STUDYBEL: 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.
What changed
STUDYBEL
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€418,725
2024 · €34,515-€453,240
Equity
€131,165
2024 · €549,890-€418,725
Cash
€510,611
2024 · €261,889+€248,723
Balance sheet total
€1.9m
2024 · €1.9m+€15,892
Largest movements
Assets
- Receivables within one year -€506,836
down €506,836 (-39.7%), from €1.3m to €768,577
of which Trade receivables: -€558,457
- Stocks and contracts +€296,670
up €296,670 (+95.2%), from €311,472 to €608,142
of which Contracts in progress: +€277,680
- Cash +€248,723
up €248,723 (+95.0%), from €261,889 to €510,611
mainly Trade debts (+€542,159) and Receivables within one year (+€506,836)
Equity and liabilities
- Trade debts +€542,159
up €542,159 (+154.1%), from €351,711 to €893,871
- Profit (loss) carried forward -€418,725
down €418,725, from €416,426 to -€2,298
- Advances received -€226,938
down €226,938 (-59.7%), from €379,969 to €153,031
- Other debts +€114,932
up €114,932 (+2382.3%), from €4,824 to €119,756
Income statement
- Turnover -€1.7m
down €1.7m (-28.1%), from €6.1m to €4.4m
- Goods and materials -€735,593
down €735,593 (-31.5%), from €2.3m to €1.6m
of which Purchases: -€715,710
- Financial income +€600,861
up €600,861 (+14361.9%), from €4,184 to €605,044
of which Non-recurring financial income: +€600,000
- Staff costs +€350,634
up €350,634 (+13.9%), from €2.5m to €2.9m
- Services and other goods +€113,728
up €113,728 (+10.4%), from €1.1m to €1.2m
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.
Result 2024
€34,515
Turnover
-€1.7m
Other operating income
+€25,745
Goods and materials
+€735,593
Services and other goods
-€113,728
Staff costs
-€350,634
Depreciation
+€6,578
Provisions
+€39,753
Other operating charges
-€10,352
Other operating items
+€299,620
Financial income
+€600,861
Financial charges
-€19,942
Taxes
+€54,800
Result 2025
-€418,725
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.
From operations
+€251,015
Investment
-€2,293
Financing
€0
Cash 2024
€261,889
From operations (derived)
+€251,015
Net result for the year
-€418,725
Depreciation
+€17,502
Stocks and contracts
-€296,670
Receivables within one year
+€506,836
Deferred charges and accrued income
+€7,456
Provisions
-€3,150
Trade debts
+€542,159
Tax, wage and social debts
+€7,601
Advances received
-€226,938
Other debts
+€114,932
Accrued charges and deferred income
+€13
Investment (derived)
-€2,293
Investment in fixed assets (net)
-€2,293
Cash 2025
€510,611
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,927,796 | €1,943,688 | +€15,892 | +0.8% |
| Fixed assets | 21/28 | €39,983 | €24,774 | -€15,209 | -38.0% |
| Intangible fixed assets | 21 | €1,620 | €876 | -€744 | -45.9% |
| Tangible fixed assets | 22/27 | €29,407 | €14,943 | -€14,465 | -49.2% |
| Land and buildings | 22 | €3,021 | €0 | -€3,021 | -100.0% |
| Furniture and vehicles | 24 | €26,387 | €14,943 | -€11,444 | -43.4% |
| Financial fixed assets | 28 | €8,955 | €8,955 | = | 0.0% |
| Affiliated companies | 280/1 | €8,881 | €8,881 | = | 0.0% |
| Participating interests | 280 | €8,881 | €8,881 | = | 0.0% |
| Other financial fixed assets | 284/8 | €74 | €74 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €1,887,814 | €1,918,915 | +€31,101 | +1.6% |
| Stocks and contracts in progress | 3 | €311,472 | €608,142 | +€296,670 | +95.2% |
| Stocks | 30/36 | €30,751 | €49,741 | +€18,990 | +61.8% |
| Goods purchased for resale | 34 | €30,751 | €49,741 | +€18,990 | +61.8% |
| Contracts in progress | 37 | €280,720 | €558,401 | +€277,680 | +98.9% |
| Amounts receivable within one year | 40/41 | €1,275,413 | €768,577 | -€506,836 | -39.7% |
| Trade receivables | 40 | €1,244,982 | €686,525 | -€558,457 | -44.9% |
| Other amounts receivable | 41 | €30,431 | €82,052 | +€51,622 | +169.6% |
| Cash at bank and in hand | 54/58 | €261,889 | €510,611 | +€248,723 | +95.0% |
| Deferred charges and accrued income | 490/1 | €39,040 | €31,585 | -€7,456 | -19.1% |
| Total equity and liabilities | 10/49 | €1,927,796 | €1,943,688 | +€15,892 | +0.8% |
| Equity | 10/15 | €549,890 | €131,165 | -€418,725 | -76.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €71,464 | €71,464 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,823 | €20,823 | = | 0.0% |
| Distributable reserves | 133 | €44,441 | €44,441 | = | 0.0% |
| Profit (loss) carried forward | 14 | €416,426 | -€2,298 | -€418,725 | |
| Provisions and deferred taxes | 16 | €73,365 | €70,215 | -€3,150 | -4.3% |
| Provisions for liabilities and charges | 160/5 | €73,365 | €70,215 | -€3,150 | -4.3% |
| Other liabilities and charges | 164/5 | €73,365 | €70,215 | -€3,150 | -4.3% |
| Amounts payable | 17/49 | €1,304,542 | €1,742,308 | +€437,767 | +33.6% |
| Amounts payable within one year | 42/48 | €1,304,227 | €1,741,981 | +€437,754 | +33.6% |
| Trade debts | 44 | €351,711 | €893,871 | +€542,159 | +154.1% |
| Suppliers | 440/4 | €351,711 | €893,871 | +€542,159 | +154.1% |
| Advances received on contracts in progress | 46 | €379,969 | €153,031 | -€226,938 | -59.7% |
| Taxes, remuneration and social security | 45 | €567,722 | €575,324 | +€7,601 | +1.3% |
| Taxes | 450/3 | €229,489 | €181,189 | -€48,300 | -21.0% |
| Remuneration and social security | 454/9 | €338,233 | €394,134 | +€55,901 | +16.5% |
| Other amounts payable | 47/48 | €4,824 | €119,756 | +€114,932 | +2382.3% |
| Accrued charges and deferred income | 492/3 | €315 | €327 | +€13 | +4.0% |
| Operating income | 70/76A | €6,148,129 | €4,759,212 | -€1.4m | -22.6% |
| Turnover | 70 | €6,120,913 | €4,399,380 | -€1.7m | -28.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€29,192 | €277,680 | +€306,872 | |
| Other operating income | 74 | €56,408 | €82,152 | +€25,745 | +45.6% |
| Operating charges | 60/66A | €6,035,815 | €5,735,857 | -€299,959 | -5.0% |
| Goods for resale, raw materials and consumables | 60 | €2,332,317 | €1,596,724 | -€735,593 | -31.5% |
| Purchases | 600/8 | €2,331,423 | €1,615,713 | -€715,710 | -30.7% |
| Change in stocks: decrease (increase) | 609 | €894 | -€18,990 | -€19,884 | |
| Services and other goods | 61 | €1,090,024 | €1,203,752 | +€113,728 | +10.4% |
| Remuneration, social security and pensions | 62 | €2,525,612 | €2,876,246 | +€350,634 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,080 | €17,502 | -€6,578 | -27.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €36,603 | -€3,150 | -€39,753 | |
| Other operating charges | 640/8 | €21,753 | €32,105 | +€10,352 | +47.6% |
| Non-recurring operating charges | 66A | €5,426 | €12,678 | +€7,252 | +133.6% |
| Operating profit (loss) | 9901 | €112,314 | -€976,644 | -€1.1m | |
| Financial income | 75/76B | €4,184 | €605,044 | +€600,861 | +14361.9% |
| Recurring financial income | 75 | €4,184 | €5,044 | +€861 | +20.6% |
| Income from financial fixed assets | 750 | €4,080 | €4,080 | = | 0.0% |
| Income from current assets | 751 | €0 | €0 | -€0 | -55.0% |
| Other financial income | 752/9 | €104 | €964 | +€861 | +831.7% |
| Non-recurring financial income | 76B | - | €600,000 | +€600,000 | |
| Financial charges | 65/66B | €19,686 | €39,628 | +€19,942 | +101.3% |
| Recurring financial charges | 65 | €19,539 | €39,628 | +€20,090 | +102.8% |
| Debt charges | 650 | €16,443 | €36,161 | +€19,719 | +119.9% |
| Other financial charges | 652/9 | €3,096 | €3,467 | +€371 | +12.0% |
| Non-recurring financial charges | 66B | €148 | - | -€148 | |
| Profit (loss) for the period before taxes | 9903 | €96,811 | -€411,228 | -€508,039 | |
| Income taxes | 67/77 | €62,296 | €7,496 | -€54,800 | -88.0% |
| Taxes | 670/3 | €62,296 | €7,496 | -€54,800 | -88.0% |
| Profit (loss) for the period | 9904 | €34,515 | -€418,725 | -€453,240 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,515 | -€418,725 | -€453,240 |
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 11 October 2026 via checked.be.