STHN: 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.
STHN
Largest movements
- Receivables within one year +€107,609
up €107,609 (+19.4%), from €555,072 to €662,681
of which Trade receivables: +€58,832
- Cash -€12,807
down €12,807 (-54.7%), from €23,402 to €10,595
mainly Contributions, distributions and other (-€193,645) and Receivables within one year (-€107,609)
- Other debts +€192,801
up €192,801 (+2,637%), from €7,311 to €200,112
- Profit (loss) carried forward -€42,453
down €42,453 (-14.3%), from €297,071 to €254,617
- Advances received -€42,000
no longer reported in 2025 (was €42,000)
- Trade debts -€9,796
down €9,796 (-4.3%), from €229,050 to €219,254
- Tax, wage and social debts -€9,760
down €9,760 (-76.4%), from €12,775 to €3,016
of which Remuneration and social security: -€8,810
- Gross operating margin +€165,529
up €165,529 (+97.5%), from €169,800 to €335,329
- Taxes +€53,830
new in 2025: €53,830
- Staff costs +€41,661
up €41,661 (+60.9%), from €68,432 to €110,093
- Depreciation +€3,650
up €3,650 (+52.1%), from €7,005 to €10,655
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 | €602,312 | €697,459 | +€95,146 | +15.8% |
| Fixed assets | 21/28 | €21,372 | €21,717 | +€345 | +1.6% |
| Tangible fixed assets | 22/27 | €16,797 | €17,142 | +€345 | +2.1% |
| Plant, machinery and equipment | 23 | €16,797 | €9,809 | -€6,989 | -41.6% |
| Furniture and vehicles | 24 | - | €7,333 | +€7,333 | |
| Financial fixed assets | 28 | €4,575 | €4,575 | = | 0.0% |
| Current assets | 29/58 | €580,940 | €675,742 | +€94,802 | +16.3% |
| Stocks and contracts in progress | 3 | €2,466 | €2,466 | = | 0.0% |
| Stocks | 30/36 | €2,466 | €2,466 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €555,072 | €662,681 | +€107,609 | +19.4% |
| Trade receivables | 40 | €519,623 | €578,455 | +€58,832 | +11.3% |
| Other amounts receivable | 41 | €35,449 | €84,227 | +€48,777 | +138% |
| Cash at bank and in hand | 54/58 | €23,402 | €10,595 | -€12,807 | -54.7% |
| Total equity and liabilities | 10/49 | €602,312 | €697,459 | +€95,146 | +15.8% |
| Equity | 10/15 | €311,176 | €275,077 | -€36,098 | -11.6% |
| Contributions | 10/11 | €12,245 | €18,600 | +€6,355 | +51.9% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €297,071 | €254,617 | -€42,453 | -14.3% |
| Amounts payable | 17/49 | €291,136 | €422,381 | +€131,245 | +45.1% |
| Amounts payable within one year | 42/48 | €291,136 | €422,381 | +€131,245 | +45.1% |
| Trade debts | 44 | €229,050 | €219,254 | -€9,796 | -4.3% |
| Suppliers | 440/4 | €229,050 | €219,254 | -€9,796 | -4.3% |
| Advances received on contracts in progress | 46 | €42,000 | - | -€42,000 | |
| Taxes, remuneration and social security | 45 | €12,775 | €3,016 | -€9,760 | -76.4% |
| Taxes | 450/3 | €949 | - | -€949 | |
| Remuneration and social security | 454/9 | €11,826 | €3,016 | -€8,810 | -74.5% |
| Other amounts payable | 47/48 | €7,311 | €200,112 | +€192,801 | +2,637% |
| Remuneration, social security and pensions | 62 | €68,432 | €110,093 | +€41,661 | +60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,005 | €10,655 | +€3,650 | +52.1% |
| Other operating charges | 640/8 | €216 | €3,146 | +€2,931 | +1,360% |
| Gross operating margin | 9900 | €169,800 | €335,329 | +€165,529 | +97.5% |
| Operating profit (loss) | 9901 | €94,147 | €211,435 | +€117,288 | +125% |
| Financial charges | 65/66B | €273 | €58 | -€214 | -78.6% |
| Recurring financial charges | 65 | €273 | €58 | -€214 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €93,875 | €211,376 | +€117,502 | +125% |
| Income taxes | 67/77 | - | €53,830 | +€53,830 | |
| Profit (loss) for the period | 9904 | €93,875 | €157,547 | +€63,672 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €93,875 | €157,547 | +€63,672 | +67.8% |
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 13 October 2026 via checked.be.