STUDIO M
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-04-2026 PDF all 11 filings
Turnover
≈ €270,000
Estimated: probably between €200,000 and €310,000
Total assets
€212,998▲ 23.3%
2024 · €172,806
Net result
€43,145▼ 18.8%
2024 · €53,125
Working capital
€173,761▲ 34.3%
2024 · €129,412
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€61,488
▼ 18.1%
2025
20182025
Net result
€43,145
▼ 18.8%
2025
highest quarter of the sector
20182025
Equity
€179,443
▲ 31.7%
2025
highest quarter of the sector
20182025
Total assets
€212,998
▲ 23.3%
2025
highest quarter of the sector
20182025
Debt
€33,555
▼ 8.1%
2025
20182025
Working capital
€173,761
▲ 34.3%
2025
highest quarter of the sector
20182025
Solvency
84.2%
▲ 5.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.18
▲ 1.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
20.3%
▼ 10.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.6
▼ 20.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€74,824-€52,416▼ 29.9%€17,321▼ 67.0%€62,456▲ 261%€65,234▲ 4.4%€88,335▲ 35.4%€75,096▼ 15.0%€61,488▼ 18.1%
Net result€57,419-€38,784▼ 32.5%€14,122above the sector's middle half▼ 63.6%€50,914above the sector's middle half▲ 261%€50,450above the sector's middle half▼ 0.9%€62,713above the sector's middle half▲ 24.3%€53,125above the sector's middle half▼ 15.3%€43,145above the sector's middle half▼ 18.8%
Equity€132,655-€133,439▲ 0.6%€133,439above the sector's middle half=€101,019above the sector's middle half▼ 24.3%€48,940within the sector's middle half▼ 51.6%€83,173above the sector's middle half▲ 69.9%€136,298above the sector's middle half▲ 63.9%€179,443above the sector's middle half▲ 31.7%
Total assets€212,569-€200,848▼ 5.5%€160,338within the sector's middle half▼ 20.2%€197,043within the sector's middle half▲ 22.9%€126,142within the sector's middle half▼ 36.0%€113,886within the sector's middle half▼ 9.7%€172,806within the sector's middle half▲ 51.7%€212,998above the sector's middle half▲ 23.3%
Debt€79,914-€67,409▼ 15.6%€26,898▼ 60.1%€96,024▲ 257%€77,202▼ 19.6%€30,712▼ 60.2%€36,508▲ 18.9%€33,555▼ 8.1%
Working capital€123,929-€131,238▲ 5.9%€128,085above the sector's middle half▼ 2.4%€95,813above the sector's middle half▼ 25.2%€44,632above the sector's middle half▼ 53.4%€74,002above the sector's middle half▲ 65.8%€129,412above the sector's middle half▲ 74.9%€173,761above the sector's middle half▲ 34.3%
Solvency62.4%-66.4%▲ 4.0pp83.2%above the sector's middle half▲ 16.8pp51.3%within the sector's middle half▼ 32.0pp38.8%within the sector's middle half▼ 12.5pp73.0%above the sector's middle half▲ 34.2pp78.9%above the sector's middle half▲ 5.8pp84.2%above the sector's middle half▲ 5.4pp
Current ratio2.64-2.95▲ 0.315.76above the sector's middle half▲ 2.812.00within the sector's middle half▼ 3.761.58within the sector's middle half▼ 0.423.41above the sector's middle half▲ 1.834.54above the sector's middle half▲ 1.146.18above the sector's middle half▲ 1.63
Return on assets (ROA)27.0%-19.3%▼ 7.7pp8.8%within the sector's middle half▼ 10.5pp25.8%above the sector's middle half▲ 17.0pp40.0%above the sector's middle half▲ 14.2pp55.1%above the sector's middle half▲ 15.1pp30.7%above the sector's middle half▼ 24.3pp20.3%above the sector's middle half▼ 10.5pp
Staff (FTE)3.2-3.6▲ 12.5%3.9above the sector's middle half▲ 8.3%3.5▼ 10.3%2.5▼ 28.6%1.9▼ 24.0%2▲ 5.3%1.6▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 18% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €212,998
Fixed assets
€5,682 ▼ 17.5%
Current assets
€207,316 ▲ 24.9%
Equity and liabilities €212,998
Equity
€179,443 ▲ 31.7%
Debt
€33,555 ▼ 8.1%
Debt's share of the balance-sheet total falls from 21.1% to 15.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€62,693▼
2024 · €77,381
Cash flow
€44,350▼
2024 · €55,410
Quick ratio
5.96▲
2024 · 4.36
Debt to equity
0.19▼
2024 · 0.27
ROE
24.0%▼
2024 · 39.0%
Interest coverage
41.52▼
2024 · 50.78
Debt ≤ 1 year
€33,555▼
2024 · €36,508
Income taxes
€17,565▼
2024 · €20,969
Staff costs
€89,387▼
2024 · €93,595
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 3 | 2 | 2 |
| full-time | - | - | 2 | 1 | 1 |
| part-time | 3 | 2 | 1 | 1 | 1 |
| in full-time equivalents | 2.5 | 1.7 | 2.6 | 1.6 | 1.6 |
| Average over the year, in full-time equivalents | 3.5 | 2.1 | 1.9 | 2 | 1.6 |
| On a permanent contract | 3 | 2 | 1 | 2 | 2 |
| Joined | 0 | 0 | 5 | 4 | - |
| Left | 1 | 1 | 4 | 5 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,582 | €2,164 | €7,712 | - | - |
| Depreciation and write-downs of the year | €1,731 | €1,519 | €2,002 | €2,285 | €1,205 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €130,539 | €96,772 | €64,661 | €93,595 | €89,387 | ▼ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,030 | €11,209 | €2,524 | €1,731 | €1,519 | €2,002 | €2,285 | €1,205 | ▼ 47.3% |
| Other operating charges640/8 | - | - | - | €1,000 | €2,428 | €1,723 | €853 | €879 | ▲ 3.1% |
| Gross operating margin9900 | €210,133 | €222,249 | €113,873 | €195,726 | €165,953 | €156,721 | €171,829 | €152,959 | ▼ 11.0% |
| Operating profit (loss)9901 | €74,824 | €52,416 | €17,321 | €62,456 | €65,234 | €88,335 | €75,096 | €61,488 | ▼ 18.1% |
| Financial income75/76B | - | - | - | €819 | €2 | €172 | €521 | €733 | ▲ 40.5% |
| Recurring financial income75 | €1,020 | €83 | €39 | €819 | €2 | €172 | €521 | €733 | ▲ 40.5% |
| Financial charges65/66B | - | - | - | €1,437 | €1,379 | €1,571 | €1,524 | €1,510 | ▼ 0.9% |
| Recurring financial charges65 | €2,570 | €2,749 | €1,693 | €1,437 | €1,379 | €1,571 | €1,524 | €1,510 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | €73,274 | €49,749 | €15,667 | €61,838 | €63,857 | €86,936 | €74,094 | €60,710 | ▼ 18.1% |
| Income taxes67/77 | €15,855 | €10,965 | €1,545 | €10,924 | €13,408 | €24,223 | €20,969 | €17,565 | ▼ 16.2% |
| Profit (loss) for the period9904 | €57,419 | €38,784 | €14,122 | €50,914 | €50,450 | €62,713 | €53,125 | €43,145 | ▼ 18.8% |
| Profit (loss) for the period to be appropriated9905 | €57,419 | €38,784 | €14,122 | €50,914 | €50,450 | €62,713 | €53,125 | €43,145 | ▼ 18.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €212,569 | €200,848 | €160,338 | €197,043 | €126,142 | €113,886 | €172,806 | €212,998 | ▲ 23.3% |
| Fixed assets21/28 | €12,873 | €2,201 | €5,355 | €5,206 | €4,308 | €9,171 | €6,887 | €5,682 | ▼ 17.5% |
| Tangible fixed assets22/27 | €12,873 | €2,201 | €5,355 | €5,206 | €4,308 | €9,171 | €6,887 | €5,682 | ▼ 17.5% |
| Land and buildings22 | - | - | - | - | - | €7,224 | €6,453 | €5,682 | ▼ 12.0% |
| Plant, machinery and equipment23 | - | - | - | €3,663 | €2,528 | €1,392 | €257 | - | - |
| Furniture and vehicles24 | - | - | - | €1,543 | €1,781 | €555 | €177 | - | - |
| Current assets29/58 | €199,696 | €198,647 | €154,983 | €191,837 | €121,834 | €104,714 | €165,919 | €207,316 | ▲ 24.9% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €100,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €100,000 | - |
| Stocks and contracts in progress3 | €8,169 | €7,079 | €7,800 | €7,394 | €8,211 | €6,140 | €6,653 | €7,367 | ▲ 10.7% |
| Stocks30/36 | - | - | - | €7,394 | €8,211 | €6,140 | €6,653 | €7,367 | ▲ 10.7% |
| Amounts receivable within one year40/41 | €2,488 | €4,833 | €12,430 | €2,390 | €8,399 | €8,196 | €10,448 | €402 | ▼ 96.1% |
| Trade receivables40 | - | - | - | €1,581 | €8,236 | €3,249 | €964 | - | - |
| Other amounts receivable41 | - | - | - | €810 | €163 | €4,948 | €9,484 | €402 | ▼ 95.8% |
| Current investments50/53 | - | - | €50,030 | €27,386 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €186,950 | €185,875 | €83,854 | €154,073 | €104,600 | €89,454 | €148,117 | €98,788 | ▼ 33.3% |
| Deferred charges and accrued income490/1 | - | - | - | €594 | €624 | €924 | €702 | €759 | ▲ 8.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €212,569 | €200,848 | €160,338 | €197,043 | €126,142 | €113,886 | €172,806 | €212,998 | ▲ 23.3% |
| Equity10/15 | €132,655 | €133,439 | €133,439 | €101,019 | €48,940 | €83,173 | €136,298 | €179,443 | ▲ 31.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €111,637 | €111,637 | €111,637 | €82,419 | €30,340 | €64,573 | €117,698 | €160,843 | ▲ 36.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €80,559 | €28,480 | €62,713 | €115,838 | €158,983 | ▲ 37.2% |
| Profit (loss) carried forward14 | €2,419 | €3,203 | €3,203 | - | - | - | - | - | - |
| Amounts payable17/49 | €79,914 | €67,409 | €26,898 | €96,024 | €77,202 | €30,712 | €36,508 | €33,555 | ▼ 8.1% |
| Amounts payable after more than one year17 | €4,146 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €75,767 | €67,409 | €26,898 | €96,024 | €77,202 | €30,712 | €36,508 | €33,555 | ▼ 8.1% |
| Trade debts44 | €13,078 | €15,441 | - | €18,798 | €1,500 | €4,371 | €3,824 | €2,854 | ▼ 25.4% |
| Suppliers440/4 | - | - | - | €18,798 | €1,500 | €4,371 | €3,824 | €2,854 | ▼ 25.4% |
| Taxes, remuneration and social security45 | - | - | - | €17,137 | €20,539 | €24,953 | €31,614 | €29,991 | ▼ 5.1% |
| Taxes450/3 | - | - | - | €9,304 | €10,464 | €14,449 | €20,476 | €21,782 | ▲ 6.4% |
| Remuneration and social security454/9 | - | - | - | €7,833 | €10,076 | €10,503 | €11,137 | €8,209 | ▼ 26.3% |
| Other amounts payable47/48 | - | - | - | €60,089 | €55,163 | €1,389 | €1,070 | €710 | ▼ 33.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,419 | €38,784 | €14,122 | €50,914 | €50,450 | €62,713 | €53,125 | €43,145 | ▼ 18.8% |
| + Depreciation and write-downs630 | €11,030 | €11,209 | €2,524 | €1,731 | €1,519 | €2,002 | €2,285 | €1,205 | ▼ 47.3% |
| Operating cash flow (approximation) | €68,448 | €49,993 | €16,646 | €52,644 | €51,969 | €64,715 | €55,410 | €44,350 | ▼ 20.0% |
| Investment in fixed assets (approximation) | - | -€536 | -€5,677 | -€1,582 | -€621 | -€6,865 | €0 | €0 | - |
| Change in cash | - | -€1,075 | -€102,021 | €70,219 | -€49,473 | -€15,147 | €58,663 | -€49,329 | - |
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, 34,693 companies had the same profile as STUDIO M has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of STUDIO M itself: < 0.1% 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 34,693 companies, not a prediction for STUDIO M. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-04-2026 | 2026-00081381 | |
| 31-12-2024 | micro format | 28-04-2025 | 2025-00077447 | |
| 31-12-2023 | micro format | 26-04-2024 | 2024-00071064 | |
| 31-12-2022 | micro format | 23-03-2023 | 2023-00045530 | |
| 31-12-2021 | micro format | 03-05-2022 | 2022-20017893 | |
| 31-12-2020 | micro format | 29-04-2021 | 2021-12200049 | |
| 31-12-2019 | micro format | 30-04-2020 | 2020-10800026 | |
| 31-12-2018 | micro format | 29-04-2019 | 2019-11300438 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-16300214 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27700559 |