D-STUDIO SERVICES
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 13 filings
Turnover
≈ €390,000
Estimated: probably between €240,000 and €740,000
EBIT margin
Not included in this filing
Net result
-€39,626
2024 · €27,540
Working capital
€129,337▲ 626%
2024 · €17,815
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€715
▼ 98.8%
2025
20182025
Net result
-€39,626
2025
lowest quarter of the sector
20182025
Equity
€327,343
▼ 10.8%
2025
middle half of the sector
20182025
Total assets
€2.7m
▲ 55.7%
2025
middle half of the sector
20182025
Debt
€2.4m
▲ 73.4%
2025
20182025
Working capital
€129,337
▲ 626%
2025
middle half of the sector
20182025
Solvency
12.0%
▼ 8.9pp
2025
middle half of the sector
20182025
Current ratio
2.04
▲ 0.87
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.5%
▼ 3.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.009m-€0.2m▲ 26×€0.02m▼ 93.4%€0.08m▲ 392%€0.03m▼ 55.9%€0.05m▲ 45.3%€0.06m▲ 18.1%€0.001m▼ 98.8%
Net result€0.01m-€0.2m▲ 21×€0.001mwithin the sector's middle half▼ 99.7%€0.04mwithin the sector's middle half▲ 45×€0.007mwithin the sector's middle half▼ 81.3%€0.02mwithin the sector's middle half▲ 197%€0.03mwithin the sector's middle half▲ 38.5%-€0.04mbelow the sector's middle half
Equity€0.2m-€0.3m▲ 67.2%€0.3mwithin the sector's middle half▲ 0.3%€0.3mwithin the sector's middle half▲ 12.9%€0.3mwithin the sector's middle half▲ 2.1%€0.3mwithin the sector's middle half▲ 6.2%€0.4mwithin the sector's middle half▲ 8.1%€0.3mwithin the sector's middle half▼ 10.8%
Total assets€0.3m-€0.4m▲ 39.3%€2.2mabove the sector's middle half▲ 421%€2.1mwithin the sector's middle half▼ 3.1%€2.0mwithin the sector's middle half▼ 3.2%€1.9mwithin the sector's middle half▼ 4.6%€1.8mwithin the sector's middle half▼ 9.8%€2.7mwithin the sector's middle half▲ 55.7%
Debt€0.1m-€0.1m▲ 4.8%€1.9m▲ 14×€1.8m▼ 5.4%€1.7m▼ 4.2%€1.6m▼ 6.6%€1.4m▼ 13.6%€2.4m▲ 73.4%
Working capital€0.2m-€0.3m▲ 56.4%€0.08mwithin the sector's middle half▼ 72.0%€0.09mwithin the sector's middle half▲ 21.2%€0.1mwithin the sector's middle half▲ 22.6%€0.1mwithin the sector's middle half▲ 2.2%€0.02mwithin the sector's middle half▼ 85.0%€0.1mwithin the sector's middle half▲ 626%
Solvency55.3%-66.4%▲ 11.1pp12.8%within the sector's middle half▼ 53.6pp14.9%within the sector's middle half▲ 2.1pp15.7%within the sector's middle half▲ 0.8pp17.5%within the sector's middle half▲ 1.8pp20.9%within the sector's middle half▲ 3.5pp12.0%within the sector's middle half▼ 8.9pp
Current ratio2.48-3.04▲ 0.561.84within the sector's middle half▼ 1.201.92within the sector's middle half▲ 0.082.08within the sector's middle half▲ 0.172.12within the sector's middle half▲ 0.041.16within the sector's middle half▼ 0.962.04within the sector's middle half▲ 0.87
Return on assets (ROA)3.7%-55.5%▲ 51.8pp0.0%within the sector's middle half▼ 55.5pp1.7%within the sector's middle half▲ 1.7pp0.3%within the sector's middle half▼ 1.4pp1.0%within the sector's middle half▲ 0.7pp1.6%within the sector's middle half▲ 0.5pp-1.5%below the sector's middle half▼ 3.0pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 99% lower than in 2024 and the lowest since 2018.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.7m
Fixed assets
€2.5m ▲ 52.4%
Current assets
€254,197 ▲ 98.0%
Equity and liabilities €2.7m
Equity
€327,343 ▼ 10.8%
Debt
€2.4m ▲ 73.4%
Debt's share of the balance-sheet total rises from 79.1% to 88.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€128,190▼
2024 · €152,279
Cash flow
€87,850▼
2024 · €121,290
Debt to equity
7.34▲
2024 · 3.78
ROE
-12.1%▼
2024 · 7.5%
Interest coverage
3.08▼
2024 · 6.97
Debt ≤ 1 year
€124,861▲
2024 · €110,536
Debt > 1 year
€2.3m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €978,648 |
| Depreciation and write-downs of the year | €93,750 | €93,750 | €93,750 | €93,750 | €127,475 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €650 | - | €63,185 | €93,750 | €93,750 | €93,750 | €93,750 | €127,475 | ▲ 36.0% |
| Other operating charges640/8 | - | - | - | €348 | €11,158 | €11,144 | €1,131 | €26,014 | ▲ 23× |
| Gross operating margin9900 | €10,248 | €237,619 | €79,311 | €171,415 | €139,013 | €154,433 | €153,410 | €154,204 | ▲ 0.5% |
| Operating profit (loss)9901 | €9,188 | €237,210 | €15,716 | €77,318 | €34,105 | €49,539 | €58,529 | €715 | ▼ 98.8% |
| Financial income75/76B | - | - | - | - | €1,267 | €1,251 | €1,481 | €1,250 | ▼ 15.6% |
| Recurring financial income75 | €5,382 | €10,260 | €9,237 | - | €1,267 | €1,251 | €1,481 | €1,250 | ▼ 15.6% |
| Financial charges65/66B | - | - | - | €28,450 | €26,230 | €23,667 | €21,862 | €41,590 | ▲ 90.2% |
| Recurring financial charges65 | €3,438 | €1,488 | €23,863 | €28,450 | €26,230 | €23,667 | €21,862 | €41,590 | ▲ 90.2% |
| Profit (loss) for the period before taxes9903 | €11,132 | €245,981 | €1,090 | €48,868 | €9,142 | €27,123 | €38,148 | -€39,626 | - |
| Income taxes67/77 | - | €14,964 | €291 | €13,042 | €2,440 | €7,238 | €10,608 | - | - |
| Profit (loss) for the period9904 | €11,132 | €231,018 | €799 | €35,826 | €6,702 | €19,884 | €27,540 | -€39,626 | - |
| Profit (loss) for the period to be appropriated9905 | €11,132 | €231,018 | €799 | €35,826 | €6,702 | €19,884 | €27,540 | -€39,626 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.4m | €2.2m | €2.1m | €2.0m | €1.9m | €1.8m | €2.7m | ▲ 55.7% |
| Fixed assets21/28 | - | - | €2.0m | €1.9m | €1.8m | €1.7m | €1.6m | €2.5m | ▲ 52.4% |
| Tangible fixed assets22/27 | - | - | €2.0m | €1.9m | €1.8m | €1.7m | €1.6m | €2.5m | ▲ 52.4% |
| Land and buildings22 | - | - | - | €1.9m | €1.8m | €1.7m | €1.6m | €2.5m | ▲ 52.4% |
| Current assets29/58 | €0.3m | €0.4m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 98.0% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 95.7% |
| Trade receivables40 | - | - | - | €0.004m | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 95.7% |
| Cash at bank and in hand54/58 | €0.02m | €0.3m | €0.06m | €0.04m | €0.09m | €0.07m | €0.001m | €0.006m | ▲ 335% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.007m | €0.03m | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.4m | €2.2m | €2.1m | €2.0m | €1.9m | €1.8m | €2.7m | ▲ 55.7% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 10.8% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 14.8% |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0.009m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.008m | €0.008m | €0.009m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 15.4% |
| Profit (loss) carried forward14 | -€0.09m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.1m | €0.1m | €1.9m | €1.8m | €1.7m | €1.6m | €1.4m | €2.4m | ▲ 73.4% |
| Amounts payable after more than one year17 | - | - | €1.8m | €1.7m | €1.6m | €1.5m | €1.3m | €2.3m | ▲ 78.6% |
| Financial debts170/4 | - | - | - | €1.7m | €1.6m | €1.5m | €1.3m | €2.3m | ▲ 78.6% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 13.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.1m | ▲ 16.7% |
| Trade debts44 | €335 | €350 | €350 | €360 | €0.001m | €0.005m | €375 | €0.006m | ▲ 17× |
| Suppliers440/4 | - | - | - | €360 | €0.001m | €0.005m | €375 | €0.006m | ▲ 17× |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 40.7% |
| Taxes450/3 | - | - | - | €0.01m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 40.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.02m | - | - | €148 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,132 | €231,018 | €799 | €35,826 | €6,702 | €19,884 | €27,540 | -€39,626 | - |
| + Depreciation and write-downs630 | €650 | - | €63,185 | €93,750 | €93,750 | €93,750 | €93,750 | €127,475 | ▲ 36.0% |
| Operating cash flow (approximation) | €11,782 | €231,018 | €63,984 | €129,576 | €100,452 | €113,634 | €121,290 | €87,850 | ▼ 27.6% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | €0 | -€978,648 | - |
| Change in cash | - | €236,156 | -€195,387 | -€23,087 | €54,065 | -€20,689 | -€68,933 | €4,255 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,423 companies had the same profile as D-STUDIO SERVICES has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of D-STUDIO SERVICES itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,423 companies, not a prediction for D-STUDIO SERVICES. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00218892 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00168558 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00143815 | |
| 31-12-2022 | abbreviated format | 21-06-2023 | 2023-00142438 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20127527 | |
| 31-12-2020 | abbreviated format | 05-08-2021 | 2021-46300126 | |
| 31-12-2019 | abbreviated format | 25-06-2020 | 2020-21000167 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33700263 | |
| 31-12-2017 | abbreviated format | 17-07-2018 | 2018-33800308 | |
| 31-12-2016 | abbreviated format | 14-07-2017 | 2017-31600092 |