STM: 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.
STM
Largest movements
- Receivables within one year -€809,179
down €809,179 (-50.4%), from €1.6m to €796,904
- Cash -€34,525
down €34,525 (-44.9%), from €76,914 to €42,389
mainly Other debts (-€793,024) and Debts after one year (-€189,120)
- Other debts -€793,024
down €793,024 (-93.5%), from €847,749 to €54,725
- Debts after one year -€189,120
down €189,120 (-14.5%), from €1.3m to €1.1m
- Reserves +€134,382
up €134,382 (+17.3%), from €776,639 to €911,021
of which Distributable reserves: +€137,846
- Gross operating margin +€21,888
up €21,888 (+8.2%), from €265,955 to €287,843
- Financial charges +€8,071
up €8,071 (+28.3%), from €28,524 to €36,594
- Depreciation -€6,244
down €6,244 (-8.3%), from €75,220 to €68,976
- Staff costs +€4,841
new in 2025: €4,841
- Taxes +€4,428
up €4,428 (+10.6%), from €41,677 to €46,105
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 | €3,205,243 | €2,335,947 | -€869,296 | -27.1% |
| Fixed assets | 21/28 | €1,453,649 | €1,424,295 | -€29,354 | -2.0% |
| Tangible fixed assets | 22/27 | €1,453,649 | €1,424,295 | -€29,354 | -2.0% |
| Land and buildings | 22 | €1,453,649 | €1,422,494 | -€31,155 | -2.1% |
| Furniture and vehicles | 24 | - | €1,802 | +€1,802 | |
| Current assets | 29/58 | €1,751,594 | €911,652 | -€839,943 | -48.0% |
| Stocks and contracts in progress | 3 | €65,499 | €65,499 | = | 0.0% |
| Stocks | 30/36 | €65,499 | €65,499 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,606,083 | €796,904 | -€809,179 | -50.4% |
| Other amounts receivable | 41 | €1,606,083 | €796,904 | -€809,179 | -50.4% |
| Cash at bank and in hand | 54/58 | €76,914 | €42,389 | -€34,525 | -44.9% |
| Deferred charges and accrued income | 490/1 | €3,099 | €6,860 | +€3,761 | +121% |
| Total equity and liabilities | 10/49 | €3,205,243 | €2,335,947 | -€869,296 | -27.1% |
| Equity | 10/15 | €776,970 | €911,352 | +€134,382 | +17.3% |
| Contributions | 10/11 | €331 | €331 | = | 0.0% |
| Reserves | 13 | €776,639 | €911,021 | +€134,382 | +17.3% |
| Non-distributable reserves | 130/1 | €145 | €145 | = | 0.0% |
| Reserves not available under the articles | 1311 | €145 | €145 | = | 0.0% |
| Tax-exempt reserves | 132 | €114,161 | €110,697 | -€3,464 | -3.0% |
| Distributable reserves | 133 | €662,333 | €800,179 | +€137,846 | +20.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €38,054 | €36,899 | -€1,155 | -3.0% |
| Deferred taxes | 168 | €38,054 | €36,899 | -€1,155 | -3.0% |
| Amounts payable | 17/49 | €2,390,219 | €1,387,696 | -€1.0m | -41.9% |
| Amounts payable after more than one year | 17 | €1,300,953 | €1,111,833 | -€189,120 | -14.5% |
| Financial debts | 170/4 | €1,300,953 | €1,111,833 | -€189,120 | -14.5% |
| Amounts payable within one year | 42/48 | €1,073,606 | €263,425 | -€810,181 | -75.5% |
| Current portion of amounts payable after more than one year | 42 | €198,665 | €204,963 | +€6,298 | +3.2% |
| Trade debts | 44 | €283 | €2,758 | +€2,475 | +875% |
| Suppliers | 440/4 | €283 | €2,758 | +€2,475 | +875% |
| Taxes, remuneration and social security | 45 | €26,910 | €979 | -€25,931 | -96.4% |
| Taxes | 450/3 | €26,910 | €199 | -€26,710 | -99.3% |
| Remuneration and social security | 454/9 | - | €779 | +€779 | |
| Other amounts payable | 47/48 | €847,749 | €54,725 | -€793,024 | -93.5% |
| Accrued charges and deferred income | 492/3 | €15,660 | €12,438 | -€3,222 | -20.6% |
| Remuneration, social security and pensions | 62 | - | €4,841 | +€4,841 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,220 | €68,976 | -€6,244 | -8.3% |
| Other operating charges | 640/8 | €26,638 | €29,625 | +€2,987 | +11.2% |
| Gross operating margin | 9900 | €265,955 | €287,843 | +€21,888 | +8.2% |
| Operating profit (loss) | 9901 | €164,097 | €184,400 | +€20,303 | +12.4% |
| Financial income | 75/76B | €30,939 | €31,526 | +€587 | +1.9% |
| Recurring financial income | 75 | €30,939 | €31,526 | +€587 | +1.9% |
| Financial charges | 65/66B | €28,524 | €36,594 | +€8,071 | +28.3% |
| Recurring financial charges | 65 | €28,524 | €36,594 | +€8,071 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €166,512 | €179,332 | +€12,820 | +7.7% |
| Transfer from deferred taxes | 780 | €49 | €1,155 | +€1,106 | +2,268% |
| Income taxes | 67/77 | €41,677 | €46,105 | +€4,428 | +10.6% |
| Profit (loss) for the period | 9904 | €124,884 | €134,382 | +€9,498 | +7.6% |
| Transfer from tax-exempt reserves | 789 | €146 | €3,464 | +€3,318 | +2,267% |
| Profit (loss) for the period to be appropriated | 9905 | €125,030 | €137,846 | +€12,815 | +10.2% |
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 16 October 2026 via checked.be.