STUDIEBUREAU WILLEMS: what changed
STUDIEBUREAU WILLEMS
Largest movements
- Tangible fixed assets -€20,795
down €20,795 (-24.2%), from €86,085 to €65,290
of which Furniture and vehicles: -€18,698
- Receivables within one year +€6,287
up €6,287 (+32.1%), from €19,592 to €25,879
of which Trade receivables: +€5,961
- Cash +€2,951
up €2,951 (+4.3%), from €68,330 to €71,281
mainly Net result for the year (+€38,026) and Other debts (+€25,517)
- Other debts +€25,517
up €25,517 (+9,236%), from €276 to €25,794
- Reserves -€21,974
down €21,974 (-23.4%), from €94,006 to €72,032
- Debts after one year -€18,011
down €18,011 (-34.7%), from €51,953 to €33,942
- Accrued charges and deferred income +€13,992
up €13,992 (+28,307%), from €49 to €14,042
- Trade debts -€12,637
down €12,637 (-89.1%), from €14,177 to €1,540
- Gross operating margin +€17,372
up €17,372 (+27.7%), from €62,731 to €80,103
- Staff costs +€5,867
new in 2025: €5,867
- Depreciation +€5,764
up €5,764 (+38.3%), from €15,031 to €20,795
- Taxes +€1,131
up €1,131 (+11.5%), from €9,877 to €11,008
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €183,768 | €173,511 | -€10,257 | -5.6% |
| Fixed assets | 21/28 | €86,085 | €65,290 | -€20,795 | -24.2% |
| Tangible fixed assets | 22/27 | €86,085 | €65,290 | -€20,795 | -24.2% |
| Land and buildings | 22 | €9,326 | €7,941 | -€1,386 | -14.9% |
| Plant, machinery and equipment | 23 | €3,011 | €2,299 | -€712 | -23.6% |
| Furniture and vehicles | 24 | €73,748 | €55,050 | -€18,698 | -25.4% |
| Current assets | 29/58 | €97,683 | €108,222 | +€10,538 | +10.8% |
| Amounts receivable within one year | 40/41 | €19,592 | €25,879 | +€6,287 | +32.1% |
| Trade receivables | 40 | €15,852 | €21,813 | +€5,961 | +37.6% |
| Other amounts receivable | 41 | €3,740 | €4,066 | +€326 | +8.7% |
| Cash at bank and in hand | 54/58 | €68,330 | €71,281 | +€2,951 | +4.3% |
| Deferred charges and accrued income | 490/1 | €9,761 | €11,061 | +€1,300 | +13.3% |
| Total equity and liabilities | 10/49 | €183,768 | €173,511 | -€10,257 | -5.6% |
| Equity | 10/15 | €97,006 | €75,032 | -€21,974 | -22.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €94,006 | €72,032 | -€21,974 | -23.4% |
| Distributable reserves | 133 | €94,006 | €72,032 | -€21,974 | -23.4% |
| Amounts payable | 17/49 | €86,763 | €98,479 | +€11,717 | +13.5% |
| Amounts payable after more than one year | 17 | €51,953 | €33,942 | -€18,011 | -34.7% |
| Financial debts | 170/4 | €51,953 | €33,942 | -€18,011 | -34.7% |
| Amounts payable within one year | 42/48 | €34,760 | €50,496 | +€15,735 | +45.3% |
| Current portion of amounts payable after more than one year | 42 | €20,307 | €22,216 | +€1,910 | +9.4% |
| Trade debts | 44 | €14,177 | €1,540 | -€12,637 | -89.1% |
| Suppliers | 440/4 | €14,177 | €1,540 | -€12,637 | -89.1% |
| Taxes, remuneration and social security | 45 | - | €946 | +€946 | |
| Taxes | 450/3 | - | €155 | +€155 | |
| Remuneration and social security | 454/9 | - | €791 | +€791 | |
| Other amounts payable | 47/48 | €276 | €25,794 | +€25,517 | +9,236% |
| Accrued charges and deferred income | 492/3 | €49 | €14,042 | +€13,992 | +28,307% |
| Remuneration, social security and pensions | 62 | - | €5,867 | +€5,867 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,031 | €20,795 | +€5,764 | +38.3% |
| Other operating charges | 640/8 | €1,240 | €1,430 | +€190 | +15.4% |
| Gross operating margin | 9900 | €62,731 | €80,103 | +€17,372 | +27.7% |
| Operating profit (loss) | 9901 | €46,460 | €52,011 | +€5,551 | +11.9% |
| Financial income | 75/76B | €0 | €10 | +€10 | +50,100% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +50,100% |
| Financial charges | 65/66B | €2,364 | €2,987 | +€623 | +26.4% |
| Recurring financial charges | 65 | €2,364 | €2,987 | +€623 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €44,096 | €49,034 | +€4,938 | +11.2% |
| Income taxes | 67/77 | €9,877 | €11,008 | +€1,131 | +11.5% |
| Profit (loss) for the period | 9904 | €34,219 | €38,026 | +€3,807 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,219 | €38,026 | +€3,807 | +11.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.