STEMACO: what changed
STEMACO
Largest movements
- Tangible fixed assets +€317,849
up €317,849 (+84.8%), from €374,743 to €692,593
- Cash +€241,335
up €241,335 (+5,361%), from €4,502 to €245,837
mainly Trade debts (+€432,320) and Net result for the year (+€122,908)
- Receivables within one year +€38,600
new in 2025: €38,600
- Trade debts +€432,320
new in 2025: €432,320
- Reserves +€122,908
up €122,908 (+29.9%), from €411,495 to €534,402
of which Tax-exempt reserves: +€104,121
- Provisions +€34,707
up €34,707 (+160%), from €21,695 to €56,401
- Gross operating margin +€179,901
up €179,901 (+1,692%), from €10,634 to €190,535
- Depreciation +€12,562
up €12,562 (+159%), from €7,912 to €20,473
- Taxes +€5,618
up €5,618 (+156%), from €3,599 to €9,218
- Financial charges +€4,159
up €4,159, from -€3,648 to €512
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,950 | €1,074,304 | +€602,354 | +128% |
| Fixed assets | 21/28 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Tangible fixed assets | 22/27 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Land and buildings | 22 | €374,743 | €692,593 | +€317,849 | +84.8% |
| Current assets | 29/58 | €97,207 | €381,711 | +€284,505 | +293% |
| Amounts receivable within one year | 40/41 | - | €38,600 | +€38,600 | |
| Trade receivables | 40 | - | €38,600 | +€38,600 | |
| Current investments | 50/53 | €92,705 | €97,275 | +€4,570 | +4.9% |
| Cash at bank and in hand | 54/58 | €4,502 | €245,837 | +€241,335 | +5,361% |
| Total equity and liabilities | 10/49 | €471,950 | €1,074,304 | +€602,354 | +128% |
| Equity | 10/15 | €430,045 | €552,952 | +€122,908 | +28.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €411,495 | €534,402 | +€122,908 | +29.9% |
| Tax-exempt reserves | 132 | €65,084 | €169,204 | +€104,121 | +160% |
| Distributable reserves | 133 | €346,411 | €365,198 | +€18,787 | +5.4% |
| Provisions and deferred taxes | 16 | €21,695 | €56,401 | +€34,707 | +160% |
| Deferred taxes | 168 | €21,695 | €56,401 | +€34,707 | +160% |
| Amounts payable | 17/49 | €20,211 | €464,950 | +€444,739 | +2,200% |
| Amounts payable within one year | 42/48 | €11,456 | €451,494 | +€440,038 | +3,841% |
| Trade debts | 44 | - | €432,320 | +€432,320 | |
| Suppliers | 440/4 | - | €432,320 | +€432,320 | |
| Taxes, remuneration and social security | 45 | €3,599 | €11,317 | +€7,718 | +214% |
| Taxes | 450/3 | €3,599 | €11,317 | +€7,718 | +214% |
| Other amounts payable | 47/48 | €7,857 | €7,857 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €8,755 | €13,456 | +€4,702 | +53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,912 | €20,473 | +€12,562 | +159% |
| Other operating charges | 640/8 | €2,780 | €2,718 | -€62 | -2.2% |
| Gross operating margin | 9900 | €10,634 | €190,535 | +€179,901 | +1,692% |
| Operating profit (loss) | 9901 | -€57 | €167,344 | +€167,401 | |
| Financial charges | 65/66B | -€3,648 | €512 | +€4,159 | |
| Recurring financial charges | 65 | -€3,648 | €512 | +€4,159 | |
| Profit (loss) for the period before taxes | 9903 | €3,590 | €166,832 | +€163,242 | +4,547% |
| Transfer from deferred taxes | 780 | €1,760 | €13,044 | +€11,284 | +641% |
| Transfer to deferred taxes | 680 | - | €47,751 | +€47,751 | |
| Income taxes | 67/77 | €3,599 | €9,218 | +€5,618 | +156% |
| Profit (loss) for the period | 9904 | €1,751 | €122,908 | +€121,157 | +6,921% |
| Transfer from tax-exempt reserves | 789 | €5,279 | €39,131 | +€33,852 | +641% |
| Transfer to tax-exempt reserves | 689 | - | €143,252 | +€143,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,030 | €18,787 | +€11,758 | +167% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.