LEARNSTUDIO: 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.
LEARNSTUDIO
Largest movements
- Receivables within one year +€97,879
up €97,879 (+195.5%), from €50,060 to €147,939
of which Trade receivables: +€95,493
- Intangible fixed assets -€53,587
down €53,587 (-16.5%), from €324,982 to €271,395
- Deferred charges and accrued income -€10,810
no longer reported in 2025 (was €10,810)
- Short-term financial debts +€100,000
new in 2025: €100,000
- Profit (loss) carried forward -€77,087
down €77,087, from €50,636 to -€26,451
- Other debts -€26,656
down €26,656 (-14.0%), from €190,270 to €163,614
- Tax, wage and social debts +€23,535
up €23,535 (+187.9%), from €12,524 to €36,059
of which Remuneration and social security: +€24,271
- Investment grants -€19,289
down €19,289 (-77.0%), from €25,050 to €5,761
- Gross operating margin +€67,833
up €67,833 (+33.5%), from €202,727 to €270,560
- Staff costs +€67,517
up €67,517 (+39.8%), from €169,749 to €237,266
- Depreciation +€7,427
up €7,427 (+6.8%), from €109,708 to €117,135
- Financial income -€6,061
down €6,061 (-23.9%), from €25,350 to €19,289
- Financial charges +€3,284
up €3,284 (+37.7%), from €8,702 to €11,986
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 | €414,673 | €441,504 | +€26,831 | +6.5% |
| Formation expenses | 20 | €2,215 | €1,731 | -€484 | -21.9% |
| Fixed assets | 21/28 | €329,589 | €273,090 | -€56,499 | -17.1% |
| Intangible fixed assets | 21 | €324,982 | €271,395 | -€53,587 | -16.5% |
| Tangible fixed assets | 22/27 | €4,607 | €1,395 | -€3,212 | -69.7% |
| Furniture and vehicles | 24 | €3,891 | €922 | -€2,969 | -76.3% |
| Other tangible fixed assets | 26 | €716 | €473 | -€243 | -33.9% |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €82,869 | €166,683 | +€83,813 | +101.1% |
| Amounts receivable within one year | 40/41 | €50,060 | €147,939 | +€97,879 | +195.5% |
| Trade receivables | 40 | €50,060 | €145,553 | +€95,493 | +190.8% |
| Other amounts receivable | 41 | - | €2,386 | +€2,386 | |
| Cash at bank and in hand | 54/58 | €21,999 | €18,743 | -€3,256 | -14.8% |
| Deferred charges and accrued income | 490/1 | €10,810 | - | -€10,810 | |
| Total equity and liabilities | 10/49 | €414,673 | €441,504 | +€26,831 | +6.5% |
| Equity | 10/15 | €84,033 | -€12,343 | -€96,376 | |
| Contributions | 10/11 | €7,156 | €7,156 | = | 0.0% |
| Reserves | 13 | €1,191 | €1,191 | = | 0.0% |
| Distributable reserves | 133 | €1,191 | €1,191 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,636 | -€26,451 | -€77,087 | |
| Investment grants | 15 | €25,050 | €5,761 | -€19,289 | -77.0% |
| Amounts payable | 17/49 | €330,640 | €453,847 | +€123,207 | +37.3% |
| Amounts payable after more than one year | 17 | €87,758 | €106,985 | +€19,227 | +21.9% |
| Financial debts | 170/4 | €87,758 | €106,985 | +€19,227 | +21.9% |
| Amounts payable within one year | 42/48 | €242,883 | €346,862 | +€103,980 | +42.8% |
| Current portion of amounts payable after more than one year | 42 | €33,236 | €36,323 | +€3,087 | +9.3% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €6,852 | €10,866 | +€4,014 | +58.6% |
| Suppliers | 440/4 | €6,852 | €10,866 | +€4,014 | +58.6% |
| Taxes, remuneration and social security | 45 | €12,524 | €36,059 | +€23,535 | +187.9% |
| Taxes | 450/3 | €6,355 | €5,619 | -€736 | -11.6% |
| Remuneration and social security | 454/9 | €6,169 | €30,440 | +€24,271 | +393.5% |
| Other amounts payable | 47/48 | €190,270 | €163,614 | -€26,656 | -14.0% |
| Remuneration, social security and pensions | 62 | €169,749 | €237,266 | +€67,517 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,708 | €117,135 | +€7,427 | +6.8% |
| Gross operating margin | 9900 | €202,727 | €270,560 | +€67,833 | +33.5% |
| Operating profit (loss) | 9901 | -€76,730 | -€83,841 | -€7,111 | -9.3% |
| Financial income | 75/76B | €25,350 | €19,289 | -€6,061 | -23.9% |
| Recurring financial income | 75 | €25,350 | €19,289 | -€6,061 | -23.9% |
| Financial charges | 65/66B | €8,702 | €11,986 | +€3,284 | +37.7% |
| Recurring financial charges | 65 | €8,702 | €11,986 | +€3,284 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | -€60,082 | -€76,538 | -€16,456 | -27.4% |
| Income taxes | 67/77 | €538 | €549 | +€11 | +2.0% |
| Profit (loss) for the period | 9904 | -€60,620 | -€77,087 | -€16,467 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,620 | -€77,087 | -€16,467 | -27.2% |
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 29 September 2026 via checked.be.