STUDAC INTERNATIONAL: 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 INTERNATIONAL
Largest movements
- Tangible fixed assets -€99,397
down €99,397 (-5.9%), from €1.7m to €1.6m
- Current investments -€60,000
down €60,000 (-100%), from €60,000 to €0
- Cash +€18,275
up €18,275 (+195%), from €9,379 to €27,654
mainly Depreciation (+€152,769) and Current investments (+€60,000)
- Debts after one year -€130,000
down €130,000 (-12.1%), from €1.1m to €946,166
- Other debts -€43,623
down €43,623 (-23.8%), from €183,230 to €139,607
- Reserves +€20,827
up €20,827 (+20.5%), from €101,389 to €122,216
of which Non-distributable reserves: +€18,227
- Gross operating margin +€11,067
up €11,067 (+5.2%), from €214,565 to €225,632
- Depreciation +€6,337
up €6,337 (+4.3%), from €146,432 to €152,769
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 | €1,758,894 | €1,616,824 | -€142,070 | -8.1% |
| Fixed assets | 21/28 | €1,686,288 | €1,586,891 | -€99,397 | -5.9% |
| Tangible fixed assets | 22/27 | €1,680,088 | €1,580,691 | -€99,397 | -5.9% |
| Land and buildings | 22 | €1,680,088 | €1,580,691 | -€99,397 | -5.9% |
| Financial fixed assets | 28 | €6,200 | €6,200 | = | 0.0% |
| Current assets | 29/58 | €72,606 | €29,933 | -€42,673 | -58.8% |
| Amounts receivable within one year | 40/41 | €3,227 | €2,279 | -€949 | -29.4% |
| Trade receivables | 40 | €2,231 | €2,231 | = | 0.0% |
| Other amounts receivable | 41 | €996 | €48 | -€949 | -95.2% |
| Current investments | 50/53 | €60,000 | €0 | -€60,000 | -100% |
| Cash at bank and in hand | 54/58 | €9,379 | €27,654 | +€18,275 | +195% |
| Total equity and liabilities | 10/49 | €1,758,894 | €1,616,824 | -€142,070 | -8.1% |
| Equity | 10/15 | €355,480 | €376,307 | +€20,827 | +5.9% |
| Contributions | 10/11 | €254,091 | €254,091 | = | 0.0% |
| Capital | 10 | €254,091 | €254,091 | = | 0.0% |
| Issued capital | 100 | €254,091 | €254,091 | = | 0.0% |
| Reserves | 13 | €101,389 | €122,216 | +€20,827 | +20.5% |
| Non-distributable reserves | 130/1 | €7,182 | €25,409 | +€18,227 | +254% |
| Legal reserve | 130 | €7,182 | €25,409 | +€18,227 | +254% |
| Tax-exempt reserves | 132 | €23,007 | €15,338 | -€7,669 | -33.3% |
| Distributable reserves | 133 | €71,200 | €81,469 | +€10,269 | +14.4% |
| Provisions and deferred taxes | 16 | €11,847 | €7,898 | -€3,949 | -33.3% |
| Deferred taxes | 168 | €11,847 | €7,898 | -€3,949 | -33.3% |
| Amounts payable | 17/49 | €1,391,567 | €1,232,619 | -€158,948 | -11.4% |
| Amounts payable after more than one year | 17 | €1,076,166 | €946,166 | -€130,000 | -12.1% |
| Financial debts | 170/4 | €1,076,166 | €946,166 | -€130,000 | -12.1% |
| Amounts payable within one year | 42/48 | €315,401 | €270,733 | -€44,668 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €130,000 | €130,000 | = | 0.0% |
| Trade debts | 44 | €1,094 | €1,126 | +€33 | +3.0% |
| Suppliers | 440/4 | €1,094 | €1,126 | +€33 | +3.0% |
| Taxes, remuneration and social security | 45 | €1,077 | €0 | -€1,077 | -100% |
| Taxes | 450/3 | €177 | €0 | -€177 | -100% |
| Remuneration and social security | 454/9 | €900 | €0 | -€900 | -100% |
| Other amounts payable | 47/48 | €183,230 | €139,607 | -€43,623 | -23.8% |
| Accrued charges and deferred income | 492/3 | - | €15,720 | +€15,720 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,432 | €152,769 | +€6,337 | +4.3% |
| Other operating charges | 640/8 | €22,078 | €24,165 | +€2,087 | +9.5% |
| Gross operating margin | 9900 | €214,565 | €225,632 | +€11,067 | +5.2% |
| Operating profit (loss) | 9901 | €46,055 | €48,698 | +€2,643 | +5.7% |
| Financial income | 75/76B | €1,507 | €159 | -€1,348 | -89.4% |
| Recurring financial income | 75 | €1,507 | €159 | -€1,348 | -89.4% |
| Financial charges | 65/66B | €33,549 | €31,979 | -€1,570 | -4.7% |
| Recurring financial charges | 65 | €33,549 | €31,979 | -€1,570 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €14,013 | €16,878 | +€2,865 | +20.4% |
| Transfer from deferred taxes | 780 | €3,949 | €3,949 | = | 0.0% |
| Profit (loss) for the period | 9904 | €17,962 | €20,827 | +€2,865 | +15.9% |
| Transfer from tax-exempt reserves | 789 | €7,669 | €7,669 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,631 | €28,496 | +€2,865 | +11.2% |
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.