STUDAC BELGIUM: 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.
STUDAC BELGIUM
Largest movements
- Tangible fixed assets +€303,677
up €303,677 (+12.3%), from €2.5m to €2.8m
of which Land and buildings: +€302,595
- Cash -€97,615
down €97,615 (-44.0%), from €221,641 to €124,026
mainly Investment in fixed assets (net) (-€423,027) and Contributions, distributions and other (-€344,512)
- Current investments +€82,715
up €82,715 (+6.2%), from €1.3m to €1.4m
- Receivables within one year -€67,691
down €67,691 (-38.0%), from €178,099 to €110,407
of which Other amounts receivable: -€57,703
- Other debts +€460,428
up €460,428 (+37.1%), from €1.2m to €1.7m
- Reserves -€457,657
down €457,657 (-44.1%), from €1.0m to €581,132
- Debts after one year +€125,794
up €125,794 (+10.7%), from €1.2m to €1.3m
- Accrued charges and deferred income +€115,989
up €115,989 (+6,051%), from €1,917 to €117,906
- Financial income -€209,715
down €209,715 (-74.7%), from €280,577 to €70,862
- Financial charges -€101,591
down €101,591 (-37.5%), from €270,755 to €169,164
- Depreciation +€11,435
up €11,435 (+10.6%), from €107,914 to €119,349
- Taxes -€9,443
down €9,443 (-97.4%), from €9,698 to €255
- Gross operating margin -€5,244
down €5,244 (-4.4%), from €119,148 to €113,903
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 | €4,826,718 | €5,077,624 | +€250,906 | +5.2% |
| Fixed assets | 21/28 | €2,944,178 | €3,247,855 | +€303,677 | +10.3% |
| Tangible fixed assets | 22/27 | €2,477,495 | €2,781,173 | +€303,677 | +12.3% |
| Land and buildings | 22 | €2,003,548 | €2,306,143 | +€302,595 | +15.1% |
| Furniture and vehicles | 24 | €1,584 | €16,248 | +€14,664 | +926% |
| Leasing and similar rights | 25 | €472,363 | €458,782 | -€13,582 | -2.9% |
| Financial fixed assets | 28 | €466,683 | €466,683 | = | 0.0% |
| Current assets | 29/58 | €1,882,540 | €1,829,769 | -€52,772 | -2.8% |
| Amounts receivable after more than one year | 29 | €140,000 | €169,650 | +€29,650 | +21.2% |
| Other amounts receivable | 291 | €140,000 | €169,650 | +€29,650 | +21.2% |
| Amounts receivable within one year | 40/41 | €178,099 | €110,407 | -€67,691 | -38.0% |
| Trade receivables | 40 | €40,227 | €30,239 | -€9,988 | -24.8% |
| Other amounts receivable | 41 | €137,872 | €80,169 | -€57,703 | -41.9% |
| Current investments | 50/53 | €1,339,257 | €1,421,972 | +€82,715 | +6.2% |
| Cash at bank and in hand | 54/58 | €221,641 | €124,026 | -€97,615 | -44.0% |
| Deferred charges and accrued income | 490/1 | €3,544 | €3,713 | +€169 | +4.8% |
| Total equity and liabilities | 10/49 | €4,826,718 | €5,077,624 | +€250,906 | +5.2% |
| Equity | 10/15 | €2,385,661 | €1,928,004 | -€457,657 | -19.2% |
| Contributions | 10/11 | €1,346,872 | €1,346,872 | = | 0.0% |
| Reserves | 13 | €1,038,790 | €581,132 | -€457,657 | -44.1% |
| Distributable reserves | 133 | €1,038,790 | €581,132 | -€457,657 | -44.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,373 | €7,070 | -€303 | -4.1% |
| Deferred taxes | 168 | €7,373 | €7,070 | -€303 | -4.1% |
| Amounts payable | 17/49 | €2,433,684 | €3,142,550 | +€708,866 | +29.1% |
| Amounts payable after more than one year | 17 | €1,175,064 | €1,300,858 | +€125,794 | +10.7% |
| Financial debts | 170/4 | €1,175,064 | €1,300,858 | +€125,794 | +10.7% |
| Amounts payable within one year | 42/48 | €1,256,704 | €1,723,786 | +€467,083 | +37.2% |
| Trade debts | 44 | €4,836 | €11,698 | +€6,861 | +142% |
| Suppliers | 440/4 | €4,836 | €11,698 | +€6,861 | +142% |
| Taxes, remuneration and social security | 45 | €9,343 | €9,137 | -€207 | -2.2% |
| Taxes | 450/3 | €9,343 | €9,137 | -€207 | -2.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,242,524 | €1,702,952 | +€460,428 | +37.1% |
| Accrued charges and deferred income | 492/3 | €1,917 | €117,906 | +€115,989 | +6,051% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,914 | €119,349 | +€11,435 | +10.6% |
| Other operating charges | 640/8 | €10,925 | €8,857 | -€2,068 | -18.9% |
| Non-recurring operating charges | 66A | €588 | €588 | = | 0.0% |
| Gross operating margin | 9900 | €119,148 | €113,903 | -€5,244 | -4.4% |
| Operating profit (loss) | 9901 | -€280 | -€14,891 | -€14,611 | -5,219% |
| Financial income | 75/76B | €280,577 | €70,862 | -€209,715 | -74.7% |
| Recurring financial income | 75 | €280,577 | €70,862 | -€209,715 | -74.7% |
| Financial charges | 65/66B | €270,755 | €169,164 | -€101,591 | -37.5% |
| Recurring financial charges | 65 | €270,755 | €169,164 | -€101,591 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €9,542 | -€113,193 | -€122,735 | |
| Transfer from deferred taxes | 780 | €303 | €303 | = | 0.0% |
| Income taxes | 67/77 | €9,698 | €255 | -€9,443 | -97.4% |
| Profit (loss) for the period | 9904 | €147 | -€113,145 | -€113,293 | |
| Transfer from tax-exempt reserves | 789 | €588 | €588 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €736 | -€112,557 | -€113,293 |
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 15 October 2026 via checked.be.