STBW: what changed
STBW
Largest movements
- Tangible fixed assets -€29,496
down €29,496 (-12.7%), from €232,418 to €202,922
of which Furniture and vehicles: -€49,901
- Cash +€14,752
up €14,752 (+29.4%), from €50,142 to €64,894
mainly Net result for the year (+€129,900) and Depreciation (+€65,594)
- Receivables within one year +€7,642
up €7,642 (+6.1%), from €125,678 to €133,320
of which Other amounts receivable: +€7,692
- Reserves -€52,204
down €52,204 (-25.2%), from €207,388 to €155,184
of which Distributable reserves: -€52,204
- Other debts +€40,725
up €40,725 (+46.6%), from €87,464 to €128,189
- Trade debts +€8,282
up €8,282 (+23.9%), from €34,609 to €42,891
- Gross operating margin +€30,589
up €30,589 (+6.1%), from €503,425 to €534,015
- Staff costs -€18,944
down €18,944 (-5.4%), from €350,705 to €331,760
- Depreciation +€16,313
up €16,313 (+33.1%), from €49,280 to €65,594
- Taxes -€6,157
down €6,157 (-54.9%), from €11,213 to €5,056
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 | €426,664 | €421,425 | -€5,238 | -1.2% |
| Fixed assets | 21/28 | €234,864 | €204,261 | -€30,603 | -13.0% |
| Intangible fixed assets | 21 | €2,446 | €1,340 | -€1,106 | -45.2% |
| Tangible fixed assets | 22/27 | €232,418 | €202,922 | -€29,496 | -12.7% |
| Plant, machinery and equipment | 23 | €19,233 | €41,265 | +€22,032 | +115% |
| Furniture and vehicles | 24 | €194,830 | €144,929 | -€49,901 | -25.6% |
| Other tangible fixed assets | 26 | €18,356 | €16,728 | -€1,627 | -8.9% |
| Current assets | 29/58 | €191,800 | €217,164 | +€25,364 | +13.2% |
| Amounts receivable within one year | 40/41 | €125,678 | €133,320 | +€7,642 | +6.1% |
| Trade receivables | 40 | €125,127 | €125,078 | -€50 | 0.0% |
| Other amounts receivable | 41 | €551 | €8,242 | +€7,692 | +1,397% |
| Cash at bank and in hand | 54/58 | €50,142 | €64,894 | +€14,752 | +29.4% |
| Deferred charges and accrued income | 490/1 | €15,980 | €18,950 | +€2,970 | +18.6% |
| Total equity and liabilities | 10/49 | €426,664 | €421,425 | -€5,238 | -1.2% |
| Equity | 10/15 | €225,988 | €173,784 | -€52,204 | -23.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,388 | €155,184 | -€52,204 | -25.2% |
| Tax-exempt reserves | 132 | €6,188 | €6,188 | = | 0.0% |
| Distributable reserves | 133 | €201,200 | €148,996 | -€52,204 | -25.9% |
| Amounts payable | 17/49 | €200,675 | €247,641 | +€46,966 | +23.4% |
| Amounts payable within one year | 42/48 | €200,675 | €247,641 | +€46,966 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €2,962 | - | -€2,962 | |
| Trade debts | 44 | €34,609 | €42,891 | +€8,282 | +23.9% |
| Suppliers | 440/4 | €34,609 | €42,891 | +€8,282 | +23.9% |
| Taxes, remuneration and social security | 45 | €75,639 | €76,562 | +€922 | +1.2% |
| Taxes | 450/3 | €26,034 | €26,805 | +€771 | +3.0% |
| Remuneration and social security | 454/9 | €49,606 | €49,756 | +€151 | +0.3% |
| Other amounts payable | 47/48 | €87,464 | €128,189 | +€40,725 | +46.6% |
| Remuneration, social security and pensions | 62 | €350,705 | €331,760 | -€18,944 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,280 | €65,594 | +€16,313 | +33.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €180 | - | -€180 | |
| Other operating charges | 640/8 | €1,775 | €1,547 | -€229 | -12.9% |
| Gross operating margin | 9900 | €503,425 | €534,015 | +€30,589 | +6.1% |
| Operating profit (loss) | 9901 | €101,485 | €135,114 | +€33,628 | +33.1% |
| Financial income | 75/76B | €2,813 | €255 | -€2,558 | -90.9% |
| Recurring financial income | 75 | €877 | €255 | -€622 | -71.0% |
| Non-recurring financial income | 76B | €1,936 | - | -€1,936 | |
| Financial charges | 65/66B | €2,991 | €412 | -€2,579 | -86.2% |
| Recurring financial charges | 65 | €2,991 | €412 | -€2,579 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €101,307 | €134,956 | +€33,649 | +33.2% |
| Income taxes | 67/77 | €11,213 | €5,056 | -€6,157 | -54.9% |
| Profit (loss) for the period | 9904 | €90,094 | €129,900 | +€39,806 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,094 | €129,900 | +€39,806 | +44.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.