STUART: what changed
STUART
Largest movements
- Cash +€31,590
up €31,590 (+28.8%), from €109,708 to €141,298
mainly Net result for the year (+€38,979) and Depreciation (+€22,876)
- Receivables within one year +€26,541
up €26,541 (+124%), from €21,378 to €47,919
of which Other amounts receivable: +€28,540
- Tangible fixed assets -€22,876
down €22,876 (-18.0%), from €127,325 to €104,450
- Reserves +€38,979
up €38,979 (+18.3%), from €212,969 to €251,948
- Debts after one year -€28,220
down €28,220 (-27.3%), from €103,473 to €75,253
- Tax, wage and social debts +€22,600
up €22,600 (+69.7%), from €32,406 to €55,005
of which Taxes: +€21,251
- Trade debts +€4,765
up €4,765 (+40.7%), from €11,705 to €16,470
- Gross operating margin -€12,283
down €12,283 (-8.4%), from €145,741 to €133,458
- Staff costs +€8,621
up €8,621 (+27.9%), from €30,928 to €39,549
- Taxes -€6,089
down €6,089 (-23.6%), from €25,780 to €19,691
- Financial charges -€1,484
down €1,484 (-16.9%), from €8,784 to €7,301
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €396,088 | €433,897 | +€37,809 | +9.5% |
| Fixed assets | 21/28 | €127,325 | €104,450 | -€22,876 | -18.0% |
| Tangible fixed assets | 22/27 | €127,325 | €104,450 | -€22,876 | -18.0% |
| Land and buildings | 22 | €127,325 | €104,450 | -€22,876 | -18.0% |
| Current assets | 29/58 | €268,763 | €329,447 | +€60,684 | +22.6% |
| Stocks and contracts in progress | 3 | €136,250 | €138,750 | +€2,500 | +1.8% |
| Stocks | 30/36 | €136,250 | €138,750 | +€2,500 | +1.8% |
| Amounts receivable within one year | 40/41 | €21,378 | €47,919 | +€26,541 | +124% |
| Trade receivables | 40 | €3,617 | €1,618 | -€1,999 | -55.3% |
| Other amounts receivable | 41 | €17,761 | €46,301 | +€28,540 | +161% |
| Cash at bank and in hand | 54/58 | €109,708 | €141,298 | +€31,590 | +28.8% |
| Deferred charges and accrued income | 490/1 | €1,427 | €1,480 | +€53 | +3.7% |
| Total equity and liabilities | 10/49 | €396,088 | €433,897 | +€37,809 | +9.5% |
| Equity | 10/15 | €219,969 | €258,948 | +€38,979 | +17.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €212,969 | €251,948 | +€38,979 | +18.3% |
| Distributable reserves | 133 | €212,969 | €251,948 | +€38,979 | +18.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €176,119 | €174,949 | -€1,171 | -0.7% |
| Amounts payable after more than one year | 17 | €103,473 | €75,253 | -€28,220 | -27.3% |
| Financial debts | 170/4 | €103,473 | €75,253 | -€28,220 | -27.3% |
| Amounts payable within one year | 42/48 | €72,331 | €99,696 | +€27,365 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €28,220 | €28,220 | = | 0.0% |
| Trade debts | 44 | €11,705 | €16,470 | +€4,765 | +40.7% |
| Suppliers | 440/4 | €11,705 | €16,470 | +€4,765 | +40.7% |
| Taxes, remuneration and social security | 45 | €32,406 | €55,005 | +€22,600 | +69.7% |
| Taxes | 450/3 | €27,158 | €48,409 | +€21,251 | +78.2% |
| Remuneration and social security | 454/9 | €5,248 | €6,597 | +€1,349 | +25.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €315 | €0 | -€315 | -100% |
| Remuneration, social security and pensions | 62 | €30,928 | €39,549 | +€8,621 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,876 | €22,876 | = | 0.0% |
| Other operating charges | 640/8 | €4,476 | €5,062 | +€586 | +13.1% |
| Gross operating margin | 9900 | €145,741 | €133,458 | -€12,283 | -8.4% |
| Operating profit (loss) | 9901 | €87,460 | €65,971 | -€21,489 | -24.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,784 | €7,301 | -€1,484 | -16.9% |
| Recurring financial charges | 65 | €8,784 | €7,301 | -€1,484 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €78,676 | €58,670 | -€20,006 | -25.4% |
| Income taxes | 67/77 | €25,780 | €19,691 | -€6,089 | -23.6% |
| Profit (loss) for the period | 9904 | €52,896 | €38,979 | -€13,916 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,896 | €38,979 | -€13,916 | -26.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.