STIV: what changed
Two fiscal 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.
STIV
Largest movements
- Tangible fixed assets +€11.2m
up €11.2m (+103.3%), from €10.9m to €22.1m
of which Assets under construction and advance payments: +€11.4m
- Financial fixed assets +€1.6m
up €1.6m (+330.0%), from €484,797 to €2.1m
- Receivables within one year +€1.1m
up €1.1m (+1463.6%), from €72,350 to €1.1m
of which Trade receivables: +€1.0m
- Debts after one year +€14.2m
up €14.2m (+586.9%), from €2.4m to €16.6m
- Other debts +€2.2m
up €2.2m (+270.3%), from €803,480 to €3.0m
- Trade debts -€1.8m
down €1.8m (-38.9%), from €4.6m to €2.8m
- Short-term financial debts -€1.2m
no longer reported in 2025 (was €1.2m)
- Current portion of long-term debt +€517,500
up €517,500 (+156.8%), from €330,000 to €847,500
- Financial charges +€342,430
up €342,430 (+160.7%), from €213,133 to €555,563
- Taxes -€59,194
down €59,194 (-100.0%), from €59,194 to €0
- Gross operating margin -€25,398
down €25,398 (-4.0%), from €638,682 to €613,284
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 | €11,796,261 | €25,539,441 | +€13.7m | +116.5% |
| Fixed assets | 21/28 | €11,344,057 | €24,162,514 | +€12.8m | +113.0% |
| Tangible fixed assets | 22/27 | €10,859,260 | €22,077,718 | +€11.2m | +103.3% |
| Land and buildings | 22 | €4,811,755 | €4,633,265 | -€178,490 | -3.7% |
| Assets under construction and advance payments | 27 | €6,047,505 | €17,444,452 | +€11.4m | +188.5% |
| Financial fixed assets | 28 | €484,797 | €2,084,797 | +€1.6m | +330.0% |
| Current assets | 29/58 | €452,204 | €1,376,927 | +€924,723 | +204.5% |
| Amounts receivable within one year | 40/41 | €72,350 | €1,131,287 | +€1.1m | +1463.6% |
| Trade receivables | 40 | €3,231 | €1,047,548 | +€1.0m | +32324.6% |
| Other amounts receivable | 41 | €69,119 | €83,739 | +€14,620 | +21.2% |
| Cash at bank and in hand | 54/58 | €305,710 | €80,718 | -€224,992 | -73.6% |
| Deferred charges and accrued income | 490/1 | €74,143 | €164,921 | +€90,778 | +122.4% |
| Total equity and liabilities | 10/49 | €11,796,261 | €25,539,441 | +€13.7m | +116.5% |
| Equity | 10/15 | €2,404,681 | €2,260,420 | -€144,262 | -6.0% |
| Contributions | 10/11 | €1,009,359 | €1,009,359 | = | 0.0% |
| Capital | 10 | €1,009,359 | €1,009,359 | = | 0.0% |
| Issued capital | 100 | €1,009,359 | €1,009,359 | = | 0.0% |
| Reserves | 13 | €1,225,920 | €1,225,920 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,936 | €100,936 | = | 0.0% |
| Legal reserve | 130 | €100,936 | €100,936 | = | 0.0% |
| Distributable reserves | 133 | €1,124,985 | €1,124,985 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,402 | €25,141 | -€144,262 | -85.2% |
| Amounts payable | 17/49 | €9,391,580 | €23,279,022 | +€13.9m | +147.9% |
| Amounts payable after more than one year | 17 | €2,420,000 | €16,622,500 | +€14.2m | +586.9% |
| Financial debts | 170/4 | €2,420,000 | €16,622,500 | +€14.2m | +586.9% |
| Amounts payable within one year | 42/48 | €6,970,729 | €6,656,522 | -€314,207 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €330,000 | €847,500 | +€517,500 | +156.8% |
| Financial debts | 43 | €1,207,018 | - | -€1.2m | |
| Credit institutions | 430/8 | €1,207,018 | - | -€1.2m | |
| Trade debts | 44 | €4,621,036 | €2,824,527 | -€1.8m | -38.9% |
| Suppliers | 440/4 | €4,621,036 | €2,824,527 | -€1.8m | -38.9% |
| Taxes, remuneration and social security | 45 | €9,194 | €9,194 | = | 0.0% |
| Taxes | 450/3 | €9,194 | €9,194 | = | 0.0% |
| Other amounts payable | 47/48 | €803,480 | €2,975,301 | +€2.2m | +270.3% |
| Accrued charges and deferred income | 492/3 | €851 | - | -€851 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,570 | €178,490 | -€81 | 0.0% |
| Other operating charges | 640/8 | €41,926 | €43,573 | +€1,647 | +3.9% |
| Gross operating margin | 9900 | €638,682 | €613,284 | -€25,398 | -4.0% |
| Operating profit (loss) | 9901 | €418,185 | €391,222 | -€26,964 | -6.4% |
| Financial income | 75/76B | €23,544 | €20,080 | -€3,464 | -14.7% |
| Recurring financial income | 75 | €23,544 | €20,080 | -€3,464 | -14.7% |
| Financial charges | 65/66B | €213,133 | €555,563 | +€342,430 | +160.7% |
| Recurring financial charges | 65 | €213,133 | €555,563 | +€342,430 | +160.7% |
| Profit (loss) for the period before taxes | 9903 | €228,597 | -€144,262 | -€372,858 | |
| Income taxes | 67/77 | €59,194 | €0 | -€59,194 | -100.0% |
| Profit (loss) for the period | 9904 | €169,402 | -€144,262 | -€313,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €169,402 | -€144,262 | -€313,664 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.