Sterre 20: 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.
Sterre 20
Largest movements
- Current investments +€350,000
new in 2025: €350,000
- Cash -€301,303
down €301,303 (-51.3%), from €586,896 to €285,593
mainly Contributions, distributions and other (-€369,900) and Current investments (-€350,000)
- Tangible fixed assets -€48,490
down €48,490 (-8.1%), from €595,864 to €547,374
of which Land and buildings: -€26,966
- Other debts +€87,618
up €87,618 (+36.7%), from €238,714 to €326,332
- Reserves -€63,825
down €63,825 (-27.3%), from €233,624 to €169,799
of which Distributable reserves: -€62,424
- Debts after one year -€36,810
down €36,810 (-6.5%), from €564,708 to €527,897
- Tax, wage and social debts +€14,891
up €14,891 (+22.2%), from €67,038 to €81,929
of which Taxes: +€18,024
- Gross operating margin +€110,404
up €110,404 (+21.8%), from €505,446 to €615,850
- Staff costs +€28,231
up €28,231 (+33.4%), from €84,509 to €112,740
- Taxes +€19,024
up €19,024 (+24.1%), from €78,876 to €97,900
- Depreciation +€8,502
up €8,502 (+12.9%), from €66,155 to €74,656
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 | €1,187,760 | €1,187,967 | +€207 | 0.0% |
| Fixed assets | 21/28 | €595,864 | €547,374 | -€48,490 | -8.1% |
| Tangible fixed assets | 22/27 | €595,864 | €547,374 | -€48,490 | -8.1% |
| Land and buildings | 22 | €458,293 | €431,327 | -€26,966 | -5.9% |
| Plant, machinery and equipment | 23 | €136,189 | €115,151 | -€21,037 | -15.4% |
| Furniture and vehicles | 24 | €1,383 | €896 | -€487 | -35.2% |
| Current assets | 29/58 | €591,896 | €640,593 | +€48,697 | +8.2% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Current investments | 50/53 | - | €350,000 | +€350,000 | |
| Cash at bank and in hand | 54/58 | €586,896 | €285,593 | -€301,303 | -51.3% |
| Total equity and liabilities | 10/49 | €1,187,760 | €1,187,967 | +€207 | 0.0% |
| Equity | 10/15 | €252,224 | €188,399 | -€63,825 | -25.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €233,624 | €169,799 | -€63,825 | -27.3% |
| Non-distributable reserves | 130/1 | €1,401 | - | -€1,401 | |
| Reserves not available under the articles | 1311 | €1,401 | - | -€1,401 | |
| Distributable reserves | 133 | €232,223 | €169,799 | -€62,424 | -26.9% |
| Amounts payable | 17/49 | €935,536 | €999,568 | +€64,032 | +6.8% |
| Amounts payable after more than one year | 17 | €564,708 | €527,897 | -€36,810 | -6.5% |
| Financial debts | 170/4 | €564,708 | €527,897 | -€36,810 | -6.5% |
| Amounts payable within one year | 42/48 | €347,315 | €443,412 | +€96,097 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €26,511 | €26,810 | +€299 | +1.1% |
| Trade debts | 44 | €15,052 | €8,341 | -€6,711 | -44.6% |
| Suppliers | 440/4 | €15,052 | €8,341 | -€6,711 | -44.6% |
| Taxes, remuneration and social security | 45 | €67,038 | €81,929 | +€14,891 | +22.2% |
| Taxes | 450/3 | €48,756 | €66,779 | +€18,024 | +37.0% |
| Remuneration and social security | 454/9 | €18,282 | €15,149 | -€3,133 | -17.1% |
| Other amounts payable | 47/48 | €238,714 | €326,332 | +€87,618 | +36.7% |
| Accrued charges and deferred income | 492/3 | €23,514 | €28,258 | +€4,745 | +20.2% |
| Remuneration, social security and pensions | 62 | €84,509 | €112,740 | +€28,231 | +33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,155 | €74,656 | +€8,502 | +12.9% |
| Other operating charges | 640/8 | €3,540 | €2,352 | -€1,188 | -33.6% |
| Gross operating margin | 9900 | €505,446 | €615,850 | +€110,404 | +21.8% |
| Operating profit (loss) | 9901 | €351,242 | €426,102 | +€74,860 | +21.3% |
| Financial income | 75/76B | €4,604 | €2,353 | -€2,251 | -48.9% |
| Recurring financial income | 75 | €4,604 | €2,353 | -€2,251 | -48.9% |
| Financial charges | 65/66B | €27,797 | €24,480 | -€3,317 | -11.9% |
| Recurring financial charges | 65 | €27,797 | €24,480 | -€3,317 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €328,049 | €403,976 | +€75,927 | +23.1% |
| Income taxes | 67/77 | €78,876 | €97,900 | +€19,024 | +24.1% |
| Profit (loss) for the period | 9904 | €249,173 | €306,075 | +€56,903 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €249,173 | €306,075 | +€56,903 | +22.8% |
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 13 October 2026 via checked.be.