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
- Tangible fixed assets +€14,631
up €14,631 (+1447.0%), from €1,011 to €15,642
- Cash -€10,044
down €10,044 (-76.8%), from €13,084 to €3,039
mainly Investment in fixed assets (net) (-€15,950) and Receivables within one year (-€7,948)
- Receivables within one year +€7,948
up €7,948 (+61.7%), from €12,876 to €20,824
of which Other amounts receivable: +€8,809
- Current portion of long-term debt +€7,865
new in 2025: €7,865
- Debts after one year +€7,441
new in 2025: €7,441
- Profit (loss) carried forward -€1,738
down €1,738 (-10.5%), from €16,521 to €14,782
- Trade debts -€1,055
down €1,055 (-38.9%), from €2,711 to €1,655
- Gross operating margin -€20,141
down €20,141 (-77.5%), from €26,002 to €5,861
- Taxes -€4,718
down €4,718 (-99.5%), from €4,740 to €22
- Other operating charges +€4,711
up €4,711 (+304.2%), from €1,549 to €6,260
- Financial charges -€2,836
down €2,836 (-89.6%), from €3,164 to €328
- Depreciation +€1,031
up €1,031 (+356.7%), from €289 to €1,319
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 | €26,971 | €39,505 | +€12,534 | +46.5% |
| Fixed assets | 21/28 | €1,011 | €15,642 | +€14,631 | +1447.0% |
| Tangible fixed assets | 22/27 | €1,011 | €15,642 | +€14,631 | +1447.0% |
| Furniture and vehicles | 24 | €1,011 | €15,642 | +€14,631 | +1447.0% |
| Current assets | 29/58 | €25,960 | €23,864 | -€2,096 | -8.1% |
| Amounts receivable within one year | 40/41 | €12,876 | €20,824 | +€7,948 | +61.7% |
| Trade receivables | 40 | €2,966 | €2,106 | -€860 | -29.0% |
| Other amounts receivable | 41 | €9,910 | €18,719 | +€8,809 | +88.9% |
| Cash at bank and in hand | 54/58 | €13,084 | €3,039 | -€10,044 | -76.8% |
| Total equity and liabilities | 10/49 | €26,971 | €39,505 | +€12,534 | +46.5% |
| Equity | 10/15 | €19,521 | €17,782 | -€1,738 | -8.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,521 | €14,782 | -€1,738 | -10.5% |
| Amounts payable | 17/49 | €7,450 | €21,723 | +€14,273 | +191.6% |
| Amounts payable after more than one year | 17 | - | €7,441 | +€7,441 | |
| Financial debts | 170/4 | - | €7,441 | +€7,441 | |
| Amounts payable within one year | 42/48 | €7,450 | €14,282 | +€6,832 | +91.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,865 | +€7,865 | |
| Trade debts | 44 | €2,711 | €1,655 | -€1,055 | -38.9% |
| Suppliers | 440/4 | €2,711 | €1,655 | -€1,055 | -38.9% |
| Taxes, remuneration and social security | 45 | €4,740 | €4,762 | +€22 | +0.5% |
| Taxes | 450/3 | €4,740 | €4,762 | +€22 | +0.5% |
| Remuneration, social security and pensions | 62 | €54 | €357 | +€303 | +564.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289 | €1,319 | +€1,031 | +356.7% |
| Other operating charges | 640/8 | €1,549 | €6,260 | +€4,711 | +304.2% |
| Gross operating margin | 9900 | €26,002 | €5,861 | -€20,141 | -77.5% |
| Operating profit (loss) | 9901 | €24,110 | -€2,076 | -€26,186 | |
| Financial income | 75/76B | €314 | €688 | +€374 | +119.0% |
| Recurring financial income | 75 | €314 | €688 | +€374 | +119.0% |
| Financial charges | 65/66B | €3,164 | €328 | -€2,836 | -89.6% |
| Recurring financial charges | 65 | €3,164 | €328 | -€2,836 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | €21,260 | -€1,716 | -€22,977 | |
| Income taxes | 67/77 | €4,740 | €22 | -€4,718 | -99.5% |
| Profit (loss) for the period | 9904 | €16,521 | -€1,738 | -€18,259 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,521 | -€1,738 | -€18,259 |
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 11 October 2026 via checked.be.