STIM-FORM: 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.
STIM-FORM
Largest movements
- Receivables within one year +€723,407
up €723,407 (+154%), from €468,506 to €1.2m
of which Other amounts receivable: +€495,970
- Cash -€296,953
down €296,953 (-63.9%), from €464,353 to €167,399
mainly Receivables within one year (-€723,407) and Stocks and contracts (-€162,803)
- Stocks and contracts +€162,803
up €162,803 (+26.3%), from €619,469 to €782,272
- Tangible fixed assets -€122,097
down €122,097 (-25.7%), from €474,401 to €352,305
of which Furniture and vehicles: -€88,448
- Other debts +€251,352
up €251,352 (+127%), from €198,453 to €449,805
- Trade debts +€129,118
up €129,118 (+57.9%), from €222,844 to €351,961
- Tax, wage and social debts +€95,062
up €95,062 (+61.1%), from €155,698 to €250,760
of which Taxes: +€67,676
- Profit (loss) carried forward +€61,811
up €61,811 (+4.8%), from €1.3m to €1.3m
- Debts after one year -€52,917
down €52,917 (-57.2%), from €92,505 to €39,588
- Turnover -€3.2m
no longer reported in 2025 (was €3.2m)
- Purchases and services -€2.6m
no longer reported in 2025 (was €2.6m)
- Gross operating margin +€230,489
up €230,489 (+32.9%), from €701,117 to €931,606
- Taxes +€63,359
up €63,359 (+4,306%), from €1,471 to €64,830
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 | €2,033,231 | €2,506,592 | +€473,362 | +23.3% |
| Fixed assets | 21/28 | €474,401 | €355,584 | -€118,817 | -25.0% |
| Intangible fixed assets | 21 | - | €3,279 | +€3,279 | |
| Tangible fixed assets | 22/27 | €474,401 | €352,305 | -€122,097 | -25.7% |
| Plant, machinery and equipment | 23 | €14,530 | €8,930 | -€5,600 | -38.5% |
| Furniture and vehicles | 24 | €245,046 | €156,598 | -€88,448 | -36.1% |
| Other tangible fixed assets | 26 | €214,826 | €186,777 | -€28,049 | -13.1% |
| Current assets | 29/58 | €1,558,829 | €2,151,008 | +€592,179 | +38.0% |
| Stocks and contracts in progress | 3 | €619,469 | €782,272 | +€162,803 | +26.3% |
| Stocks | 30/36 | €619,469 | €782,272 | +€162,803 | +26.3% |
| Amounts receivable within one year | 40/41 | €468,506 | €1,191,913 | +€723,407 | +154% |
| Trade receivables | 40 | €430,967 | €658,404 | +€227,437 | +52.8% |
| Other amounts receivable | 41 | €37,539 | €533,509 | +€495,970 | +1,321% |
| Cash at bank and in hand | 54/58 | €464,353 | €167,399 | -€296,953 | -63.9% |
| Deferred charges and accrued income | 490/1 | €6,501 | €9,424 | +€2,923 | +45.0% |
| Total equity and liabilities | 10/49 | €2,033,231 | €2,506,592 | +€473,362 | +23.3% |
| Equity | 10/15 | €1,299,751 | €1,361,562 | +€61,811 | +4.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,279,299 | €1,341,110 | +€61,811 | +4.8% |
| Amounts payable | 17/49 | €733,480 | €1,145,031 | +€411,551 | +56.1% |
| Amounts payable after more than one year | 17 | €92,505 | €39,588 | -€52,917 | -57.2% |
| Financial debts | 170/4 | €92,505 | €39,588 | -€52,917 | -57.2% |
| Amounts payable within one year | 42/48 | €640,975 | €1,105,443 | +€464,468 | +72.5% |
| Current portion of amounts payable after more than one year | 42 | €63,980 | €52,917 | -€11,063 | -17.3% |
| Trade debts | 44 | €222,844 | €351,961 | +€129,118 | +57.9% |
| Suppliers | 440/4 | €222,844 | €351,961 | +€129,118 | +57.9% |
| Taxes, remuneration and social security | 45 | €155,698 | €250,760 | +€95,062 | +61.1% |
| Taxes | 450/3 | €98,984 | €166,661 | +€67,676 | +68.4% |
| Remuneration and social security | 454/9 | €56,714 | €84,099 | +€27,385 | +48.3% |
| Other amounts payable | 47/48 | €198,453 | €449,805 | +€251,352 | +127% |
| Turnover | 70 | €3,194,792 | - | -€3.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | €2,568,038 | - | -€2.6m | |
| Remuneration, social security and pensions | 62 | €543,807 | €523,980 | -€19,827 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,166 | €104,313 | +€1,147 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,959 | €0 | +€1,959 | |
| Other operating charges | 640/8 | €21,913 | €18,082 | -€3,830 | -17.5% |
| Non-recurring operating charges | 66A | €52,562 | €0 | -€52,562 | -100% |
| Gross operating margin | 9900 | €701,117 | €931,606 | +€230,489 | +32.9% |
| Operating profit (loss) | 9901 | -€18,372 | €285,230 | +€303,602 | |
| Financial income | 75/76B | €2,808 | €292 | -€2,516 | -89.6% |
| Recurring financial income | 75 | €2,808 | €292 | -€2,516 | -89.6% |
| Financial charges | 65/66B | €9,716 | €8,881 | -€836 | -8.6% |
| Recurring financial charges | 65 | €9,716 | €8,881 | -€836 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,281 | €276,641 | +€301,922 | |
| Income taxes | 67/77 | €1,471 | €64,830 | +€63,359 | +4,306% |
| Profit (loss) for the period | 9904 | -€26,752 | €211,811 | +€238,563 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,752 | €211,811 | +€238,563 |
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 17 October 2026 via checked.be.