STESO: 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.
STESO
Largest movements
- Receivables within one year +€120,944
up €120,944 (+156.1%), from €77,476 to €198,420
of which Trade receivables: +€100,416
- Cash -€117,984
down €117,984 (-43.9%), from €268,711 to €150,727
mainly Receivables within one year (-€120,944) and Other debts (-€55,011)
- Tangible fixed assets -€26,034
down €26,034 (-15.3%), from €170,079 to €144,046
of which Furniture and vehicles: -€37,526
- Other debts -€55,011
down €55,011 (-83.6%), from €65,779 to €10,768
- Trade debts +€18,052
new in 2025: €18,052
- Reserves +€16,000
up €16,000 (+3.9%), from €412,800 to €428,800
- Gross operating margin -€25,429
down €25,429 (-20.2%), from €126,150 to €100,721
- Depreciation -€20,477
down €20,477 (-44.8%), from €45,711 to €25,234
- Taxes +€2,103
up €2,103 (+11.9%), from €17,620 to €19,722
- Financial charges -€1,969
down €1,969 (-74.6%), from €2,640 to €671
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 | €516,266 | €493,192 | -€23,073 | -4.5% |
| Fixed assets | 21/28 | €170,079 | €144,046 | -€26,034 | -15.3% |
| Tangible fixed assets | 22/27 | €170,079 | €144,046 | -€26,034 | -15.3% |
| Land and buildings | 22 | €130,174 | €142,621 | +€12,446 | +9.6% |
| Plant, machinery and equipment | 23 | €2,379 | €1,425 | -€954 | -40.1% |
| Furniture and vehicles | 24 | €37,526 | - | -€37,526 | |
| Current assets | 29/58 | €346,186 | €349,147 | +€2,960 | +0.9% |
| Amounts receivable within one year | 40/41 | €77,476 | €198,420 | +€120,944 | +156.1% |
| Trade receivables | 40 | €74,651 | €175,066 | +€100,416 | +134.5% |
| Other amounts receivable | 41 | €2,825 | €23,353 | +€20,528 | +726.7% |
| Cash at bank and in hand | 54/58 | €268,711 | €150,727 | -€117,984 | -43.9% |
| Total equity and liabilities | 10/49 | €516,266 | €493,192 | -€23,073 | -4.5% |
| Equity | 10/15 | €439,083 | €455,110 | +€16,027 | +3.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €412,800 | €428,800 | +€16,000 | +3.9% |
| Distributable reserves | 133 | €412,800 | €428,800 | +€16,000 | +3.9% |
| Profit (loss) carried forward | 14 | €4,283 | €4,310 | +€27 | +0.6% |
| Amounts payable | 17/49 | €77,183 | €38,082 | -€39,100 | -50.7% |
| Amounts payable after more than one year | 17 | €1,260 | €1,260 | = | 0.0% |
| Other amounts payable | 178/9 | €1,260 | €1,260 | = | 0.0% |
| Amounts payable within one year | 42/48 | €73,881 | €36,642 | -€37,238 | -50.4% |
| Trade debts | 44 | - | €18,052 | +€18,052 | |
| Suppliers | 440/4 | - | €18,052 | +€18,052 | |
| Taxes, remuneration and social security | 45 | €8,101 | €7,821 | -€280 | -3.5% |
| Taxes | 450/3 | €5,121 | €4,844 | -€276 | -5.4% |
| Remuneration and social security | 454/9 | €2,981 | €2,977 | -€4 | -0.1% |
| Other amounts payable | 47/48 | €65,779 | €10,768 | -€55,011 | -83.6% |
| Accrued charges and deferred income | 492/3 | €2,042 | €180 | -€1,862 | -91.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,711 | €25,234 | -€20,477 | -44.8% |
| Other operating charges | 640/8 | €4,930 | €5,834 | +€904 | +18.3% |
| Non-recurring operating charges | 66A | - | €2,526 | +€2,526 | |
| Gross operating margin | 9900 | €126,150 | €100,721 | -€25,429 | -20.2% |
| Operating profit (loss) | 9901 | €75,509 | €67,127 | -€8,382 | -11.1% |
| Financial income | 75/76B | €3,527 | €3,144 | -€384 | -10.9% |
| Recurring financial income | 75 | €3,527 | €3,144 | -€384 | -10.9% |
| Financial charges | 65/66B | €2,640 | €671 | -€1,969 | -74.6% |
| Recurring financial charges | 65 | €2,640 | €671 | -€1,969 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €76,397 | €69,599 | -€6,797 | -8.9% |
| Income taxes | 67/77 | €17,620 | €19,722 | +€2,103 | +11.9% |
| Profit (loss) for the period | 9904 | €58,777 | €49,877 | -€8,900 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58,777 | €49,877 | -€8,900 | -15.1% |
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 10 October 2026 via checked.be.