STIM: 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
STIM
NACE 68.110, Buying and selling of own real estate
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€27,988
2024 · €2,565+€25,423
Equity
€920,467
2024 · €892,479+€27,988
Cash
€45,287
2024 · €66,288-€21,001
Balance sheet total
€2.6m
2024 · €2.8m-€250,802
Largest movements
Assets
- Stocks and contracts -€321,041
down €321,041 (-38.5%), from €833,741 to €512,700
of which Contracts in progress: -€239,538
- Receivables within one year +€152,312
up €152,312 (+47.8%), from €318,490 to €470,802
of which Other amounts receivable: +€154,303
- Receivables after one year -€90,000
down €90,000 (-22.9%), from €392,609 to €302,609
Equity and liabilities
- Short-term financial debts -€225,000
down €225,000 (-18.2%), from €1.2m to €1.0m
- Other debts -€86,550
down €86,550 (-45.3%), from €190,874 to €104,325
- Trade debts +€70,332
up €70,332 (+1042.7%), from €6,745 to €77,077
- Debts after one year -€50,900
down €50,900 (-11.8%), from €431,972 to €381,073
of which Financial debts: -€50,900
Income statement
- Other operating charges -€20,977
down €20,977 (-68.2%), from €30,768 to €9,791
- Write-downs -€9,300
no longer reported in 2025 (was €9,300)
- Financial charges +€8,096
up €8,096 (+13.6%), from €59,444 to €67,540
- Gross operating margin +€3,655
up €3,655 (+3.1%), from €118,953 to €122,609
- Taxes +€2,080
new in 2025: €2,080
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
€2,565
Gross operating margin
+€3,655
Depreciation
+€1,535
Write-downs
+€9,300
Other operating charges
+€20,977
Other operating items
+€100
Financial income
+€31
Financial charges
-€8,096
Taxes
-€2,080
Result 2025
€27,988
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.
From operations
+€295,503
Investment
-€42,330
Financing
-€274,174
Cash 2024
€66,288
From operations (derived)
+€295,503
Net result for the year
+€27,988
Depreciation
+€15,241
Receivables after one year
+€90,000
Stocks and contracts
+€321,041
Receivables within one year
-€152,312
Deferred charges and accrued income
-€1,840
Trade debts
+€70,332
Tax, wage and social debts
+€2,203
Other debts
-€86,550
Accrued charges and deferred income
+€9,400
Investment (derived)
-€42,330
Investment in fixed assets (net)
-€42,330
Financing
-€274,174
Debts after one year
-€50,900
Current portion of long-term debt
+€1,725
Short-term financial debts
-€225,000
Cash 2025
€45,287
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,811,057 | €2,560,256 | -€250,802 | -8.9% |
| Fixed assets | 21/28 | €1,197,957 | €1,225,046 | +€27,089 | +2.3% |
| Tangible fixed assets | 22/27 | €1,194,657 | €1,221,746 | +€27,089 | +2.3% |
| Land and buildings | 22 | €1,186,439 | €1,203,544 | +€17,105 | +1.4% |
| Plant, machinery and equipment | 23 | €3,073 | €2,760 | -€313 | -10.2% |
| Furniture and vehicles | 24 | €5,145 | €15,443 | +€10,297 | +200.1% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €1,613,100 | €1,335,210 | -€277,890 | -17.2% |
| Amounts receivable after more than one year | 29 | €392,609 | €302,609 | -€90,000 | -22.9% |
| Other amounts receivable | 291 | €392,609 | €302,609 | -€90,000 | -22.9% |
| Stocks and contracts in progress | 3 | €833,741 | €512,700 | -€321,041 | -38.5% |
| Stocks | 30/36 | €350,093 | €268,589 | -€81,503 | -23.3% |
| Contracts in progress | 37 | €483,648 | €244,110 | -€239,538 | -49.5% |
| Amounts receivable within one year | 40/41 | €318,490 | €470,802 | +€152,312 | +47.8% |
| Trade receivables | 40 | €168,527 | €166,537 | -€1,991 | -1.2% |
| Other amounts receivable | 41 | €149,963 | €304,266 | +€154,303 | +102.9% |
| Cash at bank and in hand | 54/58 | €66,288 | €45,287 | -€21,001 | -31.7% |
| Deferred charges and accrued income | 490/1 | €1,972 | €3,812 | +€1,840 | +93.3% |
| Total equity and liabilities | 10/49 | €2,811,057 | €2,560,256 | -€250,802 | -8.9% |
| Equity | 10/15 | €892,479 | €920,467 | +€27,988 | +3.1% |
| Contributions | 10/11 | €801,000 | €801,000 | = | 0.0% |
| Contributions outside capital | 11 | €801,000 | €801,000 | = | 0.0% |
| Other | 1109/19 | €801,000 | €801,000 | = | 0.0% |
| Reserves | 13 | €103,723 | €119,467 | +€15,744 | +15.2% |
| Tax-exempt reserves | 132 | €12,677 | €12,677 | = | 0.0% |
| Distributable reserves | 133 | €91,046 | €106,790 | +€15,744 | +17.3% |
| Profit (loss) carried forward | 14 | -€12,244 | - | +€12,244 | |
| Amounts payable | 17/49 | €1,918,578 | €1,639,789 | -€278,789 | -14.5% |
| Amounts payable after more than one year | 17 | €431,972 | €381,073 | -€50,900 | -11.8% |
| Financial debts | 170/4 | €429,971 | €379,071 | -€50,900 | -11.8% |
| Other amounts payable | 178/9 | €2,002 | €2,002 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,481,503 | €1,244,213 | -€237,290 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €48,846 | €50,571 | +€1,725 | +3.5% |
| Financial debts | 43 | €1,235,000 | €1,010,000 | -€225,000 | -18.2% |
| Credit institutions | 430/8 | €1,235,000 | €1,010,000 | -€225,000 | -18.2% |
| Trade debts | 44 | €6,745 | €77,077 | +€70,332 | +1042.7% |
| Suppliers | 440/4 | €6,745 | €77,077 | +€70,332 | +1042.7% |
| Taxes, remuneration and social security | 45 | €37 | €2,240 | +€2,203 | +5875.3% |
| Taxes | 450/3 | €37 | €2,240 | +€2,203 | +5875.3% |
| Other amounts payable | 47/48 | €190,874 | €104,325 | -€86,550 | -45.3% |
| Accrued charges and deferred income | 492/3 | €5,103 | €14,503 | +€9,400 | +184.2% |
| Non-recurring operating income | 76A | €2,776 | €37 | -€2,738 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,776 | €15,241 | -€1,535 | -9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,300 | - | -€9,300 | |
| Other operating charges | 640/8 | €30,768 | €9,791 | -€20,977 | -68.2% |
| Non-recurring operating charges | 66A | €100 | - | -€100 | |
| Gross operating margin | 9900 | €118,953 | €122,609 | +€3,655 | +3.1% |
| Operating profit (loss) | 9901 | €62,009 | €97,577 | +€35,567 | +57.4% |
| Financial income | 75/76B | €0 | €32 | +€31 | +9812.5% |
| Recurring financial income | 75 | €0 | €32 | +€31 | +9812.5% |
| Financial charges | 65/66B | €59,444 | €67,540 | +€8,096 | +13.6% |
| Recurring financial charges | 65 | €59,444 | €67,540 | +€8,096 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €2,565 | €30,068 | +€27,503 | +1072.1% |
| Income taxes | 67/77 | - | €2,080 | +€2,080 | |
| Profit (loss) for the period | 9904 | €2,565 | €27,988 | +€25,423 | +991.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,565 | €27,988 | +€25,423 | +991.0% |
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 9 October 2026 via checked.be.