STRUBBE: 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.
STRUBBE
Largest movements
- Stocks and contracts -€44,174
down €44,174 (-26.8%), from €164,688 to €120,514
- Receivables within one year -€20,080
down €20,080 (-51.2%), from €39,208 to €19,127
of which Trade receivables: -€12,366
- Tangible fixed assets +€10,971
up €10,971 (+6.1%), from €181,253 to €192,224
of which Furniture and vehicles: +€9,530
- Other debts -€60,597
down €60,597 (-86.7%), from €69,917 to €9,320
- Reserves +€32,268
up €32,268 (+15.4%), from €209,053 to €241,321
- Tax, wage and social debts -€10,866
down €10,866 (-78.1%), from €13,921 to €3,055
- Trade debts -€6,943
down €6,943 (-54.4%), from €12,754 to €5,811
- Gross operating margin -€34,267
down €34,267 (-32.7%), from €104,842 to €70,575
- Taxes -€11,864
down €11,864 (-44.2%), from €26,856 to €14,992
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 | €397,106 | €347,406 | -€49,701 | -12.5% |
| Fixed assets | 21/28 | €181,253 | €192,224 | +€10,971 | +6.1% |
| Tangible fixed assets | 22/27 | €181,253 | €192,224 | +€10,971 | +6.1% |
| Land and buildings | 22 | €118,605 | €118,605 | = | 0.0% |
| Plant, machinery and equipment | 23 | €19,927 | €21,368 | +€1,441 | +7.2% |
| Furniture and vehicles | 24 | €42,721 | €52,251 | +€9,530 | +22.3% |
| Current assets | 29/58 | €215,853 | €155,182 | -€60,672 | -28.1% |
| Stocks and contracts in progress | 3 | €164,688 | €120,514 | -€44,174 | -26.8% |
| Stocks | 30/36 | €164,688 | €120,514 | -€44,174 | -26.8% |
| Amounts receivable within one year | 40/41 | €39,208 | €19,127 | -€20,080 | -51.2% |
| Trade receivables | 40 | €24,528 | €12,162 | -€12,366 | -50.4% |
| Other amounts receivable | 41 | €14,680 | €6,965 | -€7,715 | -52.6% |
| Cash at bank and in hand | 54/58 | €9,448 | €12,608 | +€3,160 | +33.4% |
| Deferred charges and accrued income | 490/1 | €2,510 | €2,933 | +€423 | +16.8% |
| Total equity and liabilities | 10/49 | €397,106 | €347,406 | -€49,701 | -12.5% |
| Equity | 10/15 | €291,273 | €323,541 | +€32,268 | +11.1% |
| Contributions | 10/11 | €82,220 | €82,220 | = | 0.0% |
| Reserves | 13 | €209,053 | €241,321 | +€32,268 | +15.4% |
| Distributable reserves | 133 | €209,053 | €241,321 | +€32,268 | +15.4% |
| Amounts payable | 17/49 | €105,834 | €23,865 | -€81,968 | -77.5% |
| Amounts payable within one year | 42/48 | €96,593 | €18,187 | -€78,406 | -81.2% |
| Trade debts | 44 | €12,754 | €5,811 | -€6,943 | -54.4% |
| Suppliers | 440/4 | €12,754 | €5,811 | -€6,943 | -54.4% |
| Taxes, remuneration and social security | 45 | €13,921 | €3,055 | -€10,866 | -78.1% |
| Taxes | 450/3 | €13,921 | €3,055 | -€10,866 | -78.1% |
| Other amounts payable | 47/48 | €69,917 | €9,320 | -€60,597 | -86.7% |
| Accrued charges and deferred income | 492/3 | €9,241 | €5,678 | -€3,562 | -38.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,462 | €21,344 | +€882 | +4.3% |
| Other operating charges | 640/8 | €2,051 | €2,376 | +€324 | +15.8% |
| Gross operating margin | 9900 | €104,842 | €70,575 | -€34,267 | -32.7% |
| Operating profit (loss) | 9901 | €82,330 | €46,856 | -€35,474 | -43.1% |
| Financial income | 75/76B | €547 | €443 | -€104 | -19.1% |
| Recurring financial income | 75 | €547 | €443 | -€104 | -19.1% |
| Financial charges | 65/66B | €39 | €39 | +€0 | +0.9% |
| Recurring financial charges | 65 | €39 | €39 | +€0 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €82,838 | €47,260 | -€35,579 | -42.9% |
| Income taxes | 67/77 | €26,856 | €14,992 | -€11,864 | -44.2% |
| Profit (loss) for the period | 9904 | €55,983 | €32,268 | -€23,715 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,983 | €32,268 | -€23,715 | -42.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.