STS: 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.
STS
Largest movements
- Receivables within one year +€54,993
up €54,993 (+103.3%), from €53,236 to €108,229
of which Trade receivables: +€56,027
- Tangible fixed assets +€9,515
up €9,515 (+13.2%), from €72,054 to €81,569
- Stocks and contracts -€8,287
down €8,287 (-9.0%), from €91,986 to €83,699
- Cash -€7,354
down €7,354 (-9.1%), from €80,787 to €73,432
mainly Receivables within one year (-€54,993) and Investment in fixed assets (net) (-€31,584)
- Reserves +€24,960
up €24,960 (+15.2%), from €164,193 to €189,153
of which Distributable reserves: +€24,960
- Tax, wage and social debts +€15,160
up €15,160 (+59.4%), from €25,514 to €40,674
of which Taxes: +€10,873
- Current portion of long-term debt +€8,564
up €8,564 (+31.0%), from €27,663 to €36,227
- Debts after one year -€3,716
down €3,716 (-9.1%), from €40,765 to €37,049
- Gross operating margin +€77,188
up €77,188 (+29.5%), from €261,415 to €338,603
- Staff costs +€48,457
up €48,457 (+24.2%), from €200,307 to €248,763
- Taxes +€7,304
up €7,304 (+88.0%), from €8,303 to €15,607
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 | €306,142 | €354,114 | +€47,972 | +15.7% |
| Fixed assets | 21/28 | €73,480 | €82,463 | +€8,982 | +12.2% |
| Intangible fixed assets | 21 | €1,066 | €533 | -€533 | -50.0% |
| Tangible fixed assets | 22/27 | €72,054 | €81,569 | +€9,515 | +13.2% |
| Plant, machinery and equipment | 23 | €6,005 | €8,599 | +€2,594 | +43.2% |
| Furniture and vehicles | 24 | €61,988 | €65,207 | +€3,219 | +5.2% |
| Other tangible fixed assets | 26 | €4,060 | €7,763 | +€3,703 | +91.2% |
| Financial fixed assets | 28 | €361 | €361 | = | 0.0% |
| Current assets | 29/58 | €232,662 | €271,651 | +€38,990 | +16.8% |
| Stocks and contracts in progress | 3 | €91,986 | €83,699 | -€8,287 | -9.0% |
| Stocks | 30/36 | €91,986 | €83,699 | -€8,287 | -9.0% |
| Amounts receivable within one year | 40/41 | €53,236 | €108,229 | +€54,993 | +103.3% |
| Trade receivables | 40 | €52,202 | €108,229 | +€56,027 | +107.3% |
| Other amounts receivable | 41 | €1,034 | - | -€1,034 | |
| Cash at bank and in hand | 54/58 | €80,787 | €73,432 | -€7,354 | -9.1% |
| Deferred charges and accrued income | 490/1 | €6,653 | €6,292 | -€362 | -5.4% |
| Total equity and liabilities | 10/49 | €306,142 | €354,114 | +€47,972 | +15.7% |
| Equity | 10/15 | €184,653 | €209,613 | +€24,960 | +13.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €164,193 | €189,153 | +€24,960 | +15.2% |
| Tax-exempt reserves | 132 | €27,500 | €27,500 | = | 0.0% |
| Distributable reserves | 133 | €136,693 | €161,653 | +€24,960 | +18.3% |
| Amounts payable | 17/49 | €121,489 | €144,501 | +€23,012 | +18.9% |
| Amounts payable after more than one year | 17 | €40,765 | €37,049 | -€3,716 | -9.1% |
| Financial debts | 170/4 | €40,765 | €37,049 | -€3,716 | -9.1% |
| Amounts payable within one year | 42/48 | €80,724 | €107,452 | +€26,728 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €27,663 | €36,227 | +€8,564 | +31.0% |
| Trade debts | 44 | €19,724 | €22,713 | +€2,989 | +15.2% |
| Suppliers | 440/4 | €19,724 | €22,713 | +€2,989 | +15.2% |
| Taxes, remuneration and social security | 45 | €25,514 | €40,674 | +€15,160 | +59.4% |
| Taxes | 450/3 | €6,797 | €17,670 | +€10,873 | +160.0% |
| Remuneration and social security | 454/9 | €18,717 | €23,004 | +€4,287 | +22.9% |
| Other amounts payable | 47/48 | €7,823 | €7,838 | +€15 | +0.2% |
| Remuneration, social security and pensions | 62 | €200,307 | €248,763 | +€48,457 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,027 | €22,601 | -€425 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €657 | +€657 | |
| Other operating charges | 640/8 | €10,674 | €10,304 | -€370 | -3.5% |
| Non-recurring operating charges | 66A | - | €280 | +€280 | |
| Gross operating margin | 9900 | €261,415 | €338,603 | +€77,188 | +29.5% |
| Operating profit (loss) | 9901 | €27,408 | €55,998 | +€28,590 | +104.3% |
| Financial income | 75/76B | €780 | €863 | +€83 | +10.6% |
| Recurring financial income | 75 | €780 | €863 | +€83 | +10.6% |
| Financial charges | 65/66B | €5,923 | €6,295 | +€371 | +6.3% |
| Recurring financial charges | 65 | €5,923 | €6,295 | +€371 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €22,265 | €50,567 | +€28,302 | +127.1% |
| Income taxes | 67/77 | €8,303 | €15,607 | +€7,304 | +88.0% |
| Profit (loss) for the period | 9904 | €13,962 | €34,960 | +€20,998 | +150.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,962 | €34,960 | +€20,998 | +150.4% |
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 30 September 2026 via checked.be.