STUDO: what changed
Two fiscal 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.
STUDO
Largest movements
- Stocks and contracts -€560,244
no longer reported in 2025 (was €560,244)
of which Stocks: -€535,244
- Cash +€78,631
up €78,631 (+379.6%), from €20,717 to €99,348
mainly Stocks and contracts (+€560,244) and Depreciation (+€27,252)
- Tangible fixed assets -€27,252
down €27,252 (-3.9%), from €694,808 to €667,556
of which Land and buildings: -€20,979
- Other debts -€208,457
down €208,457 (-27.3%), from €763,253 to €554,796
- Debts after one year -€187,157
no longer reported in 2025 (was €187,157)
- Profit (loss) carried forward -€81,909
down €81,909 (-60.5%), from -€135,367 to -€217,276
- Gross operating margin -€13,039
down €13,039 (-23.9%), from -€54,619 to -€67,659
- Depreciation -€2,915
down €2,915 (-9.7%), from €30,168 to €27,252
- Other operating charges -€2,274
down €2,274 (-53.6%), from €4,245 to €1,972
- Taxes +€2,121
new in 2025: €2,121
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 | €1,536,939 | €1,036,750 | -€500,190 | -32.5% |
| Fixed assets | 21/28 | €945,680 | €918,427 | -€27,252 | -2.9% |
| Intangible fixed assets | 21 | €246,471 | €246,471 | = | 0.0% |
| Tangible fixed assets | 22/27 | €694,808 | €667,556 | -€27,252 | -3.9% |
| Land and buildings | 22 | €652,704 | €631,725 | -€20,979 | -3.2% |
| Plant, machinery and equipment | 23 | €26,565 | €23,107 | -€3,458 | -13.0% |
| Furniture and vehicles | 24 | €12,263 | €9,915 | -€2,347 | -19.1% |
| Other tangible fixed assets | 26 | €3,277 | €2,809 | -€468 | -14.3% |
| Financial fixed assets | 28 | €4,400 | €4,400 | = | 0.0% |
| Current assets | 29/58 | €591,260 | €118,322 | -€472,937 | -80.0% |
| Stocks and contracts in progress | 3 | €560,244 | - | -€560,244 | |
| Stocks | 30/36 | €535,244 | - | -€535,244 | |
| Contracts in progress | 37 | €25,000 | - | -€25,000 | |
| Amounts receivable within one year | 40/41 | €10,299 | €18,975 | +€8,676 | +84.2% |
| Trade receivables | 40 | €678 | - | -€678 | |
| Other amounts receivable | 41 | €9,621 | €18,975 | +€9,353 | +97.2% |
| Cash at bank and in hand | 54/58 | €20,717 | €99,348 | +€78,631 | +379.6% |
| Total equity and liabilities | 10/49 | €1,536,939 | €1,036,750 | -€500,190 | -32.5% |
| Equity | 10/15 | €152,628 | €65,597 | -€87,030 | -57.0% |
| Contributions | 10/11 | €143,600 | €143,600 | = | 0.0% |
| Capital | 10 | €143,600 | €143,600 | = | 0.0% |
| Issued capital | 100 | €143,600 | €143,600 | = | 0.0% |
| Reserves | 13 | €144,395 | €139,274 | -€5,121 | -3.5% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Legal reserve | 130 | €1,000 | €1,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €143,395 | €138,274 | -€5,121 | -3.6% |
| Profit (loss) carried forward | 14 | -€135,367 | -€217,276 | -€81,909 | -60.5% |
| Provisions and deferred taxes | 16 | €430,185 | €414,821 | -€15,364 | -3.6% |
| Deferred taxes | 168 | €430,185 | €414,821 | -€15,364 | -3.6% |
| Amounts payable | 17/49 | €954,127 | €556,331 | -€397,796 | -41.7% |
| Amounts payable after more than one year | 17 | €187,157 | - | -€187,157 | |
| Financial debts | 170/4 | €187,157 | - | -€187,157 | |
| Amounts payable within one year | 42/48 | €766,970 | €556,331 | -€210,639 | -27.5% |
| Trade debts | 44 | €1,214 | €37 | -€1,178 | -97.0% |
| Suppliers | 440/4 | €1,214 | €37 | -€1,178 | -97.0% |
| Taxes, remuneration and social security | 45 | €2,502 | €1,499 | -€1,004 | -40.1% |
| Taxes | 450/3 | €2,502 | €1,499 | -€1,004 | -40.1% |
| Other amounts payable | 47/48 | €763,253 | €554,796 | -€208,457 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,168 | €27,252 | -€2,915 | -9.7% |
| Other operating charges | 640/8 | €4,245 | €1,972 | -€2,274 | -53.6% |
| Gross operating margin | 9900 | -€54,619 | -€67,659 | -€13,039 | -23.9% |
| Operating profit (loss) | 9901 | -€89,032 | -€96,883 | -€7,851 | -8.8% |
| Financial income | 75/76B | €5 | €532 | +€528 | +11626.9% |
| Recurring financial income | 75 | €5 | €532 | +€528 | +11626.9% |
| Financial charges | 65/66B | €3,858 | €3,922 | +€64 | +1.7% |
| Recurring financial charges | 65 | €3,858 | €3,922 | +€64 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | -€92,886 | -€100,273 | -€7,387 | -8.0% |
| Transfer from deferred taxes | 780 | €15,364 | €15,364 | = | 0.0% |
| Income taxes | 67/77 | - | €2,121 | +€2,121 | |
| Profit (loss) for the period | 9904 | -€77,522 | -€87,030 | -€9,508 | -12.3% |
| Transfer from tax-exempt reserves | 789 | €5,121 | €5,121 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,401 | -€81,909 | -€9,508 | -13.1% |
Source: filed annual accounts (NBB), fiscal 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.