STUT: 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.
STUT
Largest movements
- Cash -€56,403
down €56,403 (-38.8%), from €145,212 to €88,809
mainly Contributions, distributions and other (-€80,759) and Investment in fixed assets (net) (-€46,602)
- Tangible fixed assets +€14,612
up €14,612 (+17.2%), from €85,120 to €99,733
of which Furniture and vehicles: +€21,144
- Stocks and contracts +€6,814
up €6,814 (+398.9%), from €1,708 to €8,523
- Receivables within one year -€4,508
down €4,508 (-8.7%), from €51,977 to €47,469
- Other debts -€21,321
down €21,321 (-20.9%), from €102,080 to €80,759
- Tax, wage and social debts -€16,108
down €16,108 (-92.5%), from €17,422 to €1,314
- Short-term financial debts -€11,575
down €11,575 (-100.0%), from €11,575 to €0
of which Other loans: -€10,287
- Current portion of long-term debt +€10,226
new in 2025: €10,226
- Gross operating margin -€22,519
down €22,519 (-6.8%), from €329,506 to €306,986
- Staff costs +€12,560
up €12,560 (+9.2%), from €137,149 to €149,709
- Taxes -€7,917
down €7,917 (-20.2%), from €39,129 to €31,212
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 | €284,018 | €245,700 | -€38,318 | -13.5% |
| Fixed assets | 21/28 | €85,120 | €99,733 | +€14,612 | +17.2% |
| Tangible fixed assets | 22/27 | €85,120 | €99,733 | +€14,612 | +17.2% |
| Plant, machinery and equipment | 23 | €62,440 | €55,908 | -€6,531 | -10.5% |
| Furniture and vehicles | 24 | €22,681 | €43,825 | +€21,144 | +93.2% |
| Current assets | 29/58 | €198,898 | €145,967 | -€52,931 | -26.6% |
| Stocks and contracts in progress | 3 | €1,708 | €8,523 | +€6,814 | +398.9% |
| Stocks | 30/36 | €1,708 | €8,523 | +€6,814 | +398.9% |
| Amounts receivable within one year | 40/41 | €51,977 | €47,469 | -€4,508 | -8.7% |
| Trade receivables | 40 | €51,977 | €47,469 | -€4,508 | -8.7% |
| Cash at bank and in hand | 54/58 | €145,212 | €88,809 | -€56,403 | -38.8% |
| Deferred charges and accrued income | 490/1 | - | €1,167 | +€1,167 | |
| Total equity and liabilities | 10/49 | €284,018 | €245,700 | -€38,318 | -13.5% |
| Equity | 10/15 | €145,355 | €145,355 | = | 0.0% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,855 | €106,855 | = | 0.0% |
| Amounts payable | 17/49 | €138,664 | €100,345 | -€38,318 | -27.6% |
| Amounts payable within one year | 42/48 | €138,664 | €100,345 | -€38,318 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | - | €10,226 | +€10,226 | |
| Financial debts | 43 | €11,575 | €0 | -€11,575 | -100.0% |
| Credit institutions | 430/8 | €1,287 | €0 | -€1,287 | -100.0% |
| Other loans | 439 | €10,287 | €0 | -€10,287 | -100.0% |
| Trade debts | 44 | €7,587 | €8,046 | +€459 | +6.1% |
| Suppliers | 440/4 | €7,587 | €8,046 | +€459 | +6.1% |
| Taxes, remuneration and social security | 45 | €17,422 | €1,314 | -€16,108 | -92.5% |
| Taxes | 450/3 | €17,422 | €1,314 | -€16,108 | -92.5% |
| Other amounts payable | 47/48 | €102,080 | €80,759 | -€21,321 | -20.9% |
| Remuneration, social security and pensions | 62 | €137,149 | €149,709 | +€12,560 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,190 | €31,990 | +€1,800 | +6.0% |
| Other operating charges | 640/8 | €4,807 | €3,627 | -€1,180 | -24.6% |
| Non-recurring operating charges | 66A | €0 | €1,521 | +€1,521 | |
| Gross operating margin | 9900 | €329,506 | €306,986 | -€22,519 | -6.8% |
| Operating profit (loss) | 9901 | €157,360 | €120,140 | -€37,220 | -23.7% |
| Financial income | 75/76B | €406 | €576 | +€170 | +41.7% |
| Recurring financial income | 75 | €406 | €576 | +€170 | +41.7% |
| Financial charges | 65/66B | €7,371 | €8,745 | +€1,374 | +18.6% |
| Recurring financial charges | 65 | €7,371 | €8,745 | +€1,374 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €150,395 | €111,971 | -€38,424 | -25.5% |
| Income taxes | 67/77 | €39,129 | €31,212 | -€7,917 | -20.2% |
| Profit (loss) for the period | 9904 | €111,266 | €80,759 | -€30,507 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €111,266 | €80,759 | -€30,507 | -27.4% |
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.