STUDIES & DEVELOPMENT: what changed
STUDIES & DEVELOPMENT
Largest movements
- Cash -€95,066
down €95,066 (-28.8%), from €330,244 to €235,178
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€41,635)
- Tangible fixed assets +€33,077
up €33,077 (+2,449%), from €1,350 to €34,427
of which Furniture and vehicles: +€33,293
- Current investments +€30,000
up €30,000 (+9.2%), from €325,000 to €355,000
- Other debts -€19,607
down €19,607 (-20.8%), from €94,213 to €74,607
- Gross operating margin -€14,286
down €14,286 (-12.1%), from €118,437 to €104,151
- Depreciation +€7,767
up €7,767 (+981%), from €792 to €8,559
- Taxes +€5,812
up €5,812 (+15.1%), from €38,559 to €44,371
- Financial charges -€4,832
down €4,832 (-82.0%), from €5,893 to €1,061
- Other operating charges +€1,496
up €1,496 (+203%), from €737 to €2,233
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €665,483 | €634,634 | -€30,849 | -4.6% |
| Fixed assets | 21/28 | €1,350 | €34,427 | +€33,077 | +2,449% |
| Tangible fixed assets | 22/27 | €1,350 | €34,427 | +€33,077 | +2,449% |
| Plant, machinery and equipment | 23 | €576 | €360 | -€216 | -37.5% |
| Furniture and vehicles | 24 | €774 | €34,067 | +€33,293 | +4,301% |
| Current assets | 29/58 | €664,133 | €600,207 | -€63,926 | -9.6% |
| Amounts receivable within one year | 40/41 | €4,307 | €4,860 | +€553 | +12.9% |
| Trade receivables | 40 | €4,307 | €0 | -€4,307 | -100% |
| Other amounts receivable | 41 | €0 | €4,860 | +€4,860 | |
| Current investments | 50/53 | €325,000 | €355,000 | +€30,000 | +9.2% |
| Cash at bank and in hand | 54/58 | €330,244 | €235,178 | -€95,066 | -28.8% |
| Deferred charges and accrued income | 490/1 | €4,583 | €5,169 | +€587 | +12.8% |
| Total equity and liabilities | 10/49 | €665,483 | €634,634 | -€30,849 | -4.6% |
| Equity | 10/15 | €554,610 | €551,687 | -€2,923 | -0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €366,770 | €363,770 | -€3,000 | -0.8% |
| Distributable reserves | 133 | €366,770 | €363,770 | -€3,000 | -0.8% |
| Profit (loss) carried forward | 14 | €181,640 | €181,717 | +€77 | 0.0% |
| Amounts payable | 17/49 | €110,873 | €82,947 | -€27,926 | -25.2% |
| Amounts payable within one year | 42/48 | €105,183 | €82,099 | -€23,084 | -21.9% |
| Trade debts | 44 | - | €193 | +€193 | |
| Suppliers | 440/4 | - | €193 | +€193 | |
| Taxes, remuneration and social security | 45 | €10,970 | €7,300 | -€3,670 | -33.5% |
| Taxes | 450/3 | €10,970 | €7,300 | -€3,670 | -33.5% |
| Other amounts payable | 47/48 | €94,213 | €74,607 | -€19,607 | -20.8% |
| Accrued charges and deferred income | 492/3 | €5,690 | €848 | -€4,842 | -85.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €792 | €8,559 | +€7,767 | +981% |
| Other operating charges | 640/8 | €737 | €2,233 | +€1,496 | +203% |
| Gross operating margin | 9900 | €118,437 | €104,151 | -€14,286 | -12.1% |
| Operating profit (loss) | 9901 | €116,908 | €93,358 | -€23,549 | -20.1% |
| Financial income | 75/76B | €8,277 | €9,151 | +€873 | +10.6% |
| Recurring financial income | 75 | €8,277 | €9,151 | +€873 | +10.6% |
| Financial charges | 65/66B | €5,893 | €1,061 | -€4,832 | -82.0% |
| Recurring financial charges | 65 | €5,893 | €1,061 | -€4,832 | -82.0% |
| Profit (loss) for the period before taxes | 9903 | €119,292 | €101,448 | -€17,844 | -15.0% |
| Income taxes | 67/77 | €38,559 | €44,371 | +€5,812 | +15.1% |
| Profit (loss) for the period | 9904 | €80,733 | €57,077 | -€23,656 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,733 | €57,077 | -€23,656 | -29.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.