STIMAT: 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.
STIMAT
Largest movements
- Current investments -€552,000
down €552,000 (-58.0%), from €952,000 to €400,000
- Tangible fixed assets +€197,217
up €197,217 (+12.7%), from €1.6m to €1.7m
of which Land and buildings: +€207,234
- Other debts -€698,585
down €698,585 (-96.0%), from €727,910 to €29,325
- Reserves +€275,354
up €275,354 (+10.9%), from €2.5m to €2.8m
of which Tax-exempt reserves: +€187,808
- Provisions +€62,603
up €62,603 (+31.0%), from €202,262 to €264,865
- Gross operating margin -€216,664
down €216,664 (-36.3%), from €597,180 to €380,516
- Financial income -€145,258
down €145,258 (-55.5%), from €261,842 to €116,584
of which Financial income: -€146,771
- Taxes -€32,809
down €32,809 (-44.1%), from €74,370 to €41,561
- Financial charges -€29,229
down €29,229 (-73.6%), from €39,738 to €10,509
of which Financial charges: -€19,190
- Depreciation +€8,073
up €8,073 (+10.4%), from €77,422 to €85,496
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 | €5,216,371 | €4,836,254 | -€380,117 | -7.3% |
| Fixed assets | 21/28 | €4,147,028 | €4,311,299 | +€164,272 | +4.0% |
| Tangible fixed assets | 22/27 | €1,551,365 | €1,748,582 | +€197,217 | +12.7% |
| Land and buildings | 22 | €1,515,880 | €1,723,114 | +€207,234 | +13.7% |
| Furniture and vehicles | 24 | €35,485 | €25,468 | -€10,017 | -28.2% |
| Financial fixed assets | 28 | €2,595,663 | €2,562,717 | -€32,945 | -1.3% |
| Current assets | 29/58 | €1,069,343 | €524,954 | -€544,388 | -50.9% |
| Amounts receivable within one year | 40/41 | €32,797 | €0 | -€32,797 | -100.0% |
| Trade receivables | 40 | €5,286 | €0 | -€5,286 | -100.0% |
| Other amounts receivable | 41 | €27,511 | €0 | -€27,511 | -100.0% |
| Current investments | 50/53 | €952,000 | €400,000 | -€552,000 | -58.0% |
| Cash at bank and in hand | 54/58 | €78,200 | €119,766 | +€41,567 | +53.2% |
| Deferred charges and accrued income | 490/1 | €6,347 | €5,188 | -€1,158 | -18.2% |
| Total equity and liabilities | 10/49 | €5,216,371 | €4,836,254 | -€380,117 | -7.3% |
| Equity | 10/15 | €4,182,362 | €4,457,715 | +€275,354 | +6.6% |
| Contributions | 10/11 | €1,654,439 | €1,654,439 | = | 0.0% |
| Reserves | 13 | €2,527,923 | €2,803,276 | +€275,354 | +10.9% |
| Tax-exempt reserves | 132 | €954,406 | €1,142,213 | +€187,808 | +19.7% |
| Distributable reserves | 133 | €1,573,517 | €1,661,063 | +€87,546 | +5.6% |
| Provisions and deferred taxes | 16 | €202,262 | €264,865 | +€62,603 | +31.0% |
| Deferred taxes | 168 | €202,262 | €264,865 | +€62,603 | +31.0% |
| Amounts payable | 17/49 | €831,747 | €113,674 | -€718,073 | -86.3% |
| Amounts payable after more than one year | 17 | €50,226 | €40,180 | -€10,047 | -20.0% |
| Financial debts | 170/4 | €50,226 | €40,180 | -€10,047 | -20.0% |
| Amounts payable within one year | 42/48 | €779,397 | €70,269 | -€709,128 | -91.0% |
| Current portion of amounts payable after more than one year | 42 | €9,962 | €10,047 | +€85 | +0.9% |
| Trade debts | 44 | €33,879 | €6,182 | -€27,697 | -81.8% |
| Suppliers | 440/4 | €33,879 | €6,182 | -€27,697 | -81.8% |
| Advances received on contracts in progress | 46 | €0 | €5,847 | +€5,847 | |
| Taxes, remuneration and social security | 45 | €7,647 | €18,869 | +€11,222 | +146.7% |
| Taxes | 450/3 | €7,647 | €18,869 | +€11,222 | +146.7% |
| Other amounts payable | 47/48 | €727,910 | €29,325 | -€698,585 | -96.0% |
| Accrued charges and deferred income | 492/3 | €2,123 | €3,225 | +€1,102 | +51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,422 | €85,496 | +€8,073 | +10.4% |
| Other operating charges | 640/8 | €21,396 | €21,578 | +€182 | +0.8% |
| Gross operating margin | 9900 | €597,180 | €380,516 | -€216,664 | -36.3% |
| Operating profit (loss) | 9901 | €498,361 | €273,443 | -€224,919 | -45.1% |
| Financial income | 75/76B | €261,842 | €116,584 | -€145,258 | -55.5% |
| Recurring financial income | 75 | €261,842 | €115,071 | -€146,771 | -56.1% |
| Non-recurring financial income | 76B | - | €1,513 | +€1,513 | |
| Financial charges | 65/66B | €39,738 | €10,509 | -€29,229 | -73.6% |
| Recurring financial charges | 65 | €28,546 | €9,356 | -€19,190 | -67.2% |
| Non-recurring financial charges | 66B | €11,192 | €1,153 | -€10,039 | -89.7% |
| Profit (loss) for the period before taxes | 9903 | €720,465 | €379,518 | -€340,948 | -47.3% |
| Transfer from deferred taxes | 780 | €2,364 | €3,576 | +€1,211 | +51.2% |
| Transfer to deferred taxes | 680 | €100,821 | €66,178 | -€34,642 | -34.4% |
| Income taxes | 67/77 | €74,370 | €41,561 | -€32,809 | -44.1% |
| Profit (loss) for the period | 9904 | €547,639 | €275,354 | -€272,286 | -49.7% |
| Transfer from tax-exempt reserves | 789 | €6,951 | €10,727 | +€3,775 | +54.3% |
| Transfer to tax-exempt reserves | 689 | €407,712 | €198,535 | -€209,177 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €146,879 | €87,546 | -€59,333 | -40.4% |
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 11 October 2026 via checked.be.