RETAIL STUDIO: 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.
RETAIL STUDIO
Largest movements
- Receivables within one year +€2.4m
up €2.4m (+40.7%), from €5.9m to €8.3m
of which Other amounts receivable: +€2.1m
- Cash -€323,418
down €323,418 (-32.6%), from €993,240 to €669,823
mainly Receivables within one year (-€2.4m) and Debts after one year (-€748,412)
- Contributions +€2.6m
up €2.6m (+45.0%), from €5.7m to €8.2m
- Debts after one year -€748,412
down €748,412 (-46.0%), from €1.6m to €877,366
- Other debts +€294,057
new in 2025: €294,057
- Gross operating margin -€137,961
down €137,961 (-62.6%), from €220,548 to €82,587
- Staff costs -€106,066
down €106,066 (-88.3%), from €120,106 to €14,040
- Financial charges +€16,415
up €16,415 (+37.0%), from €44,306 to €60,721
- Other operating charges -€12,373
down €12,373 (-38.1%), from €32,443 to €20,070
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 | €7,249,733 | €9,281,494 | +€2.0m | +28.0% |
| Formation expenses | 20 | €11,075 | €7,999 | -€3,076 | -27.8% |
| Fixed assets | 21/28 | €337,073 | €297,604 | -€39,468 | -11.7% |
| Intangible fixed assets | 21 | €212,460 | €174,243 | -€38,217 | -18.0% |
| Tangible fixed assets | 22/27 | €1,395 | €362 | -€1,033 | -74.1% |
| Furniture and vehicles | 24 | €1,395 | €362 | -€1,033 | -74.1% |
| Financial fixed assets | 28 | €123,218 | €123,000 | -€218 | -0.2% |
| Current assets | 29/58 | €6,901,585 | €8,975,890 | +€2.1m | +30.1% |
| Amounts receivable within one year | 40/41 | €5,903,184 | €8,303,776 | +€2.4m | +40.7% |
| Trade receivables | 40 | €38,179 | €316,274 | +€278,095 | +728.4% |
| Other amounts receivable | 41 | €5,865,004 | €7,987,502 | +€2.1m | +36.2% |
| Cash at bank and in hand | 54/58 | €993,240 | €669,823 | -€323,418 | -32.6% |
| Deferred charges and accrued income | 490/1 | €5,161 | €2,291 | -€2,869 | -55.6% |
| Total equity and liabilities | 10/49 | €7,249,733 | €9,281,494 | +€2.0m | +28.0% |
| Equity | 10/15 | €5,434,929 | €7,917,304 | +€2.5m | +45.7% |
| Contributions | 10/11 | €5,672,000 | €8,226,926 | +€2.6m | +45.0% |
| Capital | 10 | €5,672,000 | €8,226,926 | +€2.6m | +45.0% |
| Issued capital | 100 | €5,672,000 | €8,226,926 | +€2.6m | +45.0% |
| Profit (loss) carried forward | 14 | -€245,415 | -€314,667 | -€69,252 | -28.2% |
| Investment grants | 15 | €8,345 | €5,045 | -€3,300 | -39.5% |
| Amounts payable | 17/49 | €1,814,803 | €1,364,190 | -€450,613 | -24.8% |
| Amounts payable after more than one year | 17 | €1,625,779 | €877,366 | -€748,412 | -46.0% |
| Financial debts | 170/4 | €1,625,779 | €877,366 | -€748,412 | -46.0% |
| Amounts payable within one year | 42/48 | €187,922 | €485,969 | +€298,046 | +158.6% |
| Current portion of amounts payable after more than one year | 42 | €111,914 | €115,998 | +€4,084 | +3.6% |
| Trade debts | 44 | €67,884 | €71,949 | +€4,065 | +6.0% |
| Suppliers | 440/4 | €67,884 | €71,949 | +€4,065 | +6.0% |
| Taxes, remuneration and social security | 45 | €8,124 | €3,965 | -€4,160 | -51.2% |
| Remuneration and social security | 454/9 | €8,124 | €3,965 | -€4,160 | -51.2% |
| Other amounts payable | 47/48 | - | €294,057 | +€294,057 | |
| Accrued charges and deferred income | 492/3 | €1,103 | €855 | -€247 | -22.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €120,106 | €14,040 | -€106,066 | -88.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,862 | €52,318 | +€1,456 | +2.9% |
| Other operating charges | 640/8 | €32,443 | €20,070 | -€12,373 | -38.1% |
| Non-recurring operating charges | 66A | €13,587 | €7,989 | -€5,598 | -41.2% |
| Gross operating margin | 9900 | €220,548 | €82,587 | -€137,961 | -62.6% |
| Operating profit (loss) | 9901 | €3,549 | -€11,830 | -€15,380 | |
| Financial income | 75/76B | €4,459 | €3,300 | -€1,159 | -26.0% |
| Recurring financial income | 75 | €4,459 | €3,300 | -€1,159 | -26.0% |
| Financial charges | 65/66B | €44,306 | €60,721 | +€16,415 | +37.0% |
| Recurring financial charges | 65 | €44,306 | €60,721 | +€16,415 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | -€36,298 | -€69,252 | -€32,954 | -90.8% |
| Profit (loss) for the period | 9904 | -€36,298 | -€69,252 | -€32,954 | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,298 | -€69,252 | -€32,954 | -90.8% |
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 1 October 2026 via checked.be.