STWI Management: 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.
STWI Management
Largest movements
- Receivables within one year -€89,317
down €89,317 (-66.2%), from €135,000 to €45,683
of which Trade receivables: -€125,317
- Tangible fixed assets -€24,000
down €24,000 (-4.2%), from €576,000 to €552,000
- Other debts -€55,000
down €55,000 (-100%), from €55,000 to €0
- Debts after one year -€45,990
down €45,990 (-7.1%), from €648,376 to €602,386
of which Other amounts payable: -€24,857
- Tax, wage and social debts -€9,464
down €9,464 (-66.0%), from €14,346 to €4,883
- Gross operating margin -€137,683
down €137,683 (-75.6%), from €182,054 to €44,371
- Taxes -€38,051
down €38,051 (-100%), from €38,051 to €0
- Financial charges +€2,536
up €2,536 (+11.9%), from €21,272 to €23,809
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 | €890,862 | €777,890 | -€112,972 | -12.7% |
| Fixed assets | 21/28 | €736,000 | €712,000 | -€24,000 | -3.3% |
| Tangible fixed assets | 22/27 | €576,000 | €552,000 | -€24,000 | -4.2% |
| Land and buildings | 22 | €576,000 | €552,000 | -€24,000 | -4.2% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €154,862 | €65,890 | -€88,972 | -57.5% |
| Amounts receivable within one year | 40/41 | €135,000 | €45,683 | -€89,317 | -66.2% |
| Trade receivables | 40 | €135,000 | €9,683 | -€125,317 | -92.8% |
| Other amounts receivable | 41 | €0 | €36,000 | +€36,000 | |
| Cash at bank and in hand | 54/58 | €19,862 | €20,207 | +€344 | +1.7% |
| Total equity and liabilities | 10/49 | €890,862 | €777,890 | -€112,972 | -12.7% |
| Equity | 10/15 | €128,046 | €121,799 | -€6,247 | -4.9% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €120,546 | €120,546 | = | 0.0% |
| Distributable reserves | 133 | €120,546 | €120,546 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,247 | -€6,247 | |
| Amounts payable | 17/49 | €762,816 | €656,091 | -€106,725 | -14.0% |
| Amounts payable after more than one year | 17 | €648,376 | €602,386 | -€45,990 | -7.1% |
| Financial debts | 170/4 | €466,305 | €445,172 | -€21,133 | -4.5% |
| Other amounts payable | 178/9 | €182,071 | €157,214 | -€24,857 | -13.7% |
| Amounts payable within one year | 42/48 | €114,440 | €50,873 | -€63,567 | -55.5% |
| Current portion of amounts payable after more than one year | 42 | €45,093 | €45,990 | +€897 | +2.0% |
| Taxes, remuneration and social security | 45 | €14,346 | €4,883 | -€9,464 | -66.0% |
| Taxes | 450/3 | €14,346 | €4,883 | -€9,464 | -66.0% |
| Other amounts payable | 47/48 | €55,000 | €0 | -€55,000 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,832 | +€2,832 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,000 | €24,000 | = | 0.0% |
| Other operating charges | 640/8 | €2,905 | €2,810 | -€96 | -3.3% |
| Gross operating margin | 9900 | €182,054 | €44,371 | -€137,683 | -75.6% |
| Operating profit (loss) | 9901 | €155,148 | €17,561 | -€137,587 | -88.7% |
| Financial charges | 65/66B | €21,272 | €23,809 | +€2,536 | +11.9% |
| Recurring financial charges | 65 | €21,272 | €23,809 | +€2,536 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €133,876 | -€6,247 | -€140,123 | |
| Income taxes | 67/77 | €38,051 | €0 | -€38,051 | -100% |
| Profit (loss) for the period | 9904 | €95,825 | -€6,247 | -€102,072 | |
| Profit (loss) for the period to be appropriated | 9905 | €95,825 | -€6,247 | -€102,072 |
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 26 October 2026 via checked.be.