STUDFARM MAARLO: 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.
STUDFARM MAARLO
Largest movements
- Stocks and contracts +€100,000
up €100,000 (+21.1%), from €475,000 to €575,000
- Tangible fixed assets -€38,545
down €38,545 (-3.8%), from €1.0m to €969,990
of which Land and buildings: -€38,286
- Other debts +€55,959
up €55,959 (+17.2%), from €325,199 to €381,158
- Reserves +€31,286
up €31,286 (+3.5%), from €898,288 to €929,573
of which Distributable reserves: +€31,286
- Debts after one year -€25,000
down €25,000 (-3.5%), from €705,000 to €680,000
of which Financial debts: -€25,000
- Gross operating margin +€32,249
up €32,249 (+88.9%), from €36,275 to €68,524
- Financial charges +€2,383
up €2,383 (+102%), from €2,329 to €4,712
- Depreciation -€1,608
down €1,608 (-4.0%), from €40,152 to €38,545
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,948,273 | €2,010,587 | +€62,314 | +3.2% |
| Fixed assets | 21/28 | €1,159,909 | €1,121,364 | -€38,545 | -3.3% |
| Tangible fixed assets | 22/27 | €1,008,535 | €969,990 | -€38,545 | -3.8% |
| Land and buildings | 22 | €1,008,276 | €969,990 | -€38,286 | -3.8% |
| Plant, machinery and equipment | 23 | €258 | €0 | -€258 | -100% |
| Financial fixed assets | 28 | €151,374 | €151,374 | = | 0.0% |
| Current assets | 29/58 | €788,364 | €889,223 | +€100,859 | +12.8% |
| Amounts receivable after more than one year | 29 | €299,455 | €299,455 | = | 0.0% |
| Other amounts receivable | 291 | €299,455 | €299,455 | = | 0.0% |
| Stocks and contracts in progress | 3 | €475,000 | €575,000 | +€100,000 | +21.1% |
| Stocks | 30/36 | €475,000 | €575,000 | +€100,000 | +21.1% |
| Amounts receivable within one year | 40/41 | €1,167 | €773 | -€394 | -33.7% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,167 | €773 | -€394 | -33.7% |
| Cash at bank and in hand | 54/58 | €2,267 | €3,451 | +€1,184 | +52.2% |
| Deferred charges and accrued income | 490/1 | €10,475 | €10,544 | +€69 | +0.7% |
| Total equity and liabilities | 10/49 | €1,948,273 | €2,010,587 | +€62,314 | +3.2% |
| Equity | 10/15 | €916,888 | €948,173 | +€31,286 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €898,288 | €929,573 | +€31,286 | +3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €896,428 | €927,713 | +€31,286 | +3.5% |
| Amounts payable | 17/49 | €1,031,385 | €1,062,414 | +€31,029 | +3.0% |
| Amounts payable after more than one year | 17 | €705,000 | €680,000 | -€25,000 | -3.5% |
| Financial debts | 170/4 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Other amounts payable | 178/9 | €630,000 | €630,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €326,385 | €382,414 | +€56,029 | +17.2% |
| Trade debts | 44 | €1,186 | €1,256 | +€70 | +5.9% |
| Suppliers | 440/4 | €1,186 | €1,256 | +€70 | +5.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €325,199 | €381,158 | +€55,959 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,152 | €38,545 | -€1,608 | -4.0% |
| Other operating charges | 640/8 | €2,776 | €2,981 | +€205 | +7.4% |
| Gross operating margin | 9900 | €36,275 | €68,524 | +€32,249 | +88.9% |
| Operating profit (loss) | 9901 | -€6,654 | €26,998 | +€33,651 | |
| Financial income | 75/76B | €9,000 | €9,000 | = | 0.0% |
| Recurring financial income | 75 | €9,000 | €9,000 | = | 0.0% |
| Financial charges | 65/66B | €2,329 | €4,712 | +€2,383 | +102% |
| Recurring financial charges | 65 | €2,329 | €4,712 | +€2,383 | +102% |
| Profit (loss) for the period before taxes | 9903 | €18 | €31,286 | +€31,268 | +178,166% |
| Profit (loss) for the period | 9904 | €18 | €31,286 | +€31,268 | +178,166% |
| Profit (loss) for the period to be appropriated | 9905 | €18 | €31,286 | +€31,268 | +178,166% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.