STUD 2000: 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.
STUD 2000
Largest movements
- Receivables within one year +€206,944
up €206,944 (+147.5%), from €140,301 to €347,245
of which Trade receivables: +€206,944
- Stocks and contracts -€112,991
down €112,991 (-6.1%), from €1.9m to €1.7m
- Tangible fixed assets -€51,689
down €51,689 (-4.5%), from €1.1m to €1.1m
of which Plant, machinery and equipment: -€31,255
- Cash +€49,981
up €49,981 (+51.1%), from €97,754 to €147,735
mainly Depreciation (+€120,725) and Stocks and contracts (+€112,991)
- Tax, wage and social debts +€93,711
up €93,711 (+2340.2%), from €4,004 to €97,716
- Profit (loss) carried forward +€78,651
up €78,651 (+72.6%), from -€108,281 to -€29,630
- Other debts -€40,839
down €40,839 (-4.1%), from €992,163 to €951,324
- Trade debts -€35,736
down €35,736 (-84.4%), from €42,330 to €6,594
- Gross operating margin +€70,830
up €70,830 (+42.9%), from €165,108 to €235,938
- Financial charges -€9,736
down €9,736 (-28.7%), from €33,879 to €24,142
- Depreciation -€7,642
down €7,642 (-6.0%), from €128,368 to €120,725
- Financial income -€5,301
down €5,301 (-95.3%), from €5,561 to €260
of which Non-recurring financial income: -€5,355
- Taxes -€3,130
no longer reported in 2025 (was €3,130)
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 | €3,243,083 | €3,335,328 | +€92,245 | +2.8% |
| Fixed assets | 21/28 | €1,145,699 | €1,094,009 | -€51,689 | -4.5% |
| Tangible fixed assets | 22/27 | €1,145,699 | €1,094,009 | -€51,689 | -4.5% |
| Land and buildings | 22 | €858,754 | €828,244 | -€30,510 | -3.6% |
| Plant, machinery and equipment | 23 | €157,530 | €126,275 | -€31,255 | -19.8% |
| Furniture and vehicles | 24 | €129,414 | €139,491 | +€10,076 | +7.8% |
| Current assets | 29/58 | €2,097,385 | €2,241,319 | +€143,934 | +6.9% |
| Stocks and contracts in progress | 3 | €1,859,329 | €1,746,338 | -€112,991 | -6.1% |
| Stocks | 30/36 | €1,859,329 | €1,746,338 | -€112,991 | -6.1% |
| Amounts receivable within one year | 40/41 | €140,301 | €347,245 | +€206,944 | +147.5% |
| Trade receivables | 40 | €140,264 | €347,208 | +€206,944 | +147.5% |
| Other amounts receivable | 41 | €37 | €37 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €97,754 | €147,735 | +€49,981 | +51.1% |
| Total equity and liabilities | 10/49 | €3,243,083 | €3,335,328 | +€92,245 | +2.8% |
| Equity | 10/15 | €1,464,477 | €1,543,129 | +€78,651 | +5.4% |
| Contributions | 10/11 | €547,700 | €547,700 | = | 0.0% |
| Reserves | 13 | €1,025,058 | €1,025,058 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,321 | €28,321 | = | 0.0% |
| Reserves not available under the articles | 1311 | €28,321 | €28,321 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,658 | €5,658 | = | 0.0% |
| Distributable reserves | 133 | €991,079 | €991,079 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,281 | -€29,630 | +€78,651 | +72.6% |
| Amounts payable | 17/49 | €1,778,606 | €1,792,199 | +€13,593 | +0.8% |
| Amounts payable after more than one year | 17 | €665,450 | €655,291 | -€10,159 | -1.5% |
| Financial debts | 170/4 | €665,450 | €655,291 | -€10,159 | -1.5% |
| Amounts payable within one year | 42/48 | €1,113,156 | €1,134,910 | +€21,754 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €74,658 | €79,276 | +€4,618 | +6.2% |
| Trade debts | 44 | €42,330 | €6,594 | -€35,736 | -84.4% |
| Suppliers | 440/4 | €42,330 | €6,594 | -€35,736 | -84.4% |
| Taxes, remuneration and social security | 45 | €4,004 | €97,716 | +€93,711 | +2340.2% |
| Taxes | 450/3 | €4,004 | €97,716 | +€93,711 | +2340.2% |
| Other amounts payable | 47/48 | €992,163 | €951,324 | -€40,839 | -4.1% |
| Accrued charges and deferred income | 492/3 | - | €1,998 | +€1,998 | |
| Non-recurring operating income | 76A | €216 | €10,524 | +€10,308 | +4772.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,368 | €120,725 | -€7,642 | -6.0% |
| Other operating charges | 640/8 | €11,245 | €12,678 | +€1,433 | +12.7% |
| Gross operating margin | 9900 | €165,108 | €235,938 | +€70,830 | +42.9% |
| Operating profit (loss) | 9901 | €25,495 | €102,534 | +€77,039 | +302.2% |
| Financial income | 75/76B | €5,561 | €260 | -€5,301 | -95.3% |
| Recurring financial income | 75 | €206 | €260 | +€54 | +26.1% |
| Non-recurring financial income | 76B | €5,355 | - | -€5,355 | |
| Financial charges | 65/66B | €33,879 | €24,142 | -€9,736 | -28.7% |
| Recurring financial charges | 65 | €33,879 | €24,142 | -€9,736 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,823 | €78,651 | +€81,474 | |
| Income taxes | 67/77 | €3,130 | - | -€3,130 | |
| Profit (loss) for the period | 9904 | -€5,953 | €78,651 | +€84,604 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,953 | €78,651 | +€84,604 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.