Studio Driehoek
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-04-2026 PDF all 6 filings
Turnover
≈ €240,000
Estimated: probably between €180,000 and €310,000
Total assets
€728,411▼ 1.3%
2024 · €738,233
Net result
€63,402
2024 · -€11,153
Working capital
-€125,093▼ 95.5%
2024 · -€64,000
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€88,428
2025
20202025
Net result
€63,402
2025
highest quarter of the sector
20202025
Equity
€111,910
▼ 31.6%
2025
middle half of the sector
20202025
Total assets
€728,411
▼ 1.3%
2025
highest quarter of the sector
20202025
Debt
€616,502
▲ 7.3%
2025
20202025
Working capital
-€125,093
▼ 95.5%
2025
lowest quarter of the sector
20202025
Solvency
15.4%
▼ 6.8pp
2025
lowest quarter of the sector
20202025
Current ratio
0.60
▼ 0.13
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
8.7%
▲ 10.2pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€39,356-€47,691▲ 21.2%€67,531▲ 41.6%€88,602▲ 31.2%-€3,242€88,428
Net result€30,874within the sector's middle half-€37,932above the sector's middle half▲ 22.9%€50,125above the sector's middle half▲ 32.1%€70,129above the sector's middle half▲ 39.9%-€11,153below the sector's middle half€63,402above the sector's middle half
Equity€33,374within the sector's middle half-€69,406within the sector's middle half▲ 108%€119,531within the sector's middle half▲ 72.2%€189,661above the sector's middle half▲ 58.7%€163,508within the sector's middle half▼ 13.8%€111,910within the sector's middle half▼ 31.6%
Total assets€60,670below the sector's middle half-€91,836within the sector's middle half▲ 51.4%€139,934within the sector's middle half▲ 52.4%€257,506within the sector's middle half▲ 84.0%€738,233above the sector's middle half▲ 187%€728,411above the sector's middle half▼ 1.3%
Debt€27,295-€22,429▼ 17.8%€20,403▼ 9.0%€67,846▲ 233%€574,726▲ 747%€616,502▲ 7.3%
Working capital€20,958within the sector's middle half-€56,117within the sector's middle half▲ 168%€103,038within the sector's middle half▲ 83.6%€170,934above the sector's middle half▲ 65.9%-€64,000below the sector's middle half-€125,093below the sector's middle half▼ 95.5%
Solvency55.0%within the sector's middle half-75.6%above the sector's middle half▲ 20.6pp85.4%above the sector's middle half▲ 9.8pp73.7%within the sector's middle half▼ 11.8pp22.1%below the sector's middle half▼ 51.5pp15.4%below the sector's middle half▼ 6.8pp
Current ratio1.90within the sector's middle half-3.59within the sector's middle half▲ 1.706.05above the sector's middle half▲ 2.465.84above the sector's middle half▼ 0.210.73below the sector's middle half▼ 5.110.60below the sector's middle half▼ 0.13
Return on assets (ROA)50.9%above the sector's middle half-41.3%above the sector's middle half▼ 9.6pp35.8%above the sector's middle half▼ 5.5pp27.2%above the sector's middle half▼ 8.6pp-1.5%below the sector's middle half▼ 28.7pp8.7%within the sector's middle half▲ 10.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 a profit of €88,428, after a loss of €3,242 in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €728,411
Fixed assets
€539,877 ▼ 4.2%
Current assets
€188,535 ▲ 7.9%
Equity and liabilities €728,411
Equity
€111,910 ▼ 31.6%
Debt
€616,502 ▲ 7.3%
Debt's share of the balance-sheet total rises from 77.9% to 84.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€112,017▲
2024 · €89,998
Cash flow
€86,991▲
2024 · €82,087
Debt to equity
5.51▲
2024 · 3.51
ROE
56.7%▲
2024 · -6.8%
Interest coverage
9.19▼
2024 · 10.48
Debt ≤ 1 year
€313,627▲
2024 · €238,768
Debt > 1 year
€302,874▼
2024 · €335,958
Income taxes
€13,598▲
2024 · €161
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 | €2,396 | €8,849 | €48,437 | €605,422 | - |
| Depreciation and write-downs of the year | €4,628 | €6,431 | €13,647 | €93,240 | €23,589 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €577 awarded · €577 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €344 | €344 |
| 2022 | 1 | €233 | €233 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,930 | €4,628 | €6,431 | €13,647 | €93,240 | €23,589 | ▼ 74.7% |
| Other operating charges640/8 | - | €776 | €1,029 | €1,313 | €1,712 | €7,247 | ▲ 323% |
| Gross operating margin9900 | €45,394 | €53,095 | €74,992 | €103,561 | €91,710 | €119,264 | ▲ 30.0% |
| Operating profit (loss)9901 | €39,356 | €47,691 | €67,531 | €88,602 | -€3,242 | €88,428 | - |
| Financial income75/76B | - | €0 | €0 | €9 | €842 | €755 | ▼ 10.2% |
| Recurring financial income75 | €2 | €0 | €0 | €9 | €842 | €755 | ▼ 10.2% |
| Financial charges65/66B | - | €264 | €341 | €448 | €8,591 | €12,184 | ▲ 41.8% |
| Recurring financial charges65 | €393 | €264 | €341 | €448 | €8,591 | €12,184 | ▲ 41.8% |
| Profit (loss) for the period before taxes9903 | €38,966 | €47,426 | €67,190 | €88,163 | -€10,992 | €77,000 | - |
| Income taxes67/77 | €8,091 | €9,494 | €17,065 | €18,034 | €161 | €13,598 | ▲ 85× |
| Profit (loss) for the period9904 | €30,874 | €37,932 | €50,125 | €70,129 | -€11,153 | €63,402 | - |
| Profit (loss) for the period to be appropriated9905 | €30,874 | €37,932 | €50,125 | €70,129 | -€11,153 | €63,402 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €60,670 | €91,836 | €139,934 | €257,506 | €738,233 | €728,411 | ▼ 1.3% |
| Fixed assets21/28 | €16,308 | €14,076 | €16,494 | €51,284 | €563,465 | €539,877 | ▼ 4.2% |
| Intangible fixed assets21 | €80 | €60 | €40 | €20 | €0 | - | - |
| Tangible fixed assets22/27 | €16,228 | €14,016 | €16,454 | €51,264 | €563,465 | €539,877 | ▼ 4.2% |
| Land and buildings22 | - | - | - | - | €529,459 | €516,808 | ▼ 2.4% |
| Plant, machinery and equipment23 | - | €2,210 | €2,537 | €1,183 | €414 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | €4,072 | €2,257 | €1,239 | €403 | ▼ 67.5% |
| Leasing and similar rights25 | - | - | - | €42,040 | €32,353 | €22,666 | ▼ 29.9% |
| Other tangible fixed assets26 | - | €11,806 | €9,844 | €5,782 | €0 | - | - |
| Current assets29/58 | €44,362 | €77,760 | €123,441 | €206,223 | €174,768 | €188,535 | ▲ 7.9% |
| Amounts receivable within one year40/41 | €5,220 | €2,170 | €5,621 | €10,225 | €20,531 | €12,604 | ▼ 38.6% |
| Trade receivables40 | - | €665 | €4,115 | €10,225 | €5,445 | €10,808 | ▲ 98.5% |
| Other amounts receivable41 | - | €1,506 | €1,506 | €0 | €15,086 | €1,796 | ▼ 88.1% |
| Current investments50/53 | - | - | - | €44,000 | €49,987 | €54,643 | ▲ 9.3% |
| Cash at bank and in hand54/58 | €36,332 | €71,052 | €112,437 | €145,745 | €86,604 | €113,733 | ▲ 31.3% |
| Deferred charges and accrued income490/1 | - | €4,538 | €5,384 | €6,253 | €17,645 | €7,554 | ▼ 57.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €60,670 | €91,836 | €139,934 | €257,506 | €738,233 | €728,411 | ▼ 1.3% |
| Equity10/15 | €33,374 | €69,406 | €119,531 | €189,661 | €163,508 | €111,910 | ▼ 31.6% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €30,874 | €66,906 | €117,031 | €187,161 | €172,161 | €109,410 | ▼ 36.4% |
| Distributable reserves133 | - | €66,906 | €117,031 | €187,161 | €172,161 | €109,410 | ▼ 36.4% |
| Profit (loss) carried forward14 | - | €0 | €0 | - | -€11,153 | €0 | - |
| Amounts payable17/49 | €27,295 | €22,429 | €20,403 | €67,846 | €574,726 | €616,502 | ▲ 7.3% |
| Amounts payable after more than one year17 | €3,892 | €786 | €0 | €32,557 | €335,958 | €302,874 | ▼ 9.8% |
| Financial debts170/4 | - | €786 | €0 | €32,557 | €335,958 | €302,874 | ▼ 9.8% |
| Amounts payable within one year42/48 | €23,404 | €21,643 | €20,403 | €35,289 | €238,768 | €313,627 | ▲ 31.4% |
| Current portion of amounts payable after more than one year42 | - | €3,106 | €786 | €9,559 | €31,060 | €32,275 | ▲ 3.9% |
| Financial debts43 | - | €2 | €2 | €156 | €29 | €177 | ▲ 519% |
| Credit institutions430/8 | - | €2 | €2 | €156 | €29 | €177 | ▲ 519% |
| Trade debts44 | €5,383 | €4,462 | €4,505 | €9,094 | €13,640 | €6,927 | ▼ 49.2% |
| Suppliers440/4 | - | €4,462 | €4,505 | €9,094 | €13,640 | €6,927 | ▼ 49.2% |
| Taxes, remuneration and social security45 | - | €10,774 | €13,711 | €15,096 | €12,761 | €15,316 | ▲ 20.0% |
| Taxes450/3 | - | €10,774 | €13,711 | €15,096 | €12,761 | €15,316 | ▲ 20.0% |
| Other amounts payable47/48 | - | €3,299 | €1,399 | €1,384 | €181,279 | €258,933 | ▲ 42.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,874 | €37,932 | €50,125 | €70,129 | -€11,153 | €63,402 | - |
| + Depreciation and write-downs630 | €4,930 | €4,628 | €6,431 | €13,647 | €93,240 | €23,589 | ▼ 74.7% |
| Operating cash flow (approximation) | €35,804 | €42,560 | €56,556 | €83,776 | €82,087 | €86,991 | ▲ 6.0% |
| Investment in fixed assets (approximation) | - | -€2,396 | -€8,849 | -€48,437 | -€605,422 | €0 | - |
| Change in cash | - | €34,720 | €41,385 | €33,308 | -€59,141 | €27,129 | - |
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, 2,684 companies had the same profile as Studio Driehoek has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Studio Driehoek itself is lower: 0.1% within 12 months. It rests on far more data about Studio Driehoek than the profile alone.
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 2,684 companies, not a prediction for Studio Driehoek. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-04-2026 | 2026-00083549 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00165706 | |
| 31-12-2023 | micro format | 04-04-2024 | 2024-00057022 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139703 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20309736 | |
| 31-12-2020 | micro format | 29-04-2021 | 2021-12200208 |