STUDENT AID: 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.
STUDENT AID
Largest movements
- Receivables after one year +€174,995
up €174,995 (+62.8%), from €278,874 to €453,869
- Cash -€75,128
down €75,128 (-96.5%), from €77,891 to €2,763
mainly Receivables after one year (-€174,995) and Current portion of long-term debt (-€74,068)
- Receivables within one year -€54,556
down €54,556 (-29.9%), from €182,441 to €127,885
of which Trade receivables: -€49,042
- Deferred charges and accrued income +€34,501
up €34,501 (+667%), from €5,169 to €39,670
- Intangible fixed assets -€34,456
down €34,456 (-38.1%), from €90,501 to €56,045
- Debts after one year +€200,000
up €200,000 (+107%), from €187,500 to €387,500
- Current portion of long-term debt -€74,068
down €74,068 (-54.2%), from €136,568 to €62,500
- Trade debts -€54,373
down €54,373 (-73.5%), from €73,987 to €19,614
- Tax, wage and social debts -€31,037
down €31,037 (-95.6%), from €32,465 to €1,428
- Depreciation -€52,786
down €52,786 (-59.7%), from €88,355 to €35,569
- Gross operating margin -€38,219
down €38,219 (-39.0%), from €97,963 to €59,744
- Taxes +€5,431
up €5,431 (+380%), from €1,428 to €6,859
- Financial income +€4,547
up €4,547 (+52.2%), from €8,713 to €13,260
- Staff costs +€4,144
new in 2025: €4,144
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 | €636,736 | €680,979 | +€44,243 | +6.9% |
| Fixed assets | 21/28 | €92,361 | €56,792 | -€35,569 | -38.5% |
| Intangible fixed assets | 21 | €90,501 | €56,045 | -€34,456 | -38.1% |
| Tangible fixed assets | 22/27 | €1,860 | €747 | -€1,113 | -59.8% |
| Plant, machinery and equipment | 23 | €1,106 | €477 | -€629 | -56.9% |
| Furniture and vehicles | 24 | €754 | €270 | -€484 | -64.2% |
| Current assets | 29/58 | €544,375 | €624,187 | +€79,812 | +14.7% |
| Amounts receivable after more than one year | 29 | €278,874 | €453,869 | +€174,995 | +62.8% |
| Other amounts receivable | 291 | €278,874 | €453,869 | +€174,995 | +62.8% |
| Amounts receivable within one year | 40/41 | €182,441 | €127,885 | -€54,556 | -29.9% |
| Trade receivables | 40 | €165,174 | €116,132 | -€49,042 | -29.7% |
| Other amounts receivable | 41 | €17,267 | €11,753 | -€5,514 | -31.9% |
| Cash at bank and in hand | 54/58 | €77,891 | €2,763 | -€75,128 | -96.5% |
| Deferred charges and accrued income | 490/1 | €5,169 | €39,670 | +€34,501 | +667% |
| Total equity and liabilities | 10/49 | €636,736 | €680,979 | +€44,243 | +6.9% |
| Equity | 10/15 | €183,330 | €189,619 | +€6,289 | +3.4% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €933 | €1,747 | +€814 | +87.2% |
| Non-distributable reserves | 130/1 | €933 | €1,747 | +€814 | +87.2% |
| Legal reserve | 130 | €933 | €1,747 | +€814 | +87.2% |
| Profit (loss) carried forward | 14 | €20,397 | €25,872 | +€5,475 | +26.8% |
| Amounts payable | 17/49 | €453,406 | €491,360 | +€37,954 | +8.4% |
| Amounts payable after more than one year | 17 | €187,500 | €387,500 | +€200,000 | +107% |
| Financial debts | 170/4 | €187,500 | €387,500 | +€200,000 | +107% |
| Amounts payable within one year | 42/48 | €253,020 | €93,542 | -€159,478 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €136,568 | €62,500 | -€74,068 | -54.2% |
| Trade debts | 44 | €73,987 | €19,614 | -€54,373 | -73.5% |
| Suppliers | 440/4 | €73,987 | €19,614 | -€54,373 | -73.5% |
| Taxes, remuneration and social security | 45 | €32,465 | €1,428 | -€31,037 | -95.6% |
| Taxes | 450/3 | €32,465 | €1,428 | -€31,037 | -95.6% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,886 | €10,318 | -€2,568 | -19.9% |
| Remuneration, social security and pensions | 62 | - | €4,144 | +€4,144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,355 | €35,569 | -€52,786 | -59.7% |
| Other operating charges | 640/8 | €1,114 | €1,143 | +€29 | +2.6% |
| Gross operating margin | 9900 | €97,963 | €59,744 | -€38,219 | -39.0% |
| Operating profit (loss) | 9901 | €8,494 | €18,888 | +€10,394 | +122% |
| Financial income | 75/76B | €8,713 | €13,260 | +€4,547 | +52.2% |
| Recurring financial income | 75 | €8,713 | €13,260 | +€4,547 | +52.2% |
| Financial charges | 65/66B | €12,677 | €9,000 | -€3,677 | -29.0% |
| Recurring financial charges | 65 | €12,677 | €9,000 | -€3,677 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €4,530 | €23,148 | +€18,618 | +411% |
| Income taxes | 67/77 | €1,428 | €6,859 | +€5,431 | +380% |
| Profit (loss) for the period | 9904 | €3,102 | €16,289 | +€13,187 | +425% |
| Profit (loss) for the period to be appropriated | 9905 | €3,102 | €16,289 | +€13,187 | +425% |
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 22 October 2026 via checked.be.