STRATAG'M: 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.
STRATAG'M
Largest movements
- Receivables within one year -€9,571
down €9,571 (-27.3%), from €35,111 to €25,540
of which Trade receivables: -€11,901
- Intangible fixed assets -€8,500
down €8,500 (-24.5%), from €34,708 to €26,208
- Cash +€2,962
new in 2025: €2,962
mainly Depreciation (+€11,059) and Receivables within one year (+€9,571)
- Tangible fixed assets -€1,191
down €1,191 (-17.7%), from €6,744 to €5,553
- Debts after one year -€16,345
down €16,345 (-60.4%), from €27,044 to €10,699
- Tax, wage and social debts +€1,198
up €1,198 (+12.7%), from €9,439 to €10,637
of which Taxes: +€3,172
- Accrued charges and deferred income -€1,096
down €1,096 (-13.9%), from €7,859 to €6,762
- Short-term financial debts -€1,006
no longer reported in 2025 (was €1,006)
- Trade debts +€933
up €933 (+83.6%), from €1,116 to €2,050
- Write-downs +€16,275
new in 2025: €16,275
- Gross operating margin -€5,919
down €5,919 (-9.3%), from €63,317 to €57,399
- Staff costs -€5,748
down €5,748 (-17.9%), from €32,106 to €26,358
- Taxes -€1,830
down €1,830 (-85.2%), from €2,147 to €317
- Other operating charges +€966
up €966 (+244%), from €396 to €1,362
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.
Derived cash bridge
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 | €85,785 | €69,097 | -€16,687 | -19.5% |
| Fixed assets | 21/28 | €41,452 | €31,762 | -€9,691 | -23.4% |
| Intangible fixed assets | 21 | €34,708 | €26,208 | -€8,500 | -24.5% |
| Tangible fixed assets | 22/27 | €6,744 | €5,553 | -€1,191 | -17.7% |
| Furniture and vehicles | 24 | €6,744 | €5,553 | -€1,191 | -17.7% |
| Current assets | 29/58 | €44,332 | €37,336 | -€6,996 | -15.8% |
| Amounts receivable within one year | 40/41 | €35,111 | €25,540 | -€9,571 | -27.3% |
| Trade receivables | 40 | €34,258 | €22,357 | -€11,901 | -34.7% |
| Other amounts receivable | 41 | €853 | €3,183 | +€2,330 | +273% |
| Cash at bank and in hand | 54/58 | - | €2,962 | +€2,962 | |
| Deferred charges and accrued income | 490/1 | €9,221 | €8,834 | -€387 | -4.2% |
| Total equity and liabilities | 10/49 | €85,785 | €69,097 | -€16,687 | -19.5% |
| Equity | 10/15 | €38,766 | €38,949 | +€183 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,166 | €20,349 | +€183 | +0.9% |
| Distributable reserves | 133 | €20,166 | €20,349 | +€183 | +0.9% |
| Amounts payable | 17/49 | €47,019 | €30,148 | -€16,871 | -35.9% |
| Amounts payable after more than one year | 17 | €27,044 | €10,699 | -€16,345 | -60.4% |
| Other amounts payable | 178/9 | €27,044 | €10,699 | -€16,345 | -60.4% |
| Amounts payable within one year | 42/48 | €12,116 | €12,686 | +€570 | +4.7% |
| Financial debts | 43 | €1,006 | - | -€1,006 | |
| Credit institutions | 430/8 | €1,006 | - | -€1,006 | |
| Trade debts | 44 | €1,116 | €2,050 | +€933 | +83.6% |
| Suppliers | 440/4 | €1,116 | €2,050 | +€933 | +83.6% |
| Taxes, remuneration and social security | 45 | €9,439 | €10,637 | +€1,198 | +12.7% |
| Taxes | 450/3 | €4,865 | €8,037 | +€3,172 | +65.2% |
| Remuneration and social security | 454/9 | €4,573 | €2,600 | -€1,974 | -43.2% |
| Other amounts payable | 47/48 | €556 | - | -€556 | |
| Accrued charges and deferred income | 492/3 | €7,859 | €6,762 | -€1,096 | -13.9% |
| Remuneration, social security and pensions | 62 | €32,106 | €26,358 | -€5,748 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,247 | €11,059 | +€811 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,275 | +€16,275 | |
| Other operating charges | 640/8 | €396 | €1,362 | +€966 | +244% |
| Gross operating margin | 9900 | €63,317 | €57,399 | -€5,919 | -9.3% |
| Operating profit (loss) | 9901 | €20,568 | €2,345 | -€18,223 | -88.6% |
| Financial income | 75/76B | €512 | €191 | -€322 | -62.8% |
| Recurring financial income | 75 | €512 | €191 | -€322 | -62.8% |
| Financial charges | 65/66B | €2,816 | €2,035 | -€781 | -27.7% |
| Recurring financial charges | 65 | €2,816 | €2,035 | -€781 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €18,264 | €501 | -€17,764 | -97.3% |
| Income taxes | 67/77 | €2,147 | €317 | -€1,830 | -85.2% |
| Profit (loss) for the period | 9904 | €16,118 | €183 | -€15,934 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €16,118 | €183 | -€15,934 | -98.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.