STUDES: 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.
STUDES
Largest movements
- Receivables after one year -€60,655
down €60,655 (-100.0%), from €60,655 to €0
- Cash -€58,725
down €58,725 (-73.4%), from €79,993 to €21,268
mainly Other debts (-€100,000) and Receivables within one year (-€56,767)
- Receivables within one year +€56,767
up €56,767 (+74.8%), from €75,887 to €132,653
of which Other amounts receivable: +€47,217
- Other debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Reserves +€37,922
up €37,922 (+873.9%), from €4,339 to €42,261
- Gross operating margin -€52,733
down €52,733 (-44.4%), from €118,664 to €65,931
- Taxes -€9,170
down €9,170 (-31.2%), from €29,390 to €20,220
- Financial charges -€1,583
down €1,583 (-19.2%), from €8,239 to €6,656
- Financial income -€1,279
down €1,279 (-21.5%), from €5,942 to €4,663
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 | €232,552 | €168,641 | -€63,911 | -27.5% |
| Fixed assets | 21/28 | €11,168 | €9,846 | -€1,321 | -11.8% |
| Tangible fixed assets | 22/27 | €11,061 | €9,740 | -€1,321 | -11.9% |
| Furniture and vehicles | 24 | €5,923 | €4,889 | -€1,035 | -17.5% |
| Other tangible fixed assets | 26 | €5,138 | €4,851 | -€287 | -5.6% |
| Financial fixed assets | 28 | €106 | €106 | = | 0.0% |
| Current assets | 29/58 | €221,384 | €158,795 | -€62,589 | -28.3% |
| Amounts receivable after more than one year | 29 | €60,655 | €0 | -€60,655 | -100.0% |
| Other amounts receivable | 291 | €60,655 | €0 | -€60,655 | -100.0% |
| Amounts receivable within one year | 40/41 | €75,887 | €132,653 | +€56,767 | +74.8% |
| Trade receivables | 40 | €28,765 | €38,315 | +€9,550 | +33.2% |
| Other amounts receivable | 41 | €47,121 | €94,338 | +€47,217 | +100.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €79,993 | €21,268 | -€58,725 | -73.4% |
| Deferred charges and accrued income | 490/1 | €4,849 | €4,874 | +€25 | +0.5% |
| Total equity and liabilities | 10/49 | €232,552 | €168,641 | -€63,911 | -27.5% |
| Equity | 10/15 | €107,125 | €145,047 | +€37,922 | +35.4% |
| Contributions | 10/11 | €23,705 | €23,705 | = | 0.0% |
| Reserves | 13 | €4,339 | €42,261 | +€37,922 | +873.9% |
| Distributable reserves | 133 | €4,339 | €42,261 | +€37,922 | +873.9% |
| Profit (loss) carried forward | 14 | €79,081 | €79,081 | = | 0.0% |
| Amounts payable | 17/49 | €125,427 | €23,594 | -€101,833 | -81.2% |
| Amounts payable within one year | 42/48 | €125,427 | €23,594 | -€101,833 | -81.2% |
| Financial debts | 43 | €12,500 | €12,500 | = | 0.0% |
| Credit institutions | 430/8 | €12,500 | €12,500 | = | 0.0% |
| Trade debts | 44 | €4,662 | €2,926 | -€1,735 | -37.2% |
| Suppliers | 440/4 | €4,662 | €2,926 | -€1,735 | -37.2% |
| Taxes, remuneration and social security | 45 | €8,265 | €8,168 | -€97 | -1.2% |
| Taxes | 450/3 | €8,265 | €8,168 | -€97 | -1.2% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,799 | €4,892 | +€1,093 | +28.8% |
| Other operating charges | 640/8 | €493 | €904 | +€411 | +83.2% |
| Gross operating margin | 9900 | €118,664 | €65,931 | -€52,733 | -44.4% |
| Operating profit (loss) | 9901 | €114,371 | €60,135 | -€54,236 | -47.4% |
| Financial income | 75/76B | €5,942 | €4,663 | -€1,279 | -21.5% |
| Recurring financial income | 75 | €5,942 | €4,663 | -€1,279 | -21.5% |
| Financial charges | 65/66B | €8,239 | €6,656 | -€1,583 | -19.2% |
| Recurring financial charges | 65 | €8,239 | €6,656 | -€1,583 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €112,075 | €58,142 | -€53,932 | -48.1% |
| Income taxes | 67/77 | €29,390 | €20,220 | -€9,170 | -31.2% |
| Profit (loss) for the period | 9904 | €82,684 | €37,922 | -€44,762 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,684 | €37,922 | -€44,762 | -54.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.