STUDIO MOVE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 15 filings
Equity
-€79,860▼ 20.2%
2024 · -€66,451
Total assets
€19,677▲ 22.9%
2024 · €16,007
Net result
-€13,410
2024 · €2,533
Working capital
-€58,800▼ 52.2%
2024 · -€38,625
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€10,178
2025
20192025
Net result
-€13,410
2025
lowest quarter of the sector
20192025
Equity
-€79,860
▼ 20.2%
2025
lowest quarter of the sector
20192025
Total assets
€19,677
▲ 22.9%
2025
lowest quarter of the sector
20192025
Debt
€99,538
▲ 20.7%
2025
20192025
Working capital
-€58,800
▼ 52.2%
2025
lowest quarter of the sector
20192025
Solvency
-405.9%
▲ 9.3pp
2025
lowest quarter of the sector
20192025
Current ratio
0.05
▲ 0.02
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-68.1%
▼ 84.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2,391--€4,812-€13,621▼ 183%€67€5,815▲ 87×€5,043▼ 13.3%-€10,178
Net result€473--€7,602within the sector's middle half-€14,125below the sector's middle half▼ 85.8%-€1,318within the sector's middle half▲ 90.7%€3,639within the sector's middle half€2,533within the sector's middle half▼ 30.4%-€13,410below the sector's middle half
Equity-€49,578--€57,181below the sector's middle half▼ 15.3%-€71,305below the sector's middle half▼ 24.7%-€72,623below the sector's middle half▼ 1.8%-€68,984below the sector's middle half▲ 5.0%-€66,451below the sector's middle half▲ 3.7%-€79,860below the sector's middle half▼ 20.2%
Total assets€20,167-€22,118below the sector's middle half▲ 9.7%€27,037below the sector's middle half▲ 22.2%€12,251below the sector's middle half▼ 54.7%€19,340below the sector's middle half▲ 57.9%€16,007below the sector's middle half▼ 17.2%€19,677below the sector's middle half▲ 22.9%
Debt€69,745-€79,298▲ 13.7%€98,342▲ 24.0%€84,874▼ 13.7%€88,324▲ 4.1%€82,458▼ 6.6%€99,538▲ 20.7%
Working capital-€30,200--€31,783within the sector's middle half▼ 5.2%-€38,033within the sector's middle half▼ 19.7%-€36,143within the sector's middle half▲ 5.0%-€34,716within the sector's middle half▲ 3.9%-€38,625within the sector's middle half▼ 11.3%-€58,800below the sector's middle half▼ 52.2%
Solvency-245.8%--258.5%below the sector's middle half▼ 12.7pp-263.7%below the sector's middle half▼ 5.2pp-592.8%below the sector's middle half▼ 329.1pp-356.7%below the sector's middle half▲ 236.1pp-415.1%below the sector's middle half▼ 58.4pp-405.9%below the sector's middle half▲ 9.3pp
Current ratio0.33-0.06below the sector's middle half▼ 0.270.15below the sector's middle half▲ 0.090.11below the sector's middle half▼ 0.040.25below the sector's middle half▲ 0.150.02below the sector's middle half▼ 0.230.05below the sector's middle half▲ 0.02
Return on assets (ROA)2.3%--34.4%below the sector's middle half▼ 36.7pp-52.2%below the sector's middle half▼ 17.9pp-10.8%below the sector's middle half▲ 41.5pp18.8%above the sector's middle half▲ 29.6pp15.8%above the sector's middle half▼ 3.0pp-68.1%below the sector's middle half▼ 84.0pp
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 loss of €10,178, after a profit of €5,043 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19,677
Fixed assets
€16,708 ▲ 10.8%
Current assets
€2,970 ▲ 220%
Equity and liabilities
Equity-€79,860
Debt€99,538
Equity is negative. Debt (€99,538) exceeds the balance-sheet total (€19,677).
Key figures and ratios
EBITDA
-€4,720▼
2024 · €9,495
Cash flow
-€7,951▼
2024 · €6,985
Interest coverage
-1.53▼
2024 · 3.80
Debt ≤ 1 year
€61,770▲
2024 · €39,553
Debt > 1 year
€37,768▼
2024 · €41,877
Income taxes
€140▼
2024 · €156
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €8,232 | €850 | €1,718 | €11,819 | €4,387 |
| Financial fixed assets | - | - | - | - | €2,700 |
| Depreciation and write-downs of the year | €7,827 | €3,543 | €3,314 | €4,452 | €5,459 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,498 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €282 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,998 | €9,574 | €7,827 | €3,543 | €3,314 | €4,452 | €5,459 | ▲ 22.6% |
| Other operating charges640/8 | - | €1,291 | €676 | €770 | €805 | €865 | €684 | ▼ 20.9% |
| Gross operating margin9900 | €14,067 | €6,053 | -€5,118 | €4,380 | €10,216 | €10,360 | -€4,035 | - |
| Operating profit (loss)9901 | €2,391 | -€4,812 | -€13,621 | €67 | €5,815 | €5,043 | -€10,178 | - |
| Financial income75/76B | - | - | €0 | - | - | €141 | - | - |
| Recurring financial income75 | - | - | €0 | - | - | €141 | - | - |
| Financial charges65/66B | - | €2,655 | €504 | €1,178 | €2,176 | €2,496 | €3,091 | ▲ 23.9% |
| Recurring financial charges65 | €1,798 | €2,655 | €504 | €1,178 | €2,176 | €2,496 | €3,091 | ▲ 23.9% |
| Profit (loss) for the period before taxes9903 | €593 | -€7,467 | -€14,125 | -€1,112 | €3,639 | €2,689 | -€13,269 | - |
| Income taxes67/77 | €120 | €135 | - | €206 | - | €156 | €140 | ▼ 9.8% |
| Profit (loss) for the period9904 | €473 | -€7,602 | -€14,125 | -€1,318 | €3,639 | €2,533 | -€13,410 | - |
| Profit (loss) for the period to be appropriated9905 | €473 | -€7,602 | -€14,125 | -€1,318 | €3,639 | €2,533 | -€13,410 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €20,167 | €22,118 | €27,037 | €12,251 | €19,340 | €16,007 | €19,677 | ▲ 22.9% |
| Fixed assets21/28 | €5,245 | €20,004 | €20,409 | €7,998 | €7,712 | €15,079 | €16,708 | ▲ 10.8% |
| Tangible fixed assets22/27 | €5,065 | €19,824 | €20,229 | €7,818 | €7,532 | €14,899 | €13,828 | ▼ 7.2% |
| Land and buildings22 | - | €209 | €140 | €93 | €70 | €23 | - | - |
| Plant, machinery and equipment23 | - | €5,441 | €7,637 | €5,941 | €5,991 | €14,059 | €13,555 | ▼ 3.6% |
| Furniture and vehicles24 | - | €14,173 | €12,453 | €1,783 | €1,472 | €817 | €273 | ▼ 66.6% |
| Financial fixed assets28 | €180 | €180 | €180 | €180 | €180 | €180 | €2,880 | ▲ 16× |
| Current assets29/58 | €14,922 | €2,114 | €6,629 | €4,253 | €11,627 | €928 | €2,970 | ▲ 220% |
| Amounts receivable within one year40/41 | €7,067 | €829 | €4,643 | €2,068 | €11,265 | €693 | €1,660 | ▲ 139% |
| Trade receivables40 | - | €829 | €4,643 | €478 | €11,265 | €693 | €1,660 | ▲ 139% |
| Other amounts receivable41 | - | - | - | €1,590 | - | - | - | - |
| Cash at bank and in hand54/58 | €7,855 | €1,286 | €1,986 | €2,185 | €362 | €235 | €289 | ▲ 23.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €1,020 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €20,167 | €22,118 | €27,037 | €12,251 | €19,340 | €16,007 | €19,677 | ▲ 22.9% |
| Equity10/15 | -€49,578 | -€57,181 | -€71,305 | -€72,623 | -€68,984 | -€66,451 | -€79,860 | ▼ 20.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€68,178 | -€75,781 | -€89,905 | -€91,223 | -€87,584 | -€85,051 | -€98,460 | ▼ 15.8% |
| Amounts payable17/49 | €69,745 | €79,298 | €98,342 | €84,874 | €88,324 | €82,458 | €99,538 | ▲ 20.7% |
| Amounts payable after more than one year17 | €24,624 | €45,401 | €53,681 | €44,478 | €41,981 | €41,877 | €37,768 | ▼ 9.8% |
| Financial debts170/4 | - | €45,401 | €53,681 | €44,478 | €41,981 | €41,877 | €37,768 | ▼ 9.8% |
| Amounts payable within one year42/48 | €45,122 | €33,897 | €44,662 | €40,396 | €46,343 | €39,553 | €61,770 | ▲ 56.2% |
| Financial debts43 | - | €5,283 | €3,621 | €6,166 | €8,809 | €14,824 | €8,265 | ▼ 44.2% |
| Credit institutions430/8 | - | €5,283 | €3,621 | €6,166 | €8,809 | €14,824 | €8,265 | ▼ 44.2% |
| Trade debts44 | €2,329 | €3,211 | €3,844 | - | €9,878 | €1,854 | €5,563 | ▲ 200% |
| Suppliers440/4 | - | €3,211 | €3,844 | - | €9,878 | €1,854 | €5,563 | ▲ 200% |
| Taxes, remuneration and social security45 | - | €2,150 | €2,353 | €1,285 | €417 | €242 | €503 | ▲ 108% |
| Taxes450/3 | - | €802 | €2,353 | €1,285 | €417 | €242 | €503 | ▲ 108% |
| Remuneration and social security454/9 | - | €1,348 | - | - | - | - | - | - |
| Other amounts payable47/48 | - | €23,253 | €34,844 | €32,945 | €27,240 | €22,633 | €47,438 | ▲ 110% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,028 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €473 | -€7,602 | -€14,125 | -€1,318 | €3,639 | €2,533 | -€13,410 | - |
| + Depreciation and write-downs630 | €10,998 | €9,574 | €7,827 | €3,543 | €3,314 | €4,452 | €5,459 | ▲ 22.6% |
| Operating cash flow (approximation) | €11,471 | €1,971 | -€6,298 | €2,225 | €6,953 | €6,985 | -€7,951 | - |
| Investment in fixed assets (approximation) | - | -€24,332 | -€8,232 | €8,868 | -€3,029 | -€11,819 | -€7,087 | ▲ 40.0% |
| Change in cash | - | -€6,570 | €700 | €199 | -€1,823 | -€127 | €55 | - |
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, 6,907 companies had the same profile as STUDIO MOVE has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of STUDIO MOVE itself: 1.8% 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 6,907 companies, not a prediction for STUDIO MOVE. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00271109 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00245792 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00253408 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00432947 | |
| 31-12-2021 | micro format | 27-09-2022 | 2022-20445178 | |
| 31-12-2020 | micro format | 06-05-2022 | 2022-20023986 | |
| 30-06-2019 | micro format | 17-02-2020 | 2020-05200348 | |
| 30-06-2017 | micro format | 16-01-2018 | 2018-01600065 | |
| 30-06-2016 | abbreviated format | 11-01-2017 | 2017-00800047 | |
| 30-06-2015 | abbreviated format | 11-01-2016 | 2016-00800447 |