STM RETAIL: 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 RETAIL
Largest movements
- Cash +€14,276
up €14,276 (+49.8%), from €28,680 to €42,955
mainly Other debts (+€21,348) and Depreciation (+€11,153)
- Receivables after one year -€8,994
no longer reported in 2025 (was €8,994)
- Tangible fixed assets +€5,541
up €5,541 (+17.5%), from €31,676 to €37,217
of which Furniture and vehicles: +€14,284
- Receivables within one year +€4,058
up €4,058 (+53.7%), from €7,554 to €11,612
of which Other amounts receivable: +€3,346
- Other debts +€21,348
up €21,348 (+134%), from €15,948 to €37,295
- Profit (loss) carried forward -€12,674
down €12,674 (-24.6%), from -€51,471 to -€64,145
- Trade debts +€9,110
up €9,110 (+44.3%), from €20,570 to €29,680
- Debts after one year -€4,802
down €4,802 (-18.1%), from €26,532 to €21,730
- Tax, wage and social debts +€1,676
up €1,676 (+15.3%), from €10,936 to €12,612
of which Taxes: +€3,567
- Gross operating margin +€19,542
up €19,542 (+99.4%), from €19,667 to €39,208
- Staff costs +€3,768
up €3,768 (+11.7%), from €32,310 to €36,077
- Other operating charges +€2,108
up €2,108 (+389%), from €542 to €2,650
- Depreciation +€1,967
up €1,967 (+21.4%), from €9,186 to €11,153
- Taxes +€801
no longer reported in 2025 (was -€801)
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 | €100,440 | €115,321 | +€14,881 | +14.8% |
| Fixed assets | 21/28 | €55,213 | €60,754 | +€5,541 | +10.0% |
| Tangible fixed assets | 22/27 | €31,676 | €37,217 | +€5,541 | +17.5% |
| Plant, machinery and equipment | 23 | €30,788 | €22,045 | -€8,742 | -28.4% |
| Furniture and vehicles | 24 | €888 | €15,172 | +€14,284 | +1,609% |
| Financial fixed assets | 28 | €23,537 | €23,537 | = | 0.0% |
| Current assets | 29/58 | €45,227 | €54,567 | +€9,340 | +20.7% |
| Amounts receivable after more than one year | 29 | €8,994 | - | -€8,994 | |
| Other amounts receivable | 291 | €8,994 | - | -€8,994 | |
| Amounts receivable within one year | 40/41 | €7,554 | €11,612 | +€4,058 | +53.7% |
| Trade receivables | 40 | - | €712 | +€712 | |
| Other amounts receivable | 41 | €7,554 | €10,900 | +€3,346 | +44.3% |
| Cash at bank and in hand | 54/58 | €28,680 | €42,955 | +€14,276 | +49.8% |
| Total equity and liabilities | 10/49 | €100,440 | €115,321 | +€14,881 | +14.8% |
| Equity | 10/15 | €21,876 | €9,202 | -€12,674 | -57.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €54,747 | €54,747 | = | 0.0% |
| Distributable reserves | 133 | €54,747 | €54,747 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,471 | -€64,145 | -€12,674 | -24.6% |
| Amounts payable | 17/49 | €78,564 | €106,120 | +€27,556 | +35.1% |
| Amounts payable after more than one year | 17 | €26,532 | €21,730 | -€4,802 | -18.1% |
| Financial debts | 170/4 | €26,532 | €21,730 | -€4,802 | -18.1% |
| Amounts payable within one year | 42/48 | €52,032 | €84,389 | +€32,358 | +62.2% |
| Current portion of amounts payable after more than one year | 42 | €4,578 | €4,802 | +€224 | +4.9% |
| Trade debts | 44 | €20,570 | €29,680 | +€9,110 | +44.3% |
| Suppliers | 440/4 | €20,570 | €29,680 | +€9,110 | +44.3% |
| Taxes, remuneration and social security | 45 | €10,936 | €12,612 | +€1,676 | +15.3% |
| Taxes | 450/3 | €7,675 | €11,242 | +€3,567 | +46.5% |
| Remuneration and social security | 454/9 | €3,261 | €1,370 | -€1,891 | -58.0% |
| Other amounts payable | 47/48 | €15,948 | €37,295 | +€21,348 | +134% |
| Remuneration, social security and pensions | 62 | €32,310 | €36,077 | +€3,768 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,186 | €11,153 | +€1,967 | +21.4% |
| Other operating charges | 640/8 | €542 | €2,650 | +€2,108 | +389% |
| Gross operating margin | 9900 | €19,667 | €39,208 | +€19,542 | +99.4% |
| Operating profit (loss) | 9901 | -€22,371 | -€10,672 | +€11,699 | +52.3% |
| Financial charges | 65/66B | €2,135 | €2,003 | -€133 | -6.2% |
| Recurring financial charges | 65 | €2,135 | €2,003 | -€133 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,506 | -€12,674 | +€11,832 | +48.3% |
| Income taxes | 67/77 | -€801 | - | +€801 | |
| Profit (loss) for the period | 9904 | -€23,705 | -€12,674 | +€11,031 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,705 | -€12,674 | +€11,031 | +46.5% |
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 30 October 2026 via checked.be.