D-STUDIO: what changed
Two financial 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.
D-STUDIO
Largest movements
- Receivables within one year +€45,670
up €45,670 (+10.1%), from €453,538 to €499,208
of which Other amounts receivable: +€38,979
- Cash -€38,097
down €38,097 (-49.6%), from €76,826 to €38,729
mainly Receivables within one year (-€45,670) and Debts after one year (-€28,860)
- Stocks and contracts +€23,414
up €23,414 (+48.5%), from €48,322 to €71,735
- Tangible fixed assets -€18,537
down €18,537 (-34.5%), from €53,703 to €35,166
of which Leasing and similar rights: -€11,569
- Short-term financial debts +€50,332
new in 2025: €50,332
- Reserves +€30,604
up €30,604 (+9.6%), from €319,155 to €349,759
- Debts after one year -€28,860
down €28,860 (-56.4%), from €51,197 to €22,336
- Other debts -€25,054
down €25,054 (-47.3%), from €52,956 to €27,902
- Tax, wage and social debts -€13,418
down €13,418 (-10.8%), from €124,075 to €110,657
of which Remuneration and social security: -€23,546
- Gross operating margin +€24,543
up €24,543 (+4.0%), from €617,037 to €641,580
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.
Derived cash bridge
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 | €632,517 | €644,966 | +€12,450 | +2.0% |
| Fixed assets | 21/28 | €53,831 | €35,294 | -€18,537 | -34.4% |
| Tangible fixed assets | 22/27 | €53,703 | €35,166 | -€18,537 | -34.5% |
| Plant, machinery and equipment | 23 | €10,866 | €6,171 | -€4,695 | -43.2% |
| Furniture and vehicles | 24 | €261 | - | -€261 | |
| Leasing and similar rights | 25 | €27,242 | €15,672 | -€11,569 | -42.5% |
| Other tangible fixed assets | 26 | €15,334 | €13,322 | -€2,011 | -13.1% |
| Financial fixed assets | 28 | €128 | €128 | = | 0.0% |
| Current assets | 29/58 | €578,686 | €609,672 | +€30,986 | +5.4% |
| Stocks and contracts in progress | 3 | €48,322 | €71,735 | +€23,414 | +48.5% |
| Contracts in progress | 37 | €48,322 | €71,735 | +€23,414 | +48.5% |
| Amounts receivable within one year | 40/41 | €453,538 | €499,208 | +€45,670 | +10.1% |
| Trade receivables | 40 | €264,273 | €270,964 | +€6,691 | +2.5% |
| Other amounts receivable | 41 | €189,266 | €228,245 | +€38,979 | +20.6% |
| Cash at bank and in hand | 54/58 | €76,826 | €38,729 | -€38,097 | -49.6% |
| Total equity and liabilities | 10/49 | €632,517 | €644,966 | +€12,450 | +2.0% |
| Equity | 10/15 | €355,455 | €386,059 | +€30,604 | +8.6% |
| Contributions | 10/11 | €36,300 | €36,300 | = | 0.0% |
| Reserves | 13 | €319,155 | €349,759 | +€30,604 | +9.6% |
| Distributable reserves | 133 | €319,155 | €349,759 | +€30,604 | +9.6% |
| Amounts payable | 17/49 | €277,062 | €258,907 | -€18,154 | -6.6% |
| Amounts payable after more than one year | 17 | €51,197 | €22,336 | -€28,860 | -56.4% |
| Financial debts | 170/4 | €51,197 | €22,336 | -€28,860 | -56.4% |
| Amounts payable within one year | 42/48 | €225,865 | €236,571 | +€10,706 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €29,772 | €28,860 | -€911 | -3.1% |
| Financial debts | 43 | - | €50,332 | +€50,332 | |
| Other loans | 439 | - | €50,332 | +€50,332 | |
| Trade debts | 44 | €19,061 | €18,819 | -€243 | -1.3% |
| Suppliers | 440/4 | €19,061 | €18,819 | -€243 | -1.3% |
| Taxes, remuneration and social security | 45 | €124,075 | €110,657 | -€13,418 | -10.8% |
| Taxes | 450/3 | €35,429 | €45,557 | +€10,128 | +28.6% |
| Remuneration and social security | 454/9 | €88,646 | €65,100 | -€23,546 | -26.6% |
| Other amounts payable | 47/48 | €52,956 | €27,902 | -€25,054 | -47.3% |
| Non-recurring operating income | 76A | - | €18,932 | +€18,932 | |
| Remuneration, social security and pensions | 62 | €576,693 | €581,614 | +€4,921 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,282 | €19,244 | -€2,038 | -9.6% |
| Other operating charges | 640/8 | €685 | €610 | -€76 | -11.0% |
| Gross operating margin | 9900 | €617,037 | €641,580 | +€24,543 | +4.0% |
| Operating profit (loss) | 9901 | €18,377 | €40,112 | +€21,736 | +118% |
| Financial income | 75/76B | €388 | €790 | +€402 | +104% |
| Recurring financial income | 75 | €388 | €790 | +€402 | +104% |
| Financial charges | 65/66B | €9,300 | €9,439 | +€139 | +1.5% |
| Recurring financial charges | 65 | €9,300 | €9,439 | +€139 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €9,465 | €31,464 | +€21,998 | +232% |
| Income taxes | 67/77 | €991 | €860 | -€131 | -13.2% |
| Profit (loss) for the period | 9904 | €8,474 | €30,604 | +€22,130 | +261% |
| Profit (loss) for the period to be appropriated | 9905 | €8,474 | €30,604 | +€22,130 | +261% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.