Studio AMA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 22-06-2026 at the NBB all 6 filings
Turnover
≈ €190,000
Estimated: probably between €130,000 and €330,000
Total assets
€172,331▲ 149%
2025 · €69,170
Net result
€43,314▲ 70.4%
2025 · €25,416
Working capital
€68,521▲ 122%
2025 · €30,850
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
€57,912
▲ 67.9%
2026
20212026
Net result
€43,314
▲ 70.4%
2026
20212026
Equity
€81,834
▲ 112%
2026
20212026
Total assets
€172,331
▲ 149%
2026
20212026
Debt
€90,498
▲ 195%
2026
20212026
Working capital
€68,521
▲ 122%
2026
20212026
Solvency
47.5%
▼ 8.2pp
2026
20212026
Current ratio
1.79
▼ 0.23
2026
20212026
Return on assets (ROA)
25.1%
▼ 11.6pp
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result-€14,745-€13,702-€14,600€29,793€34,491▲ 15.8%€57,912▲ 67.9%
Net result-€14,804below the sector's middle half-€13,563within the sector's middle half-€14,757below the sector's middle half€27,101above the sector's middle half€25,416above the sector's middle half▼ 6.2%€43,314▲ 70.4%
Equity-€12,804below the sector's middle half-€759within the sector's middle half-€13,998below the sector's middle half€13,103within the sector's middle half€38,520within the sector's middle half▲ 194%€81,834▲ 112%
Total assets€17,069below the sector's middle half-€13,873below the sector's middle half▼ 18.7%€16,435below the sector's middle half▲ 18.5%€26,992below the sector's middle half▲ 64.2%€69,170within the sector's middle half▲ 156%€172,331▲ 149%
Debt€29,873-€13,114▼ 56.1%€30,432▲ 132%€13,889▼ 54.4%€30,650▲ 121%€90,498▲ 195%
Working capital-€13,304below the sector's middle half-€259within the sector's middle half-€14,498within the sector's middle half€13,951within the sector's middle half€30,850within the sector's middle half▲ 121%€68,521▲ 122%
Solvency-75.0%below the sector's middle half-5.5%within the sector's middle half▲ 80.5pp-85.2%below the sector's middle half▼ 90.6pp48.5%within the sector's middle half▲ 133.7pp55.7%within the sector's middle half▲ 7.1pp47.5%▼ 8.2pp
Current ratio0.55below the sector's middle half-1.02within the sector's middle half▲ 0.470.52below the sector's middle half▼ 0.502.11within the sector's middle half▲ 1.592.02within the sector's middle half▼ 0.091.79▼ 0.23
Return on assets (ROA)-86.7%below the sector's middle half-97.8%above the sector's middle half▲ 184.5pp-89.8%below the sector's middle half▼ 187.6pp100.4%above the sector's middle half▲ 190.2pp36.7%above the sector's middle half▼ 63.7pp25.1%▼ 11.6pp
above
within
below
The sector band is the middle half of the companies in Manufacture of wearing apparel (NACE 14). 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 2026 is 68% higher than in 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €172,331
Fixed assets
€16,811 ▲ 110%
Current assets
€155,520 ▲ 154%
Equity and liabilities €172,331
Equity
€81,834 ▲ 112%
Debt
€90,498 ▲ 195%
Debt's share of the balance-sheet total rises from 44.3% to 52.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,244▲
2025 · €34,975
Cash flow
€46,646▲
2025 · €25,901
Quick ratio
1.78▼
2025 · 1.95
Debt to equity
1.11▲
2025 · 0.80
ROE
52.9%▼
2025 · 66.0%
Interest coverage
20.90▲
2025 · 17.51
Debt ≤ 1 year
€87,000▲
2025 · €30,308
Income taxes
€11,680▲
2025 · €7,086
Staff costs
€2,432
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €7,156 | €12,131 |
| Financial fixed assets | - | - | - | €840 | - |
| Depreciation and write-downs of the year | - | - | - | €484 | €3,332 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 2 entries · €6,828 awarded · €6,828 paidFederal government
2024 · 1 entry · €117,640 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2024 | FOD Beleid & Ondersteuning | 1 | €117,640 |
Budget allocations
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €2,432 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €484 | €3,332 | ▲ 588% |
| Other operating charges640/8 | - | €55 | €271 | €456 | €1,019 | €601 | ▼ 41.0% |
| Gross operating margin9900 | -€14,377 | €13,757 | -€14,329 | €30,250 | €35,994 | €64,277 | ▲ 78.6% |
| Operating profit (loss)9901 | -€14,745 | €13,702 | -€14,600 | €29,793 | €34,491 | €57,912 | ▲ 67.9% |
| Financial income75/76B | - | €4 | - | €0 | €9 | €12 | ▲ 34.0% |
| Recurring financial income75 | €5 | €4 | - | €0 | €9 | €12 | ▲ 34.0% |
| Financial charges65/66B | - | €143 | €157 | €200 | €1,997 | €2,930 | ▲ 46.7% |
| Recurring financial charges65 | €64 | €143 | €157 | €200 | €1,997 | €2,930 | ▲ 46.7% |
| Profit (loss) for the period before taxes9903 | -€14,804 | €13,563 | -€14,757 | €29,593 | €32,503 | €54,994 | ▲ 69.2% |
| Income taxes67/77 | - | - | - | €2,491 | €7,086 | €11,680 | ▲ 64.8% |
| Profit (loss) for the period9904 | -€14,804 | €13,563 | -€14,757 | €27,101 | €25,416 | €43,314 | ▲ 70.4% |
| Profit (loss) for the period to be appropriated9905 | -€14,804 | €13,563 | -€14,757 | €27,101 | €25,416 | €43,314 | ▲ 70.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €17,069 | €13,873 | €16,435 | €26,992 | €69,170 | €172,331 | ▲ 149% |
| Fixed assets21/28 | €500 | €500 | €500 | €500 | €8,012 | €16,811 | ▲ 110% |
| Tangible fixed assets22/27 | - | - | - | - | €6,672 | €15,471 | ▲ 132% |
| Plant, machinery and equipment23 | - | - | - | - | - | €10,231 | - |
| Furniture and vehicles24 | - | - | - | - | €458 | €354 | ▼ 22.7% |
| Other tangible fixed assets26 | - | - | - | - | €6,214 | €4,886 | ▼ 21.4% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €1,340 | €1,340 | = |
| Current assets29/58 | €16,569 | €13,373 | €15,935 | €26,492 | €61,158 | €155,520 | ▲ 154% |
| Stocks and contracts in progress3 | €11,025 | €10,097 | €8,709 | €4,860 | €1,985 | €992 | ▼ 50.0% |
| Stocks30/36 | - | €10,097 | €8,709 | €4,860 | €1,985 | €992 | ▼ 50.0% |
| Amounts receivable within one year40/41 | €1,836 | €13 | €1,394 | €18,114 | €58,214 | €127,045 | ▲ 118% |
| Trade receivables40 | - | - | €1,316 | €18,114 | €54,353 | €115,192 | ▲ 112% |
| Other amounts receivable41 | - | €13 | €79 | - | €3,861 | €11,853 | ▲ 207% |
| Cash at bank and in hand54/58 | €3,542 | €3,077 | €5,727 | €3,485 | €657 | €25,643 | ▲ 39× |
| Deferred charges and accrued income490/1 | - | €185 | €104 | €33 | €302 | €1,840 | ▲ 509% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €17,069 | €13,873 | €16,435 | €26,992 | €69,170 | €172,331 | ▲ 149% |
| Equity10/15 | -€12,804 | €759 | -€13,998 | €13,103 | €38,520 | €81,834 | ▲ 112% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | - | - | €35,000 | €79,500 | ▲ 127% |
| Distributable reserves133 | - | - | - | - | €35,000 | €79,500 | ▲ 127% |
| Profit (loss) carried forward14 | -€14,804 | -€1,241 | -€15,998 | €11,103 | €1,520 | €334 | ▼ 78.0% |
| Amounts payable17/49 | €29,873 | €13,114 | €30,432 | €13,889 | €30,650 | €90,498 | ▲ 195% |
| Amounts payable within one year42/48 | €29,873 | €13,114 | €30,432 | €12,541 | €30,308 | €87,000 | ▲ 187% |
| Trade debts44 | €7,351 | €1,743 | €3,976 | €2,801 | €17,789 | €48,676 | ▲ 174% |
| Suppliers440/4 | - | €1,743 | €3,976 | €2,801 | €17,789 | €48,676 | ▲ 174% |
| Taxes, remuneration and social security45 | - | - | €3,783 | €5,857 | €11,046 | €14,957 | ▲ 35.4% |
| Taxes450/3 | - | - | €3,783 | €3,666 | €7,727 | €14,957 | ▲ 93.6% |
| Remuneration and social security454/9 | - | - | - | €2,191 | €3,319 | - | - |
| Other amounts payable47/48 | - | €11,370 | €22,673 | €3,883 | €1,473 | €23,366 | ▲ 16× |
| Accrued charges and deferred income492/3 | - | - | - | €1,348 | €343 | €3,498 | ▲ 921% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,804 | €13,563 | -€14,757 | €27,101 | €25,416 | €43,314 | ▲ 70.4% |
| + Depreciation and write-downs630 | - | - | - | - | €484 | €3,332 | ▲ 588% |
| Operating cash flow (approximation) | -€14,804 | €13,563 | -€14,757 | €27,101 | €25,901 | €46,646 | ▲ 80.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€7,996 | -€12,131 | ▼ 51.7% |
| Change in cash | - | -€464 | €2,649 | -€2,242 | -€2,828 | €24,986 | - |
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, 26,972 companies had the same profile as Studio AMA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Studio AMA itself: 0.3% 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 26,972 companies, not a prediction for Studio AMA. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 22-06-2026 | 2026-00189225 | |
| 31-03-2025 | micro format | 30-10-2025 | 2025-00558778 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00525381 | |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00503334 | |
| 31-03-2022 | micro format | 25-10-2022 | 2022-20475224 | |
| 31-03-2021 | micro format | 28-10-2021 | 2021-74900339 |