STERNAE: 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.
What changed
STERNAE
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€20,477
2024 · €59,546-€39,070
Equity
€1.2m
2024 · €1.1m+€20,477
Cash
€16,820
2024 · €9,153+€7,667
Balance sheet total
€3.2m
2024 · €3.3m-€48,438
Largest movements
Assets
- Tangible fixed assets -€56,345
down €56,345 (-1.7%), from €3.3m to €3.2m
of which Land and buildings: -€38,086
Equity and liabilities
- Debts after one year -€104,954
down €104,954 (-5.2%), from €2.0m to €1.9m
of which Financial debts: -€95,954
Income statement
- Gross operating margin -€43,082
down €43,082 (-29.0%), from €148,728 to €105,646
- Financial charges -€2,828
down €2,828 (-16.4%), from €17,262 to €14,435
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.
Result 2024
€59,546
Gross operating margin
-€43,082
Depreciation
+€1,410
Other operating charges
-€185
Financial income
-€35
Financial charges
+€2,828
Taxes
-€6
Result 2025
€20,477
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.
From operations
+€119,011
Investment
-€7,987
Financing
-€103,357
Cash 2024
€9,153
From operations (derived)
+€119,011
Net result for the year
+€20,477
Depreciation
+€64,332
Smaller working-capital items
-€128
Trade debts
+€1,653
Other debts
+€32,678
Investment (derived)
-€7,987
Investment in fixed assets (net)
-€7,987
Financing
-€103,357
Debts after one year
-€104,954
Current portion of long-term debt
+€1,597
Cash 2025
€16,820
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,296,859 | €3,248,421 | -€48,438 | -1.5% |
| Fixed assets | 21/28 | €3,277,898 | €3,221,553 | -€56,345 | -1.7% |
| Tangible fixed assets | 22/27 | €3,276,998 | €3,220,653 | -€56,345 | -1.7% |
| Land and buildings | 22 | €3,190,277 | €3,152,191 | -€38,086 | -1.2% |
| Plant, machinery and equipment | 23 | €25,421 | €21,609 | -€3,812 | -15.0% |
| Furniture and vehicles | 24 | €58,695 | €44,857 | -€13,838 | -23.6% |
| Other tangible fixed assets | 26 | €2,604 | €1,996 | -€608 | -23.4% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €18,962 | €26,868 | +€7,907 | +41.7% |
| Amounts receivable within one year | 40/41 | €9,675 | €9,926 | +€251 | +2.6% |
| Trade receivables | 40 | €9,675 | €9,926 | +€251 | +2.6% |
| Cash at bank and in hand | 54/58 | €9,153 | €16,820 | +€7,667 | +83.8% |
| Deferred charges and accrued income | 490/1 | €133 | €122 | -€11 | -7.9% |
| Total equity and liabilities | 10/49 | €3,296,859 | €3,248,421 | -€48,438 | -1.5% |
| Equity | 10/15 | €1,130,058 | €1,150,534 | +€20,477 | +1.8% |
| Contributions | 10/11 | €1,215,000 | €1,215,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,942 | -€64,466 | +€20,477 | +24.1% |
| Amounts payable | 17/49 | €2,166,802 | €2,097,887 | -€68,915 | -3.2% |
| Amounts payable after more than one year | 17 | €2,030,924 | €1,925,970 | -€104,954 | -5.2% |
| Financial debts | 170/4 | €2,021,924 | €1,925,970 | -€95,954 | -4.7% |
| Other amounts payable | 178/9 | €9,000 | €0 | -€9,000 | -100.0% |
| Amounts payable within one year | 42/48 | €134,605 | €170,775 | +€36,170 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €102,286 | €103,883 | +€1,597 | +1.6% |
| Trade debts | 44 | €478 | €2,131 | +€1,653 | +345.8% |
| Suppliers | 440/4 | €478 | €2,131 | +€1,653 | +345.8% |
| Taxes, remuneration and social security | 45 | €224 | €466 | +€242 | +108.3% |
| Taxes | 450/3 | €224 | €466 | +€242 | +108.3% |
| Other amounts payable | 47/48 | €31,617 | €64,295 | +€32,678 | +103.4% |
| Accrued charges and deferred income | 492/3 | €1,272 | €1,141 | -€131 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,742 | €64,332 | -€1,410 | -2.1% |
| Other operating charges | 640/8 | €5,996 | €6,180 | +€185 | +3.1% |
| Gross operating margin | 9900 | €148,728 | €105,646 | -€43,082 | -29.0% |
| Operating profit (loss) | 9901 | €76,990 | €35,134 | -€41,856 | -54.4% |
| Financial income | 75/76B | €60 | €25 | -€35 | -58.4% |
| Recurring financial income | 75 | €60 | €25 | -€35 | -58.4% |
| Financial charges | 65/66B | €17,262 | €14,435 | -€2,828 | -16.4% |
| Recurring financial charges | 65 | €17,262 | €14,435 | -€2,828 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €59,788 | €20,724 | -€39,064 | -65.3% |
| Income taxes | 67/77 | €242 | €248 | +€6 | +2.3% |
| Profit (loss) for the period | 9904 | €59,546 | €20,477 | -€39,070 | -65.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,546 | €20,477 | -€39,070 | -65.6% |
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 11 October 2026 via checked.be.