ESTUDO: 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.
ESTUDO
Largest movements
- Cash +€8,753
up €8,753 (+63.8%), from €13,730 to €22,483
mainly Net result for the year (+€11,201) and Trade debts (+€3,800)
- Receivables within one year +€7,543
up €7,543 (+78.7%), from €9,586 to €17,130
of which Trade receivables: +€7,685
- Profit (loss) carried forward +€11,201
up €11,201 (+88.2%), from €12,693 to €23,894
- Trade debts +€3,800
up €3,800 (+2575.5%), from €148 to €3,948
- Other debts +€2,075
up €2,075 (+64.2%), from €3,230 to €5,305
- Tax, wage and social debts -€546
down €546 (-11.9%), from €4,586 to €4,040
- Staff costs +€15,208
new in 2025: €15,208
- Gross operating margin +€10,769
up €10,769 (+54.1%), from €19,908 to €30,677
- Taxes -€414
down €414 (-9.3%), from €4,454 to €4,040
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 | €23,316 | €39,686 | +€16,370 | +70.2% |
| Current assets | 29/58 | €23,316 | €39,686 | +€16,370 | +70.2% |
| Amounts receivable within one year | 40/41 | €9,586 | €17,130 | +€7,543 | +78.7% |
| Trade receivables | 40 | €9,355 | €17,040 | +€7,685 | +82.1% |
| Other amounts receivable | 41 | €231 | €90 | -€142 | -61.3% |
| Cash at bank and in hand | 54/58 | €13,730 | €22,483 | +€8,753 | +63.8% |
| Deferred charges and accrued income | 490/1 | - | €74 | +€74 | |
| Total equity and liabilities | 10/49 | €23,316 | €39,686 | +€16,370 | +70.2% |
| Equity | 10/15 | €15,193 | €26,394 | +€11,201 | +73.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,693 | €23,894 | +€11,201 | +88.2% |
| Amounts payable | 17/49 | €8,123 | €13,292 | +€5,169 | +63.6% |
| Amounts payable within one year | 42/48 | €7,963 | €13,292 | +€5,329 | +66.9% |
| Trade debts | 44 | €148 | €3,948 | +€3,800 | +2575.5% |
| Suppliers | 440/4 | €148 | €3,948 | +€3,800 | +2575.5% |
| Taxes, remuneration and social security | 45 | €4,586 | €4,040 | -€546 | -11.9% |
| Taxes | 450/3 | €4,586 | €4,040 | -€546 | -11.9% |
| Other amounts payable | 47/48 | €3,230 | €5,305 | +€2,075 | +64.2% |
| Accrued charges and deferred income | 492/3 | €160 | - | -€160 | |
| Remuneration, social security and pensions | 62 | - | €15,208 | +€15,208 | |
| Other operating charges | 640/8 | €127 | €66 | -€61 | -48.2% |
| Gross operating margin | 9900 | €19,908 | €30,677 | +€10,769 | +54.1% |
| Operating profit (loss) | 9901 | €19,781 | €15,403 | -€4,378 | -22.1% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €2 | €162 | +€161 | +8406.8% |
| Recurring financial charges | 65 | €2 | €162 | +€161 | +8406.8% |
| Profit (loss) for the period before taxes | 9903 | €19,783 | €15,241 | -€4,543 | -23.0% |
| Income taxes | 67/77 | €4,454 | €4,040 | -€414 | -9.3% |
| Profit (loss) for the period | 9904 | €15,329 | €11,201 | -€4,128 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,329 | €11,201 | -€4,128 | -26.9% |
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 5 October 2026 via checked.be.