STUDIE O: 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.
STUDIE O
Largest movements
- Receivables within one year +€24,905
up €24,905 (+84.7%), from €29,418 to €54,323
of which Other amounts receivable: +€24,852
- Stocks and contracts -€16,710
down €16,710 (-49.7%), from €33,591 to €16,880
- Tangible fixed assets +€11,263
up €11,263 (+63.5%), from €17,743 to €29,006
of which Furniture and vehicles: +€12,701
- Current investments +€5,000
new in 2025: €5,000
- Reserves +€11,525
up €11,525 (+31.9%), from €36,108 to €47,633
of which Distributable reserves: +€11,525
- Tax, wage and social debts +€7,535
up €7,535 (+282.5%), from €2,667 to €10,203
- Debts after one year +€3,744
up €3,744 (+163.5%), from €2,289 to €6,033
- Current portion of long-term debt +€3,617
up €3,617 (+65.3%), from €5,535 to €9,151
- Trade debts -€2,655
down €2,655 (-60.1%), from €4,415 to €1,760
- Gross operating margin +€14,772
up €14,772 (+122.3%), from €12,083 to €26,855
- Taxes +€5,795
up €5,795 (+972.1%), from €596 to €6,391
- Depreciation +€4,234
up €4,234 (+101.1%), from €4,186 to €8,419
- Financial income +€1,204
up €1,204 (+107.3%), from €1,122 to €2,326
- Financial charges -€475
down €475 (-17.3%), from €2,747 to €2,272
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,975 | €107,190 | +€25,215 | +30.8% |
| Fixed assets | 21/28 | €17,743 | €29,006 | +€11,263 | +63.5% |
| Tangible fixed assets | 22/27 | €17,743 | €29,006 | +€11,263 | +63.5% |
| Plant, machinery and equipment | 23 | €10,150 | €8,712 | -€1,438 | -14.2% |
| Furniture and vehicles | 24 | €7,593 | €20,294 | +€12,701 | +167.3% |
| Current assets | 29/58 | €64,232 | €78,184 | +€13,952 | +21.7% |
| Stocks and contracts in progress | 3 | €33,591 | €16,880 | -€16,710 | -49.7% |
| Stocks | 30/36 | €33,591 | €16,880 | -€16,710 | -49.7% |
| Amounts receivable within one year | 40/41 | €29,418 | €54,323 | +€24,905 | +84.7% |
| Trade receivables | 40 | €3,513 | €3,566 | +€53 | +1.5% |
| Other amounts receivable | 41 | €25,904 | €50,757 | +€24,852 | +95.9% |
| Current investments | 50/53 | - | €5,000 | +€5,000 | |
| Deferred charges and accrued income | 490/1 | €1,223 | €1,981 | +€758 | +61.9% |
| Total equity and liabilities | 10/49 | €81,975 | €107,190 | +€25,215 | +30.8% |
| Equity | 10/15 | €54,700 | €66,225 | +€11,525 | +21.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,108 | €47,633 | +€11,525 | +31.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €34,249 | €45,774 | +€11,525 | +33.7% |
| Amounts payable | 17/49 | €27,275 | €40,964 | +€13,690 | +50.2% |
| Amounts payable after more than one year | 17 | €2,289 | €6,033 | +€3,744 | +163.5% |
| Financial debts | 170/4 | €2,289 | €6,033 | +€3,744 | +163.5% |
| Amounts payable within one year | 42/48 | €23,252 | €33,101 | +€9,849 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €5,535 | €9,151 | +€3,617 | +65.3% |
| Financial debts | 43 | €10,635 | €11,987 | +€1,352 | +12.7% |
| Credit institutions | 430/8 | €10,635 | €11,987 | +€1,352 | +12.7% |
| Trade debts | 44 | €4,415 | €1,760 | -€2,655 | -60.1% |
| Suppliers | 440/4 | €4,415 | €1,760 | -€2,655 | -60.1% |
| Taxes, remuneration and social security | 45 | €2,667 | €10,203 | +€7,535 | +282.5% |
| Taxes | 450/3 | €2,667 | €10,203 | +€7,535 | +282.5% |
| Accrued charges and deferred income | 492/3 | €1,733 | €1,830 | +€97 | +5.6% |
| Non-recurring operating income | 76A | €9,550 | - | -€9,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €8,419 | +€4,234 | +101.1% |
| Other operating charges | 640/8 | €151 | €574 | +€423 | +280.8% |
| Non-recurring operating charges | 66A | €956 | - | -€956 | |
| Gross operating margin | 9900 | €12,083 | €26,855 | +€14,772 | +122.3% |
| Operating profit (loss) | 9901 | €6,790 | €17,861 | +€11,071 | +163.0% |
| Financial income | 75/76B | €1,122 | €2,326 | +€1,204 | +107.3% |
| Recurring financial income | 75 | €1,122 | €2,326 | +€1,204 | +107.3% |
| Financial charges | 65/66B | €2,747 | €2,272 | -€475 | -17.3% |
| Recurring financial charges | 65 | €2,747 | €2,272 | -€475 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €5,166 | €17,916 | +€12,750 | +246.8% |
| Income taxes | 67/77 | €596 | €6,391 | +€5,795 | +972.1% |
| Profit (loss) for the period | 9904 | €4,570 | €11,525 | +€6,956 | +152.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,570 | €11,525 | +€6,956 | +152.2% |
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 9 October 2026 via checked.be.