STOER: 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.
STOER
Largest movements
- Tangible fixed assets +€153,323
up €153,323 (+58.3%), from €263,118 to €416,441
of which Land and buildings: +€153,238
- Cash -€114,210
down €114,210 (-71.9%), from €158,803 to €44,593
mainly Investment in fixed assets (net) (-€179,870) and Contributions, distributions and other (-€102,171)
- Intangible fixed assets -€13,106
down €13,106 (-64.8%), from €20,233 to €7,127
- Receivables within one year +€7,594
up €7,594 (+25.2%), from €30,148 to €37,742
of which Other amounts receivable: +€7,801
- Debts after one year +€81,929
up €81,929 (+48.2%), from €169,861 to €251,791
- Reserves -€63,506
down €63,506 (-21.6%), from €294,601 to €231,095
- Investment grants +€15,476
new in 2026: €15,476
- Depreciation -€16,794
down €16,794 (-29.8%), from €56,447 to €39,653
- Gross operating margin -€11,989
down €11,989 (-7.9%), from €150,875 to €138,885
- Financial charges -€2,505
down €2,505 (-24.1%), from €10,382 to €7,877
- Taxes -€2,102
down €2,102 (-18.2%), from €11,555 to €9,454
- Staff costs +€1,757
up €1,757 (+7.1%), from €24,856 to €26,613
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €528,734 | €564,472 | +€35,738 | +6.8% |
| Fixed assets | 21/28 | €284,606 | €424,823 | +€140,217 | +49.3% |
| Intangible fixed assets | 21 | €20,233 | €7,127 | -€13,106 | -64.8% |
| Tangible fixed assets | 22/27 | €263,118 | €416,441 | +€153,323 | +58.3% |
| Land and buildings | 22 | €258,485 | €411,724 | +€153,238 | +59.3% |
| Plant, machinery and equipment | 23 | - | €1,078 | +€1,078 | |
| Furniture and vehicles | 24 | €747 | €251 | -€496 | -66.4% |
| Other tangible fixed assets | 26 | €3,886 | €3,388 | -€498 | -12.8% |
| Financial fixed assets | 28 | €1,255 | €1,255 | = | 0.0% |
| Current assets | 29/58 | €244,128 | €139,649 | -€104,480 | -42.8% |
| Stocks and contracts in progress | 3 | €52,968 | €55,081 | +€2,113 | +4.0% |
| Stocks | 30/36 | €52,968 | €55,081 | +€2,113 | +4.0% |
| Amounts receivable within one year | 40/41 | €30,148 | €37,742 | +€7,594 | +25.2% |
| Trade receivables | 40 | €17,403 | €17,196 | -€207 | -1.2% |
| Other amounts receivable | 41 | €12,746 | €20,546 | +€7,801 | +61.2% |
| Current investments | 50/53 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,803 | €44,593 | -€114,210 | -71.9% |
| Deferred charges and accrued income | 490/1 | €1,208 | €1,232 | +€24 | +2.0% |
| Total equity and liabilities | 10/49 | €528,734 | €564,472 | +€35,738 | +6.8% |
| Equity | 10/15 | €313,201 | €265,171 | -€48,030 | -15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €294,601 | €231,095 | -€63,506 | -21.6% |
| Distributable reserves | 133 | €294,601 | €231,095 | -€63,506 | -21.6% |
| Investment grants | 15 | - | €15,476 | +€15,476 | |
| Provisions and deferred taxes | 16 | - | €3,095 | +€3,095 | |
| Deferred taxes | 168 | - | €3,095 | +€3,095 | |
| Amounts payable | 17/49 | €215,533 | €296,205 | +€80,672 | +37.4% |
| Amounts payable after more than one year | 17 | €169,861 | €251,791 | +€81,929 | +48.2% |
| Financial debts | 170/4 | €169,861 | €251,791 | +€81,929 | +48.2% |
| Amounts payable within one year | 42/48 | €45,672 | €44,414 | -€1,257 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €17,448 | €18,071 | +€622 | +3.6% |
| Financial debts | 43 | €52 | - | -€52 | |
| Credit institutions | 430/8 | €52 | - | -€52 | |
| Trade debts | 44 | €12,428 | €14,248 | +€1,820 | +14.6% |
| Suppliers | 440/4 | €12,428 | €14,248 | +€1,820 | +14.6% |
| Advances received on contracts in progress | 46 | €3,232 | €4,071 | +€839 | +25.9% |
| Taxes, remuneration and social security | 45 | €7,762 | €7,546 | -€215 | -2.8% |
| Taxes | 450/3 | €4,280 | €3,960 | -€320 | -7.5% |
| Remuneration and social security | 454/9 | €3,482 | €3,586 | +€105 | +3.0% |
| Other amounts payable | 47/48 | €4,750 | €479 | -€4,271 | -89.9% |
| Remuneration, social security and pensions | 62 | €24,856 | €26,613 | +€1,757 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,447 | €39,653 | -€16,794 | -29.8% |
| Other operating charges | 640/8 | €2,644 | €2,579 | -€64 | -2.4% |
| Gross operating margin | 9900 | €150,875 | €138,885 | -€11,989 | -7.9% |
| Operating profit (loss) | 9901 | €66,928 | €70,040 | +€3,112 | +4.7% |
| Financial income | 75/76B | €1,128 | €1,194 | +€66 | +5.9% |
| Recurring financial income | 75 | €1,128 | €1,194 | +€66 | +5.9% |
| Financial charges | 65/66B | €10,382 | €7,877 | -€2,505 | -24.1% |
| Recurring financial charges | 65 | €10,382 | €7,877 | -€2,505 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €57,674 | €63,357 | +€5,683 | +9.9% |
| Transfer from deferred taxes | 780 | - | €238 | +€238 | |
| Income taxes | 67/77 | €11,555 | €9,454 | -€2,102 | -18.2% |
| Profit (loss) for the period | 9904 | €46,118 | €54,141 | +€8,023 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €46,118 | €54,141 | +€8,023 | +17.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.