STUD V.V.: 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 V.V.
Largest movements
- Cash -€63,071
down €63,071 (-37.6%), from €167,556 to €104,485
mainly Investment in fixed assets (net) (-€94,818) and Other debts (-€72,996)
- Tangible fixed assets +€58,837
up €58,837 (+178.8%), from €32,902 to €91,739
of which Plant, machinery and equipment: +€61,338
- Receivables within one year -€46,638
down €46,638 (-18.8%), from €248,304 to €201,665
of which Trade receivables: -€163,666
- Stocks and contracts -€10,286
down €10,286 (-2.0%), from €501,979 to €491,693
- Advances received +€75,500
up €75,500 (+245.2%), from €30,795 to €106,295
- Other debts -€72,996
down €72,996 (-13.9%), from €523,804 to €450,808
- Trade debts -€64,293
down €64,293 (-52.8%), from €121,715 to €57,422
- Gross operating margin -€87,001
down €87,001 (-42.7%), from €203,765 to €116,763
- Staff costs -€8,544
down €8,544 (-83.6%), from €10,220 to €1,676
- Depreciation -€4,090
down €4,090 (-10.2%), from €40,071 to €35,981
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 | €957,096 | €900,941 | -€56,156 | -5.9% |
| Fixed assets | 21/28 | €35,037 | €93,874 | +€58,837 | +167.9% |
| Tangible fixed assets | 22/27 | €32,902 | €91,739 | +€58,837 | +178.8% |
| Land and buildings | 22 | €1,219 | €813 | -€406 | -33.3% |
| Plant, machinery and equipment | 23 | €11,321 | €72,658 | +€61,338 | +541.8% |
| Furniture and vehicles | 24 | €20,362 | €18,268 | -€2,094 | -10.3% |
| Financial fixed assets | 28 | €2,135 | €2,135 | = | 0.0% |
| Current assets | 29/58 | €922,059 | €807,067 | -€114,993 | -12.5% |
| Stocks and contracts in progress | 3 | €501,979 | €491,693 | -€10,286 | -2.0% |
| Stocks | 30/36 | €501,979 | €491,693 | -€10,286 | -2.0% |
| Amounts receivable within one year | 40/41 | €248,304 | €201,665 | -€46,638 | -18.8% |
| Trade receivables | 40 | €180,538 | €16,872 | -€163,666 | -90.7% |
| Other amounts receivable | 41 | €67,766 | €184,793 | +€117,027 | +172.7% |
| Cash at bank and in hand | 54/58 | €167,556 | €104,485 | -€63,071 | -37.6% |
| Deferred charges and accrued income | 490/1 | €4,221 | €9,223 | +€5,003 | +118.5% |
| Total equity and liabilities | 10/49 | €957,096 | €900,941 | -€56,156 | -5.9% |
| Equity | 10/15 | €277,217 | €280,739 | +€3,522 | +1.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €325 | €325 | = | 0.0% |
| Distributable reserves | 133 | €325 | €325 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,892 | €30,414 | +€3,522 | +13.1% |
| Amounts payable | 17/49 | €679,879 | €620,202 | -€59,677 | -8.8% |
| Amounts payable within one year | 42/48 | €679,879 | €620,202 | -€59,677 | -8.8% |
| Financial debts | 43 | €149 | €62 | -€87 | -58.4% |
| Credit institutions | 430/8 | €149 | €62 | -€87 | -58.4% |
| Trade debts | 44 | €121,715 | €57,422 | -€64,293 | -52.8% |
| Suppliers | 440/4 | €121,715 | €57,422 | -€64,293 | -52.8% |
| Advances received on contracts in progress | 46 | €30,795 | €106,295 | +€75,500 | +245.2% |
| Taxes, remuneration and social security | 45 | €3,416 | €5,615 | +€2,199 | +64.4% |
| Taxes | 450/3 | €2,441 | €4,415 | +€1,974 | +80.9% |
| Remuneration and social security | 454/9 | €975 | €1,200 | +€225 | +23.0% |
| Other amounts payable | 47/48 | €523,804 | €450,808 | -€72,996 | -13.9% |
| Non-recurring operating income | 76A | - | €155,915 | +€155,915 | |
| Remuneration, social security and pensions | 62 | €10,220 | €1,676 | -€8,544 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,071 | €35,981 | -€4,090 | -10.2% |
| Other operating charges | 640/8 | €4,500 | €3,164 | -€1,336 | -29.7% |
| Non-recurring operating charges | 66A | €3,846 | €0 | -€3,846 | -100.0% |
| Gross operating margin | 9900 | €203,765 | €116,763 | -€87,001 | -42.7% |
| Operating profit (loss) | 9901 | €145,128 | €75,942 | -€69,185 | -47.7% |
| Financial income | 75/76B | €318 | €30 | -€288 | -90.5% |
| Recurring financial income | 75 | €318 | €30 | -€288 | -90.5% |
| Financial charges | 65/66B | €1,036 | €493 | -€543 | -52.4% |
| Recurring financial charges | 65 | €1,036 | €493 | -€543 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €144,410 | €75,480 | -€68,930 | -47.7% |
| Income taxes | 67/77 | €1,924 | €1,958 | +€34 | +1.8% |
| Profit (loss) for the period | 9904 | €142,486 | €73,522 | -€68,964 | -48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €142,486 | €73,522 | -€68,964 | -48.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.