STVM: 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.
STVM
Largest movements
- Receivables within one year +€108,105
up €108,105 (+830.7%), from €13,014 to €121,118
of which Other amounts receivable: +€89,455
- Current investments -€32,489
down €32,489 (-36.1%), from €90,105 to €57,616
- Cash -€19,067
down €19,067 (-63.1%), from €30,230 to €11,163
mainly Receivables within one year (-€108,105) and Other debts (-€2,452)
- Profit (loss) carried forward +€59,854
new in 2025: €59,854
- Other debts -€2,452
no longer reported in 2025 (was €2,452)
- Gross operating margin -€8,228
down €8,228 (-9.8%), from €83,975 to €75,747
- Financial income +€3,268
up €3,268 (+2062.3%), from €158 to €3,427
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 | €136,445 | €193,281 | +€56,836 | +41.7% |
| Fixed assets | 21/28 | €2,525 | €2,403 | -€122 | -4.8% |
| Tangible fixed assets | 22/27 | €2,525 | €2,403 | -€122 | -4.8% |
| Plant, machinery and equipment | 23 | €964 | €1,683 | +€718 | +74.5% |
| Furniture and vehicles | 24 | €1,560 | €720 | -€840 | -53.8% |
| Current assets | 29/58 | €133,921 | €190,878 | +€56,957 | +42.5% |
| Amounts receivable within one year | 40/41 | €13,014 | €121,118 | +€108,105 | +830.7% |
| Trade receivables | 40 | €12,375 | €31,025 | +€18,650 | +150.7% |
| Other amounts receivable | 41 | €639 | €90,093 | +€89,455 | +14000.0% |
| Current investments | 50/53 | €90,105 | €57,616 | -€32,489 | -36.1% |
| Cash at bank and in hand | 54/58 | €30,230 | €11,163 | -€19,067 | -63.1% |
| Deferred charges and accrued income | 490/1 | €572 | €980 | +€408 | +71.4% |
| Total equity and liabilities | 10/49 | €136,445 | €193,281 | +€56,836 | +41.7% |
| Equity | 10/15 | €114,728 | €174,582 | +€59,854 | +52.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €109,728 | €109,728 | = | 0.0% |
| Distributable reserves | 133 | €109,728 | €109,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €59,854 | +€59,854 | |
| Amounts payable | 17/49 | €21,717 | €18,698 | -€3,019 | -13.9% |
| Amounts payable within one year | 42/48 | €20,511 | €17,417 | -€3,093 | -15.1% |
| Financial debts | 43 | €90 | €56 | -€34 | -37.6% |
| Credit institutions | 430/8 | €90 | €56 | -€34 | -37.6% |
| Trade debts | 44 | €1,522 | €2,222 | +€700 | +46.0% |
| Suppliers | 440/4 | €1,522 | €2,222 | +€700 | +46.0% |
| Taxes, remuneration and social security | 45 | €16,447 | €15,139 | -€1,308 | -8.0% |
| Taxes | 450/3 | €16,447 | €15,139 | -€1,308 | -8.0% |
| Other amounts payable | 47/48 | €2,452 | - | -€2,452 | |
| Accrued charges and deferred income | 492/3 | €1,207 | €1,281 | +€74 | +6.2% |
| Non-recurring operating income | 76A | - | €36 | +€36 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,283 | €932 | -€351 | -27.3% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €83,975 | €75,747 | -€8,228 | -9.8% |
| Operating profit (loss) | 9901 | €82,574 | €74,695 | -€7,879 | -9.5% |
| Financial income | 75/76B | €158 | €3,427 | +€3,268 | +2062.3% |
| Recurring financial income | 75 | €158 | €3,427 | +€3,268 | +2062.3% |
| Financial charges | 65/66B | €2,518 | €2,636 | +€118 | +4.7% |
| Recurring financial charges | 65 | €2,518 | €2,636 | +€118 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €80,215 | €75,486 | -€4,729 | -5.9% |
| Income taxes | 67/77 | €16,466 | €15,631 | -€834 | -5.1% |
| Profit (loss) for the period | 9904 | €63,749 | €59,854 | -€3,894 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,749 | €59,854 | -€3,894 | -6.1% |
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 5 October 2026 via checked.be.