STINA PROJECT: 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.
STINA PROJECT
Largest movements
- Cash +€461,669
up €461,669 (+559.4%), from €82,527 to €544,196
mainly Current investments (+€442,805) and Investment in fixed assets (net) (+€355,064)
- Current investments -€442,805
down €442,805 (-33.3%), from €1.3m to €886,827
- Tangible fixed assets -€416,265
down €416,265 (-35.9%), from €1.2m to €741,894
of which Land and buildings: -€453,944
- Receivables within one year -€78,344
down €78,344 (-10.1%), from €775,000 to €696,656
of which Trade receivables: -€70,000
- Debts after one year -€479,632
down €479,632 (-38.8%), from €1.2m to €757,825
- Gross operating margin -€90,637
down €90,637 (-37.6%), from €240,951 to €150,313
- Financial income +€58,138
up €58,138 (+112.6%), from €51,621 to €109,760
of which Non-recurring financial income: +€29,582
- Other operating charges +€12,992
up €12,992 (+488.8%), from €2,658 to €15,650
- Taxes -€10,545
down €10,545 (-20.0%), from €52,708 to €42,163
- Depreciation +€8,308
up €8,308 (+15.6%), from €53,227 to €61,535
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 | €4,280,239 | €3,808,137 | -€472,103 | -11.0% |
| Fixed assets | 21/28 | €2,083,001 | €1,666,403 | -€416,598 | -20.0% |
| Tangible fixed assets | 22/27 | €1,158,159 | €741,894 | -€416,265 | -35.9% |
| Land and buildings | 22 | €866,895 | €412,951 | -€453,944 | -52.4% |
| Plant, machinery and equipment | 23 | €4,294 | €5,106 | +€812 | +18.9% |
| Furniture and vehicles | 24 | €6,672 | €64,076 | +€57,404 | +860.4% |
| Other tangible fixed assets | 26 | €280,299 | €259,762 | -€20,537 | -7.3% |
| Financial fixed assets | 28 | €924,842 | €924,508 | -€333 | 0.0% |
| Current assets | 29/58 | €2,197,238 | €2,141,734 | -€55,504 | -2.5% |
| Amounts receivable within one year | 40/41 | €775,000 | €696,656 | -€78,344 | -10.1% |
| Trade receivables | 40 | €70,000 | - | -€70,000 | |
| Other amounts receivable | 41 | €705,000 | €696,656 | -€8,344 | -1.2% |
| Current investments | 50/53 | €1,329,632 | €886,827 | -€442,805 | -33.3% |
| Cash at bank and in hand | 54/58 | €82,527 | €544,196 | +€461,669 | +559.4% |
| Deferred charges and accrued income | 490/1 | €10,080 | €14,055 | +€3,975 | +39.4% |
| Total equity and liabilities | 10/49 | €4,280,239 | €3,808,137 | -€472,103 | -11.0% |
| Equity | 10/15 | €2,789,242 | €2,795,361 | +€6,119 | +0.2% |
| Contributions | 10/11 | €32,653 | €32,653 | = | 0.0% |
| Reserves | 13 | €2,756,589 | €2,762,707 | +€6,119 | +0.2% |
| Distributable reserves | 133 | €2,756,589 | €2,762,707 | +€6,119 | +0.2% |
| Amounts payable | 17/49 | €1,490,997 | €1,012,776 | -€478,221 | -32.1% |
| Amounts payable after more than one year | 17 | €1,237,458 | €757,825 | -€479,632 | -38.8% |
| Financial debts | 170/4 | €1,237,458 | €757,825 | -€479,632 | -38.8% |
| Amounts payable within one year | 42/48 | €252,619 | €239,575 | -€13,044 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €108,282 | €121,510 | +€13,228 | +12.2% |
| Trade debts | 44 | €15,489 | €8,107 | -€7,381 | -47.7% |
| Suppliers | 440/4 | €15,489 | €8,107 | -€7,381 | -47.7% |
| Taxes, remuneration and social security | 45 | €40,639 | €62,332 | +€21,693 | +53.4% |
| Taxes | 450/3 | €40,639 | €62,332 | +€21,693 | +53.4% |
| Other amounts payable | 47/48 | €88,209 | €47,625 | -€40,584 | -46.0% |
| Accrued charges and deferred income | 492/3 | €921 | €15,376 | +€14,455 | +1569.8% |
| Remuneration, social security and pensions | 62 | €2,486 | - | -€2,486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,227 | €61,535 | +€8,308 | +15.6% |
| Other operating charges | 640/8 | €2,658 | €15,650 | +€12,992 | +488.8% |
| Non-recurring operating charges | 66A | - | €469 | +€469 | |
| Gross operating margin | 9900 | €240,951 | €150,313 | -€90,637 | -37.6% |
| Operating profit (loss) | 9901 | €182,580 | €72,660 | -€109,920 | -60.2% |
| Financial income | 75/76B | €51,621 | €109,760 | +€58,138 | +112.6% |
| Recurring financial income | 75 | €51,621 | €80,177 | +€28,556 | +55.3% |
| Non-recurring financial income | 76B | - | €29,582 | +€29,582 | |
| Financial charges | 65/66B | €22,859 | €21,009 | -€1,850 | -8.1% |
| Recurring financial charges | 65 | €22,859 | €21,009 | -€1,850 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €211,342 | €161,410 | -€49,932 | -23.6% |
| Income taxes | 67/77 | €52,708 | €42,163 | -€10,545 | -20.0% |
| Profit (loss) for the period | 9904 | €158,634 | €119,248 | -€39,386 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €158,634 | €119,248 | -€39,386 | -24.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.