STRUVAY FRERES: 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.
What changed
STRUVAY FRERES
NACE 90.391, Promotion and organisation of arts and performing arts events
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€97,785
2024 · -€133,856+€36,071
Equity
-€1,156
2024 · €96,629-€97,785
Cash
€3,933
2024 · €18,171-€14,238
Balance sheet total
€1.5m
2024 · €1.6m-€131,716
Largest movements
Assets
- Tangible fixed assets -€117,373
down €117,373 (-10.0%), from €1.2m to €1.1m
of which Land and buildings: -€83,752
Equity and liabilities
- Profit (loss) carried forward -€93,835
down €93,835 (-48.7%), from -€192,702 to -€286,537
- Trade debts -€41,173
down €41,173 (-66.8%), from €61,644 to €20,471
- Current portion of long-term debt +€39,771
up €39,771 (+40.1%), from €99,086 to €138,857
- Other debts -€18,345
down €18,345 (-19.2%), from €95,709 to €77,364
- Tax, wage and social debts -€17,092
down €17,092 (-20.0%), from €85,249 to €68,157
of which Remuneration and social security: -€19,234
Income statement
- Staff costs -€110,147
down €110,147 (-88.1%), from €124,981 to €14,834
- Gross operating margin -€89,323
down €89,323 (-55.0%), from €162,549 to €73,226
- Other operating charges -€27,241
down €27,241 (-47.3%), from €57,635 to €30,394
- Financial charges +€16,141
up €16,141 (+114%), from €14,211 to €30,351
- Depreciation -€4,143
down €4,143 (-4.1%), from €100,895 to €96,752
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.
Result 2024
-€133,856
Gross operating margin
-€89,323
Staff costs
+€110,147
Depreciation
+€4,143
Other operating charges
+€27,241
Financial income
+€4
Financial charges
-€16,141
Result 2025
-€97,785
raises the resultlowers the result
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.
From operations
-€78,909
Investment
+€23,123
Financing
+€41,548
Cash 2024
€18,171
From operations (derived)
-€78,909
Net result for the year
-€97,785
Depreciation
+€96,752
Stocks and contracts
+€2,169
Receivables within one year
-€3,679
Deferred charges and accrued income
-€887
Provisions
-€1,316
Trade debts
-€41,173
Tax, wage and social debts
-€17,092
Other debts
-€18,345
Accrued charges and deferred income
+€2,448
Investment (derived)
+€23,123
Investment in fixed assets (net)
+€23,123
Financing
+€41,548
Debts after one year
+€1,787
Current portion of long-term debt
+€39,771
Short-term financial debts
-€10
Cash 2025
€3,933
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,616,225 | €1,484,509 | -€131,716 | -8.1% |
| Fixed assets | 21/28 | €1,188,977 | €1,069,102 | -€119,875 | -10.1% |
| Intangible fixed assets | 21 | €19,994 | €17,492 | -€2,502 | -12.5% |
| Tangible fixed assets | 22/27 | €1,168,983 | €1,051,610 | -€117,373 | -10.0% |
| Land and buildings | 22 | €1,098,773 | €1,015,020 | -€83,752 | -7.6% |
| Plant, machinery and equipment | 23 | €46,370 | €30,176 | -€16,194 | -34.9% |
| Furniture and vehicles | 24 | €23,840 | €6,414 | -€17,426 | -73.1% |
| Current assets | 29/58 | €427,248 | €415,407 | -€11,841 | -2.8% |
| Stocks and contracts in progress | 3 | €2,169 | - | -€2,169 | |
| Stocks | 30/36 | €2,169 | - | -€2,169 | |
| Amounts receivable within one year | 40/41 | €405,663 | €409,341 | +€3,679 | +0.9% |
| Trade receivables | 40 | - | €745 | +€745 | |
| Other amounts receivable | 41 | €405,663 | €408,597 | +€2,934 | +0.7% |
| Cash at bank and in hand | 54/58 | €18,171 | €3,933 | -€14,238 | -78.4% |
| Deferred charges and accrued income | 490/1 | €1,246 | €2,133 | +€887 | +71.2% |
| Total equity and liabilities | 10/49 | €1,616,225 | €1,484,509 | -€131,716 | -8.1% |
| Equity | 10/15 | €96,629 | -€1,156 | -€97,785 | |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €227,357 | €223,408 | -€3,949 | -1.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €221,157 | €217,208 | -€3,949 | -1.8% |
| Profit (loss) carried forward | 14 | -€192,702 | -€286,537 | -€93,835 | -48.7% |
| Provisions and deferred taxes | 16 | €73,719 | €72,403 | -€1,316 | -1.8% |
| Deferred taxes | 168 | €73,719 | €72,403 | -€1,316 | -1.8% |
| Amounts payable | 17/49 | €1,445,877 | €1,413,262 | -€32,615 | -2.3% |
| Amounts payable after more than one year | 17 | €1,088,832 | €1,090,619 | +€1,787 | +0.2% |
| Financial debts | 170/4 | €903,832 | €904,619 | +€787 | +0.1% |
| Other amounts payable | 178/9 | €185,000 | €186,000 | +€1,000 | +0.5% |
| Amounts payable within one year | 42/48 | €356,698 | €319,849 | -€36,849 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €99,086 | €138,857 | +€39,771 | +40.1% |
| Financial debts | 43 | €15,010 | €15,000 | -€10 | -0.1% |
| Credit institutions | 430/8 | €15,010 | €15,000 | -€10 | -0.1% |
| Trade debts | 44 | €61,644 | €20,471 | -€41,173 | -66.8% |
| Suppliers | 440/4 | €61,644 | €20,471 | -€41,173 | -66.8% |
| Taxes, remuneration and social security | 45 | €85,249 | €68,157 | -€17,092 | -20.0% |
| Taxes | 450/3 | €50,076 | €52,217 | +€2,141 | +4.3% |
| Remuneration and social security | 454/9 | €35,173 | €15,940 | -€19,234 | -54.7% |
| Other amounts payable | 47/48 | €95,709 | €77,364 | -€18,345 | -19.2% |
| Accrued charges and deferred income | 492/3 | €347 | €2,795 | +€2,448 | +706% |
| Remuneration, social security and pensions | 62 | €124,981 | €14,834 | -€110,147 | -88.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,895 | €96,752 | -€4,143 | -4.1% |
| Other operating charges | 640/8 | €57,635 | €30,394 | -€27,241 | -47.3% |
| Gross operating margin | 9900 | €162,549 | €73,226 | -€89,323 | -55.0% |
| Operating profit (loss) | 9901 | -€120,962 | -€68,753 | +€52,209 | +43.2% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €14,211 | €30,351 | +€16,141 | +114% |
| Recurring financial charges | 65 | €14,211 | €30,351 | +€16,141 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€135,173 | -€99,101 | +€36,071 | +26.7% |
| Transfer from deferred taxes | 780 | €1,316 | €1,316 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€133,856 | -€97,785 | +€36,071 | +26.9% |
| Transfer from tax-exempt reserves | 789 | €3,949 | €3,949 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,907 | -€93,835 | +€36,071 | +27.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.