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.
What changed
STM
NACE 43.310, Plastering work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6,784
2024 · €3,673-€10,457
Equity
€56,710
2024 · €63,494-€6,784
Cash
€5,182
2024 · €5,359-€177
Balance sheet total
€502,888
2024 · €521,582-€18,694
Largest movements
Assets
- Receivables within one year -€32,815
down €32,815 (-39.4%), from €83,234 to €50,419
of which Trade receivables: -€22,347
- Tangible fixed assets +€17,162
up €17,162 (+4.1%), from €422,411 to €439,573
of which Leasing and similar rights: +€29,576
Equity and liabilities
- Other debts -€24,435
down €24,435 (-28.8%), from €84,914 to €60,479
- Short-term financial debts -€10,000
no longer reported in 2025 (was €10,000)
- Current portion of long-term debt +€9,022
up €9,022 (+30.0%), from €30,065 to €39,087
- Debts after one year -€8,528
down €8,528 (-3.0%), from €285,912 to €277,384
- Provisions +€8,496
new in 2025: €8,496
Income statement
- Gross operating margin +€47,249
up €47,249 (+31.9%), from €148,293 to €195,542
- Staff costs +€30,289
up €30,289 (+33.9%), from €89,450 to €119,739
- Write-downs +€11,596
new in 2025: €11,596
- Provisions +€8,496
new in 2025: €8,496
- Depreciation +€7,967
up €7,967 (+23.5%), from €33,886 to €41,853
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.
Result 2024
€3,673
Gross operating margin
+€47,249
Staff costs
-€30,289
Depreciation
-€7,967
Write-downs
-€11,596
Provisions
-€8,496
Other operating charges
-€761
Financial income
+€104
Financial charges
+€963
Taxes
+€336
Result 2025
-€6,784
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.
From operations
+€68,344
Investment
-€59,015
Financing
-€9,506
Cash 2024
€5,359
From operations (derived)
+€68,344
Net result for the year
-€6,784
Depreciation
+€41,853
Stocks and contracts
+€2,404
Receivables within one year
+€32,815
Deferred charges and accrued income
+€461
Provisions
+€8,496
Trade debts
+€7,555
Tax, wage and social debts
+€6,627
Other debts
-€24,435
Accrued charges and deferred income
-€646
Investment (derived)
-€59,015
Investment in fixed assets (net)
-€59,015
Financing
-€9,506
Debts after one year
-€8,528
Current portion of long-term debt
+€9,022
Short-term financial debts
-€10,000
Cash 2025
€5,182
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €521,582 | €502,888 | -€18,694 | -3.6% |
| Fixed assets | 21/28 | €423,399 | €440,561 | +€17,162 | +4.1% |
| Tangible fixed assets | 22/27 | €422,411 | €439,573 | +€17,162 | +4.1% |
| Land and buildings | 22 | €370,284 | €358,934 | -€11,350 | -3.1% |
| Plant, machinery and equipment | 23 | €48,912 | €45,866 | -€3,046 | -6.2% |
| Furniture and vehicles | 24 | €3,215 | €5,197 | +€1,982 | +61.7% |
| Leasing and similar rights | 25 | - | €29,576 | +€29,576 | |
| Financial fixed assets | 28 | €988 | €988 | = | 0.0% |
| Current assets | 29/58 | €98,184 | €62,328 | -€35,856 | -36.5% |
| Stocks and contracts in progress | 3 | €8,047 | €5,642 | -€2,404 | -29.9% |
| Stocks | 30/36 | €5,642 | €5,642 | = | 0.0% |
| Contracts in progress | 37 | €2,404 | - | -€2,404 | |
| Amounts receivable within one year | 40/41 | €83,234 | €50,419 | -€32,815 | -39.4% |
| Trade receivables | 40 | €67,078 | €44,731 | -€22,347 | -33.3% |
| Other amounts receivable | 41 | €16,155 | €5,688 | -€10,467 | -64.8% |
| Cash at bank and in hand | 54/58 | €5,359 | €5,182 | -€177 | -3.3% |
| Deferred charges and accrued income | 490/1 | €1,544 | €1,084 | -€461 | -29.8% |
| Total equity and liabilities | 10/49 | €521,582 | €502,888 | -€18,694 | -3.6% |
| Equity | 10/15 | €63,494 | €56,710 | -€6,784 | -10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,190 | €7,190 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,657 | €1,657 | = | 0.0% |
| Distributable reserves | 133 | €3,673 | €3,673 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,104 | €43,320 | -€6,784 | -13.5% |
| Provisions and deferred taxes | 16 | - | €8,496 | +€8,496 | |
| Provisions for liabilities and charges | 160/5 | - | €8,496 | +€8,496 | |
| Other liabilities and charges | 164/5 | - | €8,496 | +€8,496 | |
| Amounts payable | 17/49 | €458,088 | €437,683 | -€20,405 | -4.5% |
| Amounts payable after more than one year | 17 | €285,912 | €277,384 | -€8,528 | -3.0% |
| Financial debts | 170/4 | €285,912 | €277,384 | -€8,528 | -3.0% |
| Amounts payable within one year | 42/48 | €171,530 | €160,299 | -€11,231 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €30,065 | €39,087 | +€9,022 | +30.0% |
| Financial debts | 43 | €10,000 | - | -€10,000 | |
| Credit institutions | 430/8 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €27,755 | €35,310 | +€7,555 | +27.2% |
| Suppliers | 440/4 | €27,755 | €35,310 | +€7,555 | +27.2% |
| Taxes, remuneration and social security | 45 | €18,796 | €25,423 | +€6,627 | +35.3% |
| Taxes | 450/3 | €7,806 | €13,639 | +€5,833 | +74.7% |
| Remuneration and social security | 454/9 | €10,989 | €11,783 | +€794 | +7.2% |
| Other amounts payable | 47/48 | €84,914 | €60,479 | -€24,435 | -28.8% |
| Accrued charges and deferred income | 492/3 | €646 | - | -€646 | |
| Non-recurring operating income | 76A | €4,000 | - | -€4,000 | |
| Remuneration, social security and pensions | 62 | €89,450 | €119,739 | +€30,289 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,886 | €41,853 | +€7,967 | +23.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,596 | +€11,596 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €8,496 | +€8,496 | |
| Other operating charges | 640/8 | €3,274 | €4,034 | +€761 | +23.2% |
| Gross operating margin | 9900 | €148,293 | €195,542 | +€47,249 | +31.9% |
| Operating profit (loss) | 9901 | €21,683 | €9,824 | -€11,860 | -54.7% |
| Financial income | 75/76B | €463 | €567 | +€104 | +22.4% |
| Recurring financial income | 75 | €463 | €567 | +€104 | +22.4% |
| Financial charges | 65/66B | €17,933 | €16,971 | -€963 | -5.4% |
| Recurring financial charges | 65 | €15,119 | €16,971 | +€1,852 | +12.2% |
| Non-recurring financial charges | 66B | €2,815 | - | -€2,815 | |
| Profit (loss) for the period before taxes | 9903 | €4,213 | -€6,580 | -€10,793 | |
| Income taxes | 67/77 | €540 | €204 | -€336 | -62.2% |
| Profit (loss) for the period | 9904 | €3,673 | -€6,784 | -€10,457 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,673 | -€6,784 | -€10,457 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.