STERU: 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.
What changed
STERU
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€21.4m
2024 · €930,418+€20.4m
Equity
€86.2m
2024 · €64.9m+€21.4m
Cash
€163,926
2024 · €646,170-€482,244
Balance sheet total
€105.0m
2024 · €65.0m+€40.0m
Largest movements
Assets
- Financial fixed assets +€30.4m
up €30.4m (+65.8%), from €46.2m to €76.7m
- Current investments +€10.0m
up €10.0m (+60.6%), from €16.5m to €26.5m
Equity and liabilities
- Reserves +€21.4m
up €21.4m (+52.4%), from €40.8m to €62.2m
of which Distributable reserves: +€21.4m
- Other debts +€18.7m
new in 2025: €18.7m
Income statement
- Gross operating margin +€20.1m
new in 2025: €20.1m
- Services and other goods -€556,469
no longer reported in 2025 (was €556,469)
- Financial income -€246,857
down €246,857 (-13.5%), from €1.8m to €1.6m
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
€930,418
Other operating charges
-€189
Other operating items
+€20.6m
Financial income
-€246,857
Financial charges
-€142
Taxes
+€52,664
Result 2025
€21.4m
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
+€39.9m
Investment
-€40.4m
Financing
€0
Cash 2024
€646,170
From operations (derived)
+€39.9m
Net result for the year
+€21.4m
Depreciation
+€9,920
Receivables within one year
-€94,319
Smaller working-capital items
-€68,149
Other debts
+€18.7m
Investment (derived)
-€40.4m
Investment in fixed assets (net)
-€30.4m
Current investments
-€10.0m
Cash 2025
€163,926
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,971,770 | €105,003,034 | +€40.0m | +61.6% |
| Fixed assets | 21/28 | €47,765,649 | €78,185,025 | +€30.4m | +63.7% |
| Tangible fixed assets | 22/27 | €1,535,385 | €1,525,465 | -€9,920 | -0.6% |
| Land and buildings | 22 | €1,535,385 | €1,525,465 | -€9,920 | -0.6% |
| Financial fixed assets | 28 | €46,230,264 | €76,659,560 | +€30.4m | +65.8% |
| Affiliated companies | 280/1 | €44,980,264 | - | -€45.0m | |
| Participating interests | 280 | €25,358,804 | - | -€25.4m | |
| Amounts receivable | 281 | €19,621,460 | - | -€19.6m | |
| Other financial fixed assets | 284/8 | €1,250,000 | - | -€1.3m | |
| Amounts receivable and cash guarantees | 285/8 | €1,250,000 | - | -€1.3m | |
| Current assets | 29/58 | €17,206,122 | €26,818,009 | +€9.6m | +55.9% |
| Amounts receivable within one year | 40/41 | €9,764 | €104,083 | +€94,319 | +966.0% |
| Other amounts receivable | 41 | €9,764 | €104,083 | +€94,319 | +966.0% |
| Current investments | 50/53 | €16,500,000 | €26,500,000 | +€10.0m | +60.6% |
| Other investments | 51/53 | €16,500,000 | - | -€16.5m | |
| Cash at bank and in hand | 54/58 | €646,170 | €163,926 | -€482,244 | -74.6% |
| Deferred charges and accrued income | 490/1 | €50,188 | €50,000 | -€188 | -0.4% |
| Total equity and liabilities | 10/49 | €64,971,770 | €105,003,034 | +€40.0m | +61.6% |
| Equity | 10/15 | €64,857,004 | €86,228,159 | +€21.4m | +33.0% |
| Contributions | 10/11 | €24,048,454 | €24,048,454 | = | 0.0% |
| Capital | 10 | €24,048,454 | €24,048,454 | = | 0.0% |
| Issued capital | 100 | €24,423,454 | €24,423,454 | = | 0.0% |
| Uncalled capital | 101 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €40,808,550 | €62,179,705 | +€21.4m | +52.4% |
| Non-distributable reserves | 130/1 | €2,442,345 | €2,442,345 | = | 0.0% |
| Legal reserve | 130 | €2,442,345 | €2,442,345 | = | 0.0% |
| Distributable reserves | 133 | €38,366,204 | €59,737,360 | +€21.4m | +55.7% |
| Amounts payable | 17/49 | €114,767 | €18,774,875 | +€18.7m | +16259.1% |
| Amounts payable within one year | 42/48 | €114,767 | €18,774,875 | +€18.7m | +16259.1% |
| Trade debts | 44 | €43,614 | €5,969 | -€37,645 | -86.3% |
| Suppliers | 440/4 | €43,614 | €5,969 | -€37,645 | -86.3% |
| Taxes, remuneration and social security | 45 | €71,153 | €40,461 | -€30,692 | -43.1% |
| Taxes | 450/3 | €71,153 | €40,461 | -€30,692 | -43.1% |
| Other amounts payable | 47/48 | - | €18,728,445 | +€18.7m | |
| Non-recurring operating income | 76A | - | €20,565,691 | +€20.6m | |
| Operating charges | 60/66A | €574,460 | - | -€574,460 | |
| Services and other goods | 61 | €556,469 | - | -€556,469 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,920 | €9,920 | = | 0.0% |
| Other operating charges | 640/8 | €6,114 | €6,303 | +€189 | +3.1% |
| Non-recurring operating charges | 66A | €1,957 | €0 | -€1,957 | -100.0% |
| Gross operating margin | 9900 | - | €20,076,834 | +€20.1m | |
| Operating profit (loss) | 9901 | -€574,460 | €20,060,611 | +€20.6m | |
| Financial income | 75/76B | €1,826,784 | €1,579,927 | -€246,857 | -13.5% |
| Recurring financial income | 75 | €1,826,784 | €1,579,927 | -€246,857 | -13.5% |
| Income from financial fixed assets | 750 | €1,078,226 | - | -€1.1m | |
| Income from current assets | 751 | €748,557 | - | -€748,557 | |
| Financial charges | 65/66B | €753 | €894 | +€142 | +18.8% |
| Recurring financial charges | 65 | €753 | €894 | +€142 | +18.8% |
| Debt charges | 650 | €5 | - | -€5 | |
| Other financial charges | 652/9 | €747 | - | -€747 | |
| Profit (loss) for the period before taxes | 9903 | €1,251,571 | €21,639,644 | +€20.4m | +1629.0% |
| Income taxes | 67/77 | €321,153 | €268,488 | -€52,664 | -16.4% |
| Taxes | 670/3 | €321,153 | - | -€321,153 | |
| Profit (loss) for the period | 9904 | €930,418 | €21,371,156 | +€20.4m | +2196.9% |
| Profit (loss) for the period to be appropriated | 9905 | €930,418 | €21,371,156 | +€20.4m | +2196.9% |
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 4 October 2026 via checked.be.