STUDELCO: what changed
Two fiscal 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.
STUDELCO
Largest movements
- Tangible fixed assets -€22,314
down €22,314 (-1.5%), from €1.5m to €1.5m
of which Land and buildings: -€22,314
- Cash -€20,088
down €20,088 (-65.5%), from €30,653 to €10,565
mainly Net result for the year (-€21,105) and Investment in fixed assets (net) (-€19,747)
- Reserves -€21,105
down €21,105 (-2.1%), from €1.0m to €985,861
of which Tax-exempt reserves: -€43,585
- Gross operating margin +€24,556
up €24,556, from -€10,678 to €13,877
- Depreciation +€10,284
up €10,284 (+32.4%), from €31,776 to €42,060
- Financial charges +€4,121
up €4,121 (+237.7%), from €1,733 to €5,854
- Financial income -€208
no longer reported in 2025 (was €208)
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 | €1,549,353 | €1,506,951 | -€42,402 | -2.7% |
| Fixed assets | 21/28 | €1,518,700 | €1,496,386 | -€22,314 | -1.5% |
| Tangible fixed assets | 22/27 | €1,518,700 | €1,496,386 | -€22,314 | -1.5% |
| Land and buildings | 22 | €1,518,700 | €1,496,386 | -€22,314 | -1.5% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €30,653 | €10,565 | -€20,088 | -65.5% |
| Cash at bank and in hand | 54/58 | €30,653 | €10,565 | -€20,088 | -65.5% |
| Total equity and liabilities | 10/49 | €1,549,353 | €1,506,951 | -€42,402 | -2.7% |
| Equity | 10/15 | €1,049,266 | €1,028,161 | -€21,105 | -2.0% |
| Contributions | 10/11 | €42,300 | €42,300 | = | 0.0% |
| Reserves | 13 | €1,006,966 | €985,861 | -€21,105 | -2.1% |
| Non-distributable reserves | 130/1 | €4,230 | €4,230 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,230 | €4,230 | = | 0.0% |
| Tax-exempt reserves | 132 | €908,211 | €864,626 | -€43,585 | -4.8% |
| Distributable reserves | 133 | €94,525 | €117,005 | +€22,480 | +23.8% |
| Provisions and deferred taxes | 16 | €302,737 | €288,209 | -€14,528 | -4.8% |
| Deferred taxes | 168 | €302,737 | €288,209 | -€14,528 | -4.8% |
| Amounts payable | 17/49 | €197,351 | €190,582 | -€6,769 | -3.4% |
| Amounts payable after more than one year | 17 | €173,569 | €163,424 | -€10,145 | -5.8% |
| Financial debts | 170/4 | €173,569 | €163,424 | -€10,145 | -5.8% |
| Amounts payable within one year | 42/48 | €23,782 | €27,158 | +€3,376 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €9,827 | €10,145 | +€318 | +3.2% |
| Trade debts | 44 | €1,289 | €1,319 | +€30 | +2.3% |
| Suppliers | 440/4 | €1,289 | €1,319 | +€30 | +2.3% |
| Taxes, remuneration and social security | 45 | €174 | €176 | +€2 | +1.0% |
| Taxes | 450/3 | €174 | €176 | +€2 | +1.0% |
| Other amounts payable | 47/48 | €12,492 | €15,518 | +€3,026 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,776 | €42,060 | +€10,284 | +32.4% |
| Other operating charges | 640/8 | €1,315 | €1,419 | +€105 | +8.0% |
| Gross operating margin | 9900 | -€10,678 | €13,877 | +€24,556 | |
| Operating profit (loss) | 9901 | -€43,770 | -€29,603 | +€14,167 | +32.4% |
| Financial income | 75/76B | €208 | - | -€208 | |
| Recurring financial income | 75 | €208 | - | -€208 | |
| Financial charges | 65/66B | €1,733 | €5,854 | +€4,121 | +237.7% |
| Recurring financial charges | 65 | €1,733 | €5,854 | +€4,121 | +237.7% |
| Profit (loss) for the period before taxes | 9903 | -€45,295 | -€35,457 | +€9,838 | +21.7% |
| Transfer from deferred taxes | 780 | €7,131 | €14,528 | +€7,397 | +103.7% |
| Income taxes | 67/77 | €237 | €176 | -€61 | -25.6% |
| Profit (loss) for the period | 9904 | -€38,400 | -€21,105 | +€17,295 | +45.0% |
| Transfer from tax-exempt reserves | 789 | €21,394 | €43,585 | +€22,190 | +103.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,006 | €22,480 | +€39,485 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.