STW: 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.
STW
Largest movements
- Receivables within one year -€13,604
down €13,604 (-6.0%), from €227,304 to €213,699
of which Other amounts receivable: -€6,975
- Tangible fixed assets -€2,948
down €2,948 (-68.4%), from €4,309 to €1,361
of which Furniture and vehicles: -€2,789
- Tax, wage and social debts -€12,172
down €12,172 (-68.9%), from €17,672 to €5,500
of which Remuneration and social security: -€11,965
- Current portion of long-term debt -€4,115
no longer reported in 2025 (was €4,115)
- Profit (loss) carried forward +€2,421
up €2,421 (+1.4%), from €170,251 to €172,672
- Gross operating margin -€951
down €951 (-12.6%), from €7,560 to €6,608
- Financial charges -€241
down €241 (-23.8%), from €1,014 to €772
- Depreciation +€116
up €116 (+4.1%), from €2,833 to €2,948
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €235,359 | €218,807 | -€16,552 | -7.0% |
| Fixed assets | 21/28 | €4,466 | €1,517 | -€2,948 | -66.0% |
| Tangible fixed assets | 22/27 | €4,309 | €1,361 | -€2,948 | -68.4% |
| Plant, machinery and equipment | 23 | €160 | - | -€160 | |
| Furniture and vehicles | 24 | €4,149 | €1,361 | -€2,789 | -67.2% |
| Financial fixed assets | 28 | €157 | €157 | = | 0.0% |
| Current assets | 29/58 | €230,894 | €217,290 | -€13,604 | -5.9% |
| Amounts receivable within one year | 40/41 | €227,304 | €213,699 | -€13,604 | -6.0% |
| Trade receivables | 40 | €73,537 | €66,908 | -€6,629 | -9.0% |
| Other amounts receivable | 41 | €153,766 | €146,791 | -€6,975 | -4.5% |
| Current investments | 50/53 | €3,590 | €3,590 | = | 0.0% |
| Total equity and liabilities | 10/49 | €235,359 | €218,807 | -€16,552 | -7.0% |
| Equity | 10/15 | €191,811 | €194,232 | +€2,421 | +1.3% |
| Contributions | 10/11 | €19,600 | €19,600 | = | 0.0% |
| Reserves | 13 | €1,960 | €1,960 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,960 | €1,960 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,960 | €1,960 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,251 | €172,672 | +€2,421 | +1.4% |
| Amounts payable | 17/49 | €43,549 | €24,575 | -€18,974 | -43.6% |
| Amounts payable within one year | 42/48 | €43,549 | €24,575 | -€18,974 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €4,115 | - | -€4,115 | |
| Financial debts | 43 | €4,912 | €2,688 | -€2,224 | -45.3% |
| Credit institutions | 430/8 | €4,912 | €2,688 | -€2,224 | -45.3% |
| Trade debts | 44 | €9,057 | €7,510 | -€1,547 | -17.1% |
| Suppliers | 440/4 | €9,057 | €7,510 | -€1,547 | -17.1% |
| Taxes, remuneration and social security | 45 | €17,672 | €5,500 | -€12,172 | -68.9% |
| Taxes | 450/3 | €207 | - | -€207 | |
| Remuneration and social security | 454/9 | €17,465 | €5,500 | -€11,965 | -68.5% |
| Other amounts payable | 47/48 | €7,792 | €8,877 | +€1,085 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,833 | €2,948 | +€116 | +4.1% |
| Other operating charges | 640/8 | €411 | €472 | +€61 | +14.9% |
| Gross operating margin | 9900 | €7,560 | €6,608 | -€951 | -12.6% |
| Operating profit (loss) | 9901 | €4,316 | €3,188 | -€1,128 | -26.1% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €1,014 | €772 | -€241 | -23.8% |
| Recurring financial charges | 65 | €1,014 | €772 | -€241 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €3,302 | €2,421 | -€881 | -26.7% |
| Profit (loss) for the period | 9904 | €3,302 | €2,421 | -€881 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,302 | €2,421 | -€881 | -26.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.