STUD 55: 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.
STUD 55
Largest movements
- Cash +€36,975
up €36,975 (+93.5%), from €39,545 to €76,519
mainly Other debts (+€65,593) and Net result for the year (+€40,930)
- Tangible fixed assets +€22,160
up €22,160 (+6.1%), from €365,015 to €387,175
of which Plant, machinery and equipment: +€41,116
- Receivables within one year +€7,912
up €7,912 (+91.1%), from €8,681 to €16,593
- Other debts +€65,593
up €65,593 (+38.3%), from €171,200 to €236,793
- Reserves +€40,930
up €40,930 (+209%), from €19,542 to €60,472
- Debts after one year -€30,334
down €30,334 (-13.1%), from €231,001 to €200,666
- Trade debts -€6,652
down €6,652 (-86.0%), from €7,731 to €1,079
- Gross operating margin +€35,662
up €35,662 (+78.1%), from €45,645 to €81,307
- Depreciation +€8,725
up €8,725 (+61.8%), from €14,115 to €22,840
- Taxes +€6,410
new in 2025: €6,410
- Financial charges -€852
down €852 (-8.3%), from €10,260 to €9,408
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €465,140 | €537,420 | +€72,281 | +15.5% |
| Fixed assets | 21/28 | €365,015 | €387,175 | +€22,160 | +6.1% |
| Tangible fixed assets | 22/27 | €365,015 | €387,175 | +€22,160 | +6.1% |
| Land and buildings | 22 | €365,015 | €346,059 | -€18,956 | -5.2% |
| Plant, machinery and equipment | 23 | - | €41,116 | +€41,116 | |
| Current assets | 29/58 | €100,125 | €150,245 | +€50,121 | +50.1% |
| Stocks and contracts in progress | 3 | €51,899 | €57,133 | +€5,234 | +10.1% |
| Stocks | 30/36 | €51,899 | €57,133 | +€5,234 | +10.1% |
| Amounts receivable within one year | 40/41 | €8,681 | €16,593 | +€7,912 | +91.1% |
| Other amounts receivable | 41 | €8,681 | €16,593 | +€7,912 | +91.1% |
| Cash at bank and in hand | 54/58 | €39,545 | €76,519 | +€36,975 | +93.5% |
| Total equity and liabilities | 10/49 | €465,140 | €537,420 | +€72,281 | +15.5% |
| Equity | 10/15 | €29,542 | €70,472 | +€40,930 | +139% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €19,542 | €60,472 | +€40,930 | +209% |
| Distributable reserves | 133 | €19,542 | €60,472 | +€40,930 | +209% |
| Amounts payable | 17/49 | €435,598 | €466,948 | +€31,350 | +7.2% |
| Amounts payable after more than one year | 17 | €231,001 | €200,666 | -€30,334 | -13.1% |
| Financial debts | 170/4 | €231,001 | €200,666 | -€30,334 | -13.1% |
| Amounts payable within one year | 42/48 | €204,597 | €266,282 | +€61,685 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €25,667 | €28,000 | +€2,333 | +9.1% |
| Trade debts | 44 | €7,731 | €1,079 | -€6,652 | -86.0% |
| Suppliers | 440/4 | €7,731 | €1,079 | -€6,652 | -86.0% |
| Taxes, remuneration and social security | 45 | - | €410 | +€410 | |
| Taxes | 450/3 | - | €410 | +€410 | |
| Other amounts payable | 47/48 | €171,200 | €236,793 | +€65,593 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,115 | €22,840 | +€8,725 | +61.8% |
| Other operating charges | 640/8 | €1,729 | €1,756 | +€27 | +1.6% |
| Gross operating margin | 9900 | €45,645 | €81,307 | +€35,662 | +78.1% |
| Operating profit (loss) | 9901 | €29,802 | €56,711 | +€26,910 | +90.3% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €10,260 | €9,408 | -€852 | -8.3% |
| Recurring financial charges | 65 | €10,260 | €9,408 | -€852 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €19,542 | €47,340 | +€27,799 | +142% |
| Income taxes | 67/77 | - | €6,410 | +€6,410 | |
| Profit (loss) for the period | 9904 | €19,542 | €40,930 | +€21,389 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €19,542 | €40,930 | +€21,389 | +109% |
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.