STHENO: 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.
What changed
STHENO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€99,213
2024 · €51,757+€47,455
Equity
€721,194
2024 · €691,981+€29,213
Cash
€13,186
2024 · €24,466-€11,280
Balance sheet total
€3.5m
2024 · €3.6m-€79,668
Largest movements
Assets
- Tangible fixed assets -€72,271
down €72,271 (-2.1%), from €3.4m to €3.3m
of which Land and buildings: -€63,961
Equity and liabilities
- Debts after one year -€214,463
down €214,463 (-8.4%), from €2.5m to €2.3m
of which Financial debts: -€214,463
- Other debts +€107,715
up €107,715 (+183%), from €58,855 to €166,570
Income statement
- Financial charges -€55,791
down €55,791 (-41.4%), from €134,730 to €78,939
- Other operating charges +€37,186
up €37,186 (+1,531%), from €2,429 to €39,615
- Gross operating margin +€23,847
up €23,847 (+8.4%), from €283,313 to €307,160
- Staff costs -€3,858
no longer reported in 2025 (was €3,858)
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.
Result 2024
€51,757
Gross operating margin
+€23,847
Staff costs
+€3,858
Depreciation
+€1,561
Other operating charges
-€37,186
Financial income
-€61
Financial charges
+€55,791
Taxes
-€353
Result 2025
€99,213
raises the resultlowers the result
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.
From operations
+€277,664
Investment
-€6,827
Financing
-€282,117
Cash 2024
€24,466
From operations (derived)
+€277,664
Net result for the year
+€99,213
Depreciation
+€79,098
Receivables within one year
-€2,540
Deferred charges and accrued income
-€1,342
Trade debts
-€6,585
Tax, wage and social debts
+€5,429
Advances received
-€3,323
Other debts
+€107,715
Investment (derived)
-€6,827
Investment in fixed assets (net)
-€6,827
Financing
-€282,117
Debts after one year
-€214,463
Current portion of long-term debt
+€2,346
Contributions, distributions and other
-€70,000
Cash 2025
€13,186
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,555,066 | €3,475,398 | -€79,668 | -2.2% |
| Fixed assets | 21/28 | €3,385,607 | €3,313,336 | -€72,271 | -2.1% |
| Tangible fixed assets | 22/27 | €3,384,807 | €3,312,536 | -€72,271 | -2.1% |
| Land and buildings | 22 | €3,361,817 | €3,297,856 | -€63,961 | -1.9% |
| Plant, machinery and equipment | 23 | €19,515 | €13,574 | -€5,940 | -30.4% |
| Furniture and vehicles | 24 | €3,475 | €1,106 | -€2,369 | -68.2% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €169,460 | €162,062 | -€7,398 | -4.4% |
| Amounts receivable within one year | 40/41 | €144,491 | €147,031 | +€2,540 | +1.8% |
| Trade receivables | 40 | €43,640 | €43,975 | +€335 | +0.8% |
| Other amounts receivable | 41 | €100,851 | €103,056 | +€2,205 | +2.2% |
| Cash at bank and in hand | 54/58 | €24,466 | €13,186 | -€11,280 | -46.1% |
| Deferred charges and accrued income | 490/1 | €502 | €1,844 | +€1,342 | +267% |
| Total equity and liabilities | 10/49 | €3,555,066 | €3,475,398 | -€79,668 | -2.2% |
| Equity | 10/15 | €691,981 | €721,194 | +€29,213 | +4.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €671,521 | €700,734 | +€29,213 | +4.4% |
| Distributable reserves | 133 | €671,521 | €700,734 | +€29,213 | +4.4% |
| Amounts payable | 17/49 | €2,863,085 | €2,754,204 | -€108,881 | -3.8% |
| Amounts payable after more than one year | 17 | €2,540,001 | €2,325,538 | -€214,463 | -8.4% |
| Financial debts | 170/4 | €1,840,001 | €1,625,538 | -€214,463 | -11.7% |
| Other amounts payable | 178/9 | €700,000 | €700,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €323,084 | €428,666 | +€105,582 | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €212,117 | €214,463 | +€2,346 | +1.1% |
| Trade debts | 44 | €21,828 | €15,243 | -€6,585 | -30.2% |
| Suppliers | 440/4 | €21,828 | €15,243 | -€6,585 | -30.2% |
| Advances received on contracts in progress | 46 | €4,611 | €1,288 | -€3,323 | -72.1% |
| Taxes, remuneration and social security | 45 | €25,674 | €31,103 | +€5,429 | +21.1% |
| Taxes | 450/3 | €25,674 | €31,103 | +€5,429 | +21.1% |
| Other amounts payable | 47/48 | €58,855 | €166,570 | +€107,715 | +183% |
| Remuneration, social security and pensions | 62 | €3,858 | - | -€3,858 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,658 | €79,098 | -€1,561 | -1.9% |
| Other operating charges | 640/8 | €2,429 | €39,615 | +€37,186 | +1,531% |
| Gross operating margin | 9900 | €283,313 | €307,160 | +€23,847 | +8.4% |
| Operating profit (loss) | 9901 | €196,369 | €188,447 | -€7,922 | -4.0% |
| Financial income | 75/76B | €65 | €4 | -€61 | -93.5% |
| Recurring financial income | 75 | €65 | €4 | -€61 | -93.5% |
| Financial charges | 65/66B | €134,730 | €78,939 | -€55,791 | -41.4% |
| Recurring financial charges | 65 | €134,730 | €78,939 | -€55,791 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €61,705 | €109,513 | +€47,808 | +77.5% |
| Income taxes | 67/77 | €9,947 | €10,300 | +€353 | +3.5% |
| Profit (loss) for the period | 9904 | €51,757 | €99,213 | +€47,455 | +91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,757 | €99,213 | +€47,455 | +91.7% |
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 24 October 2026 via checked.be.