taxes | 9903 | €69,474 | €12,827 | -€56,647 | -81.5% |
| Income taxes | 67/77 | €12,876 | €189 | -€12,687 | -98.5% |
| Profit (loss) for the period | 9904 | €56,598 | €12,638 | -€43,960 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,598 | €12,638 | -€43,960 | -77.7% |
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 25 October 2026 via checked.be.