STND: 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.
STND
Largest movements
- Receivables after one year -€652,500
no longer reported in 2025 (was €652,500)
- Cash -€232,661
down €232,661 (-22.2%), from €1.0m to €815,375
mainly Contributions, distributions and other (-€4.0m) and Investment in fixed assets (net) (-€274,719)
- Receivables within one year +€172,479
up €172,479 (+31.3%), from €550,649 to €723,128
of which Trade receivables: +€236,149
- Tangible fixed assets +€169,253
up €169,253 (+56.1%), from €301,570 to €470,823
of which Plant, machinery and equipment: +€231,383
- Current investments -€116,594
down €116,594 (-6.8%), from €1.7m to €1.6m
- Reserves -€2.4m
down €2.4m (-66.0%), from €3.7m to €1.3m
of which Distributable reserves: -€2.1m
- Other debts +€1.5m
up €1.5m (+1119.1%), from €131,330 to €1.6m
- Accrued charges and deferred income +€233,404
up €233,404 (+109.3%), from €213,590 to €446,994
- Tax, wage and social debts +€139,328
up €139,328 (+495.3%), from €28,129 to €167,456
of which Taxes: +€129,176
- Trade debts -€89,436
down €89,436 (-32.8%), from €272,540 to €183,105
- Gross operating margin +€470,556
up €470,556 (+26.8%), from €1.8m to €2.2m
- Taxes +€51,836
up €51,836 (+10.5%), from €492,464 to €544,300
- Staff costs +€38,131
up €38,131 (+293.6%), from €12,989 to €51,121
- Depreciation +€30,766
up €30,766 (+41.2%), from €74,700 to €105,466
- Financial charges -€29,111
down €29,111 (-75.2%), from €38,702 to €9,591
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 | €4,332,043 | €3,653,590 | -€678,453 | -15.7% |
| Fixed assets | 21/28 | €310,070 | €479,323 | +€169,253 | +54.6% |
| Tangible fixed assets | 22/27 | €301,570 | €470,823 | +€169,253 | +56.1% |
| Plant, machinery and equipment | 23 | €62,569 | €293,952 | +€231,383 | +369.8% |
| Furniture and vehicles | 24 | €171,585 | €124,529 | -€47,055 | -27.4% |
| Other tangible fixed assets | 26 | €67,416 | €52,342 | -€15,075 | -22.4% |
| Financial fixed assets | 28 | €8,500 | €8,500 | = | 0.0% |
| Current assets | 29/58 | €4,021,973 | €3,174,267 | -€847,706 | -21.1% |
| Amounts receivable after more than one year | 29 | €652,500 | - | -€652,500 | |
| Other amounts receivable | 291 | €652,500 | - | -€652,500 | |
| Amounts receivable within one year | 40/41 | €550,649 | €723,128 | +€172,479 | +31.3% |
| Trade receivables | 40 | €486,653 | €722,803 | +€236,149 | +48.5% |
| Other amounts receivable | 41 | €63,996 | €326 | -€63,670 | -99.5% |
| Current investments | 50/53 | €1,716,594 | €1,600,000 | -€116,594 | -6.8% |
| Cash at bank and in hand | 54/58 | €1,048,036 | €815,375 | -€232,661 | -22.2% |
| Deferred charges and accrued income | 490/1 | €54,194 | €35,763 | -€18,430 | -34.0% |
| Total equity and liabilities | 10/49 | €4,332,043 | €3,653,590 | -€678,453 | -15.7% |
| Equity | 10/15 | €3,686,454 | €1,255,042 | -€2.4m | -66.0% |
| Contributions | 10/11 | €3,000 | €1,072 | -€1,928 | -64.3% |
| Reserves | 13 | €3,683,454 | €1,253,970 | -€2.4m | -66.0% |
| Tax-exempt reserves | 132 | €560,790 | €200,399 | -€360,391 | -64.3% |
| Distributable reserves | 133 | €3,122,664 | €1,053,571 | -€2.1m | -66.3% |
| Amounts payable | 17/49 | €645,588 | €2,398,547 | +€1.8m | +271.5% |
| Amounts payable within one year | 42/48 | €431,998 | €1,951,553 | +€1.5m | +351.8% |
| Trade debts | 44 | €272,540 | €183,105 | -€89,436 | -32.8% |
| Suppliers | 440/4 | €272,540 | €183,105 | -€89,436 | -32.8% |
| Taxes, remuneration and social security | 45 | €28,129 | €167,456 | +€139,328 | +495.3% |
| Taxes | 450/3 | €28,129 | €157,305 | +€129,176 | +459.2% |
| Remuneration and social security | 454/9 | - | €10,151 | +€10,151 | |
| Other amounts payable | 47/48 | €131,330 | €1,600,993 | +€1.5m | +1119.1% |
| Accrued charges and deferred income | 492/3 | €213,590 | €446,994 | +€233,404 | +109.3% |
| Remuneration, social security and pensions | 62 | €12,989 | €51,121 | +€38,131 | +293.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,700 | €105,466 | +€30,766 | +41.2% |
| Other operating charges | 640/8 | €24,001 | €8,671 | -€15,330 | -63.9% |
| Non-recurring operating charges | 66A | - | €18,331 | +€18,331 | |
| Gross operating margin | 9900 | €1,758,967 | €2,229,523 | +€470,556 | +26.8% |
| Operating profit (loss) | 9901 | €1,647,277 | €2,045,935 | +€398,658 | +24.2% |
| Financial income | 75/76B | €55,792 | €45,638 | -€10,154 | -18.2% |
| Recurring financial income | 75 | €55,792 | €45,638 | -€10,154 | -18.2% |
| Financial charges | 65/66B | €38,702 | €9,591 | -€29,111 | -75.2% |
| Recurring financial charges | 65 | €38,702 | €9,591 | -€29,111 | -75.2% |
| Profit (loss) for the period before taxes | 9903 | €1,664,367 | €2,081,981 | +€417,614 | +25.1% |
| Income taxes | 67/77 | €492,464 | €544,300 | +€51,836 | +10.5% |
| Profit (loss) for the period | 9904 | €1,171,903 | €1,537,681 | +€365,779 | +31.2% |
| Transfer to tax-exempt reserves | 689 | €517,830 | - | -€517,830 | |
| Profit (loss) for the period to be appropriated | 9905 | €654,073 | €1,537,681 | +€883,609 | +135.1% |
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.