E-STUC: what changed
Two fiscal 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.
E-STUC
Largest movements
- Cash -€32,810
down €32,810 (-52.3%), from €62,794 to €29,984
mainly Net result for the year (-€36,934) and Tax, wage and social debts (-€12,649)
- Receivables within one year -€16,778
down €16,778 (-67.3%), from €24,927 to €8,149
of which Trade receivables: -€16,018
- Tangible fixed assets -€16,154
down €16,154 (-10.1%), from €160,101 to €143,947
- Reserves -€36,934
down €36,934 (-23.3%), from €158,786 to €121,852
- Tax, wage and social debts -€12,649
down €12,649 (-95.9%), from €13,196 to €547
of which Taxes: -€11,969
- Trade debts -€10,670
down €10,670 (-57.5%), from €18,568 to €7,898
- Debts after one year -€9,385
down €9,385 (-36.0%), from €26,090 to €16,706
- Other debts +€6,498
up €6,498 (+89.1%), from €7,295 to €13,794
- Gross operating margin -€20,332
down €20,332, from €4,699 to -€15,633
- Financial charges -€2,746
down €2,746 (-60.6%), from €4,534 to €1,788
- Depreciation -€1,510
down €1,510 (-8.0%), from €18,780 to €17,269
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.
Cash bridge derived
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 | €251,986 | €188,798 | -€63,188 | -25.1% |
| Fixed assets | 21/28 | €160,161 | €144,007 | -€16,154 | -10.1% |
| Tangible fixed assets | 22/27 | €160,101 | €143,947 | -€16,154 | -10.1% |
| Land and buildings | 22 | €140,372 | €133,091 | -€7,281 | -5.2% |
| Plant, machinery and equipment | 23 | €4,199 | €2,928 | -€1,270 | -30.3% |
| Furniture and vehicles | 24 | €15,531 | €7,928 | -€7,603 | -49.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €91,825 | €44,791 | -€47,034 | -51.2% |
| Stocks and contracts in progress | 3 | €2,625 | €3,625 | +€1,000 | +38.1% |
| Stocks | 30/36 | €2,625 | €3,625 | +€1,000 | +38.1% |
| Amounts receivable within one year | 40/41 | €24,927 | €8,149 | -€16,778 | -67.3% |
| Trade receivables | 40 | €22,599 | €6,581 | -€16,018 | -70.9% |
| Other amounts receivable | 41 | €2,328 | €1,568 | -€760 | -32.7% |
| Cash at bank and in hand | 54/58 | €62,794 | €29,984 | -€32,810 | -52.3% |
| Deferred charges and accrued income | 490/1 | €1,479 | €3,034 | +€1,555 | +105.2% |
| Total equity and liabilities | 10/49 | €251,986 | €188,798 | -€63,188 | -25.1% |
| Equity | 10/15 | €177,386 | €140,452 | -€36,934 | -20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,786 | €121,852 | -€36,934 | -23.3% |
| Distributable reserves | 133 | €158,786 | €121,852 | -€36,934 | -23.3% |
| Amounts payable | 17/49 | €74,600 | €48,346 | -€26,254 | -35.2% |
| Amounts payable after more than one year | 17 | €26,090 | €16,706 | -€9,385 | -36.0% |
| Financial debts | 170/4 | €26,090 | €16,706 | -€9,385 | -36.0% |
| Amounts payable within one year | 42/48 | €47,993 | €31,624 | -€16,370 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €8,934 | €9,385 | +€451 | +5.1% |
| Trade debts | 44 | €18,568 | €7,898 | -€10,670 | -57.5% |
| Suppliers | 440/4 | €18,568 | €7,898 | -€10,670 | -57.5% |
| Taxes, remuneration and social security | 45 | €13,196 | €547 | -€12,649 | -95.9% |
| Taxes | 450/3 | €12,516 | €547 | -€11,969 | -95.6% |
| Remuneration and social security | 454/9 | €680 | - | -€680 | |
| Other amounts payable | 47/48 | €7,295 | €13,794 | +€6,498 | +89.1% |
| Accrued charges and deferred income | 492/3 | €516 | €17 | -€500 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,780 | €17,269 | -€1,510 | -8.0% |
| Other operating charges | 640/8 | €2,161 | €2,302 | +€141 | +6.5% |
| Gross operating margin | 9900 | €4,699 | -€15,633 | -€20,332 | |
| Operating profit (loss) | 9901 | -€16,242 | -€35,204 | -€18,963 | -116.8% |
| Financial income | 75/76B | €11 | €59 | +€48 | +428.5% |
| Recurring financial income | 75 | €11 | €59 | +€48 | +428.5% |
| Financial charges | 65/66B | €4,534 | €1,788 | -€2,746 | -60.6% |
| Recurring financial charges | 65 | €4,534 | €1,788 | -€2,746 | -60.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,765 | -€36,934 | -€16,169 | -77.9% |
| Profit (loss) for the period | 9904 | -€20,765 | -€36,934 | -€16,169 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,765 | -€36,934 | -€16,169 | -77.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.