STIM: 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.
STIM
Largest movements
- Current investments +€1.1m
up €1.1m (+523.0%), from €219,528 to €1.4m
- Cash -€882,149
down €882,149 (-94.5%), from €933,251 to €51,101
mainly Current investments (-€1.1m) and Investment in fixed assets (net) (-€949,823)
- Tangible fixed assets +€789,469
up €789,469 (+60.1%), from €1.3m to €2.1m
of which Land and buildings: +€737,171
- Debts after one year +€540,000
new in 2025: €540,000
- Reserves +€412,150
up €412,150 (+19.5%), from €2.1m to €2.5m
of which Distributable reserves: +€392,500
- Provisions +€61,717
up €61,717 (+160.4%), from €38,467 to €100,184
- Current portion of long-term debt +€60,000
new in 2025: €60,000
- Gross operating margin +€464,623
up €464,623 (+490.8%), from €94,667 to €559,289
- Depreciation +€111,386
up €111,386 (+227.5%), from €48,968 to €160,354
- Write-downs +€29,842
up €29,842, from -€29,842 to €0
- Taxes +€23,773
up €23,773 (+68.6%), from €34,644 to €58,417
- Financial charges +€15,407
up €15,407 (+82.3%), from €18,722 to €34,129
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 | €2,512,245 | €3,580,965 | +€1.1m | +42.5% |
| Fixed assets | 21/28 | €1,353,751 | €2,143,220 | +€789,469 | +58.3% |
| Tangible fixed assets | 22/27 | €1,313,001 | €2,102,470 | +€789,469 | +60.1% |
| Land and buildings | 22 | €1,307,123 | €2,044,294 | +€737,171 | +56.4% |
| Furniture and vehicles | 24 | €5,878 | €58,176 | +€52,298 | +889.7% |
| Financial fixed assets | 28 | €40,750 | €40,750 | = | 0.0% |
| Current assets | 29/58 | €1,158,494 | €1,437,745 | +€279,251 | +24.1% |
| Amounts receivable within one year | 40/41 | €5,714 | €18,345 | +€12,630 | +221.0% |
| Trade receivables | 40 | €1,809 | €1,391 | -€417 | -23.1% |
| Other amounts receivable | 41 | €3,906 | €16,953 | +€13,048 | +334.0% |
| Current investments | 50/53 | €219,528 | €1,367,621 | +€1.1m | +523.0% |
| Cash at bank and in hand | 54/58 | €933,251 | €51,101 | -€882,149 | -94.5% |
| Deferred charges and accrued income | 490/1 | - | €677 | +€677 | |
| Total equity and liabilities | 10/49 | €2,512,245 | €3,580,965 | +€1.1m | +42.5% |
| Equity | 10/15 | €2,240,083 | €2,652,382 | +€412,299 | +18.4% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €2,108,581 | €2,520,732 | +€412,150 | +19.5% |
| Non-distributable reserves | 130/1 | €165,500 | €0 | -€165,500 | -100.0% |
| Reserves not available under the articles | 1311 | €165,500 | €0 | -€165,500 | -100.0% |
| Tax-exempt reserves | 132 | €115,402 | €300,552 | +€185,150 | +160.4% |
| Distributable reserves | 133 | €1,827,679 | €2,220,179 | +€392,500 | +21.5% |
| Profit (loss) carried forward | 14 | €6,502 | €6,650 | +€148 | +2.3% |
| Provisions and deferred taxes | 16 | €38,467 | €100,184 | +€61,717 | +160.4% |
| Deferred taxes | 168 | €38,467 | €100,184 | +€61,717 | +160.4% |
| Amounts payable | 17/49 | €233,694 | €828,399 | +€594,705 | +254.5% |
| Amounts payable after more than one year | 17 | - | €540,000 | +€540,000 | |
| Financial debts | 170/4 | - | €540,000 | +€540,000 | |
| Amounts payable within one year | 42/48 | €216,114 | €275,182 | +€59,068 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €6,998 | €5,437 | -€1,561 | -22.3% |
| Suppliers | 440/4 | €6,998 | €5,437 | -€1,561 | -22.3% |
| Taxes, remuneration and social security | 45 | €21,771 | €9,424 | -€12,347 | -56.7% |
| Taxes | 450/3 | €21,771 | €9,424 | -€12,347 | -56.7% |
| Other amounts payable | 47/48 | €187,345 | €200,321 | +€12,976 | +6.9% |
| Accrued charges and deferred income | 492/3 | €17,581 | €13,217 | -€4,363 | -24.8% |
| Non-recurring operating income | 76A | €8,270 | €467,332 | +€459,062 | +5550.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,968 | €160,354 | +€111,386 | +227.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,842 | €0 | +€29,842 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €35,619 | €22,273 | -€13,345 | -37.5% |
| Gross operating margin | 9900 | €94,667 | €559,289 | +€464,623 | +490.8% |
| Operating profit (loss) | 9901 | €39,922 | €376,662 | +€336,740 | +843.5% |
| Financial income | 75/76B | €195,123 | €189,899 | -€5,224 | -2.7% |
| Recurring financial income | 75 | €195,123 | €189,899 | -€5,224 | -2.7% |
| Financial charges | 65/66B | €18,722 | €34,129 | +€15,407 | +82.3% |
| Recurring financial charges | 65 | €18,722 | €34,129 | +€15,407 | +82.3% |
| Profit (loss) for the period before taxes | 9903 | €216,323 | €532,432 | +€316,109 | +146.1% |
| Transfer from deferred taxes | 780 | - | €316 | +€316 | |
| Transfer to deferred taxes | 680 | - | €62,033 | +€62,033 | |
| Income taxes | 67/77 | €34,644 | €58,417 | +€23,773 | +68.6% |
| Profit (loss) for the period | 9904 | €181,679 | €412,299 | +€230,619 | +126.9% |
| Transfer from tax-exempt reserves | 789 | - | €948 | +€948 | |
| Transfer to tax-exempt reserves | 689 | - | €186,099 | +€186,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,679 | €227,148 | +€45,469 | +25.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.