STEWO: 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.
STEWO
Largest movements
- Receivables within one year +€63,277
up €63,277 (+53.7%), from €117,787 to €181,064
of which Trade receivables: +€55,540
- Tangible fixed assets +€55,524
up €55,524 (+176%), from €31,567 to €87,091
of which Furniture and vehicles: +€41,631
- Cash +€20,261
up €20,261 (+31.5%), from €64,407 to €84,668
mainly Net result for the year (+€65,099) and Debts after one year (+€37,261)
- Reserves +€65,099
up €65,099 (+207%), from €31,455 to €96,553
- Debts after one year +€37,261
new in 2025: €37,261
- Current portion of long-term debt +€17,739
new in 2025: €17,739
- Trade debts +€13,133
up €13,133 (+7.4%), from €178,429 to €191,562
- Tax, wage and social debts +€8,077
up €8,077 (+62.2%), from €12,977 to €21,054
of which Taxes: +€5,027
- Gross operating margin +€52,660
up €52,660 (+110%), from €47,997 to €100,657
- Staff costs +€6,916
new in 2025: €6,916
- Taxes +€4,711
up €4,711 (+45.2%), from €10,427 to €15,138
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 | €232,860 | €374,170 | +€141,309 | +60.7% |
| Fixed assets | 21/28 | €31,567 | €87,197 | +€55,630 | +176% |
| Tangible fixed assets | 22/27 | €31,567 | €87,091 | +€55,524 | +176% |
| Plant, machinery and equipment | 23 | €1,988 | €15,881 | +€13,893 | +699% |
| Furniture and vehicles | 24 | €29,578 | €71,210 | +€41,631 | +141% |
| Financial fixed assets | 28 | - | €106 | +€106 | |
| Current assets | 29/58 | €201,294 | €286,973 | +€85,679 | +42.6% |
| Stocks and contracts in progress | 3 | €17,525 | €17,355 | -€170 | -1.0% |
| Stocks | 30/36 | €17,525 | €17,355 | -€170 | -1.0% |
| Amounts receivable within one year | 40/41 | €117,787 | €181,064 | +€63,277 | +53.7% |
| Trade receivables | 40 | €98,820 | €154,361 | +€55,540 | +56.2% |
| Other amounts receivable | 41 | €18,967 | €26,703 | +€7,736 | +40.8% |
| Cash at bank and in hand | 54/58 | €64,407 | €84,668 | +€20,261 | +31.5% |
| Deferred charges and accrued income | 490/1 | €1,574 | €3,886 | +€2,312 | +147% |
| Total equity and liabilities | 10/49 | €232,860 | €374,170 | +€141,309 | +60.7% |
| Equity | 10/15 | €41,455 | €106,553 | +€65,099 | +157% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €31,455 | €96,553 | +€65,099 | +207% |
| Distributable reserves | 133 | €31,455 | €96,553 | +€65,099 | +207% |
| Amounts payable | 17/49 | €191,406 | €267,617 | +€76,211 | +39.8% |
| Amounts payable after more than one year | 17 | - | €37,261 | +€37,261 | |
| Financial debts | 170/4 | - | €37,261 | +€37,261 | |
| Amounts payable within one year | 42/48 | €191,406 | €230,356 | +€38,950 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | - | €17,739 | +€17,739 | |
| Trade debts | 44 | €178,429 | €191,562 | +€13,133 | +7.4% |
| Suppliers | 440/4 | €178,429 | €191,562 | +€13,133 | +7.4% |
| Taxes, remuneration and social security | 45 | €12,977 | €21,054 | +€8,077 | +62.2% |
| Taxes | 450/3 | €12,977 | €18,003 | +€5,027 | +38.7% |
| Remuneration and social security | 454/9 | - | €3,051 | +€3,051 | |
| Remuneration, social security and pensions | 62 | - | €6,916 | +€6,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,212 | €6,981 | -€231 | -3.2% |
| Other operating charges | 640/8 | €410 | €820 | +€409 | +99.8% |
| Non-recurring operating charges | 66A | - | €6,395 | +€6,395 | |
| Gross operating margin | 9900 | €47,997 | €100,657 | +€52,660 | +110% |
| Operating profit (loss) | 9901 | €40,374 | €79,546 | +€39,172 | +97.0% |
| Financial income | 75/76B | €1,545 | €793 | -€752 | -48.7% |
| Recurring financial income | 75 | €1,545 | €793 | -€752 | -48.7% |
| Financial charges | 65/66B | €38 | €102 | +€64 | +168% |
| Recurring financial charges | 65 | €38 | €102 | +€64 | +168% |
| Profit (loss) for the period before taxes | 9903 | €41,881 | €80,237 | +€38,355 | +91.6% |
| Income taxes | 67/77 | €10,427 | €15,138 | +€4,711 | +45.2% |
| Profit (loss) for the period | 9904 | €31,455 | €65,099 | +€33,644 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €31,455 | €65,099 | +€33,644 | +107% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.