STMSE: 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.
STMSE
Largest movements
- Tangible fixed assets -€108,405
down €108,405 (-32.8%), from €330,150 to €221,745
of which Plant, machinery and equipment: -€94,313
- Receivables within one year +€49,432
up €49,432, from €0 to €49,432
of which Trade receivables: +€44,165
- Cash +€16,455
up €16,455 (+1.4%), from €1.2m to €1.2m
mainly Other debts (+€500,000) and Net result for the year (+€248,823)
- Other debts +€500,000
new in 2025: €500,000
- Debts after one year -€254,373
down €254,373 (-49.1%), from €518,158 to €263,785
- Reserves -€251,177
down €251,177 (-45.5%), from €552,502 to €301,325
- Investment grants -€21,334
down €21,334 (-25.3%), from €84,253 to €62,918
- Tax, wage and social debts -€18,925
down €18,925 (-45.2%), from €41,898 to €22,973
- Financial charges -€4.2m
down €4.2m (-99.4%), from €4.2m to €23,477
of which Non-recurring financial charges: -€4.2m
- Financial income -€141,158
down €141,158 (-86.0%), from €164,184 to €23,027
- Depreciation -€41,002
down €41,002 (-27.4%), from €149,406 to €108,405
- Taxes +€12,308
up €12,308 (+19.3%), from €63,932 to €76,240
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 | €1,544,588 | €1,502,071 | -€42,518 | -2.8% |
| Fixed assets | 21/28 | €330,150 | €221,745 | -€108,405 | -32.8% |
| Tangible fixed assets | 22/27 | €330,150 | €221,745 | -€108,405 | -32.8% |
| Plant, machinery and equipment | 23 | €303,548 | €209,235 | -€94,313 | -31.1% |
| Furniture and vehicles | 24 | €998 | €0 | -€998 | -100.0% |
| Other tangible fixed assets | 26 | €25,604 | €12,510 | -€13,094 | -51.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,214,438 | €1,280,325 | +€65,887 | +5.4% |
| Amounts receivable within one year | 40/41 | €0 | €49,432 | +€49,432 | |
| Trade receivables | 40 | €0 | €44,165 | +€44,165 | |
| Other amounts receivable | 41 | €0 | €5,267 | +€5,267 | |
| Cash at bank and in hand | 54/58 | €1,214,438 | €1,230,893 | +€16,455 | +1.4% |
| Total equity and liabilities | 10/49 | €1,544,588 | €1,502,071 | -€42,518 | -2.8% |
| Equity | 10/15 | €722,161 | €449,650 | -€272,512 | -37.7% |
| Contributions | 10/11 | €354,043 | €354,043 | = | 0.0% |
| Reserves | 13 | €552,502 | €301,325 | -€251,177 | -45.5% |
| Distributable reserves | 133 | €552,502 | €301,325 | -€251,177 | -45.5% |
| Profit (loss) carried forward | 14 | -€268,636 | -€268,636 | = | 0.0% |
| Investment grants | 15 | €84,253 | €62,918 | -€21,334 | -25.3% |
| Amounts payable | 17/49 | €822,427 | €1,052,421 | +€229,994 | +28.0% |
| Amounts payable after more than one year | 17 | €518,158 | €263,785 | -€254,373 | -49.1% |
| Financial debts | 170/4 | €518,158 | €263,785 | -€254,373 | -49.1% |
| Amounts payable within one year | 42/48 | €287,634 | €777,346 | +€489,712 | +170.3% |
| Current portion of amounts payable after more than one year | 42 | €245,297 | €254,373 | +€9,076 | +3.7% |
| Trade debts | 44 | €439 | €0 | -€439 | -100.0% |
| Suppliers | 440/4 | €439 | €0 | -€439 | -100.0% |
| Taxes, remuneration and social security | 45 | €41,898 | €22,973 | -€18,925 | -45.2% |
| Taxes | 450/3 | €41,898 | €22,973 | -€18,925 | -45.2% |
| Other amounts payable | 47/48 | - | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €16,635 | €11,290 | -€5,345 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,406 | €108,405 | -€41,002 | -27.4% |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | €432,540 | €434,885 | +€2,345 | +0.5% |
| Operating profit (loss) | 9901 | €282,173 | €325,513 | +€43,340 | +15.4% |
| Financial income | 75/76B | €164,184 | €23,027 | -€141,158 | -86.0% |
| Recurring financial income | 75 | €164,184 | €23,027 | -€141,158 | -86.0% |
| Financial charges | 65/66B | €4,205,050 | €23,477 | -€4.2m | -99.4% |
| Recurring financial charges | 65 | €32,497 | €23,477 | -€9,020 | -27.8% |
| Non-recurring financial charges | 66B | €4,172,553 | €0 | -€4.2m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,758,692 | €325,063 | +€4.1m | |
| Income taxes | 67/77 | €63,932 | €76,240 | +€12,308 | +19.3% |
| Profit (loss) for the period | 9904 | -€3,822,625 | €248,823 | +€4.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,822,625 | €248,823 | +€4.1m |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.