STW PROJECTSERVICE: 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 PROJECTSERVICE
Largest movements
- Cash +€20,810
up €20,810 (+189%), from €11,005 to €31,815
mainly Net result for the year (+€13,387) and Depreciation (+€13,378)
- Tangible fixed assets -€13,378
down €13,378 (-47.7%), from €28,022 to €14,644
of which Furniture and vehicles: -€12,490
- Deferred charges and accrued income -€2,380
down €2,380 (-100%), from €2,380 to €0
- Receivables within one year -€964
down €964 (-10.4%), from €9,288 to €8,325
of which Trade receivables: -€964
- Reserves +€13,387
up €13,387 (+44.1%), from €30,331 to €43,718
- Current portion of long-term debt -€10,969
down €10,969 (-100%), from €10,969 to €0
- Other debts +€1,869
up €1,869 (+119%), from €1,576 to €3,445
- Tax, wage and social debts -€730
down €730 (-13.4%), from €5,448 to €4,718
- Gross operating margin -€4,121
down €4,121 (-9.3%), from €44,302 to €40,180
- Taxes +€2,449
up €2,449 (+36.3%), from €6,748 to €9,197
- Depreciation -€570
down €570 (-4.1%), from €13,948 to €13,378
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 | €50,695 | €54,783 | +€4,088 | +8.1% |
| Fixed assets | 21/28 | €28,022 | €14,644 | -€13,378 | -47.7% |
| Tangible fixed assets | 22/27 | €28,022 | €14,644 | -€13,378 | -47.7% |
| Plant, machinery and equipment | 23 | €1,688 | €801 | -€888 | -52.6% |
| Furniture and vehicles | 24 | €26,333 | €13,843 | -€12,490 | -47.4% |
| Current assets | 29/58 | €22,674 | €40,140 | +€17,466 | +77.0% |
| Amounts receivable within one year | 40/41 | €9,288 | €8,325 | -€964 | -10.4% |
| Trade receivables | 40 | €8,002 | €7,038 | -€964 | -12.0% |
| Other amounts receivable | 41 | €1,287 | €1,287 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,005 | €31,815 | +€20,810 | +189% |
| Deferred charges and accrued income | 490/1 | €2,380 | €0 | -€2,380 | -100% |
| Total equity and liabilities | 10/49 | €50,695 | €54,783 | +€4,088 | +8.1% |
| Equity | 10/15 | €30,431 | €43,818 | +€13,387 | +44.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €30,331 | €43,718 | +€13,387 | +44.1% |
| Distributable reserves | 133 | €30,331 | €43,718 | +€13,387 | +44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,264 | €10,965 | -€9,299 | -45.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €20,264 | €10,965 | -€9,299 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €10,969 | €0 | -€10,969 | -100% |
| Financial debts | 43 | €1,547 | €1,543 | -€5 | -0.3% |
| Credit institutions | 430/8 | €1,547 | €1,543 | -€5 | -0.3% |
| Trade debts | 44 | €724 | €1,260 | +€536 | +74.0% |
| Suppliers | 440/4 | €724 | €1,260 | +€536 | +74.0% |
| Taxes, remuneration and social security | 45 | €5,448 | €4,718 | -€730 | -13.4% |
| Taxes | 450/3 | €5,448 | €4,718 | -€730 | -13.4% |
| Other amounts payable | 47/48 | €1,576 | €3,445 | +€1,869 | +119% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,948 | €13,378 | -€570 | -4.1% |
| Other operating charges | 640/8 | €1,146 | €1,466 | +€320 | +27.9% |
| Non-recurring operating charges | 66A | €146 | €0 | -€146 | -100% |
| Gross operating margin | 9900 | €44,302 | €40,180 | -€4,121 | -9.3% |
| Operating profit (loss) | 9901 | €29,061 | €25,336 | -€3,725 | -12.8% |
| Financial income | 75/76B | €119 | €148 | +€29 | +24.6% |
| Recurring financial income | 75 | €119 | €148 | +€29 | +24.6% |
| Financial charges | 65/66B | €2,570 | €2,900 | +€330 | +12.8% |
| Recurring financial charges | 65 | €2,570 | €2,900 | +€330 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €26,610 | €22,584 | -€4,026 | -15.1% |
| Income taxes | 67/77 | €6,748 | €9,197 | +€2,449 | +36.3% |
| Profit (loss) for the period | 9904 | €19,862 | €13,387 | -€6,475 | -32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,862 | €13,387 | -€6,475 | -32.6% |
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 30 October 2026 via checked.be.