STESA: 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.
STESA
Largest movements
- Tangible fixed assets -€20,399
down €20,399 (-9.1%), from €224,920 to €204,521
of which Land and buildings: -€21,207
- Current investments +€11,651
up €11,651 (+73.4%), from €15,875 to €27,526
- Cash -€7,812
down €7,812 (-16.5%), from €47,289 to €39,477
mainly Contributions, distributions and other (-€37,900) and Debts after one year (-€14,199)
- Debts after one year -€14,199
down €14,199 (-13.8%), from €102,602 to €88,403
- Other debts -€5,220
down €5,220 (-18.3%), from €28,537 to €23,317
- Gross operating margin +€36,226
up €36,226 (+77.6%), from €46,691 to €82,917
- Taxes +€12,775
up €12,775 (+257.1%), from €4,969 to €17,744
- Financial income -€1,392
down €1,392 (-33.7%), from €4,128 to €2,736
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 | €304,929 | €286,534 | -€18,396 | -6.0% |
| Fixed assets | 21/28 | €224,920 | €204,521 | -€20,399 | -9.1% |
| Tangible fixed assets | 22/27 | €224,920 | €204,521 | -€20,399 | -9.1% |
| Land and buildings | 22 | €223,251 | €202,043 | -€21,207 | -9.5% |
| Plant, machinery and equipment | 23 | €529 | €1,132 | +€603 | +114.1% |
| Furniture and vehicles | 24 | €1,140 | €1,345 | +€205 | +18.0% |
| Current assets | 29/58 | €80,010 | €82,013 | +€2,003 | +2.5% |
| Stocks and contracts in progress | 3 | €52 | €52 | = | 0.0% |
| Stocks | 30/36 | €52 | €52 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,639 | €13,043 | -€1,596 | -10.9% |
| Trade receivables | 40 | €8,641 | €12,183 | +€3,542 | +41.0% |
| Other amounts receivable | 41 | €5,998 | €861 | -€5,138 | -85.7% |
| Current investments | 50/53 | €15,875 | €27,526 | +€11,651 | +73.4% |
| Cash at bank and in hand | 54/58 | €47,289 | €39,477 | -€7,812 | -16.5% |
| Deferred charges and accrued income | 490/1 | €2,155 | €1,915 | -€240 | -11.1% |
| Total equity and liabilities | 10/49 | €304,929 | €286,534 | -€18,396 | -6.0% |
| Equity | 10/15 | €153,933 | €152,154 | -€1,779 | -1.2% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €141,433 | €139,654 | -€1,779 | -1.3% |
| Distributable reserves | 133 | €141,433 | €139,654 | -€1,779 | -1.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €150,996 | €134,380 | -€16,617 | -11.0% |
| Amounts payable after more than one year | 17 | €102,602 | €88,403 | -€14,199 | -13.8% |
| Financial debts | 170/4 | €102,602 | €88,403 | -€14,199 | -13.8% |
| Amounts payable within one year | 42/48 | €46,196 | €43,970 | -€2,226 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €13,674 | €14,199 | +€525 | +3.8% |
| Financial debts | 43 | - | €30 | +€30 | |
| Credit institutions | 430/8 | - | €30 | +€30 | |
| Trade debts | 44 | €26 | €447 | +€420 | +1585.5% |
| Suppliers | 440/4 | €26 | €447 | +€420 | +1585.5% |
| Advances received on contracts in progress | 46 | - | €248 | +€248 | |
| Taxes, remuneration and social security | 45 | €3,958 | €5,730 | +€1,772 | +44.8% |
| Taxes | 450/3 | €3,958 | €5,730 | +€1,772 | +44.8% |
| Other amounts payable | 47/48 | €28,537 | €23,317 | -€5,220 | -18.3% |
| Accrued charges and deferred income | 492/3 | €2,199 | €2,007 | -€192 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,120 | €22,671 | +€551 | +2.5% |
| Other operating charges | 640/8 | €2,847 | €2,899 | +€52 | +1.8% |
| Gross operating margin | 9900 | €46,691 | €82,917 | +€36,226 | +77.6% |
| Operating profit (loss) | 9901 | €21,724 | €57,346 | +€35,623 | +164.0% |
| Financial income | 75/76B | €4,128 | €2,736 | -€1,392 | -33.7% |
| Recurring financial income | 75 | €4,128 | €2,736 | -€1,392 | -33.7% |
| Financial charges | 65/66B | €6,504 | €6,218 | -€287 | -4.4% |
| Recurring financial charges | 65 | €6,504 | €6,218 | -€287 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €19,347 | €53,865 | +€34,517 | +178.4% |
| Income taxes | 67/77 | €4,969 | €17,744 | +€12,775 | +257.1% |
| Profit (loss) for the period | 9904 | €14,378 | €36,121 | +€21,743 | +151.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,378 | €36,121 | +€21,743 | +151.2% |
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.