STUDIUM: 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
STUDIUM
NACE 81.100, Combined facilities support activities
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
-€507,552
31-12-2024 · €5.2m-€5.7m
Equity
€37.9m
31-12-2024 · €38.4m-€507,552
Cash
€57,512
31-12-2024 · €119,544-€62,032
Balance sheet total
€39.9m
31-12-2024 · €40.6m-€609,382
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€500,555
down €500,555 (-3.9%), from €12.9m to €12.4m
Income statement
- Financial income -€3.6m
down €3.6m (-99.5%), from €3.6m to €19,260
- Gross operating margin -€3.5m
down €3.5m, from €3.4m to -€67,249
- Depreciation -€881,402
down €881,402 (-73.3%), from €1.2m to €320,513
- Financial charges -€372,730
down €372,730 (-80.8%), from €461,379 to €88,649
- Taxes -€193,369
down €193,369 (-100%), from €193,369 to €0
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€5.2m
Gross operating margin
-€3.5m
Staff costs
+€17,347
Depreciation
+€881,402
Other operating charges
+€9,130
Financial income
-€3.6m
Financial charges
+€372,730
Taxes
+€193,369
Result 31-12-2025
-€507,552
raises the resultlowers the result
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€202,536
Investment
+€194,315
Financing
-€53,811
Cash 31-12-2024
€119,544
From operations (derived)
-€202,536
Net result for the year
-€507,552
Depreciation
+€320,513
Receivables within one year
+€44,255
Deferred charges and accrued income
-€11,733
Provisions
-€3,603
Trade debts
-€3,841
Tax, wage and social debts
-€3,166
Other debts
+€21,777
Accrued charges and deferred income
-€59,186
Investment (derived)
+€194,315
Investment in fixed assets (net)
-€54,915
Current investments
+€249,230
Financing
-€53,811
Debts after one year
-€57,591
Current portion of long-term debt
+€3,780
Cash 31-12-2025
€57,512
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,559,021 | €39,949,638 | -€609,382 | -1.5% |
| Fixed assets | 21/28 | €38,658,558 | €38,392,961 | -€265,597 | -0.7% |
| Tangible fixed assets | 22/27 | €38,658,558 | €38,392,961 | -€265,597 | -0.7% |
| Land and buildings | 22 | €37,310,887 | €37,184,658 | -€126,229 | -0.3% |
| Plant, machinery and equipment | 23 | €1,346,310 | €1,207,817 | -€138,493 | -10.3% |
| Furniture and vehicles | 24 | €1,361 | €487 | -€875 | -64.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,900,462 | €1,556,677 | -€343,785 | -18.1% |
| Amounts receivable within one year | 40/41 | €1,309,684 | €1,265,428 | -€44,255 | -3.4% |
| Other amounts receivable | 41 | €1,309,684 | €1,265,428 | -€44,255 | -3.4% |
| Current investments | 50/53 | €449,086 | €199,856 | -€249,230 | -55.5% |
| Cash at bank and in hand | 54/58 | €119,544 | €57,512 | -€62,032 | -51.9% |
| Deferred charges and accrued income | 490/1 | €22,149 | €33,882 | +€11,733 | +53.0% |
| Total equity and liabilities | 10/49 | €40,559,021 | €39,949,638 | -€609,382 | -1.5% |
| Equity | 10/15 | €38,375,535 | €37,867,983 | -€507,552 | -1.3% |
| Contributions | 10/11 | €146,257 | €146,257 | = | 0.0% |
| Capital | 10 | €146,257 | €146,257 | = | 0.0% |
| Issued capital | 100 | €146,257 | €146,257 | = | 0.0% |
| Revaluation surpluses | 12 | €17,789,015 | €17,789,015 | = | 0.0% |
| Reserves | 13 | €7,495,368 | €7,488,372 | -€6,997 | -0.1% |
| Non-distributable reserves | 130/1 | €14,626 | €14,626 | = | 0.0% |
| Legal reserve | 130 | €14,626 | €14,626 | = | 0.0% |
| Tax-exempt reserves | 132 | €236,669 | €229,672 | -€6,997 | -3.0% |
| Distributable reserves | 133 | €7,244,074 | €7,244,074 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,944,895 | €12,444,340 | -€500,555 | -3.9% |
| Provisions and deferred taxes | 16 | €121,866 | €118,263 | -€3,603 | -3.0% |
| Deferred taxes | 168 | €121,866 | €118,263 | -€3,603 | -3.0% |
| Amounts payable | 17/49 | €2,061,620 | €1,963,392 | -€98,228 | -4.8% |
| Amounts payable after more than one year | 17 | €937,833 | €880,242 | -€57,591 | -6.1% |
| Financial debts | 170/4 | €937,833 | €880,242 | -€57,591 | -6.1% |
| Amounts payable within one year | 42/48 | €916,319 | €934,868 | +€18,549 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €53,436 | €57,216 | +€3,780 | +7.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €36,432 | €32,591 | -€3,841 | -10.5% |
| Suppliers | 440/4 | €36,432 | €32,591 | -€3,841 | -10.5% |
| Taxes, remuneration and social security | 45 | €6,313 | €3,147 | -€3,166 | -50.2% |
| Taxes | 450/3 | - | €294 | +€294 | |
| Remuneration and social security | 454/9 | €6,313 | €2,853 | -€3,460 | -54.8% |
| Other amounts payable | 47/48 | €820,138 | €841,914 | +€21,777 | +2.7% |
| Accrued charges and deferred income | 492/3 | €207,467 | €148,282 | -€59,186 | -28.5% |
| Non-recurring operating income | 76A | €3,442,726 | €0 | -€3.4m | -100% |
| Remuneration, social security and pensions | 62 | €53,122 | €35,775 | -€17,347 | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201,915 | €320,513 | -€881,402 | -73.3% |
| Other operating charges | 640/8 | €27,359 | €18,230 | -€9,130 | -33.4% |
| Gross operating margin | 9900 | €3,447,059 | -€67,249 | -€3.5m | |
| Operating profit (loss) | 9901 | €2,164,664 | -€441,766 | -€2.6m | |
| Financial income | 75/76B | €3,641,241 | €19,260 | -€3.6m | -99.5% |
| Recurring financial income | 75 | €3,641,241 | €19,260 | -€3.6m | -99.5% |
| Financial charges | 65/66B | €461,379 | €88,649 | -€372,730 | -80.8% |
| Recurring financial charges | 65 | €461,379 | €88,649 | -€372,730 | -80.8% |
| Profit (loss) for the period before taxes | 9903 | €5,344,525 | -€511,155 | -€5.9m | |
| Transfer from deferred taxes | 780 | €3,603 | €3,603 | = | 0.0% |
| Income taxes | 67/77 | €193,369 | €0 | -€193,369 | -100% |
| Profit (loss) for the period | 9904 | €5,154,759 | -€507,552 | -€5.7m | |
| Transfer from tax-exempt reserves | 789 | €6,997 | €6,997 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,161,756 | -€500,555 | -€5.7m |
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 1 November 2026 via checked.be.