STUCA PROJECT: 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.
STUCA PROJECT
Largest movements
- Cash -€189,788
down €189,788 (-77.6%), from €244,703 to €54,915
mainly Trade debts (-€265,249) and Stocks and contracts (-€74,166)
- Receivables within one year -€122,578
down €122,578 (-19.9%), from €615,651 to €493,073
of which Trade receivables: -€90,031
- Stocks and contracts +€74,166
up €74,166 (+27.8%), from €266,456 to €340,622
of which Contracts in progress: +€62,702
- Trade debts -€265,249
down €265,249 (-65.5%), from €405,141 to €139,892
- Debts after one year -€63,588
down €63,588 (-17.0%), from €374,413 to €310,824
- Reserves +€48,454
up €48,454 (+11.1%), from €435,869 to €484,324
of which Distributable reserves: +€48,454
- Current portion of long-term debt +€33,376
up €33,376 (+183.1%), from €18,230 to €51,606
- Gross operating margin -€117,890
down €117,890 (-21.0%), from €560,088 to €442,198
- Taxes -€44,000
down €44,000 (-63.8%), from €69,000 to €25,000
- Staff costs +€20,499
up €20,499 (+6.9%), from €296,361 to €316,860
- Financial charges -€10,110
down €10,110 (-27.7%), from €36,473 to €26,363
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 | €1,286,342 | €1,033,181 | -€253,161 | -19.7% |
| Fixed assets | 21/28 | €130,189 | €118,871 | -€11,318 | -8.7% |
| Tangible fixed assets | 22/27 | €114,228 | €106,390 | -€7,838 | -6.9% |
| Land and buildings | 22 | €68,400 | €65,926 | -€2,474 | -3.6% |
| Plant, machinery and equipment | 23 | €5,776 | €7,490 | +€1,714 | +29.7% |
| Furniture and vehicles | 24 | €34,374 | €31,487 | -€2,886 | -8.4% |
| Leasing and similar rights | 25 | €3,402 | €0 | -€3,402 | -100.0% |
| Other tangible fixed assets | 26 | €2,276 | €1,486 | -€790 | -34.7% |
| Financial fixed assets | 28 | €15,961 | €12,481 | -€3,480 | -21.8% |
| Current assets | 29/58 | €1,156,153 | €914,310 | -€241,843 | -20.9% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €266,456 | €340,622 | +€74,166 | +27.8% |
| Stocks | 30/36 | €131,788 | €143,251 | +€11,463 | +8.7% |
| Contracts in progress | 37 | €134,668 | €197,371 | +€62,702 | +46.6% |
| Amounts receivable within one year | 40/41 | €615,651 | €493,073 | -€122,578 | -19.9% |
| Trade receivables | 40 | €276,015 | €185,984 | -€90,031 | -32.6% |
| Other amounts receivable | 41 | €339,636 | €307,089 | -€32,548 | -9.6% |
| Cash at bank and in hand | 54/58 | €244,703 | €54,915 | -€189,788 | -77.6% |
| Deferred charges and accrued income | 490/1 | €4,343 | €700 | -€3,643 | -83.9% |
| Total equity and liabilities | 10/49 | €1,286,342 | €1,033,181 | -€253,161 | -19.7% |
| Equity | 10/15 | €454,419 | €502,874 | +€48,454 | +10.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €435,869 | €484,324 | +€48,454 | +11.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €415,264 | €463,719 | +€48,454 | +11.7% |
| Amounts payable | 17/49 | €831,923 | €530,307 | -€301,616 | -36.3% |
| Amounts payable after more than one year | 17 | €374,413 | €310,824 | -€63,588 | -17.0% |
| Financial debts | 170/4 | €374,413 | €310,824 | -€63,588 | -17.0% |
| Amounts payable within one year | 42/48 | €457,510 | €219,483 | -€238,027 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €18,230 | €51,606 | +€33,376 | +183.1% |
| Trade debts | 44 | €405,141 | €139,892 | -€265,249 | -65.5% |
| Suppliers | 440/4 | €405,141 | €139,892 | -€265,249 | -65.5% |
| Taxes, remuneration and social security | 45 | €34,139 | €27,985 | -€6,154 | -18.0% |
| Taxes | 450/3 | €13,482 | €9,000 | -€4,482 | -33.2% |
| Remuneration and social security | 454/9 | €20,657 | €18,985 | -€1,673 | -8.1% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €296,361 | €316,860 | +€20,499 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,090 | €19,003 | +€1,913 | +11.2% |
| Other operating charges | 640/8 | €8,722 | €8,767 | +€45 | +0.5% |
| Gross operating margin | 9900 | €560,088 | €442,198 | -€117,890 | -21.0% |
| Operating profit (loss) | 9901 | €237,915 | €97,567 | -€140,348 | -59.0% |
| Financial income | 75/76B | €165 | €2,250 | +€2,085 | +1262.2% |
| Recurring financial income | 75 | €165 | €2,250 | +€2,085 | +1262.2% |
| Financial charges | 65/66B | €36,473 | €26,363 | -€10,110 | -27.7% |
| Recurring financial charges | 65 | €36,473 | €26,363 | -€10,110 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €201,607 | €73,454 | -€128,153 | -63.6% |
| Income taxes | 67/77 | €69,000 | €25,000 | -€44,000 | -63.8% |
| Profit (loss) for the period | 9904 | €132,607 | €48,454 | -€84,153 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €132,607 | €48,454 | -€84,153 | -63.5% |
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 11 October 2026 via checked.be.