STUDIEGROEP LABYRINT: 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.
STUDIEGROEP LABYRINT
Largest movements
- Tangible fixed assets -€95,381
down €95,381 (-15.6%), from €613,157 to €517,777
- Stocks and contracts +€68,681
up €68,681 (+13.6%), from €503,248 to €571,929
of which Contracts in progress: +€55,885
- Receivables within one year -€19,097
down €19,097 (-3.4%), from €562,693 to €543,596
of which Trade receivables: -€21,210
- Deferred charges and accrued income +€18,642
up €18,642 (+171.6%), from €10,861 to €29,503
- Current portion of long-term debt -€87,272
down €87,272 (-13.3%), from €656,022 to €568,750
- Debts after one year -€60,299
down €60,299 (-56.8%), from €106,229 to €45,930
- Tax, wage and social debts +€36,056
up €36,056 (+50.6%), from €71,192 to €107,248
of which Taxes: +€35,423
- Other debts +€27,321
up €27,321 (+16.3%), from €167,322 to €194,643
- Profit (loss) carried forward +€24,418
up €24,418 (+8.2%), from €298,406 to €322,824
- Gross operating margin +€67,703
up €67,703 (+8.6%), from €787,401 to €855,104
- Staff costs +€50,555
up €50,555 (+8.3%), from €609,153 to €659,707
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 | €1,770,428 | €1,728,485 | -€41,944 | -2.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €629,615 | €522,983 | -€106,632 | -16.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €613,157 | €517,777 | -€95,381 | -15.6% |
| Land and buildings | 22 | €445,680 | €425,569 | -€20,112 | -4.5% |
| Plant, machinery and equipment | 23 | €53,323 | €37,444 | -€15,879 | -29.8% |
| Furniture and vehicles | 24 | €14,378 | €1,783 | -€12,595 | -87.6% |
| Leasing and similar rights | 25 | €99,776 | €52,981 | -€46,795 | -46.9% |
| Financial fixed assets | 28 | €16,458 | €5,207 | -€11,251 | -68.4% |
| Current assets | 29/58 | €1,140,813 | €1,205,501 | +€64,688 | +5.7% |
| Stocks and contracts in progress | 3 | €503,248 | €571,929 | +€68,681 | +13.6% |
| Stocks | 30/36 | €122,014 | €134,810 | +€12,796 | +10.5% |
| Contracts in progress | 37 | €381,234 | €437,119 | +€55,885 | +14.7% |
| Amounts receivable within one year | 40/41 | €562,693 | €543,596 | -€19,097 | -3.4% |
| Trade receivables | 40 | €548,868 | €527,658 | -€21,210 | -3.9% |
| Other amounts receivable | 41 | €13,825 | €15,938 | +€2,113 | +15.3% |
| Current investments | 50/53 | €300 | €300 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €63,711 | €60,173 | -€3,538 | -5.6% |
| Deferred charges and accrued income | 490/1 | €10,861 | €29,503 | +€18,642 | +171.6% |
| Total equity and liabilities | 10/49 | €1,770,428 | €1,728,485 | -€41,944 | -2.4% |
| Equity | 10/15 | €747,410 | €771,828 | +€24,418 | +3.3% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Capital | 10 | €24,789 | €24,789 | = | 0.0% |
| Issued capital | 100 | €24,789 | €24,789 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €174,215 | €174,215 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,922 | €87,922 | = | 0.0% |
| Distributable reserves | 133 | €83,815 | €83,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €298,406 | €322,824 | +€24,418 | +8.2% |
| Amounts payable | 17/49 | €1,023,018 | €956,656 | -€66,362 | -6.5% |
| Amounts payable after more than one year | 17 | €106,229 | €45,930 | -€60,299 | -56.8% |
| Financial debts | 170/4 | €106,229 | €45,930 | -€60,299 | -56.8% |
| Amounts payable within one year | 42/48 | €916,789 | €910,726 | -€6,063 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €656,022 | €568,750 | -€87,272 | -13.3% |
| Trade debts | 44 | €22,253 | €40,085 | +€17,831 | +80.1% |
| Suppliers | 440/4 | €22,253 | €40,085 | +€17,831 | +80.1% |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €71,192 | €107,248 | +€36,056 | +50.6% |
| Taxes | 450/3 | €18,970 | €54,393 | +€35,423 | +186.7% |
| Remuneration and social security | 454/9 | €52,222 | €52,855 | +€633 | +1.2% |
| Other amounts payable | 47/48 | €167,322 | €194,643 | +€27,321 | +16.3% |
| Remuneration, social security and pensions | 62 | €609,153 | €659,707 | +€50,555 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,049 | €95,733 | +€4,684 | +5.1% |
| Other operating charges | 640/8 | €13,527 | €12,279 | -€1,248 | -9.2% |
| Gross operating margin | 9900 | €787,401 | €855,104 | +€67,703 | +8.6% |
| Operating profit (loss) | 9901 | €73,672 | €87,385 | +€13,713 | +18.6% |
| Financial income | 75/76B | €367 | €1,361 | +€994 | +270.8% |
| Recurring financial income | 75 | €367 | €1,361 | +€994 | +270.8% |
| Financial charges | 65/66B | €50,943 | €51,431 | +€488 | +1.0% |
| Recurring financial charges | 65 | €50,943 | €51,431 | +€488 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €23,096 | €37,315 | +€14,219 | +61.6% |
| Income taxes | 67/77 | €9,900 | €12,897 | +€2,997 | +30.3% |
| Profit (loss) for the period | 9904 | €13,196 | €24,418 | +€11,222 | +85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,196 | €24,418 | +€11,222 | +85.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.