STUDICO: 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.
STUDICO
Largest movements
- Cash +€39,895
up €39,895 (+61.0%), from €65,398 to €105,293
mainly Net result for the year (+€28,212) and Depreciation (+€27,781)
- Tangible fixed assets -€19,265
down €19,265 (-25.8%), from €74,563 to €55,298
of which Plant, machinery and equipment: -€10,341
- Receivables within one year -€6,709
down €6,709 (-11.5%), from €58,561 to €51,852
of which Trade receivables: -€6,659
- Stocks and contracts +€3,482
up €3,482 (+6.1%), from €57,306 to €60,788
- Reserves +€28,212
up €28,212 (+20.3%), from €138,781 to €166,993
- Trade debts +€15,198
up €15,198 (+51.6%), from €29,431 to €44,628
- Other debts -€11,827
down €11,827 (-28.0%), from €42,277 to €30,450
- Current portion of long-term debt -€8,163
down €8,163 (-68.8%), from €11,862 to €3,699
- Debts after one year -€3,699
down €3,699 (-100.0%), from €3,699 to €0
- Gross operating margin -€13,111
down €13,111 (-10.8%), from €121,278 to €108,167
- Other operating charges -€12,052
down €12,052 (-84.6%), from €14,252 to €2,200
- Financial income -€4,953
down €4,953 (-87.3%), from €5,676 to €723
- Depreciation +€4,519
up €4,519 (+19.4%), from €23,262 to €27,781
- Staff costs +€2,087
up €2,087 (+4.7%), from €44,819 to €46,907
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 | €260,036 | €277,228 | +€17,192 | +6.6% |
| Fixed assets | 21/28 | €75,763 | €55,898 | -€19,865 | -26.2% |
| Intangible fixed assets | 21 | €1,200 | €600 | -€600 | -50.0% |
| Tangible fixed assets | 22/27 | €74,563 | €55,298 | -€19,265 | -25.8% |
| Plant, machinery and equipment | 23 | €28,900 | €18,560 | -€10,341 | -35.8% |
| Furniture and vehicles | 24 | €45,663 | €36,739 | -€8,924 | -19.5% |
| Current assets | 29/58 | €184,273 | €221,329 | +€37,057 | +20.1% |
| Stocks and contracts in progress | 3 | €57,306 | €60,788 | +€3,482 | +6.1% |
| Stocks | 30/36 | €57,306 | €60,788 | +€3,482 | +6.1% |
| Amounts receivable within one year | 40/41 | €58,561 | €51,852 | -€6,709 | -11.5% |
| Trade receivables | 40 | €57,632 | €50,973 | -€6,659 | -11.6% |
| Other amounts receivable | 41 | €930 | €879 | -€50 | -5.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €65,398 | €105,293 | +€39,895 | +61.0% |
| Deferred charges and accrued income | 490/1 | €3,007 | €3,396 | +€389 | +12.9% |
| Total equity and liabilities | 10/49 | €260,036 | €277,228 | +€17,192 | +6.6% |
| Equity | 10/15 | €157,373 | €185,585 | +€28,212 | +17.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €138,781 | €166,993 | +€28,212 | +20.3% |
| Distributable reserves | 133 | €138,781 | €166,993 | +€28,212 | +20.3% |
| Amounts payable | 17/49 | €102,663 | €91,642 | -€11,021 | -10.7% |
| Amounts payable after more than one year | 17 | €3,699 | €0 | -€3,699 | -100.0% |
| Financial debts | 170/4 | €3,699 | €0 | -€3,699 | -100.0% |
| Amounts payable within one year | 42/48 | €98,964 | €91,642 | -€7,322 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €11,862 | €3,699 | -€8,163 | -68.8% |
| Trade debts | 44 | €29,431 | €44,628 | +€15,198 | +51.6% |
| Suppliers | 440/4 | €29,431 | €44,628 | +€15,198 | +51.6% |
| Taxes, remuneration and social security | 45 | €15,394 | €12,865 | -€2,529 | -16.4% |
| Taxes | 450/3 | €6,841 | €7,218 | +€377 | +5.5% |
| Remuneration and social security | 454/9 | €8,553 | €5,647 | -€2,906 | -34.0% |
| Other amounts payable | 47/48 | €42,277 | €30,450 | -€11,827 | -28.0% |
| Remuneration, social security and pensions | 62 | €44,819 | €46,907 | +€2,087 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,262 | €27,781 | +€4,519 | +19.4% |
| Other operating charges | 640/8 | €14,252 | €2,200 | -€12,052 | -84.6% |
| Gross operating margin | 9900 | €121,278 | €108,167 | -€13,111 | -10.8% |
| Operating profit (loss) | 9901 | €38,946 | €31,280 | -€7,666 | -19.7% |
| Financial income | 75/76B | €5,676 | €723 | -€4,953 | -87.3% |
| Recurring financial income | 75 | €5,676 | €723 | -€4,953 | -87.3% |
| Financial charges | 65/66B | €2,624 | €837 | -€1,786 | -68.1% |
| Recurring financial charges | 65 | €2,624 | €837 | -€1,786 | -68.1% |
| Profit (loss) for the period before taxes | 9903 | €41,998 | €31,166 | -€10,832 | -25.8% |
| Income taxes | 67/77 | €4,063 | €2,953 | -€1,110 | -27.3% |
| Profit (loss) for the period | 9904 | €37,934 | €28,212 | -€9,722 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €37,934 | €28,212 | -€9,722 | -25.6% |
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 28 September 2026 via checked.be.