STM CONSTRUCT: 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.
STM CONSTRUCT
Largest movements
- Tangible fixed assets +€206,145
up €206,145 (+63.0%), from €327,281 to €533,426
of which Plant, machinery and equipment: +€117,056
- Cash -€34,920
down €34,920 (-14.4%), from €242,277 to €207,357
mainly Investment in fixed assets (net) (-€316,205) and Tax, wage and social debts (-€46,365)
- Stocks and contracts +€26,396
up €26,396 (+46.2%), from €57,167 to €83,563
- Deferred charges and accrued income +€19,510
up €19,510 (+182.3%), from €10,705 to €30,215
- Receivables within one year +€13,107
up €13,107 (+5.7%), from €230,316 to €243,423
of which Other amounts receivable: +€28,072
- Debts after one year +€135,977
up €135,977 (+68.5%), from €198,628 to €334,605
- Trade debts +€105,578
up €105,578 (+56.9%), from €185,426 to €291,004
- Tax, wage and social debts -€46,365
down €46,365 (-21.0%), from €220,667 to €174,302
of which Remuneration and social security: -€24,983
- Reserves +€24,000
up €24,000 (+14.4%), from €166,096 to €190,096
- Current portion of long-term debt +€21,443
up €21,443 (+37.5%), from €57,244 to €78,687
- Turnover +€5.2m
new in 2025: €5.2m
- Purchases and services +€4.0m
new in 2025: €4.0m
- Staff costs +€318,269
up €318,269 (+52.3%), from €608,212 to €926,481
- Gross operating margin +€229,636
up €229,636 (+23.5%), from €975,197 to €1.2m
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 | €880,809 | €1,113,521 | +€232,712 | +26.4% |
| Fixed assets | 21/28 | €340,344 | €548,963 | +€208,619 | +61.3% |
| Intangible fixed assets | 21 | €7,063 | €5,544 | -€1,519 | -21.5% |
| Tangible fixed assets | 22/27 | €327,281 | €533,426 | +€206,145 | +63.0% |
| Plant, machinery and equipment | 23 | €279,338 | €396,394 | +€117,056 | +41.9% |
| Furniture and vehicles | 24 | €47,943 | €131,032 | +€83,089 | +173.3% |
| Assets under construction and advance payments | 27 | - | €6,000 | +€6,000 | |
| Financial fixed assets | 28 | €6,000 | €9,993 | +€3,993 | +66.6% |
| Current assets | 29/58 | €540,465 | €564,558 | +€24,093 | +4.5% |
| Stocks and contracts in progress | 3 | €57,167 | €83,563 | +€26,396 | +46.2% |
| Stocks | 30/36 | €57,167 | €83,563 | +€26,396 | +46.2% |
| Amounts receivable within one year | 40/41 | €230,316 | €243,423 | +€13,107 | +5.7% |
| Trade receivables | 40 | €159,820 | €144,855 | -€14,965 | -9.4% |
| Other amounts receivable | 41 | €70,496 | €98,568 | +€28,072 | +39.8% |
| Cash at bank and in hand | 54/58 | €242,277 | €207,357 | -€34,920 | -14.4% |
| Deferred charges and accrued income | 490/1 | €10,705 | €30,215 | +€19,510 | +182.3% |
| Total equity and liabilities | 10/49 | €880,809 | €1,113,521 | +€232,712 | +26.4% |
| Equity | 10/15 | €209,405 | €233,821 | +€24,416 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €166,096 | €190,096 | +€24,000 | +14.4% |
| Distributable reserves | 133 | €166,096 | €190,096 | +€24,000 | +14.4% |
| Profit (loss) carried forward | 14 | €24,709 | €25,125 | +€416 | +1.7% |
| Amounts payable | 17/49 | €671,404 | €879,700 | +€208,296 | +31.0% |
| Amounts payable after more than one year | 17 | €198,628 | €334,605 | +€135,977 | +68.5% |
| Financial debts | 170/4 | €198,628 | €334,605 | +€135,977 | +68.5% |
| Amounts payable within one year | 42/48 | €472,776 | €545,095 | +€72,319 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €57,244 | €78,687 | +€21,443 | +37.5% |
| Trade debts | 44 | €185,426 | €291,004 | +€105,578 | +56.9% |
| Suppliers | 440/4 | €185,426 | €291,004 | +€105,578 | +56.9% |
| Taxes, remuneration and social security | 45 | €220,667 | €174,302 | -€46,365 | -21.0% |
| Taxes | 450/3 | €79,133 | €57,751 | -€21,382 | -27.0% |
| Remuneration and social security | 454/9 | €141,534 | €116,551 | -€24,983 | -17.7% |
| Other amounts payable | 47/48 | €9,439 | €1,102 | -€8,337 | -88.3% |
| Turnover | 70 | - | €5,170,771 | +€5.2m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €3,965,938 | +€4.0m | |
| Remuneration, social security and pensions | 62 | €608,212 | €926,481 | +€318,269 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,103 | €107,586 | +€30,483 | +39.5% |
| Other operating charges | 640/8 | €47,986 | €42,488 | -€5,498 | -11.5% |
| Gross operating margin | 9900 | €975,197 | €1,204,833 | +€229,636 | +23.5% |
| Operating profit (loss) | 9901 | €241,896 | €128,278 | -€113,618 | -47.0% |
| Financial charges | 65/66B | €17,156 | €20,398 | +€3,242 | +18.9% |
| Recurring financial charges | 65 | €17,156 | €20,398 | +€3,242 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €224,740 | €107,880 | -€116,860 | -52.0% |
| Income taxes | 67/77 | €70,583 | €47,464 | -€23,119 | -32.8% |
| Profit (loss) for the period | 9904 | €154,157 | €60,416 | -€93,741 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €154,157 | €60,416 | -€93,741 | -60.8% |
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 5 October 2026 via checked.be.