"STETHOS": 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.
"STETHOS"
Largest movements
- Cash -€16,715
down €16,715 (-42.2%), from €39,655 to €22,940
mainly Debts after one year (-€11,788) and Tax, wage and social debts (-€10,377)
- Tangible fixed assets -€7,887
down €7,887 (-16.1%), from €49,134 to €41,247
- Receivables within one year +€1,350
up €1,350 (+12.8%), from €10,566 to €11,917
- Debts after one year -€11,788
down €11,788 (-51.4%), from €22,919 to €11,132
- Tax, wage and social debts -€10,377
no longer reported in 2025 (was €10,377)
of which Taxes: -€6,601
- Other debts -€9,000
down €9,000 (-94.0%), from €9,574 to €574
- Profit (loss) carried forward +€7,914
up €7,914 (+20.2%), from €39,207 to €47,122
- Gross operating margin -€20,978
down €20,978 (-51.8%), from €40,492 to €19,514
- Staff costs -€9,944
down €9,944, from €9,930 to -€14
- Taxes -€2,531
down €2,531 (-48.5%), from €5,215 to €2,684
- Depreciation -€1,068
down €1,068 (-11.9%), from €8,954 to €7,887
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 | €99,606 | €76,321 | -€23,285 | -23.4% |
| Fixed assets | 21/28 | €49,272 | €41,385 | -€7,887 | -16.0% |
| Tangible fixed assets | 22/27 | €49,134 | €41,247 | -€7,887 | -16.1% |
| Land and buildings | 22 | €49,134 | €41,247 | -€7,887 | -16.1% |
| Financial fixed assets | 28 | €138 | €138 | = | 0.0% |
| Current assets | 29/58 | €50,334 | €34,936 | -€15,398 | -30.6% |
| Amounts receivable within one year | 40/41 | €10,566 | €11,917 | +€1,350 | +12.8% |
| Other amounts receivable | 41 | €10,566 | €11,917 | +€1,350 | +12.8% |
| Cash at bank and in hand | 54/58 | €39,655 | €22,940 | -€16,715 | -42.2% |
| Deferred charges and accrued income | 490/1 | €113 | €80 | -€33 | -29.4% |
| Total equity and liabilities | 10/49 | €99,606 | €76,321 | -€23,285 | -23.4% |
| Equity | 10/15 | €42,207 | €50,122 | +€7,914 | +18.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,207 | €47,122 | +€7,914 | +20.2% |
| Amounts payable | 17/49 | €57,399 | €26,200 | -€31,199 | -54.4% |
| Amounts payable after more than one year | 17 | €22,919 | €11,132 | -€11,788 | -51.4% |
| Financial debts | 170/4 | €22,919 | €11,132 | -€11,788 | -51.4% |
| Amounts payable within one year | 42/48 | €34,030 | €14,493 | -€19,537 | -57.4% |
| Current portion of amounts payable after more than one year | 42 | €11,655 | €11,788 | +€133 | +1.1% |
| Trade debts | 44 | €2,424 | €2,132 | -€293 | -12.1% |
| Suppliers | 440/4 | €2,424 | €2,132 | -€293 | -12.1% |
| Taxes, remuneration and social security | 45 | €10,377 | - | -€10,377 | |
| Taxes | 450/3 | €6,601 | - | -€6,601 | |
| Remuneration and social security | 454/9 | €3,775 | - | -€3,775 | |
| Other amounts payable | 47/48 | €9,574 | €574 | -€9,000 | -94.0% |
| Accrued charges and deferred income | 492/3 | €450 | €575 | +€125 | +27.8% |
| Remuneration, social security and pensions | 62 | €9,930 | -€14 | -€9,944 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,954 | €7,887 | -€1,068 | -11.9% |
| Other operating charges | 640/8 | €574 | €555 | -€19 | -3.4% |
| Gross operating margin | 9900 | €40,492 | €19,514 | -€20,978 | -51.8% |
| Operating profit (loss) | 9901 | €21,033 | €11,086 | -€9,947 | -47.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €570 | €489 | -€81 | -14.2% |
| Recurring financial charges | 65 | €570 | €489 | -€81 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €20,463 | €10,598 | -€9,865 | -48.2% |
| Income taxes | 67/77 | €5,215 | €2,684 | -€2,531 | -48.5% |
| Profit (loss) for the period | 9904 | €15,248 | €7,914 | -€7,333 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,248 | €7,914 | -€7,333 | -48.1% |
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.