STVJ: 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.
STVJ
Largest movements
- Current investments -€86,337
down €86,337 (-22.4%), from €385,749 to €299,412
- Cash +€15,367
up €15,367 (+28.8%), from €53,347 to €68,714
mainly Current investments (+€86,337) and Net result for the year (+€11,336)
- Receivables within one year +€5,278
up €5,278 (+64.6%), from €8,176 to €13,454
of which Trade receivables: +€5,224
- Other debts -€87,470
down €87,470 (-84.1%), from €104,009 to €16,539
- Reserves +€11,336
up €11,336 (+3.7%), from €309,620 to €320,956
of which Distributable reserves: +€11,336
- Gross operating margin -€146,856
down €146,856 (-86.3%), from €170,190 to €23,334
- Taxes -€52,088
down €52,088 (-88.8%), from €58,652 to €6,564
- Financial income -€28,182
down €28,182 (-88.8%), from €31,724 to €3,542
- Financial charges +€3,468
up €3,468 (+304%), from €1,141 to €4,609
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 | €461,462 | €388,583 | -€72,879 | -15.8% |
| Fixed assets | 21/28 | €9,628 | €6,851 | -€2,777 | -28.8% |
| Tangible fixed assets | 22/27 | €7,928 | €5,151 | -€2,777 | -35.0% |
| Furniture and vehicles | 24 | €7,500 | €4,918 | -€2,582 | -34.4% |
| Other tangible fixed assets | 26 | €427 | €232 | -€195 | -45.6% |
| Financial fixed assets | 28 | €1,700 | €1,700 | = | 0.0% |
| Current assets | 29/58 | €451,835 | €381,733 | -€70,102 | -15.5% |
| Amounts receivable after more than one year | 29 | €3,529 | - | -€3,529 | |
| Other amounts receivable | 291 | €3,529 | - | -€3,529 | |
| Amounts receivable within one year | 40/41 | €8,176 | €13,454 | +€5,278 | +64.6% |
| Trade receivables | 40 | - | €5,224 | +€5,224 | |
| Other amounts receivable | 41 | €8,176 | €8,230 | +€54 | +0.7% |
| Current investments | 50/53 | €385,749 | €299,412 | -€86,337 | -22.4% |
| Cash at bank and in hand | 54/58 | €53,347 | €68,714 | +€15,367 | +28.8% |
| Deferred charges and accrued income | 490/1 | €1,033 | €152 | -€881 | -85.3% |
| Total equity and liabilities | 10/49 | €461,462 | €388,583 | -€72,879 | -15.8% |
| Equity | 10/15 | €347,551 | €358,887 | +€11,336 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €309,620 | €320,956 | +€11,336 | +3.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €307,760 | €319,096 | +€11,336 | +3.7% |
| Profit (loss) carried forward | 14 | €19,331 | €19,331 | = | 0.0% |
| Amounts payable | 17/49 | €113,911 | €29,696 | -€84,215 | -73.9% |
| Amounts payable within one year | 42/48 | €113,911 | €29,276 | -€84,636 | -74.3% |
| Trade debts | 44 | €424 | €1,532 | +€1,109 | +262% |
| Suppliers | 440/4 | €424 | €1,532 | +€1,109 | +262% |
| Taxes, remuneration and social security | 45 | €9,478 | €11,204 | +€1,726 | +18.2% |
| Taxes | 450/3 | €9,478 | €11,204 | +€1,726 | +18.2% |
| Other amounts payable | 47/48 | €104,009 | €16,539 | -€87,470 | -84.1% |
| Accrued charges and deferred income | 492/3 | - | €420 | +€420 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,195 | €3,820 | -€375 | -8.9% |
| Other operating charges | 640/8 | €897 | €547 | -€350 | -39.0% |
| Gross operating margin | 9900 | €170,190 | €23,334 | -€146,856 | -86.3% |
| Operating profit (loss) | 9901 | €165,098 | €18,967 | -€146,131 | -88.5% |
| Financial income | 75/76B | €31,724 | €3,542 | -€28,182 | -88.8% |
| Recurring financial income | 75 | €31,724 | €3,542 | -€28,182 | -88.8% |
| Financial charges | 65/66B | €1,141 | €4,609 | +€3,468 | +304% |
| Recurring financial charges | 65 | €1,141 | €4,609 | +€3,468 | +304% |
| Profit (loss) for the period before taxes | 9903 | €195,682 | €17,900 | -€177,782 | -90.9% |
| Income taxes | 67/77 | €58,652 | €6,564 | -€52,088 | -88.8% |
| Profit (loss) for the period | 9904 | €137,030 | €11,336 | -€125,694 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €137,030 | €11,336 | -€125,694 | -91.7% |
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 28 October 2026 via checked.be.