STEW: 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.
STEW
Largest movements
- Tangible fixed assets +€28,214
up €28,214 (+546.4%), from €5,163 to €33,377
of which Furniture and vehicles: +€28,953
- Cash -€5,090
down €5,090 (-17.5%), from €29,042 to €23,952
mainly Investment in fixed assets (net) (-€35,043) and Contributions, distributions and other (-€23,699)
- Receivables within one year -€2,644
down €2,644 (-82.0%), from €3,226 to €582
of which Other amounts receivable: -€2,281
- Debts after one year +€24,463
new in 2025: €24,463
- Reserves -€9,303
down €9,303 (-100.0%), from €9,303 to €0
- Current portion of long-term debt +€6,411
up €6,411, from €0 to €6,411
- Tax, wage and social debts -€2,581
down €2,581 (-79.4%), from €3,250 to €669
of which Remuneration and social security: -€3,250
- Other debts +€2,234
up €2,234 (+9.3%), from €23,934 to €26,168
- Gross operating margin +€3,096
up €3,096 (+11.7%), from €26,443 to €29,539
- Taxes +€2,815
up €2,815 (+86.2%), from €3,265 to €6,080
- Depreciation -€1,252
down €1,252 (-15.5%), from €8,082 to €6,830
- Financial charges +€409
up €409 (+72.4%), from €566 to €975
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 | €40,379 | €60,915 | +€20,537 | +50.9% |
| Fixed assets | 21/28 | €5,163 | €33,377 | +€28,214 | +546.4% |
| Tangible fixed assets | 22/27 | €5,163 | €33,377 | +€28,214 | +546.4% |
| Plant, machinery and equipment | 23 | €1,394 | €655 | -€740 | -53.1% |
| Furniture and vehicles | 24 | €3,769 | €32,722 | +€28,953 | +768.2% |
| Current assets | 29/58 | €35,215 | €27,538 | -€7,677 | -21.8% |
| Amounts receivable within one year | 40/41 | €3,226 | €582 | -€2,644 | -82.0% |
| Trade receivables | 40 | €363 | €0 | -€363 | -100.0% |
| Other amounts receivable | 41 | €2,863 | €582 | -€2,281 | -79.7% |
| Cash at bank and in hand | 54/58 | €29,042 | €23,952 | -€5,090 | -17.5% |
| Deferred charges and accrued income | 490/1 | €2,948 | €3,004 | +€57 | +1.9% |
| Total equity and liabilities | 10/49 | €40,379 | €60,915 | +€20,537 | +50.9% |
| Equity | 10/15 | €11,303 | €2,000 | -€9,303 | -82.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €9,303 | €0 | -€9,303 | -100.0% |
| Distributable reserves | 133 | €9,303 | €0 | -€9,303 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,075 | €58,915 | +€29,840 | +102.6% |
| Amounts payable after more than one year | 17 | - | €24,463 | +€24,463 | |
| Financial debts | 170/4 | - | €24,463 | +€24,463 | |
| Amounts payable within one year | 42/48 | €29,075 | €34,453 | +€5,377 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €6,411 | +€6,411 | |
| Trade debts | 44 | €1,891 | €1,204 | -€687 | -36.3% |
| Suppliers | 440/4 | €1,891 | €1,204 | -€687 | -36.3% |
| Taxes, remuneration and social security | 45 | €3,250 | €669 | -€2,581 | -79.4% |
| Taxes | 450/3 | €0 | €669 | +€669 | |
| Remuneration and social security | 454/9 | €3,250 | €0 | -€3,250 | -100.0% |
| Other amounts payable | 47/48 | €23,934 | €26,168 | +€2,234 | +9.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €3,339 | +€3,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,082 | €6,830 | -€1,252 | -15.5% |
| Other operating charges | 640/8 | €1,033 | €1,259 | +€225 | +21.8% |
| Gross operating margin | 9900 | €26,443 | €29,539 | +€3,096 | +11.7% |
| Operating profit (loss) | 9901 | €17,328 | €21,451 | +€4,123 | +23.8% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €566 | €975 | +€409 | +72.4% |
| Recurring financial charges | 65 | €566 | €975 | +€409 | +72.4% |
| Profit (loss) for the period before taxes | 9903 | €16,763 | €20,476 | +€3,713 | +22.2% |
| Income taxes | 67/77 | €3,265 | €6,080 | +€2,815 | +86.2% |
| Profit (loss) for the period | 9904 | €13,498 | €14,396 | +€898 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,498 | €14,396 | +€898 | +6.7% |
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 3 October 2026 via checked.be.