STWA: 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.
STWA
Largest movements
- Receivables within one year +€37,821
up €37,821 (+77.6%), from €48,768 to €86,589
of which Trade receivables: +€43,147
- Tangible fixed assets -€10,406
down €10,406 (-88.8%), from €11,721 to €1,315
of which Furniture and vehicles: -€10,054
- Deferred charges and accrued income +€5,584
up €5,584 (+241%), from €2,319 to €7,903
- Advances received +€30,464
new in 2025: €30,464
- Trade debts +€12,489
up €12,489 (+346%), from €3,608 to €16,097
- Debts after one year -€9,481
no longer reported in 2025 (was €9,481)
- Current portion of long-term debt +€5,057
up €5,057 (+56.0%), from €9,029 to €14,086
- Short-term financial debts -€4,457
no longer reported in 2025 (was €4,457)
- Depreciation -€15,439
down €15,439 (-57.1%), from €27,060 to €11,621
- Gross operating margin -€4,569
down €4,569 (-11.2%), from €40,858 to €36,289
- Other operating charges +€2,126
up €2,126 (+115%), from €1,843 to €3,969
- Taxes +€1,744
up €1,744 (+33.3%), from €5,230 to €6,974
- Financial charges -€545
down €545 (-12.4%), from €4,398 to €3,853
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 | €74,384 | €107,292 | +€32,908 | +44.2% |
| Fixed assets | 21/28 | €11,771 | €1,365 | -€10,406 | -88.4% |
| Tangible fixed assets | 22/27 | €11,721 | €1,315 | -€10,406 | -88.8% |
| Plant, machinery and equipment | 23 | €1,060 | €708 | -€352 | -33.2% |
| Furniture and vehicles | 24 | €10,661 | €607 | -€10,054 | -94.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €62,613 | €105,927 | +€43,314 | +69.2% |
| Amounts receivable within one year | 40/41 | €48,768 | €86,589 | +€37,821 | +77.6% |
| Trade receivables | 40 | €14,461 | €57,608 | +€43,147 | +298% |
| Other amounts receivable | 41 | €34,307 | €28,981 | -€5,326 | -15.5% |
| Cash at bank and in hand | 54/58 | €11,526 | €11,435 | -€91 | -0.8% |
| Deferred charges and accrued income | 490/1 | €2,319 | €7,903 | +€5,584 | +241% |
| Total equity and liabilities | 10/49 | €74,384 | €107,292 | +€32,908 | +44.2% |
| Equity | 10/15 | €39,588 | €39,134 | -€454 | -1.1% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Capital | 10 | €24,789 | €24,789 | = | 0.0% |
| Issued capital | 100 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €2,107 | €2,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,107 | €2,107 | = | 0.0% |
| Legal reserve | 130 | €2,107 | €2,107 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,692 | €12,238 | -€454 | -3.6% |
| Amounts payable | 17/49 | €34,796 | €68,158 | +€33,362 | +95.9% |
| Amounts payable after more than one year | 17 | €9,481 | - | -€9,481 | |
| Financial debts | 170/4 | €9,481 | - | -€9,481 | |
| Amounts payable within one year | 42/48 | €25,315 | €68,158 | +€42,843 | +169% |
| Current portion of amounts payable after more than one year | 42 | €9,029 | €14,086 | +€5,057 | +56.0% |
| Financial debts | 43 | €4,457 | - | -€4,457 | |
| Credit institutions | 430/8 | €4,457 | - | -€4,457 | |
| Trade debts | 44 | €3,608 | €16,097 | +€12,489 | +346% |
| Suppliers | 440/4 | €3,608 | €16,097 | +€12,489 | +346% |
| Advances received on contracts in progress | 46 | - | €30,464 | +€30,464 | |
| Taxes, remuneration and social security | 45 | €8,221 | €7,511 | -€710 | -8.6% |
| Taxes | 450/3 | €8,221 | €7,511 | -€710 | -8.6% |
| Remuneration, social security and pensions | 62 | €459 | - | -€459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,060 | €11,621 | -€15,439 | -57.1% |
| Other operating charges | 640/8 | €1,843 | €3,969 | +€2,126 | +115% |
| Non-recurring operating charges | 66A | €4,459 | €11,883 | +€7,424 | +166% |
| Gross operating margin | 9900 | €40,858 | €36,289 | -€4,569 | -11.2% |
| Operating profit (loss) | 9901 | €7,037 | €8,816 | +€1,779 | +25.3% |
| Financial income | 75/76B | €1,292 | €1,557 | +€265 | +20.5% |
| Recurring financial income | 75 | €1,292 | €1,557 | +€265 | +20.5% |
| Financial charges | 65/66B | €4,398 | €3,853 | -€545 | -12.4% |
| Recurring financial charges | 65 | €4,398 | €3,853 | -€545 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €3,931 | €6,520 | +€2,589 | +65.9% |
| Income taxes | 67/77 | €5,230 | €6,974 | +€1,744 | +33.3% |
| Profit (loss) for the period | 9904 | -€1,299 | -€454 | +€845 | +65.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,299 | -€454 | +€845 | +65.1% |
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 18 October 2026 via checked.be.