ESTUDIO: 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.
ESTUDIO
Largest movements
- Tangible fixed assets -€74,002
down €74,002 (-6.4%), from €1.2m to €1.1m
of which Land and buildings: -€68,200
- Receivables after one year -€40,768
down €40,768 (-30.4%), from €134,000 to €93,232
- Receivables within one year +€32,109
up €32,109 (+41.5%), from €77,302 to €109,411
of which Trade receivables: +€32,109
- Debts after one year -€74,012
down €74,012 (-7.6%), from €979,330 to €905,318
- Accrued charges and deferred income -€45,000
down €45,000 (-100%), from €45,000 to €0
- Other debts +€39,496
up €39,496 (+50.0%), from €78,980 to €118,476
- Reserves -€35,353
down €35,353 (-12.1%), from €293,079 to €257,726
- Trade debts +€30,179
up €30,179 (+49.9%), from €60,480 to €90,659
- Gross operating margin -€25,107
down €25,107 (-8.4%), from €300,553 to €275,447
- Taxes -€5,463
down €5,463 (-12.0%), from €45,636 to €40,174
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 | €1,566,355 | €1,477,984 | -€88,371 | -5.6% |
| Fixed assets | 21/28 | €1,153,675 | €1,079,672 | -€74,002 | -6.4% |
| Tangible fixed assets | 22/27 | €1,153,425 | €1,079,422 | -€74,002 | -6.4% |
| Land and buildings | 22 | €1,113,374 | €1,045,174 | -€68,200 | -6.1% |
| Plant, machinery and equipment | 23 | €25,884 | €23,250 | -€2,634 | -10.2% |
| Furniture and vehicles | 24 | €14,166 | €10,999 | -€3,168 | -22.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €412,680 | €398,311 | -€14,369 | -3.5% |
| Amounts receivable after more than one year | 29 | €134,000 | €93,232 | -€40,768 | -30.4% |
| Other amounts receivable | 291 | €134,000 | €93,232 | -€40,768 | -30.4% |
| Amounts receivable within one year | 40/41 | €77,302 | €109,411 | +€32,109 | +41.5% |
| Trade receivables | 40 | €61,802 | €93,911 | +€32,109 | +52.0% |
| Other amounts receivable | 41 | €15,500 | €15,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €182,091 | €183,426 | +€1,336 | +0.7% |
| Deferred charges and accrued income | 490/1 | €19,287 | €12,242 | -€7,046 | -36.5% |
| Total equity and liabilities | 10/49 | €1,566,355 | €1,477,984 | -€88,371 | -5.6% |
| Equity | 10/15 | €311,679 | €276,326 | -€35,353 | -11.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €293,079 | €257,726 | -€35,353 | -12.1% |
| Distributable reserves | 133 | €293,079 | €257,726 | -€35,353 | -12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,254,676 | €1,201,658 | -€53,018 | -4.2% |
| Amounts payable after more than one year | 17 | €979,330 | €905,318 | -€74,012 | -7.6% |
| Financial debts | 170/4 | €979,330 | €905,318 | -€74,012 | -7.6% |
| Amounts payable within one year | 42/48 | €230,346 | €296,340 | +€65,994 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | €74,012 | €74,012 | = | 0.0% |
| Trade debts | 44 | €60,480 | €90,659 | +€30,179 | +49.9% |
| Suppliers | 440/4 | €60,480 | €90,659 | +€30,179 | +49.9% |
| Taxes, remuneration and social security | 45 | €16,874 | €13,194 | -€3,681 | -21.8% |
| Taxes | 450/3 | €13,517 | €9,722 | -€3,795 | -28.1% |
| Remuneration and social security | 454/9 | €3,357 | €3,471 | +€114 | +3.4% |
| Other amounts payable | 47/48 | €78,980 | €118,476 | +€39,496 | +50.0% |
| Accrued charges and deferred income | 492/3 | €45,000 | €0 | -€45,000 | -100% |
| Remuneration, social security and pensions | 62 | €45,854 | €47,792 | +€1,939 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,828 | €74,002 | +€2,174 | +3.0% |
| Other operating charges | 640/8 | €22,675 | €23,909 | +€1,233 | +5.4% |
| Gross operating margin | 9900 | €300,553 | €275,447 | -€25,107 | -8.4% |
| Operating profit (loss) | 9901 | €160,196 | €129,744 | -€30,453 | -19.0% |
| Financial income | 75/76B | €1,691 | €3,023 | +€1,332 | +78.7% |
| Recurring financial income | 75 | €1,691 | €3,023 | +€1,332 | +78.7% |
| Financial charges | 65/66B | €10,451 | €9,740 | -€711 | -6.8% |
| Recurring financial charges | 65 | €10,451 | €9,740 | -€711 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €151,437 | €123,027 | -€28,410 | -18.8% |
| Income taxes | 67/77 | €45,636 | €40,174 | -€5,463 | -12.0% |
| Profit (loss) for the period | 9904 | €105,801 | €82,854 | -€22,947 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €105,801 | €82,854 | -€22,947 | -21.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.