BELGA STUDIOS: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELGA STUDIOS
Largest movements
- Intangible fixed assets +€423,941
up €423,941 (+12.8%), from €3.3m to €3.7m
- Receivables within one year -€317,598
down €317,598 (-90.3%), from €351,812 to €34,214
of which Trade receivables: -€283,505
- Financial fixed assets -€103,060
down €103,060 (-77.5%), from €133,060 to €30,000
- Cash -€84,632
down €84,632 (-36.9%), from €229,118 to €144,486
mainly Other debts (-€1.9m) and Trade debts (-€963,994)
- Debts after one year +€3.1m
up €3.1m (+2421.0%), from €129,806 to €3.3m
of which Other amounts payable: +€3.1m
- Other debts -€1.9m
down €1.9m (-100.0%), from €1.9m to €0
- Trade debts -€963,994
down €963,994 (-81.1%), from €1.2m to €224,437
- Profit (loss) carried forward -€283,901
down €283,901 (-35.8%), from -€793,359 to -€1.1m
- Current portion of long-term debt -€74,288
down €74,288 (-91.5%), from €81,152 to €6,864
- Depreciation -€1.4m
no longer reported in 2025 (was €1.4m)
- Financial income -€1.2m
down €1.2m (-99.5%), from €1.2m to €5,635
- Other operating charges -€205,442
down €205,442 (-100.0%), from €205,517 to €75
- Financial charges +€121,295
up €121,295 (+86.9%), from €139,652 to €260,947
of which Non-recurring financial charges: +€140,895
- Turnover -€117,500
no longer reported in 2025 (was €117,500)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,016,134 | €3,934,784 | -€81,350 | -2.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €3,435,204 | €3,756,085 | +€320,881 | +9.3% |
| Intangible fixed assets | 21 | €3,302,144 | €3,726,085 | +€423,941 | +12.8% |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Assets under construction and advance payments | 27 | - | €0 | = | |
| Financial fixed assets | 28 | €133,060 | €30,000 | -€103,060 | -77.5% |
| Affiliated companies | 280/1 | €133,060 | - | -€133,060 | |
| Participating interests | 280 | €186 | - | -€186 | |
| Amounts receivable | 281 | €132,874 | - | -€132,874 | |
| Current assets | 29/58 | €580,930 | €178,699 | -€402,231 | -69.2% |
| Amounts receivable within one year | 40/41 | €351,812 | €34,214 | -€317,598 | -90.3% |
| Trade receivables | 40 | €285,537 | €2,032 | -€283,505 | -99.3% |
| Other amounts receivable | 41 | €66,275 | €32,181 | -€34,094 | -51.4% |
| Cash at bank and in hand | 54/58 | €229,118 | €144,486 | -€84,632 | -36.9% |
| Total equity and liabilities | 10/49 | €4,016,134 | €3,934,784 | -€81,350 | -2.0% |
| Equity | 10/15 | €406,641 | €122,740 | -€283,901 | -69.8% |
| Contributions | 10/11 | €1,050,000 | €1,050,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€793,359 | -€1,077,260 | -€283,901 | -35.8% |
| Investment grants | 15 | €150,000 | €150,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €50,000 | €50,000 | = | 0.0% |
| Deferred taxes | 168 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable | 17/49 | €3,559,493 | €3,762,045 | +€202,552 | +5.7% |
| Amounts payable after more than one year | 17 | €129,806 | €3,272,411 | +€3.1m | +2421.0% |
| Financial debts | 170/4 | €129,806 | €143,622 | +€13,816 | +10.6% |
| Credit institutions | 173 | €129,806 | - | -€129,806 | |
| Other amounts payable | 178/9 | - | €3,128,788 | +€3.1m | |
| Amounts payable within one year | 42/48 | €3,429,537 | €481,301 | -€2.9m | -86.0% |
| Current portion of amounts payable after more than one year | 42 | €81,152 | €6,864 | -€74,288 | -91.5% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €0 | -€250,000 | -100.0% |
| Other loans | 439 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €1,188,431 | €224,437 | -€963,994 | -81.1% |
| Suppliers | 440/4 | €1,188,431 | €224,437 | -€963,994 | -81.1% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €1,909,954 | €0 | -€1.9m | -100.0% |
| Accrued charges and deferred income | 492/3 | €150 | €8,333 | +€8,183 | +5455.3% |
| Operating income | 70/76A | €214,875 | - | -€214,875 | |
| Turnover | 70 | €117,500 | - | -€117,500 | |
| Other operating income | 74 | €97,375 | - | -€97,375 | |
| Operating charges | 60/66A | €1,715,203 | - | -€1.7m | |
| Services and other goods | 61 | €72,721 | - | -€72,721 | |
| Remuneration, social security and pensions | 62 | €1,424 | €0 | -€1,424 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,435,541 | - | -€1.4m | |
| Other operating charges | 640/8 | €205,517 | €75 | -€205,442 | -100.0% |
| Gross operating margin | 9900 | - | -€28,515 | -€28,515 | |
| Operating profit (loss) | 9901 | -€1,500,328 | -€28,590 | +€1.5m | +98.1% |
| Financial income | 75/76B | €1,170,592 | €5,635 | -€1.2m | -99.5% |
| Recurring financial income | 75 | €1,170,592 | €5,635 | -€1.2m | -99.5% |
| Income from financial fixed assets | 750 | €6,592 | - | -€6,592 | |
| Other financial income | 752/9 | €1,164,000 | - | -€1.2m | |
| Financial charges | 65/66B | €139,652 | €260,947 | +€121,295 | +86.9% |
| Recurring financial charges | 65 | €139,652 | €120,052 | -€19,600 | -14.0% |
| Debt charges | 650 | €138,074 | - | -€138,074 | |
| Other financial charges | 652/9 | €1,578 | - | -€1,578 | |
| Non-recurring financial charges | 66B | - | €140,895 | +€140,895 | |
| Profit (loss) for the period before taxes | 9903 | -€469,388 | -€283,901 | +€185,487 | +39.5% |
| Transfer from deferred taxes | 780 | €388,000 | - | -€388,000 | |
| Profit (loss) for the period | 9904 | -€81,388 | -€283,901 | -€202,513 | -248.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€81,388 | -€283,901 | -€202,513 | -248.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.