StW Group: 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 Group
Largest movements
- Financial fixed assets +€550,432
up €550,432 (+17.8%), from €3.1m to €3.6m
- Reserves +€479,607
up €479,607 (+17.4%), from €2.8m to €3.2m
- Other debts +€63,584
up €63,584 (+19.6%), from €323,714 to €387,299
- Financial income +€139,553
up €139,553 (+33.1%), from €421,045 to €560,598
- Gross operating margin -€22,519
down €22,519, from €10,609 to -€11,910
- Taxes +€4,326
up €4,326 (+8.0%), from €53,961 to €58,287
- Financial charges +€3,017
up €3,017 (+49.4%), from €6,104 to €9,121
- Other operating charges -€230
down €230 (-17.5%), from €1,316 to €1,086
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 | €3,148,292 | €3,702,680 | +€554,388 | +17.6% |
| Fixed assets | 21/28 | €3,099,611 | €3,649,455 | +€549,844 | +17.7% |
| Tangible fixed assets | 22/27 | €2,371 | €1,782 | -€588 | -24.8% |
| Furniture and vehicles | 24 | €2,371 | €1,782 | -€588 | -24.8% |
| Financial fixed assets | 28 | €3,097,241 | €3,647,673 | +€550,432 | +17.8% |
| Current assets | 29/58 | €48,680 | €53,225 | +€4,545 | +9.3% |
| Amounts receivable within one year | 40/41 | €38,970 | €52,087 | +€13,118 | +33.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €38,970 | €52,087 | +€13,118 | +33.7% |
| Cash at bank and in hand | 54/58 | €9,187 | €1,138 | -€8,050 | -87.6% |
| Deferred charges and accrued income | 490/1 | €523 | €0 | -€523 | -100% |
| Total equity and liabilities | 10/49 | €3,148,292 | €3,702,680 | +€554,388 | +17.6% |
| Equity | 10/15 | €2,770,234 | €3,249,841 | +€479,607 | +17.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,751,634 | €3,231,241 | +€479,607 | +17.4% |
| Distributable reserves | 133 | €2,751,634 | €3,231,241 | +€479,607 | +17.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €378,058 | €452,839 | +€74,781 | +19.8% |
| Amounts payable within one year | 42/48 | €378,058 | €452,839 | +€74,781 | +19.8% |
| Trade debts | 44 | €383 | €7,253 | +€6,871 | +1,796% |
| Suppliers | 440/4 | €383 | €7,253 | +€6,871 | +1,796% |
| Taxes, remuneration and social security | 45 | €53,961 | €58,287 | +€4,326 | +8.0% |
| Taxes | 450/3 | €53,961 | €58,287 | +€4,326 | +8.0% |
| Other amounts payable | 47/48 | €323,714 | €387,299 | +€63,584 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €571 | €588 | +€18 | +3.1% |
| Other operating charges | 640/8 | €1,316 | €1,086 | -€230 | -17.5% |
| Gross operating margin | 9900 | €10,609 | -€11,910 | -€22,519 | |
| Operating profit (loss) | 9901 | €8,722 | -€13,584 | -€22,306 | |
| Financial income | 75/76B | €421,045 | €560,598 | +€139,553 | +33.1% |
| Recurring financial income | 75 | €421,045 | €560,598 | +€139,553 | +33.1% |
| Financial charges | 65/66B | €6,104 | €9,121 | +€3,017 | +49.4% |
| Recurring financial charges | 65 | €6,104 | €9,121 | +€3,017 | +49.4% |
| Profit (loss) for the period before taxes | 9903 | €423,664 | €537,894 | +€114,231 | +27.0% |
| Income taxes | 67/77 | €53,961 | €58,287 | +€4,326 | +8.0% |
| Profit (loss) for the period | 9904 | €369,703 | €479,607 | +€109,904 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €369,703 | €479,607 | +€109,904 | +29.7% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.