STUDEX BENELUX: 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.
STUDEX BENELUX
Largest movements
- Receivables within one year +€131,636
up €131,636 (+153%), from €86,077 to €217,712
of which Trade receivables: +€134,111
- Tangible fixed assets -€27,204
down €27,204 (-11.1%), from €245,791 to €218,587
of which Furniture and vehicles: -€20,846
- Trade debts +€147,516
up €147,516 (+145%), from €101,863 to €249,378
- Other debts -€78,371
down €78,371 (-28.8%), from €272,544 to €194,172
- Tax, wage and social debts +€54,241
up €54,241 (+151%), from €35,940 to €90,182
of which Taxes: +€51,049
- Current portion of long-term debt -€29,173
down €29,173 (-74.8%), from €39,003 to €9,830
- Debts after one year -€9,830
down €9,830 (-100%), from €9,830 to €0
- Gross operating margin -€90,401
down €90,401 (-11.7%), from €770,669 to €680,268
- Staff costs +€32,568
up €32,568 (+11.5%), from €282,976 to €315,544
- Taxes -€26,480
down €26,480 (-27.5%), from €96,201 to €69,721
- Financial charges -€15,647
down €15,647 (-17.8%), from €87,906 to €72,259
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 | €775,670 | €867,596 | +€91,927 | +11.9% |
| Fixed assets | 21/28 | €245,791 | €218,587 | -€27,204 | -11.1% |
| Tangible fixed assets | 22/27 | €245,791 | €218,587 | -€27,204 | -11.1% |
| Land and buildings | 22 | €188,116 | €181,758 | -€6,358 | -3.4% |
| Furniture and vehicles | 24 | €57,675 | €36,829 | -€20,846 | -36.1% |
| Current assets | 29/58 | €529,879 | €649,009 | +€119,130 | +22.5% |
| Stocks and contracts in progress | 3 | €12,301 | €6,002 | -€6,299 | -51.2% |
| Stocks | 30/36 | €12,301 | €6,002 | -€6,299 | -51.2% |
| Amounts receivable within one year | 40/41 | €86,077 | €217,712 | +€131,636 | +153% |
| Trade receivables | 40 | €81,390 | €215,501 | +€134,111 | +165% |
| Other amounts receivable | 41 | €4,687 | €2,212 | -€2,475 | -52.8% |
| Cash at bank and in hand | 54/58 | €424,943 | €421,311 | -€3,632 | -0.9% |
| Deferred charges and accrued income | 490/1 | €6,558 | €3,984 | -€2,574 | -39.3% |
| Total equity and liabilities | 10/49 | €775,670 | €867,596 | +€91,927 | +11.9% |
| Equity | 10/15 | €250,292 | €250,292 | = | 0.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €231,700 | €231,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €229,841 | €229,841 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €66,197 | €66,197 | = | 0.0% |
| Deferred taxes | 168 | €66,197 | €66,197 | = | 0.0% |
| Amounts payable | 17/49 | €459,180 | €551,107 | +€91,927 | +20.0% |
| Amounts payable after more than one year | 17 | €9,830 | €0 | -€9,830 | -100% |
| Financial debts | 170/4 | €9,830 | €0 | -€9,830 | -100% |
| Amounts payable within one year | 42/48 | €449,350 | €543,789 | +€94,439 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €39,003 | €9,830 | -€29,173 | -74.8% |
| Trade debts | 44 | €101,863 | €249,378 | +€147,516 | +145% |
| Suppliers | 440/4 | €101,863 | €249,378 | +€147,516 | +145% |
| Advances received on contracts in progress | 46 | €0 | €227 | +€227 | |
| Taxes, remuneration and social security | 45 | €35,940 | €90,182 | +€54,241 | +151% |
| Taxes | 450/3 | €9,028 | €60,076 | +€51,049 | +565% |
| Remuneration and social security | 454/9 | €26,912 | €30,105 | +€3,193 | +11.9% |
| Other amounts payable | 47/48 | €272,544 | €194,172 | -€78,371 | -28.8% |
| Accrued charges and deferred income | 492/3 | - | €7,318 | +€7,318 | |
| Remuneration, social security and pensions | 62 | €282,976 | €315,544 | +€32,568 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,553 | €28,859 | -€694 | -2.3% |
| Other operating charges | 640/8 | €4,515 | €3,250 | -€1,264 | -28.0% |
| Gross operating margin | 9900 | €770,669 | €680,268 | -€90,401 | -11.7% |
| Operating profit (loss) | 9901 | €453,626 | €332,615 | -€121,011 | -26.7% |
| Financial income | 75/76B | €3,025 | €3,537 | +€512 | +16.9% |
| Recurring financial income | 75 | €3,025 | €3,537 | +€512 | +16.9% |
| Financial charges | 65/66B | €87,906 | €72,259 | -€15,647 | -17.8% |
| Recurring financial charges | 65 | €87,906 | €72,259 | -€15,647 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €368,745 | €263,893 | -€104,852 | -28.4% |
| Income taxes | 67/77 | €96,201 | €69,721 | -€26,480 | -27.5% |
| Profit (loss) for the period | 9904 | €272,544 | €194,172 | -€78,371 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €272,544 | €194,172 | -€78,371 | -28.8% |
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 17 October 2026 via checked.be.