STND: 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.
STND
Largest movements
- Stocks and contracts +€33,177
up €33,177 (+8.2%), from €403,761 to €436,938
- Cash -€23,354
down €23,354 (-9.4%), from €247,655 to €224,302
mainly Net result for the year (-€53,457) and Stocks and contracts (-€33,177)
- Tangible fixed assets -€20,716
down €20,716 (-27.5%), from €75,312 to €54,596
of which Plant, machinery and equipment: -€14,290
- Receivables within one year -€18,337
down €18,337 (-42.4%), from €43,289 to €24,952
of which Trade receivables: -€9,947
- Profit (loss) carried forward -€53,457
down €53,457 (-18.9%), from €283,012 to €229,555
- Other debts +€51,796
up €51,796 (+20.2%), from €256,668 to €308,464
- Trade debts -€21,421
down €21,421 (-55.8%), from €38,377 to €16,956
- Current portion of long-term debt -€15,021
down €15,021 (-100.0%), from €15,021 to €0
- Tax, wage and social debts +€9,359
up €9,359 (+8.4%), from €111,951 to €121,310
of which Taxes: +€13,457
- Gross operating margin -€74,917
down €74,917 (-14.5%), from €515,577 to €440,660
- Staff costs -€42,752
down €42,752 (-8.7%), from €488,664 to €445,913
- Other operating charges +€11,904
up €11,904 (+418.4%), from €2,845 to €14,750
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 | €826,565 | €789,966 | -€36,599 | -4.4% |
| Fixed assets | 21/28 | €122,541 | €94,061 | -€28,480 | -23.2% |
| Intangible fixed assets | 21 | €47,229 | €39,465 | -€7,764 | -16.4% |
| Tangible fixed assets | 22/27 | €75,312 | €54,596 | -€20,716 | -27.5% |
| Plant, machinery and equipment | 23 | €31,183 | €16,894 | -€14,290 | -45.8% |
| Furniture and vehicles | 24 | €2,104 | €1,344 | -€759 | -36.1% |
| Other tangible fixed assets | 26 | €42,025 | €36,358 | -€5,667 | -13.5% |
| Current assets | 29/58 | €704,025 | €695,905 | -€8,119 | -1.2% |
| Stocks and contracts in progress | 3 | €403,761 | €436,938 | +€33,177 | +8.2% |
| Stocks | 30/36 | €403,761 | €436,938 | +€33,177 | +8.2% |
| Amounts receivable within one year | 40/41 | €43,289 | €24,952 | -€18,337 | -42.4% |
| Trade receivables | 40 | €16,899 | €6,952 | -€9,947 | -58.9% |
| Other amounts receivable | 41 | €26,390 | €18,000 | -€8,390 | -31.8% |
| Cash at bank and in hand | 54/58 | €247,655 | €224,302 | -€23,354 | -9.4% |
| Deferred charges and accrued income | 490/1 | €9,319 | €9,713 | +€395 | +4.2% |
| Total equity and liabilities | 10/49 | €826,565 | €789,966 | -€36,599 | -4.4% |
| Equity | 10/15 | €390,207 | €336,750 | -€53,457 | -13.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €45,695 | €45,695 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €23,545 | €23,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | €283,012 | €229,555 | -€53,457 | -18.9% |
| Amounts payable | 17/49 | €436,358 | €453,217 | +€16,858 | +3.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €434,553 | €450,908 | +€16,355 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €15,021 | €0 | -€15,021 | -100.0% |
| Financial debts | 43 | €12,536 | €4,179 | -€8,358 | -66.7% |
| Credit institutions | 430/8 | €12,536 | €4,179 | -€8,358 | -66.7% |
| Trade debts | 44 | €38,377 | €16,956 | -€21,421 | -55.8% |
| Suppliers | 440/4 | €38,377 | €16,956 | -€21,421 | -55.8% |
| Taxes, remuneration and social security | 45 | €111,951 | €121,310 | +€9,359 | +8.4% |
| Taxes | 450/3 | €2,126 | €15,583 | +€13,457 | +632.9% |
| Remuneration and social security | 454/9 | €109,825 | €105,726 | -€4,098 | -3.7% |
| Other amounts payable | 47/48 | €256,668 | €308,464 | +€51,796 | +20.2% |
| Accrued charges and deferred income | 492/3 | €1,805 | €2,308 | +€503 | +27.9% |
| Remuneration, social security and pensions | 62 | €488,664 | €445,913 | -€42,752 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,908 | €28,480 | -€1,428 | -4.8% |
| Other operating charges | 640/8 | €2,845 | €14,750 | +€11,904 | +418.4% |
| Gross operating margin | 9900 | €515,577 | €440,660 | -€74,917 | -14.5% |
| Operating profit (loss) | 9901 | -€5,841 | -€48,482 | -€42,641 | -730.1% |
| Financial income | 75/76B | €0 | €224 | +€224 | |
| Recurring financial income | 75 | €0 | €224 | +€224 | |
| Financial charges | 65/66B | €5,519 | €4,189 | -€1,330 | -24.1% |
| Recurring financial charges | 65 | €5,519 | €4,189 | -€1,330 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,360 | -€52,447 | -€41,087 | -361.7% |
| Income taxes | 67/77 | €889 | €1,010 | +€121 | +13.6% |
| Profit (loss) for the period | 9904 | -€12,249 | -€53,457 | -€41,208 | -336.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,249 | -€53,457 | -€41,208 | -336.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.