STVS: 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.
STVS
Largest movements
- Receivables within one year +€233,590
up €233,590 (+10,342%), from €2,259 to €235,849
of which Trade receivables: +€223,590
- Cash -€91,190
down €91,190 (-86.6%), from €105,282 to €14,092
mainly Receivables within one year (-€233,590) and Contributions, distributions and other (-€187,000)
- Tangible fixed assets -€6,947
down €6,947 (-36.9%), from €18,826 to €11,879
of which Furniture and vehicles: -€8,751
- Other debts +€84,366
up €84,366 (+93.6%), from €90,130 to €174,495
- Tax, wage and social debts +€35,920
up €35,920 (+141%), from €25,442 to €61,363
of which Taxes: +€33,743
- Short-term financial debts +€26,732
new in 2025: €26,732
- Debts after one year -€6,815
down €6,815 (-18.9%), from €35,983 to €29,168
- Gross operating margin +€149,786
up €149,786 (+118%), from €126,949 to €276,735
- Taxes +€47,124
up €47,124 (+157%), from €30,000 to €77,124
- Financial charges +€4,482
up €4,482 (+188%), from €2,383 to €6,865
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 | €181,396 | €319,343 | +€137,948 | +76.0% |
| Fixed assets | 21/28 | €53,455 | €46,508 | -€6,947 | -13.0% |
| Tangible fixed assets | 22/27 | €18,826 | €11,879 | -€6,947 | -36.9% |
| Land and buildings | 22 | €2,319 | €1,551 | -€768 | -33.1% |
| Plant, machinery and equipment | 23 | €1,580 | €2,553 | +€973 | +61.6% |
| Furniture and vehicles | 24 | €14,927 | €6,175 | -€8,751 | -58.6% |
| Other tangible fixed assets | 26 | - | €1,600 | +€1,600 | |
| Financial fixed assets | 28 | €34,629 | €34,629 | = | 0.0% |
| Current assets | 29/58 | €127,941 | €272,835 | +€144,895 | +113% |
| Amounts receivable after more than one year | 29 | €12,400 | €12,400 | = | 0.0% |
| Other amounts receivable | 291 | €12,400 | €12,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,259 | €235,849 | +€233,590 | +10,342% |
| Trade receivables | 40 | €2,259 | €225,849 | +€223,590 | +9,899% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €105,282 | €14,092 | -€91,190 | -86.6% |
| Deferred charges and accrued income | 490/1 | €8,000 | €10,495 | +€2,495 | +31.2% |
| Total equity and liabilities | 10/49 | €181,396 | €319,343 | +€137,948 | +76.0% |
| Equity | 10/15 | €15,713 | €15,757 | +€44 | +0.3% |
| Contributions | 10/11 | €13,020 | €13,020 | = | 0.0% |
| Reserves | 13 | €1,315 | €1,315 | = | 0.0% |
| Distributable reserves | 133 | €1,315 | €1,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,378 | €1,422 | +€44 | +3.2% |
| Amounts payable | 17/49 | €165,682 | €303,586 | +€137,904 | +83.2% |
| Amounts payable after more than one year | 17 | €35,983 | €29,168 | -€6,815 | -18.9% |
| Financial debts | 170/4 | €35,983 | €29,168 | -€6,815 | -18.9% |
| Amounts payable within one year | 42/48 | €126,234 | €273,231 | +€146,997 | +116% |
| Current portion of amounts payable after more than one year | 42 | €9,658 | €6,815 | -€2,843 | -29.4% |
| Financial debts | 43 | - | €26,732 | +€26,732 | |
| Other loans | 439 | - | €26,732 | +€26,732 | |
| Trade debts | 44 | €1,004 | €3,827 | +€2,823 | +281% |
| Suppliers | 440/4 | €1,004 | €3,827 | +€2,823 | +281% |
| Taxes, remuneration and social security | 45 | €25,442 | €61,363 | +€35,920 | +141% |
| Taxes | 450/3 | €25,442 | €59,185 | +€33,743 | +133% |
| Remuneration and social security | 454/9 | €0 | €2,177 | +€2,177 | |
| Other amounts payable | 47/48 | €90,130 | €174,495 | +€84,366 | +93.6% |
| Accrued charges and deferred income | 492/3 | €3,466 | €1,187 | -€2,278 | -65.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,100 | €3,694 | -€1,406 | -27.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €294 | +€294 | |
| Other operating charges | 640/8 | €1,336 | €1,715 | +€378 | +28.3% |
| Gross operating margin | 9900 | €126,949 | €276,735 | +€149,786 | +118% |
| Operating profit (loss) | 9901 | €120,513 | €271,033 | +€150,520 | +125% |
| Financial income | 75/76B | €3 | €0 | -€3 | -93.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -93.0% |
| Financial charges | 65/66B | €2,383 | €6,865 | +€4,482 | +188% |
| Recurring financial charges | 65 | €2,383 | €6,865 | +€4,482 | +188% |
| Profit (loss) for the period before taxes | 9903 | €118,133 | €264,168 | +€146,035 | +124% |
| Income taxes | 67/77 | €30,000 | €77,124 | +€47,124 | +157% |
| Profit (loss) for the period | 9904 | €88,133 | €187,044 | +€98,911 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €88,133 | €187,044 | +€98,911 | +112% |
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 15 October 2026 via checked.be.