STUDARO: 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.
STUDARO
Largest movements
- Cash +€309,112
up €309,112 (+161.7%), from €191,219 to €500,331
mainly Debts after one year (+€550,000) and Depreciation (+€126,218)
- Intangible fixed assets -€124,231
down €124,231 (-31.5%), from €394,346 to €270,115
- Receivables within one year +€20,305
up €20,305 (+6.4%), from €317,494 to €337,800
of which Trade receivables: +€20,115
- Deferred charges and accrued income +€15,075
up €15,075 (+324.3%), from €4,648 to €19,723
- Debts after one year +€550,000
new in 2025: €550,000
- Reserves -€207,010
no longer reported in 2025 (was €207,010)
- Profit (loss) carried forward -€112,196
new in 2025: -€112,196
- Trade debts -€96,144
down €96,144 (-26.8%), from €358,302 to €262,158
- Current portion of long-term debt +€68,500
up €68,500 (+66.5%), from €103,000 to €171,500
- Gross operating margin -€295,643
down €295,643 (-25.8%), from €1.1m to €849,723
- Staff costs +€163,829
up €163,829 (+18.9%), from €867,078 to €1.0m
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 | €938,945 | €1,157,219 | +€218,275 | +23.2% |
| Fixed assets | 21/28 | €425,584 | €299,366 | -€126,218 | -29.7% |
| Intangible fixed assets | 21 | €394,346 | €270,115 | -€124,231 | -31.5% |
| Tangible fixed assets | 22/27 | €5,988 | €4,001 | -€1,987 | -33.2% |
| Furniture and vehicles | 24 | €5,988 | €4,001 | -€1,987 | -33.2% |
| Financial fixed assets | 28 | €25,250 | €25,250 | = | 0.0% |
| Current assets | 29/58 | €513,361 | €857,853 | +€344,492 | +67.1% |
| Amounts receivable within one year | 40/41 | €317,494 | €337,800 | +€20,305 | +6.4% |
| Trade receivables | 40 | €215,009 | €235,124 | +€20,115 | +9.4% |
| Other amounts receivable | 41 | €102,485 | €102,676 | +€190 | +0.2% |
| Cash at bank and in hand | 54/58 | €191,219 | €500,331 | +€309,112 | +161.7% |
| Deferred charges and accrued income | 490/1 | €4,648 | €19,723 | +€15,075 | +324.3% |
| Total equity and liabilities | 10/49 | €938,945 | €1,157,219 | +€218,275 | +23.2% |
| Equity | 10/15 | €413,210 | €94,004 | -€319,207 | -77.3% |
| Contributions | 10/11 | €206,200 | €206,200 | = | 0.0% |
| Reserves | 13 | €207,010 | - | -€207,010 | |
| Distributable reserves | 133 | €207,010 | - | -€207,010 | |
| Profit (loss) carried forward | 14 | - | -€112,196 | -€112,196 | |
| Amounts payable | 17/49 | €525,734 | €1,063,216 | +€537,481 | +102.2% |
| Amounts payable after more than one year | 17 | - | €550,000 | +€550,000 | |
| Financial debts | 170/4 | - | €550,000 | +€550,000 | |
| Amounts payable within one year | 42/48 | €524,453 | €510,081 | -€14,373 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €103,000 | €171,500 | +€68,500 | +66.5% |
| Trade debts | 44 | €358,302 | €262,158 | -€96,144 | -26.8% |
| Suppliers | 440/4 | €358,302 | €262,158 | -€96,144 | -26.8% |
| Taxes, remuneration and social security | 45 | €63,152 | €76,423 | +€13,271 | +21.0% |
| Taxes | 450/3 | €10,509 | €35,490 | +€24,981 | +237.7% |
| Remuneration and social security | 454/9 | €52,642 | €40,932 | -€11,710 | -22.2% |
| Accrued charges and deferred income | 492/3 | €1,281 | €3,135 | +€1,854 | +144.7% |
| Remuneration, social security and pensions | 62 | €867,078 | €1,030,908 | +€163,829 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,436 | €126,218 | +€9,782 | +8.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,384 | -€6,384 | |
| Other operating charges | 640/8 | €4,886 | €3,794 | -€1,092 | -22.4% |
| Gross operating margin | 9900 | €1,145,366 | €849,723 | -€295,643 | -25.8% |
| Operating profit (loss) | 9901 | €156,966 | -€304,812 | -€461,778 | |
| Financial income | 75/76B | €3,937 | €12,196 | +€8,259 | +209.8% |
| Recurring financial income | 75 | €3,937 | €12,196 | +€8,259 | +209.8% |
| Financial charges | 65/66B | €30,646 | €24,847 | -€5,799 | -18.9% |
| Recurring financial charges | 65 | €17,646 | €19,137 | +€1,491 | +8.4% |
| Non-recurring financial charges | 66B | €13,000 | €5,710 | -€7,290 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €130,257 | -€317,463 | -€447,720 | |
| Income taxes | 67/77 | €2,010 | €1,744 | -€266 | -13.2% |
| Profit (loss) for the period | 9904 | €128,247 | -€319,207 | -€447,454 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,247 | -€319,207 | -€447,454 |
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 11 October 2026 via checked.be.