STIR: 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.
STIR
Largest movements
- Financial fixed assets +€194,009
new in 2025: €194,009
- Receivables within one year +€35,999
up €35,999 (+315%), from €11,437 to €47,436
of which Trade receivables: +€36,688
- Tangible fixed assets +€14,575
up €14,575 (+72.2%), from €20,176 to €34,751
of which Plant, machinery and equipment: +€11,660
- Debts after one year +€151,932
new in 2025: €151,932
- Reserves +€35,000
new in 2025: €35,000
- Current portion of long-term debt +€31,771
new in 2025: €31,771
- Tax, wage and social debts +€15,315
up €15,315 (+365%), from €4,193 to €19,508
- Trade debts +€9,377
up €9,377 (+2,879%), from €326 to €9,703
- Gross operating margin +€50,921
up €50,921 (+276%), from €18,452 to €69,373
- Taxes +€16,933
up €16,933 (+584%), from €2,900 to €19,833
- Financial charges +€3,279
up €3,279 (+427%), from €769 to €4,047
- Depreciation +€1,249
up €1,249 (+17.6%), from €7,102 to €8,351
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 | €36,179 | €281,207 | +€245,028 | +677% |
| Fixed assets | 21/28 | €20,176 | €228,759 | +€208,583 | +1,034% |
| Intangible fixed assets | 21 | €0 | - | -€0 | |
| Tangible fixed assets | 22/27 | €20,176 | €34,751 | +€14,575 | +72.2% |
| Plant, machinery and equipment | 23 | €285 | €11,945 | +€11,660 | +4,094% |
| Furniture and vehicles | 24 | €19,891 | €17,205 | -€2,686 | -13.5% |
| Other tangible fixed assets | 26 | - | €5,600 | +€5,600 | |
| Financial fixed assets | 28 | - | €194,009 | +€194,009 | |
| Current assets | 29/58 | €16,003 | €52,448 | +€36,445 | +228% |
| Amounts receivable within one year | 40/41 | €11,437 | €47,436 | +€35,999 | +315% |
| Trade receivables | 40 | €8,470 | €45,158 | +€36,688 | +433% |
| Other amounts receivable | 41 | €2,967 | €2,279 | -€689 | -23.2% |
| Cash at bank and in hand | 54/58 | €3,129 | €4,711 | +€1,583 | +50.6% |
| Deferred charges and accrued income | 490/1 | €1,437 | €300 | -€1,137 | -79.1% |
| Total equity and liabilities | 10/49 | €36,179 | €281,207 | +€245,028 | +677% |
| Equity | 10/15 | €8,273 | €45,122 | +€36,848 | +445% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | - | €35,000 | +€35,000 | |
| Distributable reserves | 133 | - | €35,000 | +€35,000 | |
| Profit (loss) carried forward | 14 | -€2,927 | -€1,078 | +€1,848 | +63.2% |
| Amounts payable | 17/49 | €27,906 | €236,086 | +€208,180 | +746% |
| Amounts payable after more than one year | 17 | - | €151,932 | +€151,932 | |
| Financial debts | 170/4 | - | €151,932 | +€151,932 | |
| Amounts payable within one year | 42/48 | €27,906 | €82,471 | +€54,565 | +196% |
| Current portion of amounts payable after more than one year | 42 | - | €31,771 | +€31,771 | |
| Trade debts | 44 | €326 | €9,703 | +€9,377 | +2,879% |
| Suppliers | 440/4 | €326 | €9,703 | +€9,377 | +2,879% |
| Taxes, remuneration and social security | 45 | €4,193 | €19,508 | +€15,315 | +365% |
| Taxes | 450/3 | €4,193 | €19,508 | +€15,315 | +365% |
| Other amounts payable | 47/48 | €23,387 | €21,489 | -€1,898 | -8.1% |
| Accrued charges and deferred income | 492/3 | - | €1,683 | +€1,683 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,102 | €8,351 | +€1,249 | +17.6% |
| Other operating charges | 640/8 | €912 | €294 | -€619 | -67.8% |
| Gross operating margin | 9900 | €18,452 | €69,373 | +€50,921 | +276% |
| Operating profit (loss) | 9901 | €10,438 | €60,729 | +€50,291 | +482% |
| Financial charges | 65/66B | €769 | €4,047 | +€3,279 | +427% |
| Recurring financial charges | 65 | €769 | €4,047 | +€3,279 | +427% |
| Profit (loss) for the period before taxes | 9903 | €9,669 | €56,681 | +€47,012 | +486% |
| Income taxes | 67/77 | €2,900 | €19,833 | +€16,933 | +584% |
| Profit (loss) for the period | 9904 | €6,769 | €36,848 | +€30,079 | +444% |
| Profit (loss) for the period to be appropriated | 9905 | €6,769 | €36,848 | +€30,079 | +444% |
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 19 October 2026 via checked.be.