STUDIO 10: 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.
STUDIO 10
Largest movements
- Deferred charges and accrued income +€94,875
up €94,875 (+24.1%), from €394,070 to €488,945
- Stocks and contracts -€92,749
down €92,749 (-4.3%), from €2.1m to €2.0m
of which Stocks: -€144,940
- Intangible fixed assets -€90,093
down €90,093 (-20.6%), from €437,799 to €347,706
- Tangible fixed assets -€53,495
down €53,495 (-25.7%), from €208,192 to €154,697
- Other debts -€414,019
down €414,019 (-33.5%), from €1.2m to €822,329
- Trade debts +€349,270
up €349,270 (+108.1%), from €323,008 to €672,277
- Debts after one year -€199,796
down €199,796 (-25.6%), from €781,375 to €581,579
- Tax, wage and social debts +€82,833
up €82,833 (+14.5%), from €572,022 to €654,855
of which Taxes: +€108,078
- Short-term financial debts +€45,550
up €45,550 (+5.0%), from €906,850 to €952,400
of which Other loans: +€45,550
- Turnover +€5.1m
new in 2025: €5.1m
- Gross operating margin +€443,527
up €443,527 (+64.3%), from €689,823 to €1.1m
- Financial charges +€225,442
up €225,442 (+190.2%), from €118,528 to €343,970
of which Financial charges: +€228,553
- Purchases and services -€169,956
down €169,956 (-4.0%), from €4.2m to €4.1m
- Staff costs +€135,532
up €135,532 (+34.4%), from €393,951 to €529,482
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 | €4,500,731 | €4,342,727 | -€158,005 | -3.5% |
| Fixed assets | 21/28 | €653,491 | €509,903 | -€143,588 | -22.0% |
| Intangible fixed assets | 21 | €437,799 | €347,706 | -€90,093 | -20.6% |
| Tangible fixed assets | 22/27 | €208,192 | €154,697 | -€53,495 | -25.7% |
| Land and buildings | 22 | €119,610 | €94,835 | -€24,775 | -20.7% |
| Furniture and vehicles | 24 | €66,186 | €42,454 | -€23,732 | -35.9% |
| Other tangible fixed assets | 26 | €22,396 | €17,409 | -€4,988 | -22.3% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €3,847,240 | €3,832,823 | -€14,417 | -0.4% |
| Amounts receivable after more than one year | 29 | €776,732 | €776,732 | = | 0.0% |
| Trade receivables | 290 | €776,732 | €776,732 | = | 0.0% |
| Other amounts receivable | 291 | - | €0 | = | |
| Stocks and contracts in progress | 3 | €2,138,453 | €2,045,704 | -€92,749 | -4.3% |
| Stocks | 30/36 | €871,241 | €726,301 | -€144,940 | -16.6% |
| Contracts in progress | 37 | €1,267,212 | €1,319,403 | +€52,191 | +4.1% |
| Amounts receivable within one year | 40/41 | €494,086 | €513,759 | +€19,674 | +4.0% |
| Trade receivables | 40 | €406,604 | €430,943 | +€24,339 | +6.0% |
| Other amounts receivable | 41 | €87,482 | €82,817 | -€4,665 | -5.3% |
| Cash at bank and in hand | 54/58 | €43,899 | €7,683 | -€36,215 | -82.5% |
| Deferred charges and accrued income | 490/1 | €394,070 | €488,945 | +€94,875 | +24.1% |
| Total equity and liabilities | 10/49 | €4,500,731 | €4,342,727 | -€158,005 | -3.5% |
| Equity | 10/15 | €526,041 | €548,691 | +€22,650 | +4.3% |
| Contributions | 10/11 | €575,000 | €575,000 | = | 0.0% |
| Reserves | 13 | €60,800 | €60,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €57,500 | €57,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €57,500 | €57,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €175 | €175 | = | 0.0% |
| Distributable reserves | 133 | €3,125 | €3,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€109,759 | -€87,109 | +€22,650 | +20.6% |
| Amounts payable | 17/49 | €3,974,690 | €3,794,036 | -€180,654 | -4.5% |
| Amounts payable after more than one year | 17 | €781,375 | €581,579 | -€199,796 | -25.6% |
| Financial debts | 170/4 | €781,375 | €581,579 | -€199,796 | -25.6% |
| Amounts payable within one year | 42/48 | €3,193,315 | €3,212,456 | +€19,142 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €155,087 | €110,596 | -€44,492 | -28.7% |
| Financial debts | 43 | €906,850 | €952,400 | +€45,550 | +5.0% |
| Credit institutions | 430/8 | €800,000 | €800,000 | = | 0.0% |
| Other loans | 439 | €106,850 | €152,400 | +€45,550 | +42.6% |
| Trade debts | 44 | €323,008 | €672,277 | +€349,270 | +108.1% |
| Suppliers | 440/4 | €323,008 | €672,277 | +€349,270 | +108.1% |
| Taxes, remuneration and social security | 45 | €572,022 | €654,855 | +€82,833 | +14.5% |
| Taxes | 450/3 | €160,396 | €268,474 | +€108,078 | +67.4% |
| Remuneration and social security | 454/9 | €411,626 | €386,381 | -€25,245 | -6.1% |
| Other amounts payable | 47/48 | €1,236,348 | €822,329 | -€414,019 | -33.5% |
| Turnover | 70 | - | €5,069,419 | +€5.1m | |
| Goods, raw materials, services and sundry goods | 60/61 | €4,224,026 | €4,054,070 | -€169,956 | -4.0% |
| Remuneration, social security and pensions | 62 | €393,951 | €529,482 | +€135,532 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,292 | €272,263 | +€118,971 | +77.6% |
| Other operating charges | 640/8 | €6,245 | €26,367 | +€20,122 | +322.2% |
| Gross operating margin | 9900 | €689,823 | €1,133,350 | +€443,527 | +64.3% |
| Operating profit (loss) | 9901 | €136,335 | €305,238 | +€168,903 | +123.9% |
| Financial income | 75/76B | €451 | €61,382 | +€60,931 | +13513.6% |
| Recurring financial income | 75 | €451 | €61,382 | +€60,931 | +13513.6% |
| Financial charges | 65/66B | €118,528 | €343,970 | +€225,442 | +190.2% |
| Recurring financial charges | 65 | €115,418 | €343,970 | +€228,553 | +198.0% |
| Non-recurring financial charges | 66B | €3,111 | €0 | -€3,111 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €18,257 | €22,650 | +€4,392 | +24.1% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €18,257 | €22,650 | +€4,392 | +24.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,257 | €22,650 | +€4,392 | +24.1% |
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.