STMAY: 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.
STMAY
Largest movements
- Receivables within one year +€58,189
up €58,189 (+97.7%), from €59,535 to €117,724
of which Trade receivables: +€76,391
- Deferred charges and accrued income -€10,673
down €10,673 (-59.8%), from €17,843 to €7,169
- Cash -€6,045
down €6,045 (-64.6%), from €9,362 to €3,316
mainly Receivables within one year (-€58,189) and Net result for the year (-€16,567)
- Other debts +€29,980
up €29,980 (+3623.1%), from €827 to €30,807
- Trade debts +€29,158
up €29,158 (+169.5%), from €17,203 to €46,361
- Reserves -€16,567
down €16,567 (-85.4%), from €19,394 to €2,827
- Tax, wage and social debts -€2,432
down €2,432 (-5.9%), from €41,437 to €39,006
of which Taxes: -€2,967
- Gross operating margin -€110,573
down €110,573 (-25.6%), from €431,990 to €321,417
- Staff costs -€74,861
down €74,861 (-18.7%), from €399,520 to €324,660
- Taxes -€4,822
down €4,822 (-96.7%), from €4,987 to €164
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 | €98,861 | €139,000 | +€40,139 | +40.6% |
| Fixed assets | 21/28 | €12,122 | €10,791 | -€1,331 | -11.0% |
| Tangible fixed assets | 22/27 | €4,697 | €3,366 | -€1,331 | -28.3% |
| Plant, machinery and equipment | 23 | €4,697 | €3,366 | -€1,331 | -28.3% |
| Financial fixed assets | 28 | €7,425 | €7,425 | = | 0.0% |
| Current assets | 29/58 | €86,739 | €128,209 | +€41,470 | +47.8% |
| Amounts receivable within one year | 40/41 | €59,535 | €117,724 | +€58,189 | +97.7% |
| Trade receivables | 40 | €40,927 | €117,317 | +€76,391 | +186.7% |
| Other amounts receivable | 41 | €18,608 | €406 | -€18,202 | -97.8% |
| Cash at bank and in hand | 54/58 | €9,362 | €3,316 | -€6,045 | -64.6% |
| Deferred charges and accrued income | 490/1 | €17,843 | €7,169 | -€10,673 | -59.8% |
| Total equity and liabilities | 10/49 | €98,861 | €139,000 | +€40,139 | +40.6% |
| Equity | 10/15 | €39,394 | €22,827 | -€16,567 | -42.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €19,394 | €2,827 | -€16,567 | -85.4% |
| Distributable reserves | 133 | €19,394 | €2,827 | -€16,567 | -85.4% |
| Amounts payable | 17/49 | €59,468 | €116,174 | +€56,706 | +95.4% |
| Amounts payable within one year | 42/48 | €59,468 | €116,174 | +€56,706 | +95.4% |
| Trade debts | 44 | €17,203 | €46,361 | +€29,158 | +169.5% |
| Suppliers | 440/4 | €17,203 | €46,361 | +€29,158 | +169.5% |
| Taxes, remuneration and social security | 45 | €41,437 | €39,006 | -€2,432 | -5.9% |
| Taxes | 450/3 | €8,118 | €5,151 | -€2,967 | -36.5% |
| Remuneration and social security | 454/9 | €33,320 | €33,855 | +€535 | +1.6% |
| Other amounts payable | 47/48 | €827 | €30,807 | +€29,980 | +3623.1% |
| Remuneration, social security and pensions | 62 | €399,520 | €324,660 | -€74,861 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,218 | €1,331 | +€113 | +9.3% |
| Other operating charges | 640/8 | €9,814 | €11,430 | +€1,616 | +16.5% |
| Gross operating margin | 9900 | €431,990 | €321,417 | -€110,573 | -25.6% |
| Operating profit (loss) | 9901 | €21,437 | -€16,004 | -€37,441 | |
| Financial income | 75/76B | €3 | €9 | +€6 | +255.1% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +255.1% |
| Financial charges | 65/66B | €2,060 | €408 | -€1,653 | -80.2% |
| Recurring financial charges | 65 | €2,060 | €408 | -€1,653 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €19,379 | -€16,403 | -€35,782 | |
| Income taxes | 67/77 | €4,987 | €164 | -€4,822 | -96.7% |
| Profit (loss) for the period | 9904 | €14,393 | -€16,567 | -€30,960 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,393 | -€16,567 | -€30,960 |
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 4 October 2026 via checked.be.