ST2 ETUDES: 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.
ST2 ETUDES
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+100,000%), from €150 to €150,150
- Receivables within one year -€72,532
down €72,532 (-48.4%), from €149,707 to €77,174
of which Trade receivables: -€41,847
- Cash +€30,292
up €30,292 (+73.7%), from €41,099 to €71,391
mainly Debts after one year (+€108,870) and Receivables within one year (+€72,532)
- Tangible fixed assets +€7,435
up €7,435 (+95.0%), from €7,830 to €15,265
of which Furniture and vehicles: +€8,215
- Debts after one year +€108,870
new in 2025: €108,870
- Current portion of long-term debt +€20,831
up €20,831 (+415%), from €5,016 to €25,847
- Tax, wage and social debts -€10,555
down €10,555 (-53.2%), from €19,833 to €9,278
- Other debts -€9,835
down €9,835 (-26.5%), from €37,091 to €27,256
- Reserves +€4,328
up €4,328 (+3.7%), from €117,036 to €121,364
- Gross operating margin -€23,602
down €23,602 (-28.6%), from €82,408 to €58,806
- Taxes -€5,040
down €5,040 (-21.0%), from €23,971 to €18,931
- Financial charges +€1,043
up €1,043 (+42.8%), from €2,438 to €3,481
- Financial income -€979
down €979 (-97.9%), from €1,000 to €21
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 | €199,034 | €315,993 | +€116,958 | +58.8% |
| Fixed assets | 21/28 | €7,980 | €166,493 | +€158,514 | +1,986% |
| Intangible fixed assets | 21 | €0 | €1,078 | +€1,078 | |
| Tangible fixed assets | 22/27 | €7,830 | €15,265 | +€7,435 | +95.0% |
| Land and buildings | 22 | €6,288 | €5,276 | -€1,012 | -16.1% |
| Plant, machinery and equipment | 23 | - | €232 | +€232 | |
| Furniture and vehicles | 24 | €1,542 | €9,756 | +€8,215 | +533% |
| Financial fixed assets | 28 | €150 | €150,150 | +€150,000 | +100,000% |
| Current assets | 29/58 | €191,055 | €149,499 | -€41,555 | -21.8% |
| Amounts receivable within one year | 40/41 | €149,707 | €77,174 | -€72,532 | -48.4% |
| Trade receivables | 40 | €68,276 | €26,429 | -€41,847 | -61.3% |
| Other amounts receivable | 41 | €81,431 | €50,745 | -€30,686 | -37.7% |
| Cash at bank and in hand | 54/58 | €41,099 | €71,391 | +€30,292 | +73.7% |
| Deferred charges and accrued income | 490/1 | €249 | €934 | +€685 | +275% |
| Total equity and liabilities | 10/49 | €199,034 | €315,993 | +€116,958 | +58.8% |
| Equity | 10/15 | €130,217 | €134,545 | +€4,328 | +3.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €117,036 | €121,364 | +€4,328 | +3.7% |
| Distributable reserves | 133 | €117,036 | €121,364 | +€4,328 | +3.7% |
| Profit (loss) carried forward | 14 | €12,181 | €12,181 | = | 0.0% |
| Amounts payable | 17/49 | €68,817 | €181,448 | +€112,631 | +164% |
| Amounts payable after more than one year | 17 | - | €108,870 | +€108,870 | |
| Financial debts | 170/4 | - | €108,870 | +€108,870 | |
| Amounts payable within one year | 42/48 | €68,430 | €72,164 | +€3,734 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €5,016 | €25,847 | +€20,831 | +415% |
| Trade debts | 44 | €6,490 | €9,782 | +€3,292 | +50.7% |
| Suppliers | 440/4 | €6,490 | €9,782 | +€3,292 | +50.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €19,833 | €9,278 | -€10,555 | -53.2% |
| Taxes | 450/3 | €19,833 | €9,278 | -€10,555 | -53.2% |
| Other amounts payable | 47/48 | €37,091 | €27,256 | -€9,835 | -26.5% |
| Accrued charges and deferred income | 492/3 | €387 | €414 | +€26 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,794 | €3,929 | +€135 | +3.6% |
| Other operating charges | 640/8 | €967 | €902 | -€65 | -6.7% |
| Non-recurring operating charges | 66A | €1,265 | €0 | -€1,265 | -100% |
| Gross operating margin | 9900 | €82,408 | €58,806 | -€23,602 | -28.6% |
| Operating profit (loss) | 9901 | €76,383 | €53,975 | -€22,408 | -29.3% |
| Financial income | 75/76B | €1,000 | €21 | -€979 | -97.9% |
| Recurring financial income | 75 | €1,000 | €21 | -€979 | -97.9% |
| Financial charges | 65/66B | €2,438 | €3,481 | +€1,043 | +42.8% |
| Recurring financial charges | 65 | €2,438 | €3,481 | +€1,043 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | €74,944 | €50,514 | -€24,430 | -32.6% |
| Income taxes | 67/77 | €23,971 | €18,931 | -€5,040 | -21.0% |
| Profit (loss) for the period | 9904 | €50,974 | €31,584 | -€19,390 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,974 | €31,584 | -€19,390 | -38.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.