STESER: 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.
STESER
Largest movements
- Cash -€114,501
down €114,501 (-65.4%), from €175,145 to €60,644
mainly Receivables within one year (-€100,784) and Other debts (-€91,183)
- Receivables within one year +€100,784
up €100,784 (+60.3%), from €167,068 to €267,851
of which Other amounts receivable: +€100,784
- Tangible fixed assets -€10,038
down €10,038 (-24.1%), from €41,652 to €31,614
- Other debts -€91,183
no longer reported in 2025 (was €91,183)
- Reserves +€80,777
up €80,777 (+40.5%), from €199,577 to €280,354
- Tax, wage and social debts -€20,150
down €20,150 (-22.1%), from €91,306 to €71,156
- Trade debts +€6,599
new in 2025: €6,599
- Other operating charges +€10,543
up €10,543 (+493%), from €2,137 to €12,680
- Gross operating margin -€7,525
down €7,525 (-5.6%), from €133,578 to €126,053
- Taxes -€4,293
down €4,293 (-15.0%), from €28,543 to €24,250
- Financial charges +€4,074
up €4,074 (+94.8%), from €4,298 to €8,372
- Financial income +€3,465
up €3,465 (+44.8%), from €7,729 to €11,194
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 | €384,065 | €360,109 | -€23,956 | -6.2% |
| Fixed assets | 21/28 | €41,652 | €31,614 | -€10,038 | -24.1% |
| Tangible fixed assets | 22/27 | €41,652 | €31,614 | -€10,038 | -24.1% |
| Furniture and vehicles | 24 | €41,652 | €31,614 | -€10,038 | -24.1% |
| Current assets | 29/58 | €342,413 | €328,495 | -€13,918 | -4.1% |
| Amounts receivable within one year | 40/41 | €167,068 | €267,851 | +€100,784 | +60.3% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 41 | €165,068 | €265,851 | +€100,784 | +61.1% |
| Cash at bank and in hand | 54/58 | €175,145 | €60,644 | -€114,501 | -65.4% |
| Deferred charges and accrued income | 490/1 | €201 | - | -€201 | |
| Total equity and liabilities | 10/49 | €384,065 | €360,109 | -€23,956 | -6.2% |
| Equity | 10/15 | €201,577 | €282,354 | +€80,777 | +40.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €199,577 | €280,354 | +€80,777 | +40.5% |
| Distributable reserves | 133 | €199,577 | €280,354 | +€80,777 | +40.5% |
| Amounts payable | 17/49 | €182,488 | €77,755 | -€104,733 | -57.4% |
| Amounts payable within one year | 42/48 | €182,488 | €77,755 | -€104,733 | -57.4% |
| Trade debts | 44 | - | €6,599 | +€6,599 | |
| Suppliers | 440/4 | - | €6,599 | +€6,599 | |
| Taxes, remuneration and social security | 45 | €91,306 | €71,156 | -€20,150 | -22.1% |
| Taxes | 450/3 | €91,306 | €71,156 | -€20,150 | -22.1% |
| Other amounts payable | 47/48 | €91,183 | - | -€91,183 | |
| Non-recurring operating income | 76A | €6,945 | - | -€6,945 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,487 | €10,128 | +€641 | +6.8% |
| Other operating charges | 640/8 | €2,137 | €12,680 | +€10,543 | +493% |
| Non-recurring operating charges | 66A | - | €1,040 | +€1,040 | |
| Gross operating margin | 9900 | €133,578 | €126,053 | -€7,525 | -5.6% |
| Operating profit (loss) | 9901 | €121,954 | €102,205 | -€19,749 | -16.2% |
| Financial income | 75/76B | €7,729 | €11,194 | +€3,465 | +44.8% |
| Recurring financial income | 75 | €7,729 | €11,194 | +€3,465 | +44.8% |
| Financial charges | 65/66B | €4,298 | €8,372 | +€4,074 | +94.8% |
| Recurring financial charges | 65 | €4,298 | €8,372 | +€4,074 | +94.8% |
| Profit (loss) for the period before taxes | 9903 | €125,385 | €105,027 | -€20,358 | -16.2% |
| Income taxes | 67/77 | €28,543 | €24,250 | -€4,293 | -15.0% |
| Profit (loss) for the period | 9904 | €96,842 | €80,777 | -€16,065 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €96,842 | €80,777 | -€16,065 | -16.6% |
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 15 October 2026 via checked.be.