STHOD'S: 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.
STHOD'S
Largest movements
- Receivables within one year +€31,098
up €31,098 (+17.2%), from €180,555 to €211,653
of which Other amounts receivable: +€17,833
- Intangible fixed assets +€26,182
up €26,182 (+190%), from €13,800 to €39,982
- Stocks and contracts -€14,250
down €14,250 (-48.7%), from €29,250 to €15,000
- Cash +€9,631
up €9,631 (+7.6%), from €126,329 to €135,960
mainly Depreciation (+€77,634) and Net result for the year (+€60,655)
- Debts after one year +€42,077
up €42,077 (+176%), from €23,971 to €66,048
- Reserves +€32,038
up €32,038 (+6.8%), from €473,239 to €505,277
- Other debts -€26,915
down €26,915 (-69.9%), from €38,478 to €11,563
- Tax, wage and social debts -€24,244
down €24,244 (-69.5%), from €34,895 to €10,651
of which Taxes: -€29,642
- Trade debts +€18,904
up €18,904 (+168%), from €11,252 to €30,156
- Gross operating margin -€52,256
down €52,256 (-16.7%), from €313,044 to €260,789
- Staff costs +€24,192
up €24,192 (+58.4%), from €41,399 to €65,591
- Taxes -€20,674
down €20,674 (-37.9%), from €54,550 to €33,877
- Write-downs -€9,750
new in 2025: -€9,750
- Financial income +€8,342
up €8,342 (+1,418%), from €588 to €8,930
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 | €671,441 | €722,532 | +€51,091 | +7.6% |
| Fixed assets | 21/28 | €335,191 | €359,820 | +€24,630 | +7.3% |
| Intangible fixed assets | 21 | €13,800 | €39,982 | +€26,182 | +190% |
| Tangible fixed assets | 22/27 | €321,391 | €319,838 | -€1,553 | -0.5% |
| Land and buildings | 22 | €32,314 | - | -€32,314 | |
| Plant, machinery and equipment | 23 | €218,113 | €174,619 | -€43,494 | -19.9% |
| Furniture and vehicles | 24 | €70,963 | €110,824 | +€39,860 | +56.2% |
| Other tangible fixed assets | 26 | - | €34,395 | +€34,395 | |
| Current assets | 29/58 | €336,251 | €362,712 | +€26,461 | +7.9% |
| Stocks and contracts in progress | 3 | €29,250 | €15,000 | -€14,250 | -48.7% |
| Stocks | 30/36 | €29,250 | €15,000 | -€14,250 | -48.7% |
| Amounts receivable within one year | 40/41 | €180,555 | €211,653 | +€31,098 | +17.2% |
| Trade receivables | 40 | €177,716 | €190,981 | +€13,265 | +7.5% |
| Other amounts receivable | 41 | €2,839 | €20,672 | +€17,833 | +628% |
| Cash at bank and in hand | 54/58 | €126,329 | €135,960 | +€9,631 | +7.6% |
| Deferred charges and accrued income | 490/1 | €117 | €99 | -€18 | -15.5% |
| Total equity and liabilities | 10/49 | €671,441 | €722,532 | +€51,091 | +7.6% |
| Equity | 10/15 | €501,019 | €529,458 | +€28,439 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €473,239 | €505,277 | +€32,038 | +6.8% |
| Distributable reserves | 133 | €473,239 | €505,277 | +€32,038 | +6.8% |
| Investment grants | 15 | €9,180 | €5,580 | -€3,599 | -39.2% |
| Provisions and deferred taxes | 16 | €600 | €1,395 | +€795 | +132% |
| Deferred taxes | 168 | €600 | €1,395 | +€795 | +132% |
| Amounts payable | 17/49 | €169,822 | €191,679 | +€21,857 | +12.9% |
| Amounts payable after more than one year | 17 | €23,971 | €66,048 | +€42,077 | +176% |
| Financial debts | 170/4 | €23,971 | €66,048 | +€42,077 | +176% |
| Amounts payable within one year | 42/48 | €145,852 | €125,631 | -€20,221 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €55,425 | €57,719 | +€2,295 | +4.1% |
| Financial debts | 43 | €5,802 | €15,542 | +€9,740 | +168% |
| Credit institutions | 430/8 | €5,802 | €15,542 | +€9,740 | +168% |
| Trade debts | 44 | €11,252 | €30,156 | +€18,904 | +168% |
| Suppliers | 440/4 | €11,252 | €30,156 | +€18,904 | +168% |
| Taxes, remuneration and social security | 45 | €34,895 | €10,651 | -€24,244 | -69.5% |
| Taxes | 450/3 | €29,642 | - | -€29,642 | |
| Remuneration and social security | 454/9 | €5,253 | €10,651 | +€5,398 | +103% |
| Other amounts payable | 47/48 | €38,478 | €11,563 | -€26,915 | -69.9% |
| Remuneration, social security and pensions | 62 | €41,399 | €65,591 | +€24,192 | +58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,918 | €77,634 | +€2,716 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€9,750 | -€9,750 | |
| Other operating charges | 640/8 | €886 | €857 | -€29 | -3.2% |
| Non-recurring operating charges | 66A | - | €32,155 | +€32,155 | |
| Gross operating margin | 9900 | €313,044 | €260,789 | -€52,256 | -16.7% |
| Operating profit (loss) | 9901 | €195,841 | €94,301 | -€101,541 | -51.8% |
| Financial income | 75/76B | €588 | €8,930 | +€8,342 | +1,418% |
| Recurring financial income | 75 | €588 | €8,930 | +€8,342 | +1,418% |
| Financial charges | 65/66B | €7,750 | €9,086 | +€1,336 | +17.2% |
| Recurring financial charges | 65 | €7,750 | €9,086 | +€1,336 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €188,680 | €94,145 | -€94,535 | -50.1% |
| Transfer from deferred taxes | 780 | €278 | €386 | +€108 | +38.9% |
| Transfer to deferred taxes | 680 | €750 | - | -€750 | |
| Income taxes | 67/77 | €54,550 | €33,877 | -€20,674 | -37.9% |
| Profit (loss) for the period | 9904 | €133,657 | €60,655 | -€73,002 | -54.6% |
| Transfer from tax-exempt reserves | 789 | €7,891 | - | -€7,891 | |
| Transfer to tax-exempt reserves | 689 | €3,001 | - | -€3,001 | |
| Profit (loss) for the period to be appropriated | 9905 | €138,547 | €60,655 | -€77,893 | -56.2% |
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 16 October 2026 via checked.be.