STUDIUM SIGNUM: 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.
STUDIUM SIGNUM
Largest movements
- Receivables within one year +€162,051
up €162,051 (+50.8%), from €318,793 to €480,843
of which Other amounts receivable: +€133,067
- Tangible fixed assets +€102,416
new in 2025: €102,416
of which Leasing and similar rights: +€86,294
- Profit (loss) carried forward +€283,402
up €283,402, from -€282,190 to €1,212
- Tax, wage and social debts -€33,565
down €33,565 (-54.8%), from €61,294 to €27,729
- Current portion of long-term debt +€15,978
new in 2025: €15,978
- Debts after one year -€14,343
down €14,343 (-4.1%), from €351,557 to €337,214
- Trade debts +€11,644
up €11,644 (+9.5%), from €123,055 to €134,699
- Gross operating margin +€83,250
up €83,250 (+39.1%), from €212,888 to €296,138
- Other operating charges -€20,023
down €20,023 (-84.7%), from €23,642 to €3,619
- Depreciation +€4,635
new in 2025: €4,635
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.
Derived cash bridge
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 | €341,192 | €604,308 | +€263,116 | +77.1% |
| Fixed assets | 21/28 | - | €102,416 | +€102,416 | |
| Tangible fixed assets | 22/27 | - | €102,416 | +€102,416 | |
| Plant, machinery and equipment | 23 | - | €8,550 | +€8,550 | |
| Furniture and vehicles | 24 | - | €7,572 | +€7,572 | |
| Leasing and similar rights | 25 | - | €86,294 | +€86,294 | |
| Current assets | 29/58 | €341,192 | €501,892 | +€160,701 | +47.1% |
| Amounts receivable within one year | 40/41 | €318,793 | €480,843 | +€162,051 | +50.8% |
| Trade receivables | 40 | €65,666 | €94,650 | +€28,984 | +44.1% |
| Other amounts receivable | 41 | €253,126 | €386,193 | +€133,067 | +52.6% |
| Cash at bank and in hand | 54/58 | €22,399 | €16,784 | -€5,615 | -25.1% |
| Deferred charges and accrued income | 490/1 | - | €4,265 | +€4,265 | |
| Total equity and liabilities | 10/49 | €341,192 | €604,308 | +€263,116 | +77.1% |
| Equity | 10/15 | -€194,714 | €88,687 | +€283,402 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,876 | €68,876 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,197 | €41,197 | = | 0.0% |
| Distributable reserves | 133 | €27,678 | €27,678 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€282,190 | €1,212 | +€283,402 | |
| Amounts payable | 17/49 | €535,906 | €515,621 | -€20,286 | -3.8% |
| Amounts payable after more than one year | 17 | €351,557 | €337,214 | -€14,343 | -4.1% |
| Financial debts | 170/4 | €351,557 | €337,214 | -€14,343 | -4.1% |
| Amounts payable within one year | 42/48 | €184,349 | €178,406 | -€5,943 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | - | €15,978 | +€15,978 | |
| Trade debts | 44 | €123,055 | €134,699 | +€11,644 | +9.5% |
| Suppliers | 440/4 | €123,055 | €134,699 | +€11,644 | +9.5% |
| Taxes, remuneration and social security | 45 | €61,294 | €27,729 | -€33,565 | -54.8% |
| Taxes | 450/3 | €61,294 | €27,729 | -€33,565 | -54.8% |
| Non-recurring operating income | 76A | - | €1,250 | +€1,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,635 | +€4,635 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €23,642 | €3,619 | -€20,023 | -84.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €212,888 | €296,138 | +€83,250 | +39.1% |
| Operating profit (loss) | 9901 | €189,246 | €287,884 | +€98,638 | +52.1% |
| Financial income | 75/76B | €230 | €17 | -€214 | -92.7% |
| Recurring financial income | 75 | €230 | €17 | -€214 | -92.7% |
| Financial charges | 65/66B | €5,525 | €4,498 | -€1,027 | -18.6% |
| Recurring financial charges | 65 | €5,525 | €4,498 | -€1,027 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €183,951 | €283,402 | +€99,451 | +54.1% |
| Profit (loss) for the period | 9904 | €183,951 | €283,402 | +€99,451 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €183,951 | €283,402 | +€99,451 | +54.1% |
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 23 October 2026 via checked.be.