STW: 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.
STW
Largest movements
- Receivables within one year +€195,603
up €195,603 (+38.0%), from €514,584 to €710,187
of which Other amounts receivable: +€238,960
- Cash -€130,194
down €130,194 (-46.7%), from €278,601 to €148,408
mainly Receivables within one year (-€195,603) and Trade debts (-€64,928)
- Tangible fixed assets +€40,903
up €40,903 (+11,886%), from €344 to €41,247
of which Other tangible fixed assets: +€41,247
- Contributions +€111,476
new in 2025: €111,476
- Provisions +€100,000
up €100,000 (+11.4%), from €876,687 to €976,687
- Trade debts -€64,928
down €64,928 (-50.8%), from €127,851 to €62,923
- Accrued charges and deferred income -€50,000
down €50,000 (-100%), from €50,000 to €0
- Staff costs +€280,554
up €280,554 (+17.2%), from €1.6m to €1.9m
- Gross operating margin +€137,880
up €137,880 (+7.3%), from €1.9m to €2.0m
- Write-downs -€70,785
down €70,785 (-100%), from €70,785 to €0
- Depreciation +€20,449
up €20,449 (+3,945%), from €518 to €20,968
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 | €1,549,120 | €1,658,773 | +€109,653 | +7.1% |
| Fixed assets | 21/28 | €4,722 | €45,625 | +€40,903 | +866% |
| Tangible fixed assets | 22/27 | €344 | €41,247 | +€40,903 | +11,886% |
| Plant, machinery and equipment | 23 | €344 | €0 | -€344 | -100% |
| Other tangible fixed assets | 26 | - | €41,247 | +€41,247 | |
| Financial fixed assets | 28 | €4,377 | €4,377 | = | 0.0% |
| Current assets | 29/58 | €1,544,399 | €1,613,148 | +€68,749 | +4.5% |
| Amounts receivable within one year | 40/41 | €514,584 | €710,187 | +€195,603 | +38.0% |
| Trade receivables | 40 | €69,767 | €26,409 | -€43,357 | -62.1% |
| Other amounts receivable | 41 | €444,817 | €683,777 | +€238,960 | +53.7% |
| Current investments | 50/53 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €278,601 | €148,408 | -€130,194 | -46.7% |
| Deferred charges and accrued income | 490/1 | €1,213 | €4,554 | +€3,341 | +275% |
| Total equity and liabilities | 10/49 | €1,549,120 | €1,658,773 | +€109,653 | +7.1% |
| Equity | 10/15 | €188,917 | €301,075 | +€112,158 | +59.4% |
| Contributions | 10/11 | - | €111,476 | +€111,476 | |
| Capital | 10 | - | €111,476 | +€111,476 | |
| Reserves | 13 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €188,917 | €189,599 | +€682 | +0.4% |
| Provisions and deferred taxes | 16 | €876,687 | €976,687 | +€100,000 | +11.4% |
| Provisions for liabilities and charges | 160/5 | €876,687 | €976,687 | +€100,000 | +11.4% |
| Major repairs and maintenance | 162 | €50,000 | €50,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €826,687 | €926,687 | +€100,000 | +12.1% |
| Amounts payable | 17/49 | €483,516 | €381,011 | -€102,506 | -21.2% |
| Amounts payable within one year | 42/48 | €433,516 | €381,011 | -€52,506 | -12.1% |
| Trade debts | 44 | €127,851 | €62,923 | -€64,928 | -50.8% |
| Suppliers | 440/4 | €127,851 | €62,923 | -€64,928 | -50.8% |
| Advances received on contracts in progress | 46 | €275 | €0 | -€275 | -100% |
| Taxes, remuneration and social security | 45 | €305,390 | €318,087 | +€12,698 | +4.2% |
| Taxes | 450/3 | €55,991 | €62,437 | +€6,446 | +11.5% |
| Remuneration and social security | 454/9 | €249,399 | €255,650 | +€6,251 | +2.5% |
| Accrued charges and deferred income | 492/3 | €50,000 | €0 | -€50,000 | -100% |
| Remuneration, social security and pensions | 62 | €1,626,613 | €1,907,166 | +€280,554 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €518 | €20,968 | +€20,449 | +3,945% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,785 | €0 | -€70,785 | -100% |
| Other operating charges | 640/8 | €2,880 | €5,802 | +€2,922 | +101% |
| Gross operating margin | 9900 | €1,884,511 | €2,022,391 | +€137,880 | +7.3% |
| Operating profit (loss) | 9901 | -€177,544 | -€11,546 | +€165,998 | +93.5% |
| Financial income | 75/76B | €31 | €12,929 | +€12,898 | +41,783% |
| Recurring financial income | 75 | €31 | €12,929 | +€12,898 | +41,783% |
| Financial charges | 65/66B | €783 | €701 | -€81 | -10.4% |
| Recurring financial charges | 65 | €783 | €701 | -€81 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | -€178,295 | €682 | +€178,978 | |
| Profit (loss) for the period | 9904 | -€178,295 | €682 | +€178,978 | |
| Profit (loss) for the period to be appropriated | 9905 | -€178,295 | €682 | +€178,978 |
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 14 October 2026 via checked.be.